Century Casinos Reports Financial Results for Fourth Quarter and Full Year
2009


    


    
</pre>
<p><span class="xn-location">COLORADO SPRINGS</span>, Colo., <span class="xn-chron">March 15</span> /CNW/ -- Century Casinos, Inc. (Nasdaq and <span class="xn-location">Vienna</span> Stock Exchange: CNTY) announced today its financial results for the three months and year ended <span class="xn-chron">December 31, 2009</span>.</p>
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    Fourth Quarter 2009

    
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<p> </p>
<p> </p>
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    Amounts in thousands, except share       For the Three Months
     data                                     Ended December 31,
    Consolidated Results:                     2009           2008     % Change
                                              ----           ----     --------
      Net operating revenue                $12,131        $11,673        3.9%
      Operating loss from continuing
       operations                           (9,027)          (553)        NM
      Loss from continuing operations       (9,220)        (1,873)        NM
      Earnings from discontinued
       operations                            1,582          1,189       33.1%
      Net loss                              (7,638)          (684)        NM
      Net loss attributable to Century
       Casinos, Inc.                        (7,638)          (651)        NM
      Adjusted EBITDA                        1,725          1,527       13.0%
    
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<p> </p>
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    Earnings per share:
      Loss from continuing operations       $(0.39)        $(0.08)        NM
      Net loss                              $(0.32)        $(0.03)        NM
    
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<p> </p>
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    Weighted-average common shares,
     basic and diluted                  23,630,045     23,524,067        0.5%


    
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<p>For the fourth quarter of 2009, net operating revenue from continuing operations was <span class="xn-money">$12.1 million</span> and consolidated Adjusted EBITDA* was <span class="xn-money">$1.7 million</span>. This represents a 3.9% increase in net operating revenue from continuing operations over the same quarter of last year (<span class="xn-money">$11.7 million</span> in the fourth quarter of 2008) and a 13.0% increase in consolidated Adjusted EBITDA* (<span class="xn-money">$1.5 million</span> in the fourth quarter of 2008). Net operating revenue at the <span class="xn-location">Edmonton</span>, Alberta, <span class="xn-location">Canada</span> casino, as reported in U.S. dollars, was 13.9% higher than the same period in 2008. Management attributes the increase in net operating revenue in <span class="xn-location">Edmonton</span> to a 12.9% increase in the average exchange rate between the U.S. dollar and Canadian dollar in the fourth quarter of 2009 compared to the fourth quarter of 2008. In Canadian dollars, net operating revenue remained flat  when compared to the prior year quarter. The increase in revenue at <span class="xn-location">Edmonton</span> was offset by decreased net operating revenue at the Company's casino in Central City, Colorado. Management attributes most of the decline in revenue at the Company's Central City casino to a competitor opening a new hotel in the market and overall difficult economic conditions.</p>
<p/>
<p>Operating loss from continuing operations was <span class="xn-money">$9.0 million</span> in the fourth quarter of 2009 compared to operating losses from continuing operations of <span class="xn-money">$0.6 million</span> for the fourth quarter of 2008, primarily due to the write-down of our investment in Casinos <span class="xn-location">Poland</span> ("CPL") by <span class="xn-money">$9.0 million</span> during the fourth quarter of 2009. Effective <span class="xn-chron">January 1, 2010</span>, the gaming laws in <span class="xn-location">Poland</span> changed, increasing the gaming tax rate from 45% to 50% and now requiring all licensees to go through a renewal process once their current licenses have expired. Also, all slot arcades are now required to cease operations at the end of their current license period. As a result of these changes, the Company determined that its investment in <span class="xn-location">Poland</span> suffered a decline in value that was other than temporary. The Company recorded an impairment of <span class="xn-money">$9.0 million</span> in the value of CPL to bring the value of the Company's investment in CPL in line with management's estimate of CPL's fair market value based on expectations of CPL's future cash flows.</p>
<p/>
<p>The Company reported a loss from continuing operations of <span class="xn-money">$9.2 million</span>, or <span class="xn-money">$0.39</span> per share, for the fourth quarter of 2009, compared to a loss from continuing operations of <span class="xn-money">$1.9 million</span>, or <span class="xn-money">$0.08</span> per share, for the fourth quarter of 2008. Partially offsetting the increase in operating loss from continuing operations was a decrease in interest expense of <span class="xn-money">$0.7 million</span> and an increase in foreign currency gains of <span class="xn-money">$0.9 million</span> when comparing the fourth quarter of 2009 to the fourth quarter of 2008. Adjusted for the one-time write-down of CPL and foreign currency transaction gains, the loss from continuing operations was $0.6 million*, or <span class="xn-money">$0.03</span> per share, for the fourth quarter of 2009.</p>
<p/>
<p>Including discontinued operations, the Company reported a net loss attributable to Century Casinos, Inc. and subsidiaries of <span class="xn-money">$7.6 million</span>, or <span class="xn-money">$0.32</span> per share, for the fourth quarter of 2009. During the fourth quarter of 2009, the Company recorded a gain of <span class="xn-money">$1.6 million</span> that was previously deferred from the disposition of its South African casinos ("<span class="xn-person">See Sale</span> of CCA" below). The Company reported a net loss attributable to Century Casinos, Inc. and subsidiaries of <span class="xn-money">$0.7 million</span>, or <span class="xn-money">$0.03</span> per share, for the fourth quarter of 2008.</p>
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    Year ended December 31, 2009

    
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<p> </p>
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    Amounts in thousands, except              For the Year
     share data                             Ended December 31,
    Consolidated Results:                  2009           2008  % Change
                                           ----           ----  --------
      Net operating revenue             $49,738        $53,042       (6.2%)
      Operating loss from continuing
       operations                        (8,370)        (9,257)       9.6%
      Loss from continuing
       operations                       (12,903)       (17,857)      27.7%
      Earnings from discontinued
       operations                        24,722          4,662         NM
      Net earnings (loss)                11,819        (13,195)        NM
      Net earnings (loss)
       attributable to Century
       Casinos, Inc.                     10,883        (13,473)        NM
      Adjusted EBITDA                     7,941          8,377       (5.2%)
    
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<p> </p>
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    Earnings per share:
      Loss from continuing
       operations                        $(0.55)        $(0.76)      27.6%
      Net earnings (loss)                 $0.46         $(0.57)        NM
    
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<p> </p>
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    Weighted-average common
     shares, basic and diluted       23,575,709     23,455,351        0.5%


    
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<p>For the year ended <span class="xn-chron">December 31, 2009</span>, net operating revenue from continuing operations was <span class="xn-money">$49.7 million</span> and consolidated Adjusted EBITDA* was <span class="xn-money">$7.9 million</span>. This represents a 6.2% decrease in net operating revenue from continuing operations over 2008 (<span class="xn-money">$53.0 million</span> for the year ended <span class="xn-chron">December 31, 2008</span>) and a 5.2% decrease in consolidated Adjusted EBITDA* (<span class="xn-money">$8.4 million</span> for the year ended <span class="xn-chron">December 31</span>, 2008). This decrease is due to declines in net operating revenue at the Company's properties in Colorado, resulting in a decrease in its Colorado casinos' market share in the Cripple Creek and the Central City/Black Hawk market. In addition, net operating revenue in <span class="xn-location">Edmonton</span>, Alberta, <span class="xn-location">Canada</span>, as reported in U.S. dollars, was 7.3% lower than in 2008, but essentially comparable in Canadian dollars. The reported results were negatively affected by a 7.0% decrease in the average exchange rate between the U.S. dollar and Canadian dollar for the year ended <span class="xn-chron">December 31, 2009</span>, compared to the year ended <span class="xn-chron">December 31, 2008</span>.</p>
<p/>
<p>Operating loss from continuing operations was <span class="xn-money">$8.4 million</span> for the year ended <span class="xn-chron">December 31, 2009</span> compared to an operating loss from continuing operations of <span class="xn-money">$9.3 million</span> for the year ended <span class="xn-chron">December 31, 2008</span>. For the year ended <span class="xn-chron">December 31, 2009</span>, the Company recorded a write-down of <span class="xn-money">$9.0 million</span> in the value of CPL. For the year ended <span class="xn-chron">December 31, 2008</span>, the Company recorded goodwill impairments of <span class="xn-money">$9.3 million</span> related to its investments in Central City, Colorado and Cripple Creek, Colorado. Excluding these items, the Company had operating earnings from continuing operations of $0.6 million* and $0.1* million for the years ended <span class="xn-chron">December 31, 2009</span> and 2008, respectively. The increase in operating earnings from continuing operations (adjusted for the write-downs) is primarily due to a decrease in depreciation expense at the Company's Colorado properties on a year-over-year basis. The Company substantially offset the decline in gaming revenue in 2009 by controlling its general and administrative expenses.</p>
<p/>
<p>The Company reported a loss from continuing operations of <span class="xn-money">$12.9 million</span>, or <span class="xn-money">$0.55</span> per share for the year ended <span class="xn-chron">December 31, 2009</span> and a loss from continuing operations of <span class="xn-money">$17.9 million</span>, or <span class="xn-money">$0.76</span> per share, for 2008. In addition to the decrease in operating losses from continuing operations, the Company's loss from continuing operations decreased due to the Company establishing a valuation allowance on its U.S. deferred taxes of approximately <span class="xn-money">$6.0 million</span> during the third quarter of 2008. The tax effect on subsequent net operating income or losses incurred in the U.S. reduces or increases this valuation allowance. The recording of the valuation allowance and the subsequent effect of not taking a tax benefit on U.S. losses has contributed to a <span class="xn-money">$3.2 million</span> decrease in our tax expense when comparing the year ended <span class="xn-chron">December 31, 2009</span> to the year ended <span class="xn-chron">December 31, 2008</span>. The Company continues to not recognize tax benefits on operating losses incurred in the U.S. In addition to the decline in tax expense, foreign currency losses for 2009 declined by <span class="xn-money">$0.4 million</span> compared to the prior year. Adjusted for the write-down of the investment in CPL, the one-time write-off of deferred financing charges resulting from the early repayment of the Company's Colorado third party debt (See "Sale of CCA" below) and foreign currency transaction losses, the loss from continuing operations was $2.9 million*, or <span class="xn-money">$0.12</span> per share, for the year ended <span class="xn-chron">December 31, 2009</span>.</p>
<p/>
<p>Including discontinued operations, the Company reported net earnings attributable to Century Casinos, Inc. and subsidiaries of <span class="xn-money">$10.9 million</span>, or <span class="xn-money">$0.46</span> per share, for the year ended <span class="xn-chron">December 31, 2009</span>. During the year ended <span class="xn-chron">December 31, 2009</span>, the Company reported a gain of <span class="xn-money">$21.9 million</span>, or <span class="xn-money">$0.93</span> per share, on the disposition of Century Casinos <span class="xn-location">Africa</span> ("CCA") and a gain of <span class="xn-money">$915,000</span>, or <span class="xn-money">$0.04</span> per share, on the previously reported disposition of the Century Casino Millennium.</p>
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    Sale of CCA

    
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<p>On <span class="xn-chron">December 19, 2008</span>, the Company entered into an agreement to sell all of the outstanding shares of CCA for a gross selling price of ZAR 460.0 million (<span class="xn-money">$59.4 million</span>), less the balance of third party South African debt and other agreed-to amounts. CCA owned the Caledon Hotel, Spa & Casino and 60% of the Century Casino & Hotel in Newcastle, <span class="xn-location">South Africa</span>. The Company received total net proceeds of ZAR 373.2 million (<span class="xn-money">$47.9 million</span>) from the sale of CCA.</p>
<p/>
<p>During the fourth quarter of 2009, the Company realized a previously deferred gain of <span class="xn-money">$1.7 million</span> resulting from the sale of CCA</p>
<p/>
<p>With the proceeds from the sale of CCA, the Company repaid all of its third party debt in Colorado (approximately <span class="xn-money">$15.9 million</span>) and purchased the Silver Dollar Casino in <span class="xn-location">Calgary</span>, Alberta, <span class="xn-location">Canada</span>.  In conjunction with the repayment of the third party debt in Colorado, the Company wrote off approximately <span class="xn-money">$1.0 million</span> in deferred finance charges.</p>
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    Purchase of Silver Dollar Casino

    
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<p>On <span class="xn-chron">December 15, 2009</span>, the Company announced that its subsidiary, Century Casinos <span class="xn-location">Europe</span> GmbH ("CCE"), entered into a definitive agreement to acquire 100% of the issued and outstanding shares of Frank Sisson's Silver Dollar Ltd. ("FSSD") and 100% of the issued and outstanding shares of EGC Properties Ltd. ("EGC") from <span class="xn-person">Grant Thornton</span> Limited, as receiver and manager of EGC Holdings Ltd. ("Holdings"), FSSD and EGC. Prior to the closing of the transaction, FSSD and EGC collectively owned and operated the Silver Dollar Casino ("Silver Dollar") and related land in <span class="xn-location">Calgary</span>.</p>
<p/>
<p>The Silver Dollar is a 93,000 square-foot casino facility located on approximately seven acres of land in <span class="xn-location">Calgary</span>. The casino facility includes 504 slot machines, 16 table games, 25 video lottery terminals, two restaurants, a lounge, a 5,000 square-foot showroom, an 18,000 square-foot convention center and a 30-lane bowling alley.</p>
<p/>
<p>The total consideration for the transaction was <span class="xn-money">$10.7 million</span> plus a working capital adjustment of <span class="xn-money">$0.8 million</span>, for a total of <span class="xn-money">$11.5 million</span>. The transaction closed on <span class="xn-chron">January 13, 2010</span>.</p>
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    Share Repurchases

    
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<p>In <span class="xn-chron">March 2000</span>, the Company's board of directors approved a discretionary program to repurchase up to <span class="xn-money">$5.0 million</span> of the Company's outstanding common stock. In <span class="xn-chron">November 2009</span>, the board of directors approved an increase of the amount available to be repurchased to <span class="xn-money">$15.0 million</span> under the repurchase program. The repurchase program has no set expiration or termination date. In <span class="xn-chron">December 2009</span>, the Company repurchased 53,557 shares of common stock at a weighted average price of <span class="xn-money">$2.43</span> per share.</p>
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    Property Results (Continuing Operations)

    
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<p>The following discussion of the Company's property results is for the fourth quarter of 2009 and 2008. For a discussion of year-over-year property results, please refer to the Company's 2009 10-K filed with the Securities and Exchange Commission ("SEC") on <span class="xn-chron">March 15, 2010</span>.</p>
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<p> </p>
<p> </p>
<p> </p>
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                           Property Highlights
                          (Amounts in thousands)
    
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<p> </p>
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                            Net Operating Revenue     Adjusted EBITDA*
                            For the Three Months    For the Three Months
                              Ended December 31,     Ended December 31,
                               2009         2008   2009           2008
                               ----         ----   ----           ----
    Century Casino &
     Hotel, Edmonton         $5,635       $4,948 $2,023         $1,658
    Womacks Casino &
     Hotel (Cripple
     Creek)                   2,385        2,416    286            338
    Century Casino &
     Hotel, Central City      3,604        3,756    775            671
    Cruise Ships                507          549    102            123
    Corporate                     -            4 (1,461)        (1,263)
                                ---          --- ------         ------
       Consolidated net
        operating revenue   $12,131      $11,673 $1,725         $1,527
                            =======      ======= ======         ======

    
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<p>Century Casino & Hotel (<span class="xn-location">Edmonton</span>, Alberta, <span class="xn-location">Canada</span>) - Net operating revenue at the Century Casino & Hotel in <span class="xn-location">Edmonton</span> increased by 13.9% to <span class="xn-money">$5.6 million</span> for the fourth quarter of 2009 compared to <span class="xn-money">$4.9 million</span> for the fourth quarter of 2008, primarily due to a 12.9% increase in the average exchange rate between the U.S. dollar and the Canadian dollar. In Canadian dollars, net operating revenue in the fourth quarter of 2009 remained flat at CAD 6.0 million compared to the prior year quarter. Declines in gaming revenue (reported in Canadian dollars) were offset by an increase in hotel, food and beverage revenue, particularly due to increased activity at the property's showroom. Management believes that revenue at the <span class="xn-location">Edmonton</span> casino was negatively impacted by a slow economy and that road construction in front of the casino during a portion of 2009 adversely affected access to the casino. The construction ended in the first week of <span class="xn-chron">November 2009</span>.</p>
<p/>
<p>Adjusted EBITDA* was <span class="xn-money">$2.0 million</span> for the fourth quarter of 2009, an increase of 22.0% from <span class="xn-money">$1.7 million</span> for the fourth quarter of 2008, which management attributes primarily to the favorable exchange rate. In Canadian dollars, Adjusted EBITDA* increased by 6.4% to CAD 2.1 million for the three months ended <span class="xn-chron">December 31, 2009</span> from CAD 2.0 million for the three months ended <span class="xn-chron">December 31, 2008</span>, which management attributes to the increased hotel, food and beverage revenue.</p>
<p/>
<p>Womacks Casino (Cripple Creek, Colorado, USA) - Net operating revenue at Womacks Casino in Cripple Creek, Colorado for the fourth quarter of 2009 remained flat at <span class="xn-money">$2.4 million</span> compared to the prior year quarter. A 3.1% increase in gaming revenue was offset by a comparable decrease in hotel, food and beverage revenue. On <span class="xn-chron">July 2, 2009</span>, gaming establishments in Colorado were permitted to raise the maximum betting limit to <span class="xn-money">$100</span>, be open for 24 hours and have roulette and craps tables.  The Company has implemented these changes at its Colorado casinos. Management believes that any benefit achieved from the change in gaming laws was offset by the continued slow economy. The Cripple Creek gaming market as a whole increased by 2.2% during the fourth quarter of 2009.  Womacks' Adjusted EBITDA* for both the fourth quarter of 2009 and the fourth quarter of 2008 was <span class="xn-money">$0.3 million</span>, primarily due to flat revenue on a year over year basis and continued cost control.</p>
<p/>
<p>Century Casino and Hotel (Central City, Colorado, USA) - Net operating revenue at the Century Casino and Hotel in Central City decreased 4.0% to <span class="xn-money">$3.6 million</span> for the fourth quarter of 2009 compared to <span class="xn-money">$3.8 million</span> for the fourth quarter of 2008. The combined Central City/Black Hawk gaming market as a whole increased 13.1%. The Company's share of Central City/Black Hawk gaming revenue decreased from 3.2% for the three months ended <span class="xn-chron">December 31, 2008</span> to 2.7% for the three months ended <span class="xn-chron">December 31, 2009</span>. During the fourth quarter 2009, our largest competitor in the market opened a 536-room hotel with pool and spa facilities in which they invested approximately <span class="xn-money">$235 million</span>. Management believes that this negatively impacted Century Casino and Hotel's revenue. Adjusted EBITDA* for the Century Casino and Hotel in Central City for the fourth quarter of 2009 increased by 15.5% to <span class="xn-money">$0.8 million</span> compared to <span class="xn-money">$0.7 million</span> in the fourth quarter of 2008. The increase is primarily due to a decline in property taxes for which we reduced our property tax accrual by <span class="xn-money">$0.2 million</span> during the fourth quarter 2009.</p>
<p/>
<p>The Company expects that in 2010 a new casino will open across from its casino in Central City. Management believes that this casino will have approximately 200 slot machines, 5 table games, a video poker sports bar and a banquet room, and will provide further competition to the Company's casino in Central City.</p>
<p/>
<p>Cruise Ships - The Company's ship-based casinos contributed net operating revenue of <span class="xn-money">$0.5 million</span> and Adjusted EBITDA* of <span class="xn-money">$0.1 million</span> for each of the fourth quarters of 2009 and 2008.</p>
<p/>
<p>Corporate - Corporate operations reported negative Adjusted EBITDA* of <span class="xn-money">$1.5 million</span> for the fourth quarter of 2009 compared to negative Adjusted EBITDA* of <span class="xn-money">$1.3 million</span> for the fourth quarter of 2008. The lower negative Adjusted EBITDA* is primarily due to an increase in our bonus compensation awards of <span class="xn-money">$0.2 million</span> when comparing the fourth quarter of 2009 to the fourth quarter of 2008.</p>
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    Liquidity

    
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<p>Cash and cash equivalents totaled <span class="xn-money">$37.0 million</span> at <span class="xn-chron">December 31, 2009</span> and the Company had working capital (current assets minus current liabilities) of <span class="xn-money">$28.6 million</span>. During 2009, the Company received net cash of <span class="xn-money">$47.9 million</span> and net cash of <span class="xn-money">$1.6 million</span> from the sales of its casinos in <span class="xn-location">South Africa</span> and the <span class="xn-location">Czech Republic</span>, respectively. With the proceeds from these sales and from its operations, the Company repaid <span class="xn-money">$24.6 million</span> of its debt during 2009.</p>
<p/>
<p>Subsequent to <span class="xn-chron">December 31, 2009</span>, the Company has paid <span class="xn-money">$10.5 million</span> towards its acquisition of the Silver Dollar Casino in <span class="xn-location">Calgary</span>. In the second quarter of 2010, the Company expects to close on the purchase of land in Cripple Creek, Colorado to be used as a parking lot. The expected cost to purchase the land is <span class="xn-money">$2.2 million</span>.</p>
<p/>
<p>The Company will post a copy of its 2009 Form 10-K filed with the SEC on its website at <a href="http://www.cnty.com/corporate/investor/sec-filings/">www.cnty.com/corporate/investor/sec-filings/</a> on <span class="xn-chron">Monday, March 15, 2010</span>.</p>
<p/>
<p>Century Casinos will host its Q4 2009 Earnings Conference Call today at <span class="xn-chron">8:30 am MDT</span>; <span class="xn-chron">3:30 pm CET</span>, respectively. U.S. domestic participants please dial +1-800-894-5910; all other international participants please use +1-785-424-1052 to dial in. Participants may also listen to the call live or obtain a recording of the call on our website at <a href="http://www.cnty.com/corporate/investor/financial-results/">www.cnty.com/corporate/investor/financial-results/</a>.</p>
<p/>
<p>* See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.</p>
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    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION

    
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<p> </p>
<p> </p>
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                               Century Casinos, Inc.
        Condensed Consolidated Statements of (Loss) Earnings (Unaudited)
                  (Amounts in thousands, except for share information)
    
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<p> </p>
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                            For the Three Months             For the Year
                             Ended December 31,           Ended December 31,
                             2009          2008           2009          2008
                             ----          ----           ----          ----
    Operating revenue:
      Gaming              $11,082       $10,841        $46,496       $49,949
      Hotel, food and
       beverage             2,202         2,075          8,417         8,669
      Other                   519           466          1,914         1,935
                              ---           ---          -----         -----
         Gross revenue     13,803        13,382         56,827        60,553
      Less promotional
       allowances           1,672         1,709          7,089         7,511
                            -----         -----          -----         -----
         Net operating
          revenue          12,131        11,673         49,738        53,042
                           ------        ------         ------        ------
    
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<p> </p>
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    Operating costs
     and expenses:
      Gaming                4,814         4,651         19,068        20,432
      Hotel, food and
       beverage             1,618         1,683           6624         6,961
      General and
       administrative       4,336         4,287         17,652        19,586
      Impairments and
       other write-offs     8,983             -          8,985         9,357
      Depreciation          1,490         1,648          6,138         6,772
                            -----         -----          -----         -----
         Total operating
          costs and
          expenses         21,241        12,269         58,467        63,108
    Earnings from
     unconsolidated
     subsidiary                83            43            359           809
                              ---           ---            ---           ---
    Operating loss
     from continuing
     operations            (9,027)         (553)        (8,370)       (9,257)
                           ------          ----         ------        ------
    
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<p> </p>
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    Non-operating
     income (expense):
      Interest income           7             5             50            31
      Interest expense       (340)       (1,043)        (3,773)       (4,130)
      Gains (losses) on
       foreign currency
       transactions and
       other                  446          (472)            15          (441)
                              ---          ----            ---          ----
        Non-operating
         income (expense),
         net                  113        (1,510)        (3,708)       (4,540)
                              ---        ------         ------        ------
     Loss from
      continuing
      operations before
      income taxes         (8,914)       (2,063)       (12,078)      (13,797)
       Income tax
        provision
        (benefit)             306          (190)           825         4,060
                              ---          ----            ---         -----
    Loss from
     continuing
     operations            (9,220)       (1,873)       (12,903)      (17,857)
                           ------        ------        -------       -------
    
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<p> </p>
<pre>
    
    Discontinued
     operations:
      Earnings from
       discontinued
       operations               -         1,218          2,674         5,448
      Gain on
       disposition of
       Century Casino
       Millennium               -             -            915             -
      Gain on
       disposition of
       Century Casinos
       Africa               1,582             -         21,859             -
      Provision for
       income taxes             -            29            726           786
                              ---           ---            ---           ---
    Earnings from
     discontinued
     operations             1,582         1,189         24,722         4,662
                            -----         -----         ------         -----
    
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<p> </p>
<pre>
    
    Net (loss)
     earnings              (7,638)         (684)        11,819       (13,195)
      Less: Net (loss)
       earnings
       attributable to
       the
       noncontrolling
       interests
       (continuing
       operations)              -           (46)           (42)           77
      Less: Net earnings
       attributable to
       the
       noncontrolling
       interests
       (discontinued
       operations)              -            13            978           201
                              ---           ---            ---           ---
    Net (loss)
     earnings
     attributable
     to Century
     Casinos, Inc.
     and
     subsidiaries         $(7,638)        $(651)        $10,883     $(13,473)


    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION

    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                                      Century Casinos, Inc.
                                       Earnings per Share
    
</pre>
<p> </p>
<pre>
    
                           For the Three Months          For the Year
                             Ended December 31,        Ended December 31,
                            2009           2008        2009        2008
                            ----           ----        ----        ----
    Basic (loss)
     earnings per
     share:
      Loss from
       continuing
       operations         $(0.39)        $(0.08)     $(0.55)     $(0.76)
      Earnings from
       discontinued
       operations           0.07           0.05        1.01        0.19
                            ----           ----        ----        ----
      Net (loss)
       earnings           $(0.32)        $(0.03)      $0.46      $(0.57)
                          ======         ======       =====      ======
    
</pre>
<p> </p>
<pre>
    
    Diluted (loss)
     earnings per
     share:
      Loss from
       continuing
       operations         $(0.39)        $(0.08)     $(0.55)     $(0.76)
      Earnings from
       discontinued
       operations           0.07           0.05        1.01        0.19
                            ----           ----        ----        ----
      Net (loss)
       earnings           $(0.32)        $(0.03)      $0.46      $(0.57)
                          ======         ======       =====      ======
    
</pre>
<p> </p>
<pre>
    
    Weighted Average
     Shares
     Outstanding:
      Basic & Diluted 23,630,045     23,524,067  23,575,709  23,455,351
    
</pre>
<p> </p>
<pre>
    
    Amounts
     attributable to
     Century
     Casinos, Inc.
     and
     subsidiaries
     common
     shareholders:
      Loss from
       continuing
       operations        $(9,220)       $(1,827)   $(12,861)   $(17,934)
      Earnings from
       discontinued
       operations          1,582          1,176      23,744       4,461
                           -----          -----      ------       -----
      Net (loss)
       earnings          $(7,638)         $(651)    $10,883    $(13,473)
                         =======          =====     =======    ========



    
</pre>
<p> </p>
<p> </p>
<pre>
    
                                 Century Casinos, Inc.
                   Condensed Consolidated Balance Sheets (Unaudited)
                                 (Amounts in thousands)
    
</pre>
<p> </p>
<pre>
    
                                             December 31,       December 31,
                                                2009               2008
                                             ------------       ------------
    Assets
      Current Assets, excluding
       assets held for sale                   $39,627             $9,707
      Assets held for sale (all
       current)                                     -             35,983
      Other Assets                             95,683            104,316
                                               ------            -------
      Total Assets                           $135,310           $150,006
                                             ========           ========
    
</pre>
<p> </p>
<pre>
    
    Liabilities and Shareholders'
     Equity
      Current Liabilities, excluding
       liabilities related to assets
       held for sale                          $10,984            $17,521
      Liabilities related to assets
       held for sale (all current)                  -             10,770
      Non-Current Liabilities                  16,037             29,231
      Shareholders' Equity                    108,289             92,484
                                              -------             ------
      Total Liabilities and
       Shareholders' Equity                  $135,310           $150,006
                                             ========           ========


    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION


    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                                  Century Casinos, Inc.
                    Adjusted Operating (Loss) Earnings from Continuing
                                        Operations
                                  (Amounts in thousands)
    
</pre>
<p> </p>
<pre>
    
                            For the Three Months            For the Year
                              Ended December 31,          Ended December 31,
                              2009         2008          2009           2008
                              ----         ----          ----           ----
     Operating
      Loss from
      Continuing
      Operations            $(9,027)       $(553)      $(8,370)       $(9,257)
     Impairments
      and other
      write-offs              8,983            -         8,985          9,357
                              -----          ---         -----          -----
        Adjusted
         Operating
         (Loss)
         Earnings
         from
         Continuing
         Operations            $(44)       $(553)         $615           $100
                               ====        =====          ====           ====



    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                           Century Casinos, Inc.
                  Adjusted Net (Loss) Earnings (Unaudited)
                           (Amounts in thousands)
    
</pre>
<p> </p>
<pre>
    
                        For the Three Months              For the Year
                         Ended December 31,           Ended December 31,
                         2009         2008           2009            2008
                         ----         ----           ----            ----
     Loss from
      Continuing
      Operations        $(9,220)     $(1,873)      $(12,903)       $(17,857)
     Impairments
      and other
      write-offs          8,983            -          8,985           9,357
     Tax
      valuation
      allowance               -            -              -           6,021
     Write-off
      of deferred
      financing charges       -            -            945               -
     Foreign
      currency
      losses (gains)       (406)         486             55             455
                           ----          ---            ---             ---
        Adjusted Net
         (Loss) Earnings  $(643)      $1,387        $(2,918)        $(2,024)
                          =====       ======        =======         =======


    
</pre>
<p>The Company defines Adjusted EBITDA margin as Adjusted EBITDA (see below) divided by net operating revenue. Management uses this margin as one of several measures to evaluate the efficiency of the Company's casino operations.</p>
<pre>
    


    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                                 Century Casinos, Inc.
                    Adjusted EBITDA Margins by Property (Unaudited)
    
</pre>
<p> </p>
<pre>
    
                              For the Three Months           For the Year
                               Ended December 31,          Ended December 31,
                               2009         2008          2009           2008
                               ----         ----          ----           ----
     Century Casino
      & Hotel,
      Edmonton                  36%          34%           35%            36%
     Womacks Casino
      & Hotel
      (Cripple
      Creek)                    12%          14%           18%            15%
     Century Casino
      & Hotel,
      Central City              22%          18%           24%            22%
     Cruise Ships               20%          22%           18%            19%
     Corporate                   -            -             -              -
     Consolidated
      Adjusted
      EBITDA Margin             14%          13%           16%            16%



    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION

    
</pre>
<p>The Company defines Adjusted EBITDA as earnings (loss) from continuing operations before interest, income taxes, depreciation, amortization, pre-opening expenses, non-cash stock based compensation charges, asset impairment costs, gains (losses) on disposition of fixed assets, discontinued operations, realized foreign currency gains (losses) and certain other one-time items. Intercompany transactions consisting primarily of management fees and interest, along with their related tax effects, are excluded from the presentation of net earnings and Adjusted EBITDA reported for each property. These adjustments have no effect on the consolidated results. Adjusted EBITDA is not considered a measure of performance recognized under accounting principles generally accepted in the <span class="xn-location">United States</span> of America. Management believes that Adjusted EBITDA is a valuable measure of the relative performance among its operating segments. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to compare the relative operating performance of separate operating units by eliminating the above mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue, and the often high cost of acquiring existing operations. EBITDA (Earnings before interest, taxes, depreciation and amortization) is used by the Company's lending institution to gauge operating performance. The Company's computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies. Please see the reconciliation of Adjusted EBITDA to earnings from continuing operations below. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity.</p>
<pre>
    


    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                            Century Casinos, Inc.
       Reconciliation of Adjusted EBITDA to Earnings (Loss) from Continuing 
                      Operations by Property (Unaudited)
                 For the Three Months Ended December 31, 2009
                           (Amounts in thousands)
    
</pre>
<p> </p>
<pre>
    
                                Cripple   Central   Cruise
                    Edmonton     Creek      City     Ships Corporate   Total
                    --------     -----      ----     ----- ---------   -----
    Earnings (loss)
     from
     continuing
     operations         $958       $(21)      $58      $11  $(10,226) $(9,220)
    Interest income       (6)         -         -        -        (1)      (7)
    Interest
     expense             298          1        21        -        20      340
    Income taxes         411        (14)       25        -      (116)     306
    Depreciation         345        315       671       91        68    1,490
    Stock
     compensation          -          -         -        -       238      238
    Foreign
     currency
     losses (gains)       17          -         -        -      (423)    (406)
    Impairments and
     other write-
     offs                  -          5         -        -     8,978    8,983
    Loss on
     disposition of
     fixed assets          -          -         -        -         1        1
                         ---        ---       ---      ---       ---      ---
    Adjusted
     EBITDA*          $2,023       $286      $775     $102   $(1,461)  $1,725
                      ======       ====      ====     ====   =======   ======


    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION


    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                            Century Casinos, Inc.
    Reconciliation of Adjusted EBITDA to Earnings (Loss) from Continuing
                      Operations by Property (Unaudited)
                For the Three Months Ended December 31, 2008
                            (Amounts in thousands)
    
</pre>
<p> </p>
<pre>
    
                                Cripple   Central   Cruise
                    Edmonton     Creek      City     Ships Corporate   Total
                    --------     -----      ----     ----- ---------   -----
    
</pre>
<p> </p>
<pre>
    
    Earnings (loss)
     from
     continuing
     operations         $742       $(97)    $(430)     $44   $(2,132) $(1,873)
    Interest income       (2)         -         -        -        (3)      (5)
    Interest
     expense             323         47       611        -        62    1,043
    Income taxes         309        (62)     (275)       1      (163)    (190)
    Depreciation         305        451       765       59        68    1,648
    Stock
     compensation          -          -         -        -       399      399
    Foreign
     currency
     losses              (19)        (1)        -        -       506      486
    Impairments and
     other write-
     offs                  -          -         -        -         -        -
    Loss on
     disposition of
     fixed assets          -          -         -       19         -       19
                         ---        ---       ---      ---       ---      ---
    Adjusted
     EBITDA*          $1,658       $338      $671     $123   $(1,263)  $1,527
                      ======       ====      ====     ====   =======   ======



    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                           Century Casinos, Inc.
    Reconciliation of Adjusted EBITDA to Earnings (Loss) from Continuing
                     Operations by Property (Unaudited)
                    For the Year Ended December 31, 2009
                           (Amounts in thousands)
    
</pre>
<p> </p>
<pre>
    
                                Cripple   Central   Cruise
                    Edmonton     Creek      City     Ships Corporate   Total
                    --------     -----      ----     ----- ---------   -----
    
</pre>
<p> </p>
<pre>
    
    Earnings
     (loss) from
     continuing
     operations     $3,311       $242     $(733)     $56  $(15,779) $(12,903)
    Interest
     income            (10)         -        (1)       -       (39)      (50)
    Interest
     expense         1,121        144     2,329        -       179     3,773
    Income taxes     1,327        147      (498)       1      (152)      825
    Depreciation     1,304      1,361     2,894      311       268     6,138
    Stock
     compensation        -          -         -        -     1,101     1,101
    Foreign
     currency
     losses             75          -         -        -       (20)       55
    Impairments
     and other
     write-offs          -          5         -        -     8,980     8,985
    Loss on
     disposition
     of fixed
     assets              -          -         3        -        14        17
                       ---        ---       ---      ---       ---       ---
    Adjusted
     EBITDA*        $7,128     $1,899    $3,994     $368   $(5,448)   $7,941
                    ======     ======    ======     ====   =======    ======


    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION

    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                           Century Casinos, Inc.
    Reconciliation of Adjusted EBITDA to Earnings (Loss) from Continuing
                     Operations by Property (Unaudited)
                   For the Year Ended December 31, 2008
                          (Amounts in thousands)
    
</pre>
<p> </p>
<pre>
    
                                Cripple   Central   Cruise
                    Edmonton     Creek      City     Ships Corporate   Total
                    --------     -----      ----     ----- ---------   -----
    
</pre>
<p> </p>
<pre>
    
    Earnings
     (loss) from
     continuing
     operations     $3,681    $(7,305)  $(2,984)    $160  $(11,409) $(17,857)
    Interest
     income            (19)         -         -        -       (12)      (31)
    Interest
     expense         1,382        (22)    2,306        -       464     4,130
    Income taxes     1,567        (45)     (574)       4     3,108     4,060
    Depreciation     1,385      1,806     3,032      250       299     6,772
    Stock
     compensation        -          -         -        -     1,443     1,443
    Foreign
     currency
     (gains)
     losses           (125)         -         -        -       580       455
    Impairments
     and other
     write-offs          -      7,233     2,124        -         -     9,357
    Loss on
     disposition
     of fixed
     assets              -          -         2       40         6        48
                       ---        ---       ---      ---       ---       ---
    Adjusted
     EBITDA*        $7,871     $1,667    $3,906     $454   $(5,521)   $8,377
                    ======     ======    ======     ====   =======    ======



    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                             Century Resorts Alberta
                 Reconciliation of Adjusted EBITDA  to Net Earnings
                          (Unaudited) in Canadian Dollars
                              (Amounts in thousands)
    
</pre>
<p> </p>
<pre>
    
                 For the three   For the three      For the         For the
                  months ended    months ended     year ended      year ended
                  December 31,    December 31,    December 31,    December 31,
                       2009           2008            2009            2008
                    ---------       ---------       ---------       ---------
    Net earnings    CAD 1,095         CAD 936       CAD 3,930       CAD 3,829
    Interest income        (7)             (2)            (11)            (20)
    Interest expense      315             389           1,274           1,467
    Income taxes          434             317           1,508           1,598
    Depreciation          366             369           1,484           1,470
    Foreign currency
     (gains)              (67)             (2)            (67)             (7)
                          ---             ---             ---             ---
    Adjusted EBITDA*CAD 2,136       CAD 2,007       CAD 8,118       CAD 8,337
                    =========       =========       =========       =========


    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION

    About Century Casinos, Inc.:
    
</pre>
<p>Century Casinos, Inc. is an international casino entertainment company that owns and operates the Womacks Casino & Hotel in Cripple Creek, Colorado, the Century Casino & Hotel in Central City, Colorado, the Century Casino & Hotel in <span class="xn-location">Edmonton</span>, <span class="xn-location">Canada</span> and the Silver Dollar Casino in <span class="xn-location">Calgary</span>, <span class="xn-location">Canada</span>. The Company also operates casinos aboard five luxury cruise vessels (Silver Cloud, Regatta, Insignia, Nautica, Mein Schiff). Through its Austrian subsidiary, Century Casinos <span class="xn-location">Europe</span> GmbH, the Company holds a 33.3% ownership interest in Casinos <span class="xn-location">Poland</span> Ltd., the owner and operator of seven full casinos and one slot casino in <span class="xn-location">Poland</span>. Century Casinos, Inc. continues to pursue other international projects in various stages of development.</p>
<p/>
<p>For more information about Century Casinos, visit our website at <a href="http://www.centurycasinos.com">www.centurycasinos.com</a>. Century Casinos' common stock trades on The NASDAQ Capital Market® and the <span class="xn-location">Vienna</span> Stock Exchange under the symbol CNTY.</p>
<p/>
<p>This release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, expected competition, expected purchase of property in Cripple Creek, plans for our casinos and the impact of economic downturn. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the sections entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K filed on <span class="xn-chron">March 15, 2010</span>. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.</p>
<pre>
    






    

For further information: For further information: Peter Hoetzinger, Co CEO & President, +1-719-689-5813, +43 664 355 3935, peter.hoetzinger@cnty.com, or Larry Hannappel, Senior Vice President, +1-719-229-6448, larry.hannappel@cnty.com, both of Century Casinos, Inc. Web Site: http://www.centurycasinos.com


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