Century Casinos Reports Q2 2009 Earnings Including Gain on South African Sale



    



    
    COLORADO SPRINGS, Colo., Aug. 10 /CNW/ -- Century Casinos, Inc. (Nasdaq:  
CNTY; Vienna Stock Exchange) announced today the financial results for the
three and six months ended June 30, 2009.
    

    Second Quarter 2009

    
    For the second quarter of 2009, net operating revenue from continuing
operations was $11,884,000 and consolidated Adjusted EBITDA(*) was $1,563,000.
This represents a 14% decrease in net operating revenue from continuing
operations over the same quarter of last year ($13,873,000 in the second
quarter of 2008) and a 33% decrease in consolidated Adjusted EBITDA(*)
($2,338,000 in the second quarter of 2008). The Company experienced a decline
in net operating revenue at its properties in Colorado, primarily due to a
decrease in its casino's (Womacks) market share in Cripple Creek and a decline
in the overall gaming market in Central City. In addition, net operating
revenue in Edmonton, Canada, as reported in U.S. dollars, was 16% lower than
the same period in 2008, but only declined by 3% in the local currency
(Canadian dollar). The reported results were negatively affected by a 16%
decrease in the average exchange rate between the U.S. dollar and Canadian
dollar in the second quarter of 2009 compared to the second quarter of 2008.
Management attributes the decline in net operating revenue in Edmonton to
decreased table game revenue.

    Including discontinued operations, the Company reported net earnings
attributable to Century Casinos, Inc. and subsidiaries of $18,903,000, or
$0.80 per basic share and fully diluted share, for the second quarter of 2009.
During the second quarter of 2009, the Company reported a gain of $19,848,000,
or $0.84 per basic and fully diluted share, on the previously reported
disposition of Century Casinos Africa ("CCA"). The Company reported net
earnings attributable to Century Casinos, Inc. and subsidiaries of $835,000,
or $0.04 per basic and fully diluted share, for the second quarter of 2008.

    Operating losses from continuing operations were $307,000 in the second
quarter of 2009 compared to earnings of $289,000 for the second quarter of
2008. The Company reported a loss from continuing operations of $1,045,000, or
a loss of $0.05 per basic and fully diluted share, for the second quarter of
2009, compared to a loss of $126,000, or $0.00 per basic and fully diluted
share, for the second quarter of 2008. In addition to the decline in operating
earnings from continuing operations, the Company's loss from continuing
operations increased due to an increase in taxes, offset by the realization of
foreign exchange gains on the exchange of foreign currency. During the third
quarter of 2008, the Company established a valuation allowance on its U.S.
deferred taxes. The tax effect on net operating income or losses incurred in
the U.S. will reduce or increase this valuation allowance.  As a result,
during the second quarter of 2009, the Company did not recognize tax benefits
on operating losses incurred in the U.S. This increased the Company's tax
expense by $668,000 when comparing the three months ended June 30, 2009 to the
three months ended June 30, 2008. As of June 30, 2009, the Company has
accumulated deferred tax assets of $4.9 million which can be applied against
the tax on potential future U.S. income. Gains realized on the exchange of
foreign currency increased earnings by approximately $264,000, primarily due
to gains realized on loans that are no longer deemed to be permanently
invested.
    

    Six months ended June 30, 2009

    
    For the six months ended June 30, 2009, net operating revenue from
continuing operations was $23,883,000 and consolidated Adjusted EBITDA(*) was
$3,662,000. This represents a 13% decrease in net operating revenue from
continuing operations over the same six months of last year ($27,403,000 for
the six months ended June 30, 2008) and a 15% decrease in consolidated
Adjusted EBITDA(*) ($4,284,000 for the six months ended June 30, 2008), due to
declines in net operating revenue at the Company's properties in Colorado,
primarily due to a decrease in its casino's (Womacks) market share in Cripple
Creek and a decline in the overall gaming market in Central City. In addition,
net operating revenue in Edmonton, Canada, as reported in U.S. dollars, was
15% lower than the same period in 2008, but increased by 2% in the local
currency (Canadian dollar). The reported results were negatively affected by a
24% decrease in the average exchange rate between the U.S. dollar and Canadian
dollar for the six months ended June 30, 2009, compared to the same period in
2008.

    Including discontinued operations, the Company reported net earnings
attributable to Century Casinos, Inc. and subsidiaries of $19,248,000, or
$0.82 per basic share and fully diluted share, for the six months ended June
30, 2009. During the six months ended June 30, 2009, the Company reported a
gain of $19,848,000, or $0.84 per basic and fully diluted share, on the
disposition of CCA and a gain of $915,000, or $0.04 per basic and fully
diluted share, on the previously reported disposition of the Century Casino
Millennium. The Company reported net earnings attributable to Century Casinos,
Inc. and subsidiaries of $1,376,000, or $0.06 per basic and fully diluted
share, for the first six months of 2008.

    Operating losses from continuing operations were $131,000 for the six
months ended June 30, 2009 compared to operating earnings of $223,000 for the
six months ended June 30, 2008, primarily due to a decrease in earnings of
$305,000 from the Company's equity investment in Poland.  The Company reported
a loss from continuing operations of $2,504,000, or a loss of $0.10 per basic
and fully diluted share for the six months ended June 30, 2009 and a loss of
$649,000, or a loss of $0.03 per basic and fully diluted share, for the same
period in 2008. In addition to the decline in operating earnings from
continuing operations, the Company's loss from continuing operations increased
due to an increase in taxes and the realization of additional foreign exchange
losses on the exchange of foreign currency. During the third quarter of 2008,
the Company established a valuation allowance on its U.S. deferred taxes. The
tax effect on net operating income or losses incurred in the U.S. will reduce
or increase this valuation allowance.  As a result, for the six months ended
June 30, 2009, the Company did not recognize tax benefits on operating losses
incurred in the U.S. This increased our tax expense by $1,532,000 when
comparing the six months ended June 30, 2009 to the six months ended June 30,
2008.  As of June 30, 2009, the Company has accumulated deferred tax assets of
$4.9 million which can be applied against the tax on potential future U.S.
income. Finally, losses realized on the exchange of foreign currency reduced
earnings by approximately $380,000, primarily due to the transfer of currency
between Canada and the U.S.
    

    Update on sale of CCA

    
    On December 19, 2008, the Company, through a subsidiary, entered into an
agreement to sell all of the outstanding shares of CCA for a gross selling
price of ZAR 460.0 million ($59.4 million) less the balance of third party
South African debt and other agreed to amounts. Net proceeds of ZAR 253.5
million ($32.8 million) were paid to the Company at closing on June 30, 2009.
CCA owned the Caledon Hotel, Spa & Casino and 60% of the Century Casino &
Hotel in Newcastle, Africa. Transaction approval by the KwaZulu-Natal Gambling
Board is still pending. If this approval is received, the Company will receive
an additional ZAR 98.8 million (approximately $12.8 million). An additional
ZAR 17.3 million ($2.2 million) held in retention may be payable to the
Company within sixty days of closing if the net asset value ("NAV") of CCA at
June 30, 2009 is greater than the NAV at December 31, 2008. If the NAV at
December 31, 2008 exceeds the NAV at June 30, 2009 by more than the $2.2
million held in retention, the Company will reimburse the purchaser of CCA an
amount equal to the excess. At closing, the Company recognized a gain of ZAR
163.1 million (approximately $19.8 million). An additional gain of ZAR 12.2
million (approximately $1.6 million) has been deferred until the approval by
the KwaZulu-Natal Gambling Board has been obtained.

    Net operating revenue from discontinued operations was $5,873,000 and
$7,673,000 for the second quarter of 2009 and 2008, respectively. Earnings
from discontinued operations were $20,777,000 and $1,030,000 for the second
quarter of 2009 and 2008, respectively, including a $19,848,000 gain on the
sale of CCA.

    Net operating revenue from discontinued operations was $11,203,000 for
the six months ended June 30, 2009 compared to $15,123,000 for the six months
ended June 30, 2008. Earnings from discontinued operations were $22,679,000
and $2,205,000 for the six months ended June 30, 2009 and 2008, respectively. 
During the six months ended June 30, 2009, the Company recorded gains of
$19,848,000 and $915,000 on the sales of CCA and the Century Casino
Millennium, respectively.
    

    Property Results (Continuing Operations)

    
    Century Casino & Hotel (Edmonton, Alberta, Canada) - Net operating
revenue at the Century Casino & Hotel in Edmonton decreased by 16% to
$4,843,000 for the second quarter of 2009 compared to $5,795,000 for the
second quarter of 2008, due to a decline in table game revenue and a decline
in the average exchange rate between the U.S. dollar and the Canadian dollar.
In Canadian dollars, net operating revenue decreased by 3% to CAD 5,651,000
for the second quarter of 2009 compared to CAD 5,851,000 for the second
quarter of 2008. This decrease is the result of a decrease of 19% in table
revenue, offset by an increase in slot revenue of 3%. Adjusted EBITDA(*) was
$1,554,000 for the second quarter of 2009, a decrease of 31% from $2,264,000
for the second quarter of 2008, which management attributes to the same
factors above. In Canadian dollars, Adjusted EBITDA(*) decreased by 21%, from
CAD 2,287,000 for the three months ended June 30, 2008 to CAD 1,817,000 for
the three months ended June 30, 2009.

    Net operating revenue at the Century Casino & Hotel in Edmonton decreased
by 15% to $9,639,000 for the six months ended June 30, 2009 compared to
$11,352,000 for the six months ended June 30, 2008, due to a decline in the
average exchange rate between the U.S. dollar and the Canadian dollar. In
Canadian dollars, net operating revenue increased by 2% to CAD 11,621,000 for
the first six months 2009 compared to CAD 11,431,000 for the first six months
of 2008. Adjusted EBITDA(*) was $3,329,000 for the first six months of 2009, a
decrease of 20% from $4,176,000 for the first six months of 2008, which
management attributes to the decline in the average exchange rate between the
U.S. dollar and the Canadian dollar. In Canadian dollars, Adjusted EBITDA(*)
decreased by 4%, from CAD 4,205,000 for the first six months of 2008 to CAD
4,026,000 for the six months ended June 30, 2009.

    Womacks Casino (Cripple Creek, Colorado, USA) - Net operating revenue at
Womacks Casino in Cripple Creek, Colorado decreased 15% to $2,441,000 for the
second quarter of 2009 from $2,859,000 for the second quarter of 2008. This is
mostly attributable to a 10% decrease in market share while the Company's
share of the slot machines in the Cripple Creek market declined by 12%. The
Cripple Creek gaming market as a whole declined 5%.  Management believes that
the opening of a larger casino in Cripple Creek in May 2008 has impacted our
revenue. The Company is reviewing strategies to improve revenue at Womacks.
Womacks' Adjusted EBITDA(*) for the second quarter of 2009 was $351,000 compared
to $434,000 in the second quarter of 2008, a decrease of 19%. The decrease is
primarily due to the decline in revenue. Staffing levels decreased overall
when comparing period over period due to the Company's cost cutting measures,
but such cost reductions were partially negated by the cost of new hires and
various start up expenses associated with the new games and extended hours
that were introduced as of July 2, 2009.

    Net operating revenue at Womacks decreased 13% to $5,013,000 for the
first six months of 2009 from $5,741,000 for the first six months of 2008.
This is mostly attributable to a 14% decrease in market share while our share
of the slot machines in the Cripple Creek market declined by 16%.  The Cripple
Creek gaming market as a whole declined 5%.  The Company is reviewing
strategies to improve revenue at Womacks. Womacks' Adjusted EBITDA(*) for the
first six months of 2009 was $845,000 compared to $713,000 for the first six
months of 2008, an increase of 19%. The increase is primarily due to cost
cutting measures at the casino.

    Century Casino and Hotel (Central City, Colorado, USA) - Net operating
revenue at the Century Casino and Hotel in Central City decreased 10% to
$4,178,000 for the second quarter of 2009 compared to $4,617,000 for the
second quarter of 2008. The Central City gaming market as a whole declined
10%.  Adjusted EBITDA(*) for the Century Casino & Hotel in Central City for the
second quarter of 2009 decreased to $980,000 compared to $1,216,000 in the
second quarter of 2008, a 19% decrease. As with Womacks, the decrease is
primarily due to the decline in gaming revenue.   Staffing levels decreased
overall when comparing period over period due to the Company's cost cutting
measures, but such cost reductions were partially negated by the cost of new
hires and various start up expenses associated with the new games and extended
hours that were introduced as of July 2, 2009.

    Net operating revenue at the Century Casino and Hotel in Central City
decreased 8% to $8,341,000 for the first six months of 2009 compared to
$9,024,000 reported for the first six months of 2008. The Central City gaming
market as a whole declined 10%.  Adjusted EBITDA(*) for the Century Casino &
Hotel in Central City decreased slightly to $2,043,000 for the first six
months of 2009 compared to $2,051,000 for the first six months of 2008.
Management believes that cost cutting measures at the casino have offset the
decline in gaming revenue at the casino.

    Cruise Ships - The Company's ship-based casinos contributed net operating
revenue of $422,000 and Adjusted EBITDA(*) of $52,000 for the second quarter of
2009 compared to net operating revenue of $600,000 and Adjusted EBITDA(*) of
$102,000 for the second quarter of 2008. The ship-based casinos contributed
net operating revenue of $890,000 and Adjusted EBITDA(*) of $110,000 for the
first six months of 2009 compared to net operating revenue of $1,283,000 and
Adjusted EBITDA(*) of $252,000 during the first six months of 2008. Management
believes that the cruise ships have significantly reduced their ticket prices
in an effort to attract more passengers. Management believes that this has
resulted in consumers with less discretionary income traveling on the ships,
indirectly leading to less play at the Company's casinos. Management also
attributes these declines to one of the cruise ships being in dry dock during
the second quarter of 2009.

    Corporate - Corporate operations reported negative Adjusted EBITDA(*) of
$1,374,000 for the second quarter of 2009 compared to negative Adjusted
EBITDA(*) of $1,678,000 for the second quarter of 2008. The lower negative
Adjusted EBITDA(*) is primarily due to a decrease in general and administrative
expenses of $228,000 resulting from a decrease in payroll expenses and travel
expenses. In addition, earnings recorded from our equity investment in Casinos
Poland have increased by $66,000. Our earnings from Casinos Poland increased
due to an increase in gaming revenue offset by a decline in the average
exchange rate between the U.S. dollar and the Polish zloty of 49.5% for the
three months ended June 30, 2009 compared to the three months ended June 30,
2008. Our earnings in Casinos Poland increased by 167.1% from PLN 189,000 in
the second quarter of 2008 to PLN 506,000 in the second quarter of 2009.

    Corporate operations reported negative Adjusted EBITDA(*) of $2,665,000 for
the first six months of 2009 compared to negative Adjusted EBITDA(*) of
$2,908,000 for the first six months of 2008. The lower negative Adjusted
EBITDA(*) is primarily due to a decrease in general and administrative expenses
of $541,000 resulting from a decrease in payroll expenses, travel expenses and
professional fees. These decreases were offset by a decline in earnings
recorded from our equity investment in Casinos Poland of $305,000. Our
earnings from Casinos Poland decreased due to a lower hold percentage on both
slot and table games during the first quarter of 2009 and a decline in the
average exchange rate between the U.S. dollar and the Polish zloty of 47.1%
for the six months ended June 30, 2009 compared to the six months ended June
30, 2008.  Our earnings in Casinos Poland decreased by 39.7% from PLN 1.3
million for the first six months of 2008 to PLN 784,000 for the first six
months of 2009.

    The Company will post a copy of the Form 10-Q filed with the SEC for the
second quarter of 2009 on its web site at
www.cnty.com/corporate/investor/sec-filings/ on Monday, August 10, 2009.

    On Monday, August 10, 2009, Century Casinos will host its Q2 2009
Earnings Conference Call, at 10:30 am MDT; 6:30 pm CEST, respectively. US
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
www.cnty.com/corporate/investor/financial-results/.
    


    

    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    FINANCIAL INFORMATION - US GAAP BASIS
    

    
                              Century Casinos, Inc.
             Condensed Consolidated Statements of Earnings (Unaudited)
                (Amounts in thousands, except for share information)
    

    
                                    For the Three Months  For the Six Months
                                       Ended June 30,      Ended June 30,
                                       2009      2008      2009      2008
    Operating revenue:
      Gaming                         $11,138   $13,012   $22,610   $25,986
      Hotel, food and beverage         2,037     2,114     3,936     4,198
      Other                              463       505       872       958
        Gross revenue                 13,638    15,631    27,418    31,142
      Less promotional allowances      1,754     1,758     3,535     3,739
        Net operating revenue         11,884    13,873    23,883    27,403
    

    
    Operating costs and expenses:
      Gaming                           4,589     5,105     9,058    10,497
      Hotel, food and beverage         1,659     1,632     3,199     3,360
      General and administrative       4,547     5,239     8,878    10,506
      Depreciation                     1,550     1,696     3,122     3,365
        Total operating costs
         and expenses                 12,345    13,672    24,257    27,728
    Earnings from unconsolidated
     subsidiary                          154        88       243       548
    Operating (loss) earnings from
     continuing operations              (307)      289      (131)      223
    

    
    Non-operating income (expense):
      Interest income                      1        10        10        22
      Interest expense                  (915)     (975)   (1,815)   (2,208)
      Gains (losses) on foreign
       currency transactions
       and other                         276       (18)     (249)      101
        Non-operating (expense), net    (638)     (983)   (2,054)   (2,085)
    Loss from continuing operations
     before income taxes                (945)     (694)   (2,185)   (1,862)
    Income tax provision (benefit)       100      (568)      319    (1,213)
    Loss from continuing operations   (1,045)     (126)   (2,504)     (649)
    

    
    Discontinued operations:
      Earnings from discontinued
       operations                      1,424     1,266     2,712     2,714
      Gain on disposition of
       Century Casino Millennium          38         -       915         -
      Gain on disposition of Century
       Casinos Africa                 19,848         -    19,848         -
      Provision for income taxes         533       236       796       509
    Earnings from discontinued
     operations                       20,777     1,030    22,679     2,205
    

    
    Net earnings                      19,732       904    20,175     1,556
      Less: Net earnings
       attributable to the
       noncontrolling interests
       (continuing operations)           (19)        2       (37)        4
      Less: Net earnings attributable
       to the noncontrolling interests
       (discontinued operations)         848        67       964       176
    Net earnings attributable to
     Century Casinos, Inc. and
     subsidiaries                    $18,903      $835   $19,248    $1,376
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    FINANCIAL INFORMATION - US GAAP BASIS
    

    
                              Century Casinos, Inc.
                               Earnings per Share
    

    
                                 For the Three Months      For the Six Months
                                    Ended June 30,           Ended June 30,
                                   2009        2008          2009       2008
    Basic earnings per share:
      Loss from continuing
      operations                 $(0.05)          $-       $(0.10)     $(0.03)
      Earnings from
       discontinued operations     0.85         0.04         0.92        0.09
      Net earnings                $0.80        $0.04        $0.82       $0.06
    

    
    Diluted earnings per share:
      Loss from continuing
       operations                $(0.05)          $-       $(0.10)     $(0.03)
      Earnings from
       discontinued operations     0.85         0.04         0.92        0.09
      Net earnings                $0.80        $0.04        $0.82       $0.06
    

    
    Weighted Average Shares
     Outstanding:
    Basic                    23,524,067   23,468,243   23,524,067  23,386,540
    Diluted                  23,524,067   23,468,243   23,524,067  23,386,540
    

    
    Amounts attributable to
     Century Casinos, Inc.
     and subsidiaries
     common shareholders:
      Loss from continuing
       operations               $(1,026)       $(128)     $(2,467)      $(653)
      Earnings from
       discontinued operations   19,929          963       21,715       2,029
      Net earnings              $18,903         $835      $19,248      $1,376
    



    
                               Century Casinos, Inc.
                 Condensed Consolidated Balance Sheets (Unaudited)
                             (Amounts in thousands)
    

    
                                               June 30,        December 31,
                                                 2009              2008
    Assets
      Current Assets, excluding assets
       held for sale                            $56,170            $9,707
      Assets held for sale (all current)              -            35,983
      Other Assets                              103,244           104,316
      Total Assets                             $159,414          $150,006
    

    
    Liabilities and Shareholders' Equity
      Current Liabilities, excluding
       liabilities related to assets
       held for sale                            $22,006           $17,521
      Liabilities related to assets
       held for sale (all current)                    -            10,770
      Non-Current Liabilities                    22,203            29,231
      Shareholders' Equity                      115,205            92,484
      Total Liabilities and Shareholders'
       Equity                                  $159,414          $150,006
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    

    
                                Century Casinos, Inc.
                     Net Operating Revenue by Property (Unaudited)
                             (Amounts in thousands)
    

    
                                    For the Three Months  For the Six Months
                                       Ended June 30,      Ended June 30,
                                       2009      2008      2009      2008
    Century Casino & Hotel,
     Edmonton                         $4,843    $5,795    $9,639   $11,352
    Womacks Casino & Hotel
     (Cripple Creek)                   2,441     2,859     5,013     5,741
    Century Casino & Hotel,
     Central City                      4,178     4,617     8,341     9,024
    Cruise Ships                         422       600       890     1,283
    Corporate                              -         2         -         3
      Consolidated net operating
       revenue                       $11,884   $13,873   $23,883   $27,403
    



    
                               Century Casinos, Inc.
                   Adjusted EBITDA Margins(*)(*) by Property (Unaudited)
    

    
                                     For the Three Months  For the Six Months
                                        Ended June 30,      Ended June 30,
                                        2009      2008      2009      2008
    Century Casino & Hotel,
     Edmonton                            32%       39%       34%       37%
    Womacks Casino & Hotel
     (Cripple Creek)                     14%       15%       17%       12%
    Century Casino & Hotel,
     Central City                        23%       26%       24%       23%
    Cruise Ships                         12%       17%       12%       20%
    Corporate                              -         -         -         -
    Consolidated Adjusted EBITDA
     Margin(*)(*)                            13%       17%       15%       16%
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    

    
                                Century Casinos, Inc.
            Reconciliation of Adjusted EBITDA(*) to Earnings from Continuing
                          Operations by Property (Unaudited)
                      For the Three Months Ended June 30, 2009
                             (Amounts in thousands)
    

    
                                  Cripple  Central  Cruise
                         Edmonton  Creek    City    Ships  Corporate   Total
    

    
    Earnings from
     continuing
     operations             $653   $(41)   $(171)   $(17)   $(1,469)  $(1,045)
    Interest income            -      -        -       -         (1)       (1)
    Interest expense         281     74      515       -         45       915
    Income taxes             253    (25)    (117)     (2)        (9)      100
    Depreciation             320    343      751      71         65     1,550
    Stock compensation         -      -        -       -        275       275
    Foreign currency
     losses (gains)           47      -        -       -       (293)     (246)
    Impairments and other
     write-offs                -      -        -       -          -         -
    Loss on disposition
     of fixed assets           -      -        2       -         13        15
    Adjusted EBITDA(*)      $1,554   $351     $980     $52    $(1,374)   $1,563
    



    
                               Century Casinos, Inc.
            Reconciliation of Adjusted EBITDA(*) to Earnings from Continuing
                        Operations by Property (Unaudited)
                     For the Three Months Ended June 30, 2008
                             (Amounts in thousands)
    

    
                                  Cripple  Central  Cruise
                         Edmonton  Creek    City    Ships  Corporate   Total
    

    
    Earnings from
     continuing
     operations           $1,112     $8     $(13)    $33    $(1,266)    $(126)
    Interest income           (5)     -        -       -         (5)      (10)
    Interest expense         351    (20)     492       -        152       975
    Income taxes             442      7      (18)      5     (1,004)     (568)
    Depreciation             362    438      755      62         79     1,696
    Stock compensation         -      -        -       -        350       350
    Foreign currency losses    2      1        -       -         15        18
    Impairments and other
     write-offs                -      -        -       -          -         -
    Loss on disposition
     of fixed assets           -      -        -       2          1         3
    Adjusted EBITDA(*)      $2,264   $434   $1,216    $102    $(1,678)   $2,338
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    

    
                                 Century Casinos, Inc.
              Reconciliation of Adjusted EBITDA(*) to Earnings from Continuing
                            Operations by Property (Unaudited)
                          For the Six Months Ended June 30, 2009
                                (Amounts in thousands)
    

    
                                  Cripple  Central  Cruise
                         Edmonton  Creek    City    Ships  Corporate   Total
    

    
    Earnings from
     continuing
     operations           $1,534   $(20)   $(302)   $(17)   $(3,699)  $(2,504)
    Interest income           (2)     -       (1)      -         (7)      (10)
    Interest expense         530    138    1,052       -         95     1,815
    Income taxes             602    (12)    (210)     (2)       (59)      319
    Depreciation             619    739    1,502     129        133     3,122
    Stock compensation         -      -        -       -        624       624
    Foreign currency losses   46      -        -       -        233       279
    Impairments and other
     write-offs                -      -        -       -          2         2
    Loss on disposition
     of fixed assets           -      -        2       -         13        15
    Adjusted EBITDA(*)      $3,329   $845   $2,043    $110    $(2,665)   $3,662
    



    
                               Century Casinos, Inc.
               Reconciliation of Adjusted EBITDA(*) to Earnings from Continuing
                           Operations by Property (Unaudited)
                        For the Six Months Ended June 30, 2008
                               (Amounts in thousands)
    

    
                                  Cripple  Central  Cruise
                         Edmonton  Creek    City    Ships  Corporate   Total
    

    
    Earnings from
     continuing
     operations           $1,959   $(57)   $(390)   $119    $(2,280)    $(649)
    Interest income          (15)     -        -       -         (7)      (22)
    Interest expense         711    (48)   1,193       -        352     2,208
    Income taxes             818    (34)    (261)      3     (1,739)   (1,213)
    Depreciation             717    861    1,509     126        152     3,365
    Stock compensation         -      -        -       -        697       697
    Foreign currency
     (gains) losses          (14)     1        -       -        (88)     (101)
    Impairments and other
     write-offs                -      -        -       -          -         -
    Loss on disposition
     of fixed assets           -    (10)       -       4          5        (1)
    Adjusted EBITDA(*)      $4,176   $713   $2,051    $252    $(2,908)   $4,284
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    

    
                              Century Resorts Alberta
            Reconciliation of Adjusted EBITDA(*) to Net Earnings (Unaudited)
                               in Canadian Dollars
                              (Amounts in thousands)
    

    
                    For the three  For the three   For the six    For the six
                     months ended   months ended   months ended   months ended
                    June 30, 2009  June 30, 2008  June 30, 2009  June 30, 2008
    

    
    Net earnings         CAD 823      CAD 1,114      CAD 1,920      CAD 1,937
    Interest income           (1)            (5)            (3)           (15)
    Interest expense         327            355            637            716
    Income taxes             296            460            728            850
    Depreciation             373            365            745            722
    Foreign
     currency (gains)         (1)            (2)            (1)            (5)
    Adjusted EBITDA(*)   CAD 1,817      CAD 2,287      CAD 4,026      CAD 4,205


    
    (*) The Company defines Adjusted EBITDA as earnings 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 United States 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 our lending institutions 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 on the prior pages. Not all of the
aforementioned benefits and costs occur in each reporting period, but have
been included in the definition based on historic activity.

    (*)(*) The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided
by net operating revenue. Management uses this margin as one of several
measures to evaluate the efficiency of the Company's casino operations.
    

    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION

    About Century Casinos, Inc.:
    
    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, and the Century Casino &
Hotel in Edmonton, Canada. The Company also operates casinos aboard five
luxury cruise vessels (Silver Cloud, Regatta, Insignia, Nautica, Mein Schiff).
Through its Austrian subsidiary, Century Casinos Europe GmbH, the Company
holds a 33.3% ownership interest in Casinos Poland Ltd., the owner and
operator of seven full casinos and one slot casino in Poland. Century Casinos,
Inc. continues to pursue other international projects in various stages of
development.

    For more information about Century Casinos, visit our website at
www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ
Capital Market  and the Vienna Stock Exchange under the symbol CNTY.

    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, statements regarding the proceeds
from our sale of Century Casinos Africa, progress at and 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 March 16, 2009. 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.
    




    




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
Web Site: http://www.centurycasinos.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890