Century Casinos Reports Record Net Operating Revenue in Third Quarter 2007



    COLORADO SPRINGS, Colo., Nov. 9 /CNW/ -- Century Casinos, Inc. (Nasdaq:  
CNTY; Vienna Stock Exchange) today reported financial results for the third
quarter and nine months ended September 30, 2007.
    
    Third Quarter 2007
    
    For the third quarter of 2007, net operating revenues were $24,724,000
and consolidated Adjusted EBITDA(*) was $5,875,000.  This represents an increase
over the same quarter of last year of 46% in net operating revenues
($16,978,000 in the third quarter of 2006) and an increase of 40% in
consolidated Adjusted EBITDA(*)  ($4,200,000 in the third quarter of 2006). Our
new casinos in Central City (Colorado), Newcastle (South Africa) and Edmonton
(Canada) contributed $7,189,000 towards the total increase of $7,746,000 in
net operating revenue.  The three new casinos also contributed $2,306,000 of
additional Adjusted EBITDA(*) to the Company, offset by approximately $400,000
of corporate charges for increased payroll, travel and professional services
attributed to the Company's expansion efforts.
    On a US GAAP ("Generally Accepted Accounting Principles") basis, the
Company reported net earnings of $1,949,000, or $0.08 per basic share.  The
2007 third quarter reflects increases in depreciation charges and net interest
charges, primarily related to the opening and financing of three new casino
operations in 2006. In addition, stock-based compensation expenses increased
$354,000 primarily due to the issuance of stock options and restricted stock
in July 2007. US GAAP net earnings for the 2006 third quarter were $1,851,000,
or $0.08 per basic share. The 2006 third quarter includes pre-opening expenses
of $604,000 and a recovery of approximately $400,000 of previously written off
loans in conjunction with the sale of our interest in a casino project located
in South Africa.
    
    Nine Months Ended September 30, 2007
    
    For the nine months ended September 30, 2007, net operating revenues were
$68,458,000 and consolidated Adjusted EBITDA(*) was $15,863,000.  This
represents an increase over the same period of last year of 79% in net
operating revenues ($38,313,000 for the nine months ended September 30, 2006)
and an increase of 50% in consolidated Adjusted EBITDA(*) ($10,562,000 for the
nine months ended September 30, 2006).  Our new casinos in Central City
(Colorado), Newcastle (South Africa) and Edmonton (Canada) contributed
$29,054,000 towards the total increase of $30,145,000 in net operating
revenue. The three new casinos also contributed $7,286,000 of additional
Adjusted EBITDA(*) to the Company, offset by approximately $1,300,000 of
corporate charges primarily related to payroll, travel and professional
services attributed to the Company's expansion efforts, approximately $300,000
of increased marketing charges at Womacks and $335,000 of preferred dividends
paid to preference shareholders at Caledon.
    On a US GAAP basis, the Company reported net earnings of $4,532,000, or
$0.20 per basic share for the first nine months of 2007.  The 2007 results
reflect increases in depreciation charges and net interest charges, primarily
related to the opening and financing of three new casino operations in 2006.
US GAAP net earnings for the first nine months of 2006 were $4,872,000, or
$0.21 per basic share. The 2006 results include pre-opening expenses of
$2,116,000 and a recovery of approximately $400,000 of previously written off
loans in conjunction with the sale of our interest in a casino project located
in South Africa.
    "We are pleased with the progress that we are making in both our
established markets and at our newly established casinos," say co-CEO's Erwin
Haitzmann and Peter Hoetzinger.  "We have seen steady growth in net operating
revenue as a result of our concerted marketing efforts."

    
    Recent Developments
    (*)  Womacks Casino in Cripple Creek is undergoing an approximate $2 million
       renovation through which we intend to raise the standard for facilities
       in Cripple Creek and garner further market share.  The project is
       expected to be completed for the Christmas season.
    

    
    (*)  The Alberta Gaming and Liquor Commission recently added 56 slot
       machines (54 added as of September 30, 2007) at our property in
       Edmonton. Management believes that this is in recognition of our
       accomplishments since opening in November 2006 and is also a sign that
       the gaming market in Edmonton is expected to grow further.
    

    
    (*)  The hotels at our two South Africa properties in Caledon and Newcastle
       were awarded superior 4-star ratings, which we believe will attract
       additional customers to these properties.
    

    
    (*)  During the second quarter of 2007, the Colorado legislature approved a
       bill banning smoking at Colorado casinos starting January 1, 2008. This
       could result in fewer customers who smoke or more customers who do not
       smoke visiting our properties in Colorado.
    Property Results
    
    Womacks Casino -- Net operating revenue at Womacks Casino in Cripple
Creek, Colorado increased 6% to $5,011,000 for the third quarter of 2007
compared to $4,730,000 reported for the same period in 2006.  Womacks'
Adjusted EBITDA(*) for the third quarter of 2007 was $1,832,000 compared to
$2,067,000 in the third quarter of 2006.  The decrease in Adjusted EBITDA(*) is
primarily due to approximately $190,000 in increased marketing charges related
to a special marketing promotion in the third quarter of 2007.
    Womacks' net operating revenue was $13,510,000 for the first nine months
of 2007 compared to $12,534,000 for the first nine months of 2006.  Womacks'
Adjusted EBITDA(*) for the first nine months of 2007 was $4,804,000 compared to
$4,947,000 in the same 2006 period.  The decrease in Adjusted EBITDA(*) is
primarily due to approximately $329,000 in increased marketing charges
primarily related to a special marketing promotion in the third quarter of
2007.
    Century Casino and Hotel (Central City) -- Gaming revenue at the Century
Casino and Hotel in Central City, Colorado has grown consistently since
opening, with our highest monthly revenue occurring in September 2007.  Net
operating revenue at the Century Casino and Hotel increased 27% to $5,954,000
for the third quarter of 2007 compared to $4,688,000 reported for the same
period in 2006.  Adjusted EBITDA(*) for the third quarter of 2007 was $1,769,000
compared to $949,000 in the third quarter of 2006.  The increase in Adjusted
EBITDA(*) is primarily due to improved revenues and a reduction in marketing
expenditures.  Marketing charges for the three months ended September 30, 2006
were higher than usual due to the opening of the casino in July 2006. Adjusted
EBITDA(*) for the three months ended September 30, 2006 excludes approximately
$315,000 of pre-opening expenditures.
    The Century Casino and Hotel's net operating revenue was $15,529,000 for
the first nine months of 2007 compared to $4,688,000 for the first nine months
of 2006.  The property commenced operations in July 2006.  The Century Casino
and Hotel's Adjusted EBITDA(*) for the first nine months of 2007 was $3,902,000
compared to $1,622,000 in the same 2006 period.
    Adjusted EBITDA(*) for the nine months ended September 30, 2006 excludes
approximately $1,726,000 of pre-opening expenditures.
    Century Casino and Hotel (Edmonton) -- We opened the casino in November
2006 with 600 slot machines and have since increased the number of machines on
the floor to 654. Net operating revenue and Adjusted EBITDA(*) for the three
months ended September 30, 2007 was $4,930,000 and $1,503,000, respectively.
Net operating revenue for the nine months ended September 30, 2007 was
$13,562,000 and Adjusted EBITDA(*) was $3,651,000.
    The Caledon Hotel, Spa and Casino (Caledon, South Africa) - Net operating
revenue at the Caledon increased 4% to $4,526,000 for the third quarter of
2007 compared to $4,350,000 reported for the same period in 2006.  Adjusted
EBITDA(*) for the third quarter of 2007 was $1,886,000 compared to $1,795,000 in
the third quarter of 2006.  The increase in Adjusted EBITDA(*) is primarily due
to a decrease in professional fees and property taxes.  Dividends of $59,000
were paid to preference shareholders during the third quarter of 2007.
    The Caledon's net operating revenue was $13,324,000 for the first nine
months of 2007 compared to $13,783,000 for the first nine months of 2006.  The
decrease was due to the weakening of the South African Rand ("Rand") versus
the US Dollar on a year to date basis.  Net operating revenue in Rand was ZAR
95,213,000 for the first nine months of 2007 compared to ZAR 90,503,000 for
the first nine months of 2006. The Caledon's Adjusted EBITDA(*) for the first
nine months of 2007 was $5,317,000 compared to $5,631,000 in the same 2006
period.  The decrease in Adjusted EBITDA(*) is primarily due to the weakening of
the Rand versus the US Dollar on a year to date basis and the payment of
$335,000 in dividends to preference shareholders.
    Century Casino and Hotel (Newcastle, South Africa) -- We acquired our 60%
ownership interest in Newcastle, South Africa on April 1, 2006. Net operating
revenue increased 53% to $2,885,000 for the third quarter of 2007 compared to
$1,891,000 reported for the same period in 2006.  Newcastle's Adjusted EBITDA(*)
for the three months ended September 30, 2007 was $693,000 compared to
$607,000 for the three months ended September 30, 2006. We opened a new casino
facility in December 2006. Prior to this date, casino operations were held in
a temporary facility. Management believes that the increases in net operating
revenues and Adjusted EBITDA(*) are directly related to the opening of our new
facility, which management believes is superior to the old facility.
    For the nine months ended September 30, 2007, Newcastle's net operating
revenues were $8,595,000 compared to $3,941,000 for the nine months ended
September 30, 2006.  The casino provided the Company with Adjusted EBITDA(*) of
$2,756,000 for the period ended September 30, 2007.
    Other Operations -- The Company's other operating segments, which include
the Century Casino Millennium in Prague and the Company's ship based casinos,
contributed net operating revenues of $1,375,000 and Adjusted EBITDA(*) of
$206,000 for the three months ended September 30, 2007 compared to net
operating revenues of $1,318,000 and Adjusted EBITDA(*) of $281,000 for the
three months ended September 30, 2006. Our other operations contributed net
operating revenues of $3,888,000 and $3,352,000 for the nine months ended
September 30, 2007 and 2006, respectively. Our other operations contributed
Adjusted EBITDA(*) of $479,000 and $706,000 for the nine months ended September
30, 2007 and 2006, respectively.  The decline in Adjusted EBITDA(*) is primarily
due to the reduction of the number of ship-based casinos and the write-off of
costs associated with a contract that the Company decided not to pursue.
    The Company will post a slide show presentation of the results of
operations for the third quarter of 2007 on its web site at
www.cnty.com/corporate/investor/presentations/ on Friday, November 9, 2007.
    On Friday, November 9, 2007, Century Casinos will host a "Q3 2007
Earnings" conference call, at 9:00am EST; 3:00pm CET respectively. US domestic
participants please dial +1-800-862-9098, all other international participants
please use +1-785-424-1051 to dial-in.  For a recording of the call, please
visit our website at www.cnty.com/corporate/investor/financial-results/.

    (*)  See discussion and reconciliation of Adjusted EBITDA below.


    
    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 Nine Months
                             Ended September 30,       Ended September 30,
                             2007         2006         2007         2006
    Operating Revenue:
      Casino               $23,163      $16,261      $64,541      $36,667
      Hotel, food and
       beverage              3,479        1,627        9,325        3,981
      Other                    550          298        1,489          758
        Gross revenue       27,192       18,186       75,355       41,406
      Less promotional
       allowances            2,468        1,208        6,897        3,093
        Net operating
         revenue            24,724       16,978       68,458       38,313
    

    
    Operating Costs and
     Expenses:
      Casino                 9,222        6,705       25,790       14,368
      Hotel, food and
       beverage              2,802        1,616        7,927        3,437
      General and
       administrative        7,166        5,118       19,951       12,667
      Impairments and other
       write-offs, net of
      (recoveries)               9         (420)          34         (405)
      Depreciation           1,987        1,293        6,310        2,998
        Total operating costs
         and expenses       21,186       14,312       60,012       33,065
    Earnings from
     Unconsolidated
     Subsidiary                 37            -           91            -
    Earnings from Operations 3,575        2,666        8,537        5,248
    

    
    Non-Operating Income
     (Expense):
      Interest income           85          156          802          595
      Interest expense      (1,649)      (1,320)      (5,280)      (1,777)
      Other (expense)
       income, net            (146)         (19)         641          300
        Non-operating
        (expense), net      (1,710)      (1,183)      (3,837)        (882)
    Earnings before Income
     Taxes, Minority
     Interest and
     Preferred Dividends     1,865        1,483        4,700        4,366
      Provision (benefit)
       for income taxes         27          (67)         655          394
    Earnings before
     Minority Interest
     and Preferred Dividends 1,838        1,550        4,045        3,972
      Minority interest
       in subsidiary
       losses, net             170          301          822          900
      Preferred dividends
       issued by subsidiary    (59)           -         (335)           -
    

    Net Earnings            $1,949       $1,851       $4,532       $4,872

    
    Earnings Per Share:
      Basic                  $0.08        $0.08        $0.20        $0.21
      Diluted                $0.08        $0.08        $0.19        $0.20
    

    
    Weighted Average
     Shares Outstanding:
      Basic             23,051,067   22,980,567   23,043,351   22,705,842
      Diluted           23,833,498   23,947,857   23,904,861   23,905,912
    



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

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

    
                                                  September 30,   December 31,
                                                       2007           2006
    Assets
      Current Assets                                 $24,239        $41,167
      Other Assets                                   171,031        156,693
      Total Assets                                  $195,270       $197,860
    

    
    Liabilities and Shareholders' Equity
      Current Liabilities                            $24,672        $35,991
      Non-Current Liabilities                         61,266         61,442
      Shareholders' Equity                           109,332        100,427
      Total Liabilities and Shareholders' Equity    $195,270       $197,860
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    

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

    
                              For the Three Months     For the Nine Months
                               Ended September 30,      Ended September 30,
                              2007         2006         2007         2006
    Womacks Casino and Hotel
     (Cripple Creek)        $5,011       $4,730      $13,510      $12,534
    Century Casino and Hotel
     (Central City)          5,954        4,688       15,529        4,688
    Century Casino and Hotel
     (Edmonton)              4,930            1       13,562            3
    The Caledon (Caledon)    4,526        4,350       13,324       13,783
    Century Casino and
     Hotel (Newcastle)       2,885        1,891        8,595        3,941
    Century Casino Millennium
     (Prague)                  719          561        1,862          956
    Cruise Ships               656          757        2,026        2,396
    Corporate                   43            -           50           12
      Consolidated net
       operating revenues  $24,724      $16,978      $68,458      $38,313
    



    
                            Century Casinos, Inc.
                   Adjusted EBITDA(*) by Property (Unaudited)
                            (Amounts in thousands)
    

    
                              For the Three Months     For the Nine Months
                              Ended September 30,      Ended September 30,
                              2007         2006         2007         2006
    Womacks Casino and Hotel
     (Cripple Creek)        $1,832       $2,067       $4,804       $4,947
    Century Casino and
     Hotel (Central City)    1,769          949        3,902        1,622
    Century Casino and
     Hotel (Edmonton)        1,503          103        3,651          108
    The Caledon (Caledon)    1,886        1,795        5,317        5,631
    Century Casino and
     Hotel (Newcastle)         693          607        2,756        1,293
    Century Casino Millennium
     (Prague)                  164           66          259           76
    Cruise Ships                42          215          220          630
    Corporate               (2,014)      (1,602)      (5,046)      (3,745)
      Adjusted EBITDA(*)      $5,875       $4,200      $15,863      $10,562
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    

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

    
                             For the Three Months       For the Nine Months
                              Ended September 30,       Ended September 30,
                              2007         2006         2007         2006
    Womacks Casino and Hotel
     (Cripple Creek)           37%          44%          36%          39%
    Century Casino and Hotel
     (Central City)            30%          20%          25%          35%
    Century Casino and Hotel
     (Edmonton)                30%            -          27%            -
    The Caledon (Caledon)      42%          41%          40%          41%
    Century Casino and Hotel
     (Newcastle)               24%          32%          32%          33%
    Century Casino Millennium
     (Prague)                  23%          12%          14%           8%
    Cruise Ships                6%          29%          11%          26%
    Corporate                    -            -            -            -
      Consolidated Adjusted
       EBITDA Margin(*)(*)         24%          25%          23%          28%
    


    
                            Century Casinos, Inc.
              Reconciliation of Adjusted EBITDA(*) to Net Earnings
                            (Amounts in thousands)
    

    
                             For the Three Months       For the Nine Months
                              Ended September 30,       Ended September 30,
                             2007         2006         2007         2006
    Net Earnings            $1,949       $1,851       $4,532       $4,872
    Minority interest         (170)        (301)        (822)        (900)
    Interest income            (85)        (156)        (802)        (595)
    Interest expense         1,649        1,320        5,280        1,777
    Income tax expense
     (benefit)                  27          (67)         655          394
    Depreciation             1,987        1,293        6,310        2,998
    Pre-opening expenses         -          602            -        2,115
    Stock compensation expense 430           79          458          280
    Impairments and other
     write-offs, net of
     (recoveries)                9         (420)          34         (405)
    Loss (gain) on disposition
     of fixed assets            73           (1)          73           26
    Other one-time items (1)     6            -          145            -
    Adjusted EBITDA(*)        $5,875       $4,200      $15,863      $10,562
    
    (1) Other one-time items includes losses associated with thefts at
certain of our properties of $6,000 and $145,000 for the three and nine months
ended September 30, 2007, respectively.
    (*)  The Company defines Adjusted EBITDA as earnings before interest,
income taxes, depreciation, amortization, minority interest, pre-opening
expenses, non-cash stock based compensation charges, asset impairment costs,
gains (losses) on disposition of fixed assets, discontinued operations and
certain other one-time items.  Inter-company 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.  Not all of the aforementioned benefits and costs occur in
each reporting period, but have been included in the definition based on
historic activity.
    (*)(*)  We define Adjusted EBITDA margin as Adjusted EBITDA divided by net
operating revenues. Management uses this margin as one of several measures to
evaluate the efficiency of our casino operations.
    
    About Century Casinos, Inc:
    
    Century Casinos, Inc. is an international casino entertainment company
that owns and operates the Womacks Casino and Hotel in Cripple Creek,
Colorado, the Century Casino & Hotel in Edmonton, Alberta, Canada, and the
Century Casino Millennium in the Marriott Hotel in Prague, Czech Republic;
operates the casinos aboard the Silver Cloud, The World of ResidenSea, and the
vessels of Oceania Cruises; owns a 65% interest in, and has a management
contract for, Century Casino & Hotel in Central City, Colorado. Through its
subsidiary Century Casinos Africa (Pty) Limited, it owns and operates The
Caledon Hotel, Spa & Casino near Cape Town, South Africa, as well as 60% of,
and provides technical casino services to, Century Casino Newcastle, in
Newcastle, South Africa.  Furthermore, the Company's Austrian subsidiary,
Century Casinos Europe GmbH, holds a 33.3% ownership interest in Casinos
Poland Ltd, the owner and operator of seven full casinos and one slot casino
in Poland. The Company continues to pursue other international projects in
various stages of development.
    For more information about Century Casinos, visit our new website at
www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ
Capital Market(R) 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 revenue
growth, marketing efforts, progress at our casinos, gaming market growth, the
impact of improvements at our properties and the impact of the Colorado law
banning smoking in casinos. 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 section entitled "Risk Factors" under Item 1A in
our Annual Report on Form 10-K filed on March 16, 2007. 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, 
both of Century Casinos, Inc. Web Site: http://www.centurycasinos.com


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