Century Casinos Earnings Up

14 August 2003

CRIPPLE CREEK, Colorado – (Press Release) -- For the second quarter ended June 30, 2003, Century Casinos, Inc. (Nasdaq: CNTY) reported net operating revenue increased by 1.7% to $7,553,000 from $7,429,000 for the same period in 2002. Net earnings in the second quarter of 2003 were $751,000, or $0.06 per share, compared to $1,103,000, or $0.08 per share, for the same period in 2002. EBITDA for the second quarter was reported at $2,343,000 compared to $2,703,000 reported in 2002. (See reconciliation and definition of EBITDA at the end of the Condensed Consolidated Earnings.)

Shareholders' Equity has increased by 19% to $29,614 as of June 30, 2003 from $24,983 on June 30, 2002. The book value was $2.17 per share as of June 30, 2003 compared to $1.82 per share at the same time last year.

Earnings from operations were $1,667,000 in the second quarter 2003 compared to $2,155,000 for the same period a year ago. The casino margin for the Company was 60.4% for this quarter, compared to 65.9% a year ago. General and administrative expense decreased to $1,925,000 in the second quarter compared to $1,985,000 in 2002.

Casino revenue at Womacks was $5,164,000 in the second quarter of 2003 compared to $6,211,000 for the second quarter of 2002. Womacks reported a casino margin of 65.0% for this period compared to 68.6% in 2002. This 5.3% decrease is attributed to the relatively fixed costs of operating the casino versus the decline in revenue. General and administrative expense decreased by 8.2%, to $1,048,000 in 2003 from $1,142,000 in 2002.

Casino revenue reported by Caledon increased by 48.3% to $2,115,000 in the second quarter of 2003 from $1,426,000 reported in 2002. Excluding the effect of the change in the Rand/Dollar conversion rate from year to year, Caledon's casino revenue increased by 9.1%. The casino margin in Caledon decreased to 56.8% from 59.3%. This 4.2% decrease is primarily attributable to the effect of inflation. General and administrative expense at Caledon rose by 25.7%. Excluding the effect of the change in the Rand/Dollar conversion rate from year to year, the general and administrative expense decreased by 7.6%.

"We continue to see steady improvement in Caledon's net operating revenue and net income. Excluding the varying exchange rates, Caledon's net operating revenue has increased for six consecutive quarters at an average rate of 16.6%. Its net income is 10.2% of net operating revenue in this quarter," said Erwin Haitzmann, Chairman and CEO. "Womacks has had to deal with adverse weather conditions, competitive challenges, and significant construction interruptions. Nevertheless, we continue to believe in the strength of Womacks and remain committed to further solidify its strategic position in the market."

For the six months ended June 30, 2003

For the six months ended June 30, 2003, the Company reported a 4.3% increase in net operating revenue to $14,934,000 from $14,321,000 in 2002. Net earnings decreased for the first six months of 2003 to $1,506,000 or $0.11 per share, compared to $2,028,000 or $0.15 per share, for the same period of 2002. EBITDA for the six month period was reported at $4,682,000 compared to $5,281,000 in 2002. (See reconciliation and definition of EBITDA at the end of the Condensed Consolidated Earnings.)

Earnings from operations were $3,365,000 in 2003 compared to $4,128,000 for 2002. The casino margin for the Company was 60.6% for this period in 2003, compared to 65.4% a year ago. General and administrative expense increased 0.5% for the six month period to $3,742,000 from $3,724,000 reported in 2002.

Casino revenue at Womacks was $10,457,000 for the first six months of 2003 compared to $12,036,000 for the first six months of 2002. Womacks reported a casino margin of 64.6% for 2003 compared to 68.3% in 2002. This 5.4% decrease is attributed to the relatively fixed costs of operating the casino versus the decline in revenue. General and administrative expense decreased by 6.8%, to $2,113,000 in 2003 from $2,266,000 in 2002.

Casino revenue reported by Caledon increased by 48.5% during the first six months of 2003 to $4,019,000 compared to $2,707,000 in 2002. Excluding the effect of the change in the Rand/Dollar conversion rate from year to year, Caledon's casino revenue increased by 7.9%. Caledon reported a casino margin of 57.0% this period compared to 57.9% in 2002. General and administrative expense was $895,000 in 2003 and $695,000 in 2002. Excluding the effect in the Rand/Dollar conversion rate, general and administrative expense decreased 6.2%.