Century Casinos Earnings Up

29 July 2004

COLORADO SPRINGS, Colorado – (PRESS RELEASE) -- For the second quarter ended June 30, 2004, Century Casinos, Inc. (Nasdaq: CNTY) reported a 53% increase in net earnings to $1,147,000, or $0.08 per share from $751,000 or $0.06 per share for the same period of 2003. The Company also reported a 17% increase in net operating revenue to $8,848,000 in 2004 from $7,553,000 in 2003. EBITDA* (earnings before interest expense, income taxes, depreciation and amortization) reported for the second quarter of 2004 was $2,570,000 compared to $2,343,000 reported in 2003.

Interest expense for the Company for the second quarter ended June 30, 2004 decreased by 26% to $390,000 from $525,000 during the same period in 2003.

"We are very pleased with the continued improvement in Caledon's net operating revenue and believe ongoing improvements at Womack's are expected to add to customer service and improved satisfaction", said Erwin Haitzmann, Chairman and CEO. "While a license for the Edmonton (Alberta, Canada) project has not been issued to us, we continue to make progress and look forward to continued cooperation with the Alberta gaming authorities to complete the licensing process. In addition, we have recently relocated our corporate offices from Cripple Creek, Colorado to Colorado Springs, Colorado in order to support future growth", Haitzmann continued.

Womacks' casino revenue was $5,071,000 for the quarter compared to $5,164,000 reported for the same period in 2003. Casino expenses increased by $80,000, or 5% in this quarter compared to 2003. General and administrative expense increased $22,000, or 2% in this quarter when compared to 2003. Depreciation was $368,000 compared to $347,000 for the same period in 2003.

Caledon's casino revenue increased by 39% to $2,946,000 compared to $2,115,000 reported in the second quarter 2003. Improvement in the Rand versus the dollar when comparing the three months ended June 30 of last year to the current year has had a positive impact on the reported revenues and a negative impact on expenses. Excluding the effect of the Rand/US Dollar exchange rate, casino revenue increased by 19%. The increase is attributable to successful marketing efforts. Casino costs have increased 41% which is in line with higher revenue. General and administrative expense for Caledon increased $119,000, or 31% in this quarter when compared to 2003. Depreciation was $333,000 compared to $257,000 in the same last year period.

For the six months ended June 30, 2004

Net earnings for the six months ended June 30, 2004 were $2,051,000 or $0.15 per share, compared to $1,506,000 or $0.11 per share, for the same period of 2003, an increase of 36%. For the six months ended June 30, 2004, the Company reported a 14% increase in net operating revenue to $16,978,000 from $14,934,000 in 2003. EBITDA for the six month period was $4,944,000 in 2004 compared to $4,682,000 in 2003.

Interest expense for the Company for the first six months of 2004 decreased by 23% to $812,000 from $1,052,000 during the same period in 2003.

Womacks' casino revenue was $9,946,000 for the first six months of 2004 compared to $10,457,000 for the first six months of 2003. Casino expenses increased by $65,000, or 2% during the first six months of 2004 compared to 2003. General and administrative expense decreased by 0.9%, to $1,786,000 in 2004 from $1,802,000 in 2003.

Caledon's casino revenue increased by 42% during the first six months of 2004 to $5,724,000 compared to $4,019,000 in 2003. Excluding the effect of the change in the Rand/Dollar conversion rate from year to year, Caledon's casino revenue increased by 19%. Casino costs increased by $663,000, or 40% during the first six months of 2004 compared to 2003. General and administrative expense was $971,000 in 2004 and $710,000 in 2003. Excluding the effect in the Rand/Dollar conversion rate, general and administrative expense increased 14%.

The Company will post a slide show presentation of the Results of Operations for the second quarter of 2004 on its web site at www.centurycasinos.com on Thursday, July 29, 2004.