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Century Casinos' Edmonton Bid Moves Forward

CRIPPLE CREEK, Colorado – (PRESS RELEASE) -- Century Casinos, Inc. (Nasdaq: CNTY) announced today that, through Century Resorts Alberta Ltd., it has received notice from the Alberta Gaming and Liquor Commission (AGLC) that it has been selected as the only one of six applicants to move to step seven of eight steps of the casino licensing process in Edmonton, Alberta, Canada. This is not an approval or a guarantee that the Company will be issued a casino facility license. Step seven is the "Investigation stage of the Casino Facility Application Process" which is a thorough due diligence investigation of the applicant and the key persons associated with the selected proposal. Although the Company cannot predict how long the due diligence process will take, once step seven is completed, and if it is successfully completed, the eighth step will be a recommendation to the Board of the AGLC, by the evaluating committee, for issuance of a casino facility license.

Edmonton is one of the fastest growing cities in Canada, with a strong economic climate. Tourism is a significant part of the economy, and Edmonton offers a wide range of activities, with the top activities being sports/outdoor activities, sightseeing, and nightlife/casino. Edmonton is also home of the world's largest shopping mall. (Source: Tourism in Canadian Cities -- A Statistical Outlook 2001.) The Innovation Group, Littleton, Colorado, estimates that by combining the local and tourist markets, 2005 gaming revenues for the greater Edmonton area are projected to be $376 million Canadian, or $282 million US. There are currently six casinos in the Edmonton area, including one racino.

If a casino license is awarded to the Company, The Celebrations Casino and Hotel project is planned in two phases. The first phase is projected to be open within twelve months of license award and finalizing funding arrangements and would see the existing hotel facility expanded to include a casino with 600 slot machines, 30 house-banked table games, and a 12-table poker room. Total capital costs for the first phase of the project are estimated to be approximately $13 million Canadian, or $9.8 million US.

Subject to satisfactory performance of the first phase, phase two of the Celebrations Casino and Hotel is planned to open 36 months later, and would include an additional 80 hotel rooms and a 10,000 square foot convention center, for an additional capital investment of approximately $4 million Canadian, or $3 million US.

"We are excited about this decision of the AGLC," said Erwin Haitzmann, Chairman and CEO of Century Casinos. "We are confident that the Company will meet or exceed the standards expected of the AGLC and we look forward to expanding into the Canadian market."

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