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Century Casinos Reports 46% Increase in Net Earnings for 2000

``The opening of four new casino operations since September -- three on cruise ships and The Caledon Casino, Hotel & Spa in South Africa -- punctuated another financially successful year and provides a more diverse foundation upon which we will strive to grow the Company.''

He added, ``we continue to believe our stock is undervalued at these levels -- having repurchased 464,800 shares in 2000 and 147,600 so far in 2001, giving us a total of 1,997,400 shares repurchased to date. We intend to continue with this share repurchase program from time-to-time when deemed prudent.''

Details and analysis of results for these periods are summarized below:

Year-End 2000

The Company reported net operating revenues of $29,009,000 for the year ended December 31, 2000 -- a 23% increase over the $23,584,000 reported for 1999.

Net earnings for 2000 increased 46% to a record $3,253,000 or $0.23 per share basic ($0.22 diluted) compared to net earnings of $2,221,000 or $0.15 per share (basic and diluted) in 1999. Excluding the after-tax effects of non-recurring items, earnings for the period increased 64% to $2,581,000 or $0.18 per share basic ($0.17 per share diluted) as compared to $1,573,000 or $0.11 per share (basic and diluted) in 1999.

EBITDA for the year increased 32% to a record $11,020,000 from $8,361,000 in 1999. Excluding the effects of non-recurring items, EBITDA for 2000 increased 36% to $9,941,000 as compared to $7,322,000 in 1999.

Since 1996 the Company has increased its annual net operating revenues at a compounded annual growth rate (or ``CAGR'') of 26%, EBITDA at a 71% CAGR and net earnings at a 55% CAGR. Excluding the effects of non-recurring items, Century has increased EBITDA and net earnings at 65% and 49% respectively over this five-year time period.

Consolidated casino gross margin for the year increased to 63% from 61% during 1999. The Company attributes a portion of this increase to operational improvements at Womacks Casino. As a percentage of net operating revenue, general and administrative expense decreased to 27.6% from 28.5% last year.

Depreciation and amortization increased to $3,753,000 from $3,310,000 in 1999. Most of this increase is attributed to the depreciation of fixed assets and equipment associated with The Caledon Casino, Hotel & Spa and equipment upgrades at Womacks Casino. Interest expense, net of interest income, increased to $1,472,000 from1 $1,084,000 in 1999. This increase is primarily due to interest associated with financing The Caledon Casino, Hotel & Spa.

At December 31, 2000 the Company had more than $6.6 million of available liquidity consisting of cash, cash equivalents and borrowing capacity under the revolving credit facility with Wells Fargo Bank; and, through a subsidiary, had an additional $2.7 million in unused borrowing capacity available for its Caledon operations under a credit facility with South African bank PSG.

Fourth Quarter 2000

The Company reported net operating revenues of $9,773,000 for the three months ended December 31, 2000 -- a 59% increase over $6,135,000 achieved during the same period in 1999.

Net earnings for the fourth quarter 2000 increased 245% to $1,048,000 or $0.07 per share basic ($0.06 diluted) compared to net earnings of $304,000 or $0.02 per share for the same quarter (basic and diluted) in 1999.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter increased 116% to $3,557,000 from $1,648,000 in 1999.

Consolidated casino gross margin for the fourth quarter increased to 67% from 61% during the same period in 1999. The Company attributes a portion of this increase to operational improvements at Womacks Casino.

As a percentage of net operating revenue, general and administrative expense decreased to 24.9% from 34.2% reported during the same period last year. The Company attributes a portion of this decrease to restructured compensation accruals. Depreciation and amortization increased to $1,173,000 from $863,000 in 1999.

Most of this increase is attributed to the depreciation of fixed assets and equipment associated with The Caledon Casino, Hotel & Spa and equipment upgrades at Womacks Casino. Interest expense, net of interest income, increased to $580,000 from $241,000 in 1999. This increase is primarily due to interest associated with financing The Caledon Casino, Hotel & Spa.

About Century Casinos, Inc.

Century Casinos is an international casino company led by a team of gaming industry professionals who have developed and operated more than 100 casinos in 25 different countries. The Company owns and operates Womacks Casino in Cripple Creek, Colorado; owns (65%) and operates The Caledon Casino Hotel & Spa near Capetown, South Africa; has a five-year casino concession to operate four casinos aboard the ultra-luxury Silversea cruise vessels; and manages the Millennium Casino in the new Marriott Hotel in Prague, Czech Republic. Also, Century has been chosen by The World of ResidenSea as its exclusive casino concessionaire aboard a unique, residence-based cruise vessel scheduled for completion in January, 2002. The Company continues to pursue other international projects in various stages of development.

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