Century Casinos Secures Financing

28 September 2005

COLORADO SPRINGS, Colorado – (PRESS RELEASE) -- Century Casinos, Inc. (Nasdaq: CNTY) announced today that the Company has, through its subsidiaries, secured financing for the development of casino projects in Central City, Colorado and Edmonton, Canada.

On September 23, 2005, Wells Fargo Gaming Capital, a funding unit of Wells Fargo Bank, National Association ("Wells Fargo") advised CC Tollgate Casino, LLC via a letter of commitment that it was prepared to provide the previously disclosed $35 million in financing. Wells Fargo has informed the Company that it has successfully formed a syndicate of institutional lenders and has procured commitments from such lenders to fully syndicate the previously disclosed $32.5 million construction loan and $2.5 million revolving line of credit. These funds, combined with the previously announced $4.5 million loan from a private lender will be used to fund the Central City, Colorado project, including, but not limited to, refinancing the existing loan from Colorado Business Bank (whose maturity date was extended to January 4, 2006 in connection with this agreement), the construction of the property and purchase of gaming equipment. Closing of the $35 million loan agreement from Well Fargo is still subject to the finalization of loan documentation and satisfaction of other closing conditions.

The Company, through WMCK Venture Corp., amended its existing revolving credit facility with Wells Fargo. As part of the amendment, amongst other items, Wells Fargo agreed to eliminate the covenant limiting the Company's ability to guarantee debt, thus providing more flexible financing options. In return, the WMCK Venture Corp. agreed, amongst other items, that it shall maintain a maximum leverage ratio of 3.00 to 1.00 as of the quarter ending September 30, 2005, decreasing, as scheduled in the Fourth Amendment, to 2.00 to 1.00 as of the quarter ending June 30, 2007 and until the credit facility terminates in August 2007. The interest rate options available under the amended and restated credit facility remain unchanged.

Also on September 23, 2005, the Company, through its subsidiary Century Resorts Alberta Inc ("CRA"), agreed to terms with Canadian Western Bank ("Canadian Western") for a $20 million Canadian (approximately $17.1 million USD) credit facility for the development of the "Celebrations Casino and Hotel" in Edmonton, Canada. The facility is initially structured as a construction loan maturing within the earlier of 18 months or upon receipt of a certified architectural completion certificate, certificate of occupancy and casino license. The most significant conditions precedent to the drawdown of the construction loan are: 1) CRA must sign a stipulated price contract (which is currently in negotiation) for the entire project and 2) CRA must obtain the typical building permits necessary for the construction of the casino. Upon maturity of the construction loan, Canadian Western will issue a term loan to CRA, maturing within one to five years at CRA's preference. Proceeds from the term loan will be used to pay the outstanding balance of the construction loan. The construction loan bears interest at 1.25% per annum above Canadian Western's Prime Lending Rate (currently at 4.5%) and is payable monthly. The interest rate on the term loan will be determined by the maturity date selected by CRA (which currently range from 5.55% to 6.20%, dependant on the length of maturity selected). Monthly principal and interest payments on the term loan will be based upon a 10-year amortization term. CRA has the option to prepay the construction loan without penalty. Ten percent of the original principal amount of the term loan may be prepaid annually without penalty.

"We are extremely pleased to reach agreement with our lending partners on the financing for our projects," said Erwin Haitzmann, Co Chief Executive Officer and Chairman of the Board. "We believe that the steps remaining precedent to construction draws are routine and will be completed expeditiously. This marks another very important milestone that will help fuel our growth."