U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB

              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended: December 31, 2001   Commission File No. 0-22290
--------------------------                     ------------------

                              CENTURY CASINOS,  INC.
                             -----------------------
                 (Name of small business issuer in its charter)

                 Delaware                            84-1271317
          -----------------------          ----------------------------
    (State  or  other jurisdiction of    (I.R.S. Employer Identification No.)
           incorporation  or  organization)

                200 - 220 E. Bennett Ave., Cripple Creek, CO 80813
              -----------------------------------------------------
            (Address  of  principal  executive  offices) (Zip  code)

                                  (719) 689-9100
                                 ---------------
                (Issuer's telephone number, including area code)

   Securities Registered Pursuant to Section 12(b) of the Exchange Act:  None.
      Securities Registered Pursuant to Section 12(g) of the Exchange Act:

                          Common Stock, $.01 Par Value
                          ----------------------------
                                (Title of class)

Check  whether  the issuer (1) filed all reports required to be filed by Section
13  or  15(d) of the Exchange Act during the past 12 months (or for such shorter
period  that the registrant was required to file such reports), and (2) has been
subject  to  such  filing requirements for the past 90 days.  Yes [ X ]   No []

Check  if there is no disclosure of delinquent filers in response to Item 405 of
Regulation  S-B  contained  in this form and no disclosure will be contained, to
the  best  of  Registrant's  knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in  Part III of this Form 10-KSB or any
amendment  to  this  Form  10-KSB.  [  X  ]

State  the  issuer's  revenues  for  its  most  recent fiscal year:  $29,576,161

The  aggregate market value of the voting common stock held by non-affiliates of
the  Registrant  on March 27, 2002, was approximately $30,926,712 based upon the
average  of  the  reported range of sale price of such shares on NASDAQ for that
date.  As  of  March  27,  2002,  there  were  13,728,784 shares of common stock
outstanding.

DOCUMENTS  INCORPORATED  BY  REFERENCE:  None.

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<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

Item  1.     Business.
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General

     Century  Casinos, Inc. and subsidiaries (the "Company") is an international
gaming  company  which owns and operates the Womacks Casino and Hotel in Cripple
Creek, Colorado, owns 65% of and operates the Caledon Casino, Hotel and Spa near
Cape  Town,  South  Africa,  manages Casino Millennium located within a hotel in
Prague,  Czech  Republic,  and serves as concessionaire of small casinos on four
luxury  cruise  vessels  operated  by  Silversea Cruises.  The Company regularly
pursues  additional  gaming  opportunities  internationally  and  in  the United
States.

     Prior  to July 1, 1996, the Company's operations in Cripple Creek consisted
of Legends Casino ("Legends"), which the Company had acquired on March 31, 1994,
through a merger with Alpine Gaming, Inc.  On July 1, 1996, the Company acquired
the  net  assets  of  Gold  Creek  Associates, L.P. ("Gold Creek"), the owner of
Womack's  Saloon  & Gaming Parlor, which was adjacent to Legends.  Following the
acquisition  of  Womacks,  both  properties  were  renovated  to  facilitate the
marketing  of  the  combined  properties  as  one casino under the name "Womacks
Casino  and  Hotel"  ("Womacks").

     In April 2000, the Company's South African subsidiary acquired a 50% equity
interest  in  Caledon  Casino Bid Company (Pty) Limited ("CCBC").  In June, 2001
the  company  name  for  CCBC  was changed to Century Casinos Caledon (Pty) Ltd.
("CCAL").  CCAL  was  awarded  a casino license and owns a 92-room resort hotel,
spa,  casino and approximately 600 acres of land (representing approximately 230
hectares)  in  Caledon,  South Africa.  The Company has a long-term agreement to
manage  the  operations of the casino, which began in October 2000.  In November
2000,  the  Company,  through its South African subsidiary, increased its equity
interest  in  CCAL  by  15%,  raising  its  total  ownership  to  65%.

     The  Company's  operating revenue for 2000 and 2001 was derived principally
from  Womacks  and  CCAL  as  reported  in  Note  7, Segment Information, of the
Consolidated Financial Statements. See the Consolidated Financial Statements and
the  notes  thereto  included  herein.

     The  Company  was  formed in 1992 to acquire ownership interests in, and to
obtain management contracts with respect to, gaming establishments.  The Company
was  founded  by a team of career gaming executives who had worked primarily for
an Austrian gaming company that owned and operated casinos throughout the world.
The  Company,  formerly  known  as Alpine, is a result of a business combination
completed  on March 31, 1994, pursuant to which Century Casinos Management, Inc.
("Century  Management")  shareholders  acquired  approximately  76%  of the then
issued  and  outstanding  voting stock of the Company, and all officer and board
positions  of  the  Company  were  assumed  by  the  management  team of Century
Management.  Effective  June  7,  1994,  the  Company reincorporated in Delaware
under  the  name  "Century  Casinos, Inc."  Because the Company is the result of
this  transaction, the Company's business has been combined with that of Century
Management, and references herein to the Company refer to the combined entities,
unless  the  context  otherwise  requires.

     Information   contained  in   this  Form  10-KSB  contains  forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995,  which  can  be  identified  by  the  use  of words such as "may," "will,"
"expect,"  "anticipate,"  "estimate"  or  "continue,"  or  variations thereon or
comparable  terminology.  In  addition, all statements, other than statements of
historical  facts,  that  address  activities,  events  or developments that the
Company  expects,  believes  or anticipates will or may occur in the future, and
other  such  matters,  are  forward-looking  statements.

                                        2
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     The  future  results  of  the  Company  may  vary   materially  from  those
anticipated  by  management,  and may be affected by various trends and factors,
which are beyond the control of the Company. These risks include the competitive
environment  in  which  the  Company operates, the Company's dependence upon the
Cripple  Creek,  Colorado  gaming market, the effects of governmental regulation
and  other  risks  described  herein.

Property  and  Project  Descriptions

     Womacks  Casino  and  Hotel,  Cripple  Creek,  Colorado.

     On July 1, 1996, the Company purchased substantially all of the assets, and
assumed  substantially  all  of  the  liabilities,  of  Gold Creek, the owner of
Womacks  Saloon  and  Gaming  Parlor  in  Cripple Creek, Colorado. Following the
Company's  acquisition  of  Gold  Creek,  the property was consolidated with the
Company's  Legends  Casino, and the combined properties have been marketed since
then  as  one  casino  under  the  name  "Womacks  Casino and Hotel." Management
implemented  certain  consolidation, expansion and capital improvement programs.
The  Company  created  openings  in  the  common  walls  in order to open up and
integrate  the  gaming  areas  of the two casinos,  expanded the existing player
tracking  system  of  Womacks  Saloon  and  Gaming  Parlor to include all of the
Legends  gaming  devices;  made  general  interior  enhancements;  and installed
additional  gaming devices and replaced older generation equipment. In 2001, the
Company  added  ten hotel rooms to the existing eight on the second floor of the
casino.  An  additional  three hotel rooms are currently being constructed, also
on  the  second  floor.

     Womacks  Casino  is  located  at  200 to 220 East Bennett Avenue in Cripple
Creek, Colorado. The lots comprising 200 to 210 East Bennett Avenue are owned by
wholly-owned  subsidiaries  of  the  Company  and  are collateralized by a first
mortgage  held  by  Wells  Fargo  Bank.  See  Note  5,  "Long-Term Debt", to the
Consolidated  Financial  Statements  for  further  information.

     The  Company  holds  a  subleasehold  interest  in  the  real  property and
improvements  located  at 220 East Bennett Avenue.  The sublease, as assigned to
WMCK-Acquisition Corp., provides for monthly rental payments of $16, and expires
on  June  20,  2005  unless  terminated  by  the Company with 12 months' advance
notice.  The  Company has an option to acquire the property at the expiration of
the  sublease  at  an  exercise  price  of  $1,500.

     Womacks  currently  has  approximately  600 slot and video devices and four
gaming  tables.  It  has 150 feet of frontage on Bennett Avenue, the main gaming
thoroughfare  in  Cripple Creek, and 110 feet of frontage on Second Street, with
approximately  40,000  square  feet  of  floor  space.

     Management  believes  that,  in addition to providing an adequate number of
hotel rooms, an integral component in attracting gaming patrons to Cripple Creek
is  the  availability of adequate, nearby parking spaces.  The Company presently
owns  or  leases  nearly  four  hundred  parking  spaces.

     In  1997,  the  Company exercised its purchase option to acquire three lots
(formerly  known  as  the "Wright Property"), consisting of 9,375 square feet of
land  across the street from Womacks for $785 in cash. This acquisition provides
the  Company  with 30 additional parking spaces.  The Company subsequently paved
the  property  and  currently  uses  it  for  customer  parking.

     In  June  1998, the Company acquired 22,000 square feet of land (the "Hicks
Property")  from  an unaffiliated third party.  The property, which is zoned for
gaming,  is  adjacent to Womacks.  A partially-completed building structure that
occupied  a  portion of the land was subsequently razed, and the entire property
has  been  improved  to  provide  the first paved customer parking spaces in the
Cripple  Creek market.  The purchase  price of $3.6 million was financed through

                                        3
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

the Company's revolving  credit  facility  with  Wells  Fargo  Bank.

     The  Company  leases  99 contiguous parking spaces from the City of Cripple
Creek.  Annual  rent  payments  total $90 and the lease agreement, as amended on
February  17,  2000, expires on May 31, 2010.  The agreement contains a purchase
option  whereby  the  Company  may purchase the property for $3.25 million, less
cumulative  lease  payments, at any time during the remainder of the lease term.
The  Company  has paved the property and currently uses it for customer parking.

     In  March  1999, the Company entered into a purchase option agreement for a
piece  of property, located in Cripple Creek across Bennett Avenue from Womacks.
The  agreement,  as  amended  in  February  2000,  provides for an option period
through  March  31,  2004  and  an  exercise  price of $1.5 million, less 50% of
cumulative  option  payments  through  the  exercise  date.

     In  May  2000, the Company completed its acquisition of two parcels of land
located  near  Womacks for $1.85 million.  The two parcels provide more than 100
parking spaces for casino patrons and those attending events held at the Womacks
Events Center, located adjacent thereto.  The Company has paved the property and
currently  uses  it  for  customer  parking.

     In  August  2000, the Company opened the Womacks Events Center located near
its  Womacks/Legends  Casino.  The  Company believes the 500-seat Womacks Events
Center  can  further increase the number of visitors to Cripple Creek and add to
the  consistent  growth experienced in the Cripple Creek gaming market.  Through
an  arrangement  with  the City of Cripple Creek, the Events Center is available
for attractions bringing people to the City via meetings, conventions, shows and
other  special  events  on  a  year-round  basis.  As an additional benefit, the
second  floor  of  the  building houses much of the Company's administration and
accounting  departments  thereby freeing up valuable floor-space in  Womacks and
allowing  for  additional  hotel  and  casino  expansion.

     Century  Casinos  Caledon  (Pty)  Ltd.  -  Caledon,  South  Africa

     An  application  for  a  casino license in Caledon, province of the Western
Cape,  was filed in October 1999 with the Western Cape Gambling and Racing Board
by  Caledon  Casino  Bid  Company  (Pty)  Limited ("CCBC") doing business as The
Caledon  Casino, Hotel and Spa. The Company's subsidiary, Century Casinos Africa
(Pty) Ltd ("CCA"), originally had a 50% equity interest in CCBC, by virtue of an
agreement  entered  into  between CCA and CCBC, together with various affiliated
entities.  In  December  1999,  in anticipation of a successful application, the
Company  entered  into  a  ten-year casino management agreement with CCBC, which
agreement may be extended at the Company's option for multiple ten-year periods,
whereby  the  Company  will  earn management fees based on percentages of annual
gaming  revenue  and  earnings  before  interest,  income  taxes,  depreciation,
amortization  and  certain  other  costs.

     On  February  16,  2000, the Western Cape Gambling and Racing Board awarded
Successful  Applicant  status  to  CCBC.  On April 13, 2000 CCBC was awarded the
final  license and the Company, through CCA, invested approximately $3.8 million
(based  on  the  exchange  rate  at  that time) consisting of approximately $1.5
million  (R10  million)  in  equity  and  $2.3  million  in  debt (R15 million).

     In  December,  2000  the Company through CCA, acquired an additional 15% of
The  Caledon Casino, Hotel and Spa - raising its ownership in CCBC to 65%. Terms
of  the  agreement included the payment of approximately $1.8 million by Century
to  its partners in exchange for 15% of the total ordinary shares of the project
(valued at approximately $1.2 million) and a shareholder loan to CCBC previously
held  by  its  partners  (with  a  value  of  approximately  $600).

                                        4
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     In  June,  2001  the  company  name for CCBC was changed to Century Casinos
Caledon  (Pty)  Ltd.  ("CCAL")

     CCAL  is  located  approximately  one  hour's   drive  from  Cape  Town  on
approximately  600 acres (230 hectares) of land adjacent to the N-2 highway, the
main  thoroughfare  between  Cape  Town and Durban. This highway is known as the
Garden  Route, passing through an established tourist area known for its popular
coastal  towns,  whale  watching and wineries. Caledon is home to a 100 year-old
annual  wild  flower  show  and a well-known 200 year-old national landmark with
mineral  hot  springs  located  on  the  CCAL  resort  site.

     CCAL  employs  approximately 300 staff from the neighboring communities and
includes  a  casino  with 250 slot/video machines and 8 tables, a 92-room hotel,
mineral  hot springs and spa facility, two restaurants, three bars, a gift shop,
conference  facilities  and  the  Outdoor Experience - a corporate team building
facility. In addition, zoning approval has been secured for the potential future
development  of  the  resort  to  include  a championship golf course, up to 350
residential  or  time-share  units, possible additional hotel accommodations and
additional  retail  facilities.

     Casino  Millennium,  Prague,  Czech  Republic

     In  January  1999,  the Company entered into a 20-year definitive agreement
with  Casino  Millennium  a.s.,  a  Czech company, and with B.H. Centrum a.s., a
Czech  subsidiary  of  Bau  Holding  AG,  one  of  the  largest construction and
development  companies  in Europe, to operate a casino in the five-star Marriott
Hotel in Prague, Czech Republic. During 2001, Bau Holding AG changed its name to
Strabag  AG. The Company provides casino management services in exchange for 10%
of  the casino's gross revenue, and has provided gaming equipment for 45% of the
casino's  net  profit.  The  hotel  and  casino  opened  in  July  1999.

     In  January  2000,  the  Company  entered into a memorandum of agreement to
either  acquire  a 50% ownership interest in Casino Millennium a.s. or to form a
new  joint venture with B.H. Centrum a.s., which joint venture would acquire all
of  the assets of Casino Millennium. The Company and Strabag AG have each agreed
to purchase a 50% ownership interest. The documentation for this transaction has
been  submitted,  as  required, to the Ministry of Finance of the Czech Republic
for  approval.  The  acquisition  is  expected  to  be  completed in 2002 and is
expected  to  cost  approximately  $200  in  cash  plus  contributed  assets.

     Silversea  Cruises

     In  May  2000,  the  Company signed a five-year casino concession agreement
with  Silversea  Cruises,  a  world-renowned, six-star cruise line based in Fort
Lauderdale,  Florida.  The  agreement  gives  the Company the exclusive right to
install  and  operate  casinos  aboard  four Silversea vessels. The Company will
operate  each shipboard casino for its own account and pay concession fees based
on  gross  gaming  revenue.

     Starting  in late September 2000 with the new, 388-passenger Silver Shadow,
Century  began  its  shipboard casino operations. Within 60 days thereafter, the
Company  installed  casinos  on the 296-passenger vessels Silver Wind and Silver
Cloud.  In  June  2001,  Century  installed  its  fourth  casino aboard the new,
388-passenger  Silver Whisper. In October 2001, the Silver Wind was taken out of
service.  It  is  expected to resume operations in early 2003. The Company has a
total  of  160  gaming  positions  on  the  four  combined  shipboard  casinos.
                                        5
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     The  World  of  ResidenSea

     On August  30, 2000, Century signed a five-year casino concession agreement
with ResidenSea Ltd., the owner and operator of The World of ResidenSea which is
the  world's  first  luxury  residential  resort  community  at sea continuously
circumnavigating the globe.  ResidenSea is the first to offer private residences
on board a ship for purchase by customers.  The ResidenSea vessel has a total of
110  residences  and  88  guest  suites  with  purchase  prices starting at $2.2
million.

     Century  has  equipped the casino with 40 gaming positions and will operate
the  shipboard  casino  which is expected to depart for its maiden voyage in the
first  half  of  2002. The Company will operate the shipboard casino for its own
account  and pay concession fees based on gross gaming revenue. In addition, the
Company  has  a  right  of first refusal to install casinos aboard any new ships
built  or  acquired  by  ResidenSea  during  the  term  of  the  agreement.

Additional  Company  Projects

     In  addition  to  Womacks in Cripple Creek, Colorado; Caledon Casino, Hotel
and  Spa  in Caledon, South Africa; Casino Millennium in Prague, Czech Republic;
Silversea  Cruises  and  the  ResidenSea,  the Company has a number of potential
gaming  projects in various stages of development.  Along with the capital needs
of  these  potential  projects,  there  are  various  other risks which, if they
materialize,  could  materially adversely affect a proposed project or eliminate
its  feasibility  altogether. For example, in order to conduct gaming operations
in  most jurisdictions, the Company must first obtain gaming licenses or receive
regulatory  clearances.  To  date,  the  Company has obtained gaming licenses or
approval  to  operate  gaming  facilities in Colorado, Louisiana, on an American
Indian  reservation in California, the Czech Republic, the Western Cape province
of  South  Africa  and  the  Gauteng province of South Africa.  While management
believes  that  the  Company  is  licensable in any jurisdiction, each licensing
process  is  unique  and  requires  a significant amount of funds and management
time.  The licensing process in any particular jurisdiction can take significant
time and expense through licensing fees, background investigation costs, fees of
counsel  and  other  associated  preparation costs. Moreover, should the Company
proceed  with a licensing approval process with industry partners, such industry
partners  would  be  subject  to regulatory review as well. The Company seeks to
satisfy  itself  that  industry  partners are licensable, but cannot assure that
such  partners  will, in fact, be licensable. Additional risks before commencing
operations  include the time and expense incurred and unforeseen difficulties in
obtaining  suitable   sites,  liquor  licenses,   building  permits,  materials,
competent  and able contractors, supplies, employees, gaming devices and related
matters.  In  addition,  certain  licenses include competitive situations where,
even  if the Company is licensable, other factors such as the economic impact of
gaming  and  financial  and  operational  capabilities  of  competitors  must be
analyzed  by  regulatory  authorities.  All  of  these risks should be viewed in
light  of  the  Company's  limited  staff  and  limited  capital.

     Also,  the  Company's ability to expand to additional locations will depend
upon  a number of factors, including, but not limited to: (i) the identification
and  availability  of  suitable  locations,  and  the  negotiation of acceptable
purchase,  lease,  joint  venture  or other terms; (ii) the securing of required
state and local licenses, permits and approvals, which in some jurisdictions are
limited  in number; (iii) political factors; (iv) the risks typically associated
with any new construction project; (v) the availability of adequate financing on
acceptable  terms;  and  (vi)  for  locations outside the United States, all the
risks  of  foreign  operations,  including  currency  controls, unforeseen local
regulations,   political   instability   and   other   related   risks.  Certain
jurisdictions  issue  licenses  or  approval  for  gaming operations by inviting
proposals  from  all interested parties, which may increase competition for such
licenses  or approvals. The development of dockside and riverboat casinos in the
United  States  of America may require approval from the Army Corps of Engineers
and  will  be  subject  to  significant  Coast  Guard  regulations

                                        6
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

governing design and operation.  Most of these factors are beyond the control of
the  Company.  As  a  result, there can be no assurance that the Company will be
able  to  expand  to  additional locations or, if such expansion occurs, that it
will  be  successful.  Further, the Company anticipates that it will continue to
expense  certain costs, which have been substantial in the past and may continue
to  be  substantial  in  the future, in connection with the pursuit of expansion
projects.

     The  following  describes  other  activities  of  the  Company.

South  Africa  -  Legislation  enacted  in 1996 in South Africa provides for the
award  of  up  to  40 casino licenses throughout the country. In addition to its
Caledon  operations,  the Company has entered into agreements with various local
consortia  to  provide consulting services during the application phase, as well
as  casino  management  services should the Company's partners be awarded one or
more  licenses.

Six  casino  licenses  were allocated to the province of Gauteng - primarily for
the  Greater Johannesburg area - by which five casinos have been operating since
1998.  With  respect to the sixth and final license, Silverstar Development Ltd.
("Silverstar"),  a consortium owned by trusts, corporations and individuals from
the  province,  chose  the  Company  as  equity  and  management partner for its
proposed  casino,  hotel  and  entertainment  resort  in  the West Rand (western
portion of greater Johannesburg). Since joining forces more than five years ago,
the  Company  has  helped  Silverstar  work  through  a  series  of legal issues
regarding  the award of this gaming license - culminating in March 2000 with the
entering  into  of  an agreement with the sole competing license applicant. This
agreement  settled  all  past  claims  and  brought both parties and the Company
together  in  an  effort to jointly secure the sixth and final gaming license in
the  province.

In  September  2001,  the Company, through CCA, entered into a further agreement
(and as subsequently amended) to secure a 50% ownership interest in Rhino Resort
Limited.  ("RRL"-  a  consortium  which  includes Silverstar) in exchange for an
equity and loan contribution of R50 million or $4.2 million at the exchange rate
as  of  December 3, 2001 subject to RRL securing in full the remaining financing
and  the  approvals  necessary  to  allow  the  development  to  proceed.

In  November,  2001, The Gauteng Gambling Board ("GGB"), with the concurrence of
the  Executive  Council of the provincial government, awarded RRL the sixth, and
final,  casino  license  for  700 slot machines and 30 gaming tables conditional
upon  the  satisfaction of certain requirements within three months of award. In
February  2002,  RRL  filed documentation with the GGB in order to satisfy those
conditions, including evidence of the continuing commitment of Nedcor Investment
Bank  (one  of  South  Africa's  leading  financial institutions) to provide the
necessary  debt  financing and project guarantees required under the license. On
February  11, 2002, RRL received notification of the filing in the High Court of
South  Africa  by  Tsogo Sun Holdings ("Tsogo") of an action seeking to overturn
the  decision  of  the  GGB  to  award  a  casino license to RRL. Tsogo owns and
operates  one  of  the  five  existing  casinos  in  Gauteng  which  is situated
approximately  15  miles  from  RRL's development site.  RRL is pursuing all its
rights  under  law  in  defending  this action by Tsogo.  The GGB, the Executive
Council  of the provincial government, as well as RRL have given notice of their
intention  to  defend.

The  Company  anticipates that Tsogo's action, which could ultimately lead to an
overturn  of  the  decision  of  the  GGB to award a casino license to RRL, will
result  in a delay to the construction of the first phase of the development but
cannot,  at  this  time,  assess  the  likely  extent  of  such  delay.

In  addition  to  the  equity  ownership in RRL, the Company through a 55% owned
subsidiary,  Century  Casinos  West  Rand  (Pty)  Ltd.  ("CCWR"),  will  receive
management  fees  as the manager of the Casino, Hotel & Resort.  Management fees
will  be  based  on  a  percentage  of gross revenues as well as a percentage of
EBITDA  (defined  as earnings before interest, taxes, depreciation, amortization
and  other  specifically  defined  costs).

                                        7
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

Punta  Del  Este,  Uruguay - The Company is part of a consortium, which includes
Vantex  S.A.  and  Inter-Continental  Hotels  &  Resorts,  that has submitted an
official  expression of interest to the Uruguayan government for the development
and  operation  of a Resort, Convention Center and Casino in the internationally
recognized  Uruguayan beach resort Punta del Este.  The Company has been awarded
a  long-term  agreement  to  manage the proposed international casino comprising
over  1,000  gaming  positions,  if  a  casino  license  is  awarded.

     The  proposed  facility  will  be  located  1.5  miles (on the same seaside
highway)  from  the  existing  Conrad  Casino Resort, which is, to date the only
private  casino  in  Uruguay (partially owned by Park Place Entertainment Corp).
Punta  del Este has its own international airport and is a 45-minute flight from
Buenos  Aires,  Argentina, a 2 hour and 25 minute flight from Sao Paulo, Brazil,
and  a 3-hour flight from Rio de Janeiro (there is no legalized casino gaming in
Brazil).

     The  consortium  considers  making  a  formal  application to the Uruguayan
Authorities  in  due  process,  but  there  can  be  no  certainty  that a final
application  will  be  made.  If  such  final  application  is made, there is no
certainty  regarding  an  award of this casino license or that financing for the
project  will be secured by the Vantex S.A. / Inter-Continental Hotels & Resorts
/  Century  Casinos  consortium.

Riverboat  Development Agreement - Indiana. - In December 1995, the Company sold
its  80%  interest  in  Pinnacle  Gaming  Development  Corp.  ("Pinnacle") to an
affiliate  of  Hilton Gaming Corporation and Boomtown, Inc. ("Hilton/Boomtown").
Pinnacle had been pursuing a riverboat gaming license application in Switzerland
County, Indiana. Upon signing the agreement, the Company received a cash payment
of $80 and recognized a gain on the sale of its investment of $26. The agreement
provided  for  additional payments to the Company upon the occurrence of certain
events.  In  September 1998, the Indiana Gaming Commission awarded a Certificate
of  Suitability  to  Pinnacle  to conduct riverboat gaming in Switzerland County
that resulted in the Company receiving a payment of $431 in the third quarter of
1998. The Company also received a payment of $1,040 in the third quarter of 1999
upon  "groundbreaking" of the project. Additionally, the Company was entitled to
receive  installment  payments  of  $32 per month for the first 60 months of the
riverboat's  operation;  however,  the  Company  elected to receive an aggregate
discounted  amount  of  $1,380,  which  was  received  and recorded as income in
January  2000.

Revolving  Credit  Facility

     In  March  1997,  the  Company  entered  into a four-year revolving line of
credit  facility  (the  "RCF")  with  Wells  Fargo Bank ("Wells Fargo"). Various
provisions  of  the  RCF were subsequently amended, including an increase in the
facility  to  $20  million  in  1998,  an  increase to $26 million in April 2000
whereby  the  line of credit decreases quarterly beginning in the fourth quarter
of  2000  and  an  extension of the maturity date to April 2004. At December 31,
2001,  the  maximum  available  under  the  RCF  was  $22.4  million.  An annual
commitment fee of between three-eighths and one-half percent, payable quarterly,
is  charged  on the unused portion of the RCF. The RCF also contains an interest
rate matrix that ties the interest rate charged on outstanding borrowings to the
Company's  leverage  ratio,  as defined. The Company's weighted-average interest
rate  on  the RCF was 8.58% in 2000 and 9.04% in 2001. At December 31, 2001, the
Company's  unused  borrowing  capacity  under  the  RCF  was approximately $10.6
million.  A portion of the proceeds of borrowings under the RCF was used for the
development  of  The  Caledon  Casino,  Hotel  &  Spa.  The  RCF  is  secured by
substantially  all  of the real and personal property of Womacks. Under the RCF,
the  Company  is  required to comply with certain customary financial covenants,
and  is  subject to certain capital expenditure requirements and restrictions on
investments. The Company has entered into two interest rate swap agreements that

                                        8
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

effectively fix the interest rates at 5.55% on $7.5 million of the variable rate
debt  and 7.95% on $4.0 million of the variable rate debt. See Note 5, Long-Term
Debt,  to  the  Consolidated  Financial  Statements  for  further  information.


Marketing  Strategy

Womacks  Casino  and  Hotel  -  The  marketing  strategy  of  Womacks highlights
promotion  of  the Womacks Gold Club, a player's club with a database containing
profiles  on  over  80,000  members.  Gold  Club  members  receive benefits from
membership,  such  as  cash,  coupons,  merchandise, food and lodging. Those who
qualify  for  VIP status receive additional benefits in addition to regular club
membership.  Status  is  determined  through  player  tracking.  Members receive
information about upcoming events and parties, and, depending on player ranking,
also  receive  invitations  to  special  events.

Caledon  Casino,  Hotel  &  Spa - As with Womacks described above, the marketing
strategy  of The Caledon Casino, Hotel & Spa highlights promotion of its players
club  and  building  its  player  information  database.  Players'  club members
receive benefits such as cash, coupons, merchandise, food and lodging. Those who
qualify  for  VIP status receive additional benefits in addition to regular club
membership.  Status  is  determined  through  player  tracking.  Members receive
newsletters  of  upcoming  events and parties, and, depending on player ranking,
also  receive  invitations  to  special  events.

Market  Data

The  Cripple  Creek  Market  -  Cripple  Creek  is a small mountain town located
approximately  45  miles  southwest of Colorado Springs, Colorado on the western
boundary  of  Pikes  Peak.  Cripple Creek is an historic mining town, originally
founded  in  the  late 1800's following a large gold strike.  Cripple Creek is a
tourist  town  and  its  heaviest  traffic  is  in  the  summer months.  Traffic
generally  decreases  to  its  low  point  in  the  winter  months.

Cripple  Creek  is one of only three Colorado cities, exclusive of Indian gaming
operations,  where  casino  gaming  is  legal,  the  others being Black Hawk and
Central City. Cripple Creek operated approximately 29% of the gaming devices and
generated  21%  of  gaming revenues for these three cities during the year ended
December  31, 2001.  As of December 31, 2001, there were 18 casinos operating in
Cripple  Creek.


                                        9
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

The  tables  below  set forth information obtained from the Colorado Division of
Gaming  regarding  gaming  revenue  by  market and slot machine data for Cripple
Creek  from calendar 1998 through 2001. This data is not intended by the Company
to  imply,  nor  should  the  reader  infer, that it is any indication of future
Colorado  or  Company  gaming  revenue.

                            GAMING REVENUE BY MARKET

<TABLE>
<CAPTION>

<S>                      <C>          <C>          <C>          <C>          <C>          <C>          <C>          <C>
                                       % change              % change                % change                     % change
                                         Over                  Over                    Over                         Over
                            1998       Prior Year    1999    Prior Year     2000     Prior Year       2001       Prior Year
                           -------------------------------------------------------------------------------------------------
CRIPPLE CREEK              $ 113,230      4.0%      $ 122,611    8.3%     $ 134,630     9.8%       $ 138,618        3.0%
Black Hawk                 $ 272,008     15.9%      $ 354,914   30.5 %    $ 433,769    22.2%       $ 478,326       10.3%
Central City               $  93,980      7.5%      $  73,794  -21.5%     $  63,453   -14.0%       $  59,730       -5.9%
                           -------------------------------------------------------------------------------------------------
COLORADO TOTAL             $ 479,218     11.2%      $ 551,319   15.0%     $ 631,852    14.6%       $ 676,674        7.1%


                            CRIPPLE CREEK SLOT DATA

                                       % change              % change                % change                     % change
                                         Over                  Over                    Over                         Over
                            1998       Prior Year    1999    Prior Year     2000     Prior Year       2001       Prior Year
                           -------------------------------------------------------------------------------------------------


Total Slot Revenue         $ 107,690      4.8%      $ 117,387    9.0%     $ 129,500    10.3%       $ 134,330        3.7%

Average Number
Of Slots                       4,369     -3.1%          4,058   -7.1%         4,148     2.2%           4,170         .5%

Average Win Per
Slot Per Day               68 dollars     8.1%      81 dollars  19.9%     85 dollars    4.7%      88 dollars        3.5%
</TABLE>


Gaming  in  Colorado  is "limited stakes," which restricts any single wager to a
maximum  of  $5.00.  While  this  limits  the  revenue potential of table games,
management believes that slot machine play, which accounts for over 96% of total
gaming  revenues, is currently impacted only marginally by the $5.00 limitation.

The  Company  faces  intense  competition  from  other casinos in Cripple Creek,
including  a  handful of casinos of similar size and many other smaller casinos.
There can be no assurance that other casinos in Cripple Creek will not undertake
expansion  efforts  similar  to  those  recently  taken  by the Company, thereby
further increasing competition, or that large, established gaming operators will
not  enter the Cripple Creek market.  The Company seeks to compete against these
casinos  through promotion of Womacks Gold Club and superior service to players.
Management  believes that the casinos likely to be more successful and best able
to  take  advantage  of the market potential of Cripple Creek will be the larger
casinos  that  have  reached  a  certain  critical  mass.

                                       10
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

                   CENTURY CASINOS' PROPERTY IN CRIPPLE CREEK
                       ("Womacks  Casino  and  Hotel")
<TABLE>
<CAPTION>
<S>                  <C>           <C>          <C>            <C>          <C>            <C>          <C>            <C>
                                       % change              % change                % change                     % change
                                         Over                  Over                    Over                         Over
                            1998       Prior Year    1999    Prior Year     2000     Prior Year       2001       Prior Year
                           -------------------------------------------------------------------------------------------------



Total Slot Revenue        $  18,597       2.7%     $  22,235    19.6%     $  23,670    6.5%         $  23,142      -2.2%

Average Number
Of Slots                        565       3.3%           592     4.8%           627    5.9%               593      -5.4%

Average Win Per
Slot Per Day              90 dollars      -.05%    103 dollars  13.7%     103 dollars   .57%        107 dollars     3.6%

Market Share in %          17.42%        -1.0%         18.87%    8.3%         18.28%  -3.1%           17.23%       -5.7%
</TABLE>

The  Company competes, to a far lesser extent, with 22 casinos in Black Hawk and
5  casinos  in Central City. Black Hawk and Central City are also small mountain
tourist  towns,  which  adjoin  each  other  and are approximately 30 miles from
Denver and a two and one-half hour drive from Cripple Creek. The main market for
Cripple Creek is the Colorado Springs metropolitan area, and the main market for
Black  Hawk  and  Central  City  is  the  Denver  metropolitan  area.

In addition, there is intense competition among companies in the gaming industry
generally, and many gaming operators have greater name recognition and financial
and  marketing  resources  than  the  Company.  The  Company  competes with many
established  operators  in gaming venues other than Cripple Creek. Many of these
operators  have  greater financial, operational and personnel resources than the
Company.  There  can  be  no  assurance  that  the  number  of  casino and hotel
operations  will  not  exceed  market  demand  or that additional hotel rooms or
casino  capacity  will  not  adversely  affect  the  operations  of the Company.

The  Caledon,  South  Africa  Market - Caledon is a small agricultural community
located  approximately  60  miles  east  of  Cape Town.  Caledon lies on the N-2
highway  - the main thoroughfare between Cape Town and Durban - and is known for
its  wild flower shows, wineries and the natural historic hot springs located on
the  Caledon  Casino,  Hotel  and  Spa  site.  Caledon  experiences its heaviest
traffic  during  the  December holiday season (summer in South Africa).  Traffic
will  be  somewhat  slower  in  the  winter months (June through September), but
Management  is  optimistic  that  the  enhanced   hot  springs  facilities  will
increasingly  attract  additional  patrons  during  this  time.

The  Caledon  Casino,  Hotel and Spa operates its casino under one of only three
licenses  awarded  in  the  Western  Cape  Province  which  has  a population of
approximately  4  million.  Although the competition is limited by the number of
casino  licenses  and  the  casinos  are  geographically distributed, Management
continues  to  believe  that the Caledon Casino, Hotel and Spa will face intense
competition  from the other two casinos - particularly a large casino located in
Cape  Town  approximately  one  hour  from  Caledon.  The Company will strive to
compete against these casinos by emphasizing Caledon's destination resort appeal
in  its  marketing  campaign,  by  promotion of its players club and by superior
service  to  its  players.

In  addition,  there  is intense competition among companies in the South Africa
gaming  industry,  and the gaming industry in general, and many gaming operators
have  greater  name  recognition,  financial

                                       11
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

and  marketing  resources  than  the  Company.  The  Company  competes with many
established  operators  in  gaming  venues other than the Western Cape Province.
Many  of  these  operators  have  greater  financial,  operational and personnel
resources  than the Company. There can be no assurance that the number of casino
and  hotel  operations  will  not  exceed market demand or that additional hotel
rooms  or  casino  capacity  will  not  adversely  affect  the operations of the
Company.

Gaming in South Africa is "unlimited wagering" where each casino can set its own
limits.  As  a  result,  the  relationship between table games revenues and slot
revenues  will  resemble  more  traditional gaming markets (unlike Cripple Creek
where  nearly  96%  of gaming revenues are derived from the slot machines).  The
casino  has  250  slot  machines  and 8 (14 as of December 31, 2001) table games
including  blackjack,  roulette  and  Caribbean  Stud.

                2001 GAMING REVENUE AND POSITION DATA BY MARKET
<TABLE>
<CAPTION>

<S>                                    <C>            <C>           <C>       <C>     <C>        <C>
                                       Gaming              Average              Average
                                       Revenue    Market    Number     % Of      Number        % Of
                                     (in $000's)  Share%   Of Mach.    Total    Of Tables      Total
                                     ---------------------------------------------------------------
CALEDON CASINO                       $   5,892     6.7%      250       11.1%        14         14.9%
Other (2 casinos)                    $  86,504    93.3%    2,000       88.9%        78         85.1%
                                     ---------------------------------------------------------------
WESTERN CAPE TOTAL                   $  92,396   100.0%    2,250      100.0%        94        100.0%


                      CENTURY CASINOS' PROPERTY IN CALEDON
                      ("The Caledon Casino, Hotel & Spa")

                                               2000          2001
                                          ------------------------
Total Slot Revenue                        $   2,838      $  5,104

Average Number
Of Slots                                        250           250

Average Win Per
Slot Per Day                              138 dollars    66 dollars
</TABLE>

The Caledon Casino opened for business on October 11, 2000.  It was in operation
for  82  days  in  the  year  2000.  The  decline in the average slot per day is
largely  due  to  the  December 2001 opening of a major competitor in Cape Town,
approximately  one hour from Caledon, with approximately 1,400 slot machines and
the devaluation of the Rand versus the U.S. dollar throughout 2001.  The Company
is focusing its marketing efforts on increasing the gaming revenue by increasing
its  market  share.

                                       12
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

Employees

     Womacks Casino and Hotel - The Company employs approximately 200 persons in
Cripple Creek, CO on an equivalent full-time basis, including cashiers, dealers,
food  and  beverage  service   personnel,   facilities  maintenance  staff,  and
accounting  and  marketing  personnel.  No  labor  unions represent any employee
group.  A  standard  package  of  employee  benefits  is  provided  to full-time
employees  along with training and job advancement opportunities. In March 1998,
the  Company  adopted  a  401(k)  Savings and Retirement Plan for its employees.

     Caledon  Casino  Hotel  &  Spa  -  The  Caledon  Casino Hotel & Spa employs
approximately  300 persons on an equivalent full-time basis, including cashiers,
dealers,  food and beverage service personnel, facilities maintenance staff, and
accounting  and marketing personnel.  A standard package of employee benefits is
provided  to  full-time  employees  along  with  training  and  job  advancement
opportunities.

Hotel  &  casino employees are represented by the T.E.U.S.A. (Technical Employee
Union  of  South Africa). Membership in the union is not mandatory and less than
50%  of  eligible  employees  are  currently  members. On November 24, 2001, the
T.E.U.S.A.  initiated  a  strike  action  against  the  hotel  and  casino.   An
application  for a temporary interdict was granted by the Labour Court with cost
to  the  union  and  union officials. Employees returned to work on December 15,
2001  and  on  January  29,  2002  the  temporary  interdict  was  made   final.

Seasonality

     Womacks  Casino  and Hotel - The Company's business in Cripple Creek, CO is
at  its  highest  levels  during  the  tourist  season  (i.e.,  from May through
September).  Its  base level (i.e., October through April) is expected to remain
fairly  constant  although  weather  conditions  during this period could have a
significant  impact  on  business  levels  in  Colorado.

     Caledon Casino Hotel & Spa - The Company's business in Caledon is seasonal;
the  highest  levels  of  business  activity will occur in the holiday season in
December.  Caledon  has a very mild climate and management is optimistic that it
can  maintain  steady  traffic  to  the Caledon Casino Hotel & Spa in the winter
months  (June  through  September)  due  to  its  enhanced  historic hot springs
facilities.

Governmental  Regulation

     Womacks  Casino  and Hotel - The Company's gaming operations are subject to
strict  governmental  regulations  at  state  and  local  levels.  Statutes  and
regulations can require the Company to meet various standards relating to, among
other  matters,  business  licenses,  registration  of  employees,  floor plans,
background  investigations  of  licensees  and employees, historic preservation,
building,  fire  and  accessibility  requirements,  payment of gaming taxes, and
regulations  concerning  equipment,  machines,  tokens, gaming participants, and
ownership  interests.  Civil  and criminal penalties can be assessed against the
Company  and/or  its  officers or stockholders to the extent of their individual
participation in, or association with, a violation of any of the state and local
gaming  statutes  or  regulations.  Such  laws  and  regulations  apply  in  all
jurisdictions  within  the  United  States in which the Company may do business.
Management  believes  that  the  Company is in compliance with applicable gaming
regulations.  For  purposes  of  the  discussion  below,  the term "the Company"
includes  its  applicable  subsidiaries.

The  Colorado  Limited  Gaming  Control  Commission  ("Commission")  has adopted
regulations  regarding  the ownership of gaming  establishments by publicly held
companies  (the  "Regulations").

                                       13
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

The  Regulations  require  the  prior  clearance  of,  or  notification  to, the
Commission  before  any public offering of any securities of any gaming licensee
or  any  affiliated  company.  The  Regulations  require  all publicly traded or
publicly  owned  gaming  licensees  to  comply  with  numerous regulatory gaming
requirements including, but not limited to, notifying / filing with the Colorado
Division of Gaming any proxy statements, lists of shareholders, new officers and
directors of the Company, any shareholders obtaining 5% or more of the Company's
common  stock  and  any  issuance of new voting securities.  Management believes
that  the  Company  is  in  compliance  with  applicable  gaming  regulations.

     Other  state  regulatory  agencies  also  impact  the Company's operations,
particularly  its license to serve alcoholic beverages. Rules and regulations in
this  regard  are  strict,  and  loss  or  suspension  of a liquor license could
significantly  impair,  if  not  ruin,  a  licensee's operation. Local building,
parking  and  fire codes and similar regulations could also impact the Company's
operations  and  proposed  development  of  its  properties.

     Caledon  Casino  Hotel  &  Spa - Caledon's gaming operations are subject to
strict  regulations by the Western Cape Gambling and Racing Board under national
and provincial legislation. Statutes and regulations require the Company to meet
various standards relating to, among other matters, business licenses, licensing
of   employees,   historic   preservation,   building,  fire  and  accessibility
requirements,  payment  of  gaming  taxes, and regulations concerning equipment,
machines,  tokens,  gaming  participants,  and  ownership  interests.  Civil and
criminal  penalties  can  be assessed against the Company and/or its officers to
the  extent  of  their  individual  participation  in,  or  association  with, a
violation  of  any  of these gaming statutes or regulations. Management believes
that  the  Company  is  in  compliance  with  applicable  gaming  regulations.

     Casino  Millennium  -  Casino Millennium's gaming operations are subject to
strict  regulations  by  the Czech Republic under national legislation. Statutes
and regulations require the Company to meet various standards relating to, among
other matters, business licenses, building, fire and accessibility requirements,
payment of gaming taxes, and regulations concerning equipment, machines, tokens,
gaming  participants,  and ownership interests. Civil and criminal penalties can
be  assessed  against  the  Company  and/or  its officers to the extent of their
individual  participation  in,  or association with, a violation of any of these
gaming  statutes  or  regulations.  Management  believes  that the Company is in
compliance  with  applicable  gaming  regulations.

     Silversea  Cruise Ships - The casinos onboard the cruise ships only operate
when  they are in international waters. Therefore, the gaming operations are not
regulated by any national or local regulatory body. However, the Company follows
standardized  rules  and  practices  in  the  daily  operation  of  the casinos.

Item  2.     Properties.
-------      ----------

     The Company's administrative offices are located at its Womacks at 200 East
Bennett  Avenue,  Cripple Creek, Colorado. See Item 1. "Business -- Property and
Project  Descriptions"   herein  for  a   description  of  the  Company's  other
properties.  See  also  Note  5,  Long-Term  Debt  to the Consolidated Financial
Statements  for complete disclosure of the debt instruments which are secured by
Company  property.

Item  3.     Legal  Proceedings.
-------      ------------------

     The  Company  is  not  a  party  to,  nor  is  it  aware of, any pending or
threatened  litigation  which,  in  management's  opinion, could have a material
adverse  effect  on  the  Company's financial position or results of operations.

                                       14
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)


Item  4.  Submission  of  Matters  to  a  Vote  of  Security  Holders.
-------   ------------------------------------------------------------

     The 2001 annual meeting of the stockholders of the Company was held on June
1,  2001.  At  the annual meeting the two Class I directors to the Board, Robert
Eichberg  and Dinah Corbaci, were re-elected to the Board for a three year term.
On  this  proposal  to  elect  the  Class  I  directors, the votes were:  Robert
Eichberg,  9,278,202  for, 0 (zero) against, and 5,785 abstained; Dinah Corbaci,
9,277,402  for,  0 (zero) against, and 6,585 abstained.  No other proposals were
brought  for  a  vote  of  the  stockholders.

Item  5.     Market  for  Common  Equity  and  Related  Stockholder  Matters.
-------      -----------------------------------------------------------------

     The common stock of the Company began trading in the NASDAQ SmallCap Market
on November 10, 1993. The following table sets forth the low and high sale price
per  share quotations as reported on the NASDAQ Stock Market of the common stock
for the periods indicated. These quotations reflect inter-dealer prices, without
retail mark-up, mark down or commission and may not necessarily represent actual
transactions.  Actual  prices  may  vary.

Quarter  Ended                 Low           High
-------------------------------------------------

March  31,  2000              $0.97          $2.47
June  30,  2000               $1.50          $1.97
September  30,  2000          $1.44          $1.97
December  31,  2000           $1.50          $1.94

March  31,  2001              $1.63          $2.53
June  30,  2001               $1.69          $2.24
September  30,  2001          $1.65          $2.22
December  31,  2001           $1.86          $2.39


     At  December  31,  2001,  the Company had approximately 100 shareholders of
record  of  its common stock; management estimates that the number of beneficial
owners  is  approximately  1,300.

     At  the present time, management of the Company intends to use any earnings
that  may  be  generated  to  finance  the  growth  of  the  Company's business.
Accordingly, while payment of dividends rests within the discretion of the Board
of  Directors,  no  dividends  have been declared or paid by the Company, and it
does  not  presently  intend  to  pay  dividends.


Item  6. Management's Discussion and Analysis of Financial Condition and Results
-------  -----------------------------------------------------------------------
of  Operations
--------------


Business  Environment  and  Risk  Factors

                                       15
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     The  following  discussion should be read in conjunction with the Company's
consolidated  financial  statements and related notes included elsewhere herein.
The  Company's  future  operating  results may be affected by various trends and
factors  beyond  the  Company's control. These include, among other factors, the
competitive  environment  in which the Company operates, present dependence upon
the Cripple Creek, Colorado and the South African gaming markets, changes in the
rates   of   gaming-specific  taxes,  shifting  public   attitudes   toward  the
socioeconomic  costs  and  benefits  of  gaming,  actions  of regulatory bodies,
dependence  upon  key  personnel,  the speculative nature of gaming projects the
Company  may  pursue,  risks  associated  with  expansion,  and  other uncertain
business  conditions  that  may  affect  the  Company's  business.

     With  the  exception of historical information, the matters discussed below
under  the  headings  "Results   of  Operations"  and   "Liquidity  and  Capital
Resources,"  may  include  forward-looking  statements  that  involve  risks and
uncertainties.  The  Company  cautions  the  reader  that  a number of important
factors  discussed  herein,  and  in other reports filed with the Securities and
Exchange  Commission, could affect the Company's actual results and cause actual
results to differ materially from those discussed in forward-looking statements.

Results  of  Operations

Cripple  Creek,  Colorado

Womacks  is  located in Cripple Creek, Colorado.  Net operating revenue, derived
principally  from  its  gaming  operations, decreased marginally from $21,612 in
2000  to $21,022 in 2001.  Womacks casino revenue decreased from $21,211 in 2000
to  $20,645  in  2001,  or  2.7%.  During the first quarter of 2001, the Company
undertook  an  extensive  remodeling  of  the  second  floor  of  its  property,
transforming  previously  used  gaming  space into much needed hotel space.  The
number  of  gaming  devices was reduced from an average of 627 during 2000 to an
average  of  593  in  2001.  The  construction  was a necessary step towards the
future  expansion  of  gaming  space to the rear of the property.  The Company's
share  of the overall Cripple Creek market decreased from 17.9% in 2000 to 17.0%
in  2001.  Womacks  Casino operated approximately 14.2% of the gaming devices in
the  Cripple  Creek  market  in 2001, with an average win per day per machine of
107 dollars  compared  with  a market average of  88 dollars.   Gross margin for
the  Cripple  Creek casino activities (casino revenues, net of applicable casino
gaming  incentives,  less  casino  expenses)  remained  relatively flat at 69.4%
compared  to  70.0%  a  year  earlier.  Management  continues  to  focus  on the
marketing  of  the  casino  through  the expansion of the highly successful Gold
Club.  Management  continues  to  place emphasis on further refining the product
mix,  upgrading both the interior of the facilities, as well as the slot machine
mix.  Management  has  recently introduced valet parking to its list of customer
benefits, expanding on the convenient and expansive parking facilities currently
provided  by  the  casino.

Food  and Beverage revenue continues to increase.  Revenues in 2001 increased to
$1,132  from  $1,002  in  2000,  or  12.9%  as the Company continues to focus on
improving  service.  The cost of food and beverage promotional allowances, which
are  included  in  casino  costs,  increased  from $829 in 2000 to $950 in 2001.
Hotel  revenue  also  increased  to  $144  from  $81,  or 77.7% as the result of
introducing  10  new  luxury  rooms  in  July  of  2001.

General  and  administrative expenses decreased from $5,127 in 2000 to $4,056 in
2001,  or  26.4%. Expenses associated with the cost of check processing totaling
$229  have  been  reclassified  to casino cost.  In addition, the cost of casino
management allocated from corporate operations has been reduced by $430 in 2001.
Additional  reductions  in  payroll  cost  further  reduced  the  administrative
expenses  by  $217.

Depreciation  decreased  from  $1,899  in  2000 to $1,655 in 2001.  Amortization
remained  unchanged  at  $1,342  in  both  2000  and  2001.

                                       16
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

Interest expense, including debt issuance cost, decreased from $1,510 in 2000 to
$1,433 in  2001.  In April 2000, the Company borrowed $3.8 million under the RCF
to  fund  its  investment  in  Caledon, South  Africa.  An additional $1,800 was
borrowed  in November 2000 to fund the acquisition of an additional 15% interest
in the South African operation.  The investment has resulted in the incursion of
approximately $926 in cumulative interest charged to the Company's Cripple Creek
operations.  The weighted-average interest rate on the borrowings under the RCF,
including  effects  of  the swap agreements, has increased from 8.58% in 2000 to
9.04%  in  2001.

The Cripple Creek segment recognized income tax expense of $2,697 in 2001 versus
$2,262  in  2000  due  to  an  increase  in  pre-tax  earnings.

South  Africa
The  acquisition  of  Caledon  Casino  Hotel and Spa has contributed significant
revenues  to  the  consolidated results of the Company. The Caledon Casino Hotel
and  Spa  began  operations  in  October  2000.  Net  operating revenue provided
increased  from  $4,155  in  2000  to $7,408 in 2001.  Deterioration in the Rand
versus  the  Dollar  over  the span of the year has had a negative impact on the
reported  revenues.  The  Caledon  Casino  Hotel  and  Spa  also  faces  intense
competition  from  a  significantly  larger  casino operation in Cape Town, S.A.
approximately  one  hour  away.  Gross  margin for the Caledon casino activities
(casino  revenues,  less  casino  expenses) decreased to 56.3% from 71.0% a year
earlier.  Management  has  reduced expenses from an average of $426 per month in
2000  to  an  average  of  $224 per month in 2001 to offset the reduced level of
revenue.  By  concentrating  on increasing the gaming revenues, management feels
it  can  return  the  casino  margin  to  a  more  acceptable  level.

Food and beverage revenue provided by a full year of operation increased to $766
in  2001  from  $375 in 2000, or 104%.  Hotel revenue provided by a full year of
operation  increased  to  $611  in  2001  from  $176  in  2000.

General  and  administrative expenses increased from $1,232 in 2000 to $1,807 in
2001,  or  46.7%.  The 2000 results include approximately $624 in one time costs
associated  with  the  start  up  of  the  casino  in  October  2000.

Depreciation  expense  incurred  in  South Africa increased from $290 in 2000 to
$1,219  in  2001  as  a  result  of  a  full  year  of  operation and early 2001
construction  of  the  new spa.  The amortization of goodwill resulting from the
Company's  late 2000 purchase of an additional 15% interest resulted in a charge
of  $75  in  2001.

Interest  expense,  including debt issuance cost, increased from $367 in 2000 to
$883  in  2001.  As  of  December 31, 2001, CCAL has incurred approximately $3.9
million in debt at the exchange rate as of December 31, 2001 to fund the capital
improvements  to  the Hotel, Casino & Spa. The weighted-average interest rate on
the  borrowings  under  the  PSG  loan  agreement is 16.9% in both 2000 and 2001

The  South  African  segment  recognized  an  income tax benefit of $157 in 2001
versus  an  income  tax  expense  of  $193  in  2000.

Cruise  Ships
Beginning in the fourth quarter of 2000, the Company installed casino operations
on  four six-star vessels belonging to Silversea Cruises.  Net operating revenue
increased  from  $189  in  2000 to $891 in 2001.  Gross margin for the
casino  activities  (casino  revenues,  less casino expenses) decreased to 23.9%
from  81.6% a year earlier.  Following the tragedy of September 11, 2001 attacks

                                       17
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

on  the World Trade Center, the cruise ships have seen a substantial decrease in
the amount of passenger traffic.  In October 2001, Silversea Cruises removed one
of  the  four  ships from service.  This, combined with the cost of transporting
personnel  to  and  from  the  ships,  along  with  the cost of transporting new
equipment  and  supplies for installation of gaming equipment on the Residensea,
has  severely  impacted  the  profitability  in the fourth quarter.  The Company
expects  these  operations  to  rebound in 2002 as the travel industry begins to
recover.

Depreciation expense has increased from $6 in 2000 to $47 in 2001 as a result of
a  full  year  of  operation.

$82  has  been  allocated to the cruise ships for income taxes in the year 2001.
No  allocation was made in 2000 as the profits in the segment were not material.


Corporate  &  Other
Net  operating  revenues  consist  principally  of  management  fees earned from
operating  Casino Millennium in Prague, Czech Republic which increased from $177
in 2000 to $205 in 2001.  Overall net operating revenues reported by the segment
decreased  from  $276  in  2000  to  $255  in  2001.

Depreciation  increased  slightly  from  $216  in  2000  to  $226  in  2001.

General  and  administrative  expense increased from $1,509 in 2000 to $1,675 in
2001,  or  11.0%,

Other  Income  for  2001 includes a charge of $57 for the write-down in value of
non-operating property and land held by the Company in Nevada.  Included in 2000
is  $1,380  in income from the sale of the Company's casino rights in an Indiana
riverboat  gaming  license.


Liquidity  and  Capital  Resources

     Cash  and  cash  equivalents  totaled  $3.3   million  (including  $334  of
restricted cash) at December 31, 2001, and the Company had a net deficit working
capital  of  $677.  Additional  liquidity  may  be  provided  by  the  Company's
revolving credit facility ("RCF") with Wells Fargo Bank, under which the Company
had  a  total  commitment  of  $22.4  million  and  unused borrowing capacity of
approximately  $10.6  million at December 31, 2001.  For the year ended December
31,  2001,  cash provided by operating activities was $6.4 million compared with
$7.1  million  in  the prior-year period.  Cash used by investing activities was
$3.2  million  for  the  year  2001  and  included  $920  in cost related to the
construction  and  furnishing  of  new  hotel  space  at  Womacks, including the
associated  cost of  reconstructing the casino floor, $400 towards the expansion
of  the  casino  at the rear of the property that is expected to be completed in
2002  which  will  provide  additional gaming space as well as hotel rooms, $1.6
million towards improvements at the Caledon Casino Hotel and Spa in South Africa
and  the  balance  of $277 due to expenditure for other long lived assets.  Cash
used in financing activities in 2001 consisted of net repayments of $6.8 million
under  the RCF with Wells Fargo, net repayments of $417 under the loan agreement
with  PSG,  repurchase  of  Company's  stock, on the open market, with a cost of
$606,  and  other  net  payments  of  $613.

     Effective  April 26, 2000, the Company and Wells Fargo Bank entered into an
amended  and restated credit agreement, which increased the borrowing commitment
as  of  that  date from $17.2 million to $26.0 million and extended the maturity
date  of  the RCF until April 2004. In August of 2001, the agreement was further
amended  to  give  the Company more flexibility in using RCF funds for projects.

                                       18
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     In  April  2000,  Century Casinos Caledon (Pty) Ltd. ("CCAL") was awarded a
gaming  license  for  a  casino  at  a  92-room resort hotel and spa in Caledon,
province  of  the  Western  Cape,  South  Africa,  and the Company's subsidiary,
Century  Casinos  Africa  (Pty)  Ltd  ("CCA"), acquired a 50% equity interest in
CCAL.  The Company made an initial equity investment of approximately $1,534 in,
and  loans totaling approximately $2,302 to, CCAL with borrowings obtained under
the  Company's  RCF.  CCA  has a ten-year casino management agreement with CCAL,
which  agreement  may  be extended at the Company's option for multiple ten-year
periods.  In November 2000, the Company, through CCA, acquired an additional 15%
of CCAL, raising its ownership in CCAL to 65%. The acquisition of the additional
interest  was  completed  with  the  payment  of approximately $1,800 by Century
through  CCA  to COIL in exchange for 15% of the total shares of common stock of
CCAL  (valued at approximately $1,200) and a shareholder loan to CCAL previously
held  by  COIL (with a value of approximately $600). In April 2000, CCAL entered
into a loan agreement with PSG Investment Bank Limited ("PSGIB"), which provides
for a principal loan of approximately $3,919 at the exchange rate as of December
31, 2001 to fund development of the Caledon project. In April 2001, CCAL entered
into  an  addendum  to  the  loan  agreement in which PSGIB provided CCAL with a
standby  facility in the amount of approximately $375 at the exchange rate as of
December 31, 2001. Under the original terms of the agreement CCAL made its first
principal  payment in December 2001, based on a repayment schedule that required
semi-annual installments  continuing over a five-year period. On March 26, 2002,
CCAL  and  PSGIB  entered  into  an amended agreement that changed the repayment
schedule  to  require  quarterly  installments  beginning  on March 26, 2002 and
continuing over the remaining term of the original 5 year agreement. Outstanding
borrowings under the standby facility bear interest at 15.1%. As of December 31,
2001,  the  entire  amount  has  been  advanced against the loan and the standby
facility.

The  Company  has  a  20-year  agreement  with  Casino  Millennium a.s., a Czech
company,  to  operate a casino in the five-star Marriott Hotel, in Prague, Czech
Republic.  The  hotel  and  casino  opened  in  July 1999.  The Company provides
casino  management  services  in  exchange for ten percent of the casino's gross
revenue and leases gaming equipment, with an original cost of approximately $1.3
million, to the casino for 45% of the casino's net profit.  In January 2000, the
Company  entered  into  a  memorandum  of  agreement with B. H. Centrum, a Czech
company  which  owns the hotel and casino facility, to acquire the operations of
the  casino  by  either  a  joint  acquisition  of Casino Millennium a.s. or the
formation  of  a new joint venture.  The transaction, if completed, would result
in  the  Company having a 50% equity interest in Casino Millennium.  Any funding
required  by  the  Company to consummate this transaction would be met through a
combination  of  RCF  borrowings,  existing liquidity and anticipated cash flow.
The  acquisition  is  expected  to  be  completed  in  2002,  subject to certain
contingencies  and  contract  conditions,  and is expected to cost approximately
$200  in  cash  plus  contributed  assets.

     The  Company's  Board  of Directors has approved a discretionary program to
repurchase  up  to  $5  million  of the Company's outstanding common stock.  The
Board  believes that the Company's stock is undervalued in the trading market in
relation  to both its present operations and its future prospects.  During 2001,
the  Company purchased 340,000 additional shares at an average cost per share of
$2.03.  Beginning  in 1998 and through 2001, the Company has repurchased a total
of  2,189,800  shares at a total cost of approximately $2.9 million.  Management
expects  to  continue  to  review  the  market  price of the Company's stock and
repurchase  shares  as appropriate, with funds coming from existing liquidity or
borrowings  under  the  RCF.

The Company is the contracted casino management partner of, and, as of September
2001,  through  its  South African subsidiary, CCA, entered into an agreement to
secure  a  50%   ownership   interest in Rhino Resort Ltd. ("RRL"), a consortium
which  includes  Silverstar  Development  Ltd.  ("Silverstar").

                                       19
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     RRL  has  submitted   an  application  for   a proposed hotel/casino resort
development  in  the  greater  Johannesburg  area  of  South Africa at a cost of
approximately  400  million  Rand  ($33.4  million  at  the  exchange rate as of
December 31, 2001). The dollar value of the proposed development fluctuates with
the  USD/Rand  exchange  rate.  Upon  favorable  resolution of the pending court
action  initiated  by  a  competing casino, Tsogo Sun Holdings, the Company, as
part  of  the September 2001 agreement, as amended, would be required to make an
equity  investment  of  approximately  50  million  Rand  or $4.2 million at the
exchange  rate  as  of  December 31, 2001. This funding requirement would be met
through  borrowings  under  the  RCF.

     In  the  fourth  quarter 2001, Womacks began a 6,022 square foot expansion.
Approximately half of the space will provide additional gaming for approximately
60 slot machines on the street level.  The other half will increase the "back of
house"  area.  Contracts for the project totaling $1.5 million have been secured
in  the  fourth quarter 2001.  The total construction cost, including additional
slot  machines,  is  expected to be $2.5 million, of which $0.4 million has been
spent  in  the  fourth quarter 2001.  The project is expected to be completed by
the  end  of  2002.

Subsequent  to  December 31, 2001, the Company, through a subsidiary, has made a
conditional  offer  to  purchase  certain real estate in Cripple Creek, Colorado
from  a  non-affiliated  entity.  This  offer  has  been  accepted  but  certain
conditions  have  not  yet  been fulfilled by the seller.  In the event that all
conditions  are  met and the transaction is completed, the cash required will be
in  excess  of  $1.0  million.

Management  believes that the Company's cash and working capital at December 31,
2001,  together  with expected cash flows from operations and borrowing capacity
under  the RCF, will be sufficient to fund its anticipated capital expenditures,
pursue  additional business growth opportunities for the foreseeable future, and
satisfy  its  debt  repayment  obligations.

Critical  Accounting  Policies

In  accordance  with  recent  Securities and Exchange Commission guidance, those
material  accounting  policies  that  we  believe  are  the  most critical to an
investor's understanding of the Company's financial results and condition and/or
require  complex management judgment have been expanded and are discussed below.
Information  regarding  the  Company's  other accounting policies is included in
Note  2  to  the  Company's consolidated financial statements for the year ended
December  31,  2001.

Revenue  Recognition  -  Casino  revenue  is the net win from gaming activities,
which  is  the  difference  between  gaming  wins  and  losses.  Management  and
consulting  fees  are  recognized  as  revenue  as  services  are provided.  The
incremental  amount of unpaid progressive jackpot is recorded as a liability and
a reduction of casino revenue in the period during which the progressive jackpot
increases.

Goodwill  -  The  Company's goodwill results from the acquisitions of casino and
hotel  operations and is being amortized on a straight-line basis over estimated
useful  lives  of ten to fifteen years.  If impairment indicators exist, such as
continued operating losses, increased competition in a market, etc., we evaluate
goodwill  for impairment by comparing the unamortized balance of goodwill to the
undiscounted  future  cash  flows of the related assets.  Estimated undiscounted
future  cash  flows  are  based  on historical results to-date, modified for the
elimination  of intercompany management fees and for a conservative estimate for
planned  business growth.  We adjust goodwill if impairment is indicated, to its
fair  value  based  on  the  present value of future cash flows at the Company's
incremental  borrowing rate.  Under existing accounting standards, the Company's
assessment  of  the goodwill recorded for all of its acquisitions indicates that
no  impairment  exists  as  of  December  31,  2001.

In June 2001, the Financial Accounting Standards Board (the "FASB") adopted SFAS
No.  142  "Goodwill  and Intangible Assets".  SFAS No. 142 addresses the methods
used  to  capitalize,  amortize

                                       20
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

and to assess impairment of intangible assets, including goodwill resulting from
business  combinations accounted for under the purchase method.  SFAS No. 142 is
effective  for  fiscal  years  beginning  after  December  15, 2001, except that
goodwill  and intangible assets other than goodwill acquired after June 30, 2001
shall  be  amortized or not amortized in accordance with SFAS No. 142.  Included
in  assets at December 31, 2001 is unamortized goodwill of approximately $7,709.
Upon  adoption  of  SFAS  No. 142, the Company will no longer amortize goodwill,
decreasing  amortization  expense by approximately $1,425 per year.  The Company
will  be  required to assess goodwill for impairment in the year of adoption and
at  least  annually  thereafter.  The  Company will not be able to determine the
full  effect of these pronouncements on its financial position or results of its
operations  until  it  is  able  to  complete  its  analysis  of  the impairment
provisions  of the new standards.  In the event the Company's analysis under the
new  guidance  indicates  goodwill  is impaired, it will be required to record a
charge  to  its  earnings  in  the  year  of  adoption.

Foreign  Exchange - Current period transactions affecting the profit and loss of
operations  conducted  in  foreign currencies are valued at the average exchange
rate  for the period in which they are incurred.  Except for equity transactions
and  balances  denominated in U.S. dollars, the balance sheet is  revalued based
on  the  exchange  rate  at  the  end  of  the  period.

Item  7.     Financial  Statements.
-------      ---------------------

     See  "Index  to  Financial  Statements"  on  page  F-1  hereof.

Item  8.     Changes  In  and  Disagreements With Accountants on Accounting and
-------      -------------------------------------------------------------------
             Financial  Disclosure.
             ---------------------

     There  were  no changes in accountants, nor any disagreements on accounting
     and financial disclosure with Grant Thornton LLP, the Company's independent
     auditors.

                                       21
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

Item  9.     Directors,  Executive  Officers,  Promoters  and  Control  Persons;
-------      -------------------------------------------------------------------
             Compliance  with  Section  16(a)  of  the  Exchange  Act.
             --------------------------------------------------------

Information  Concerning  Directors  And  Executive  Officers

Information  regarding  the  Board  of  Directors  and executive officers of the
Company,  as  of  December  31,  2001,  is  as  follows:

                                           Officer or
         Name           Age            Positions Held             Director Since
         ----           ---            --------------             --------------

Erwin Haitzmann         48       Chairman of the Board &              March 1994
                                 Chief  Executive  Officer

Peter Hoetzinger        39       Vice Chairman of the Board           March 1994
                                 &  President

James D. Forbes         44       Director                             March 1994

Robert S. Eichberg      55       Director                           January 1997

Gottfried Schellmann    48       Director                           January 1997

Dinah Corbaci           47       Director                             April 2000

Larry Hannappel         49       Chief Accounting Officer,          October 1999
                                 Secretary & Treasurer




          Erwin  Haitzmann  holds a Doctorate and a Masters degree in Social and
Economic  Sciences from the University of Linz, Austria (1980), and has 26 years
of  casino  gaming  experience  ranging from dealer (commencing in 1975) through
various  casino management positions.  Mr. Haitzmann has been employed full-time
by  the  Company  since  May  1993.

          Peter  Hoetzinger  received  a  Masters  degree from the University of
Linz,  Austria,  in  1986.  He  thereafter  was  employed  in several managerial
positions in the gaming industry with Austrian casino companies.  Mr. Hoetzinger
has  been  employed  full-time  by  the  Company  since  May  1993.

          James  D. Forbes, from 1979 to 1993, was employed in several positions
in  the  gaming industry with British and Austrian casino companies.  Mr. Forbes
has  been  employed  full-time  by  the  Company  since  February  1993.

          Robert  S.  Eichberg  graduated from Bradley University in 1968 with a
B.S. Degree in Accounting and is a Certified Public Accountant.  He was employed
by  the  public  accounting  firm  of  Deloitte & Touche, LLP from 1974 to 1994,
ending  his  tenure  there  as  Tax Partner.  From 1994 to 1996 he served as Tax
Partner  for  the  public  accounting  firm Price Bednar LLP, before joining the
public  accounting  firm  of  Causey, Demgen & Moore, Inc. in September of 1996,
where  he  has  been  employed  since,  as  shareholder  and  President.

          Gottfried  Schellmann graduated from  University  of Vienna with a law
degree and is a certified

                                       22
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

tax  advisor  in  Austria. After having worked for several firms, including KPMG
Germany  as  tax and accounting manager, he formed Schellmann & Partner in 1993,
where  he  has been employed since, which specializes in tax and accounting work
for  provinces  and  municipalities  in  Austria.

          He  is  a member of the International Bar Association.  He is also one
of  the main co-authors, together with certain officers of the Austrian Ministry
of  Finance,  of  the  Austrian  corporate  tax  code.

          Dinah Corbaci holds a Doctorate degree in  Law  from the University of
Salzburg,  Austria  (1981).  She joined IBM  Austria in  1984,  where she served
As  Account   Manager  for  large  government  customers.  Since 1995,  she  has
Shifted  her  focus  to  e-business  for  large  IBM mainframe customers and has
been working in the area of e-commerce since.

          Larry  Hannappel  graduated  from  National College, Rapid City, South
Dakota  (1976)  with  a  B.S.  Degree  in Accounting.  From 1976 to 1979, he was
employed by the public accounting firm of Hamma & Nelson.  From 1979 to 1994, he
served  in  various financial management capacities in manufacturing and gaming.
Mr.  Hannappel  has  been employed full-time by the Company since May, 1994.  He
became  Chief  Accounting Officer in October 1999, was appointed as Secretary of
the  Company  in  March,  2000  and  appointed  as  Treasurer  in  June  2001.

          There  are  no  family  relationships  between  or among the Company's
executive  officers  and  directors.

Certain  Information  Regarding  the  Board  of  Directors

     During 2001, on several occasions during the year, the members of the Board
of  Directors  executed  unanimous  written  consents  in  lieu  of meetings, in
accordance  with  Delaware  law.  The  Audit Committee of the Board of Directors
(consisting of Messrs. Eichberg and Schellmann, and Dr. Corbaci), which assesses
the  Company's  system  of  internal  controls  and  assists  in considering the
recommendation  and  performance  of the Company's independent accountants, have
held  one  meeting  between  January 1, 2001 and December 31, 2001. The Board of
Directors  does  not  have  a  separate  Nominating  Committee.


Compliance  With  Section  16(A)  Of  The  Securities  Exchange  Act

     Section 16(a) of the Securities Exchange Act of 1934 requires the Company's
directors and executive officers, and persons who beneficially own more than 10%
of  its  outstanding  common  stock,  to  file  with the Securities and Exchange
Commission  ("SEC")  initial  reports  of  ownership  and  reports of changes in
ownership  of  common stock and other equity securities of the Company. Officers
and  greater than 10% stockholders are required by SEC regulation to furnish the
Company  with  copies  of  all  Section  16(a)  reports  they  file.

     To  the  Company's  knowledge (based solely on review of the copies of such
reports  furnished to the Company and representations that no other reports were
required,  during  the  fiscal  year ended December 31, 2001), all Section 16(a)
filing requirements applicable to its officers and directors were complied with-
in  a  timely  manner.

                                       23
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

Item  10.  Executive  Compensation.
--------   -----------------------

     The  table  below  sets  forth executive compensation during 1999, 2000 and
2001  to  the  Chairman of the Board and Chief Executive Officer of the Company,
Erwin  Haitzmann,  and to all other executive officers who received greater than
$100,000  in  compensation  in  1999,  2000  or  2001.

Summary  Compensation  Table

<TABLE>
<CAPTION>
<S>                        <C>              <C>       <C>                            <C>
                                                Awards Payouts
                                                ---------------


Name &                                             Other (c)  Restricted   Securities                          All (D)
Principal                 Salary (a)  Bonus(b)     Annual      Stock       Underlying          LTIP           Other
Position          Year      ($)        ($)      Compensation   Awards      Options/SARs (#)   Payouts      Compensation($)
--------------------------------------------------------------------------------------------------------------------------

Erwin
Haitzmann,
Chairman  of
the Board and     2001     133,944     248,993     8,801
Chief Executive   2000     150,000     352,000     9,738
Officer           1999     157,519     295,000    59,228

Peter Hoetzinger,
Vice Chairman of  2001     160,975     223,484     5,452
the Board and     2000     150,000     351,500     8,411
President         1999     157,519     295,000    57,812

James D. Forbes,  2001     150,000       2,685    39,000                                                          2,250
Director          2000     150,000     182,240    39,445                                                          2,250
                  1999     167,479     118,000    56,342                                                          2,250

Larry Hannappel,
Chief Accounting  2001      80,508      50,000                                                                    1,374
Officer &         2000      80,542      30,000                                                                    1,291
Secretary         1999      65,545      20,000                                                                    1,066

</TABLE>


(a)  Salary  for 2001 includes $100,000 paid to Flyfish Casino Consulting AG for
     the benefit of Mr. Haitzmann's family foundation and $100,000 paid to Focus
     Casino  Consulting AG for the benefit of Mr. Hoetzinger's family foundation
     pursuant to separate management agreements with the Company entered into on
     March  1,  2001  and  amended  October  11,  2001.  See  Item  12,  Certain
     Relationships  and  Related  Transactions.

     On October 12, 2001 the Company entered into separate Employment Agreements
     with  Mr.  Haitzmann and Mr. Hoetzinger. The terms of the agreements are to
     continue  until  December  31,  2006  and  are  automatically renewable for
     successive  periods  of  five years each unless sooner terminated by either
     the  Company  or  the employee. The agreements call for an annual salary of
     $24,000  with  annual  increases  and  bonuses  plus  other  incentives  as
     determined  by  the  Compensation  Committee of the Board of Directors. The
     Compensation  Committee  is  required  to  review the salaries on an annual
     basis.  The  agreements  provide  for termination payments to be made for a
     period  of  six  (6)  months  if the agreement is terminated by the Company
     without  cause,  or for payment of three times the employee's annual salary
     and  average  bonus  and  complete vesting (including employee's trusts and
     foundations)  in  unvested  stock  and  stock  options  if  the

                                       24
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     termination  occurs  (a)  after Change of Control of the Company, or (b) by
     the employee for cause. If the termination occurs after a Change of Control
     or  by  the employee for cause the employee shall have the option to either
     (a)  receive  an immediate payment of the market value of 100% of his stock
     and  the  higher  of  (i) the value according to the Black Scholes model or
     (ii)  the  in-the-money value of his stock options/warrants, or (b) receive
     an  immediate  cash bonus from the Company enabling him, after full payment
     of  all  of  employee's  taxes  on such cash bonus, to exercise 100% of his
     stock  options/warrants,  and to continue to hold his stock, with the right
     to  "put"  or  sell the stock back to the Company for cash at market value.
..
(b)  Mr. Haitzmann's bonus for 2001 was paid to Flyfish Casino Consulting AG for
     the benefit of Mr. Haitzmann's family foundation and Mr. Hoetzinger's bonus
     for  2001 was paid  to  Focus  Casino  Consulting AG for the benefit of Mr.
     Hoetzinger's  family  foundation.  See  Item  12, Certain Relationships and
     Related  Transactions.

(c)  Amounts  for  2001  and  2000,   respectively,  include  reimbursement  for
     estimated income taxes, associated with perquisites, of $482 and $3,580 for
     Mr.  Haitzmann; $0 and $2,456 for Mr. Hoetzinger; $7,800 and $7,317 for Mr.
     Forbes.

(d)  Consists  solely  of Company's matching contributions to the 401(k) Savings
     and  Retirement  Plan.

Stock  Option  Grants  In  Last  Fiscal  Year

     There  were  no  grants  of stock options during 2001 to purchase shares of
common  stock  of  the  Company  to  any  of  the  Company's executive officers.

Aggregated  Options  Exercised  In  Last Fiscal Year And Fiscal Year- End Option
Values

          The  following  table sets forth the aggregate options held by certain
executive  officers  of the Company.  No options were exercised by the specified
officers  in  2001.
<TABLE>
<CAPTION>

<S>                  <C>                    <C>                     <C>                        <C>
                                                     Number of Securities       Value of Unexercised
                                                      Underlying Options         In-the-Money Options
                    Shares Acquired     Value       at December 31, 2001        at December 31, 2001
Name                  on Exercise     Realized    Exercisable/Unexercisable    Exercisable/Unexercisable
--------------------------------------------------------------------------------------------------------

Erwin Haitzmann,
Chairman of the
Board and Chief
Executive Officer                                  1,300,000 / -0- (a)            $1,224,500 / -0- (c)

Peter Hoetzinger,
Vice Chairman
of the Board
and President                                        793,000 / -0- (b)            $  774,320 / -0- (c)

James D. Forbes,
Director                                             618,000 / -0-                $  577,320 / -0- (c)

Larry Hannappel,
Chief Accounting
Officer & Secretary                                   37,500 / -0-                $   31,550 / -0- (c)
</TABLE>
                                       25
<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

(a)  Includes 950,000 options held by The Haitzmann Family Foundation.  See Item
12,  Certain  Relationships  and  Related  Transactions.

(b) Includes 543,000 options held by The Hoetzinger Family Foundation.  See Item
12,  Certain  Relationships  and  Related  Transactions.

(c)  Based  on the closing price of ($2.24) of the Company's Common Stock on the
NASDAQ  Stock  Market  on  December  31,  2001.

     Directors  who  are  full-time  employees  receive no compensation for
their  services  as  directors.  With  the  exception  of  Messrs.  Eichberg and
Schellmann  and  Mrs.  Corbaci,  all  of  the  Company's directors are full-time
employees.

     Messrs.  Eichberg and Schellmann and Mrs. Corbaci, the outside directors of
the  Company,  are  being  compensated  for  their  services  as  follows:

     (a)  Stock  options  -  In  1998,  upon  joining  the  Board of  Directors,
both  Eichberg  and Schellmann received options to purchase 10,000 shares of the
Company's  common  stock.  The options have a five-year term and are exercisable
at  $0.938 per share.  In 1999, both Eichberg and Schellmann received options to
purchase  an  additional  10,000  shares  of  the  Company's stock, which have a
four-year  term  and are exercisable at $.75 per share.  In February, 2000, both
Eichberg and Schellmann received options to purchase an additional 20,000 shares
of  the Company's stock; these options have a five-year term and are exercisable
at  $1.00  per share.  In April, 2000, Mrs. Corbaci received options to purchase
20,000  shares  of  the  Company's  stock,  which  have a five-year term and are
exercisable  at  $1.75  per  share.

     (b)  Compensation, Reimbursement - The outside directors receive $1,000 per
Board  or  committee  meeting  attended  and the Company will pay for reasonable
expenses  incurred in conjunction with those meetings.  In addition, the outside
directors  receive $1,000 per gaming application filed with gaming regulators to
compensate  them  for  their  time  spent.


                                       26
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

Item  11.  Security  Ownership  of  Certain  Beneficial  Owners  and Management
--------   --------------------------------------------------------------------

          The  following  table  sets forth information as of December 31, 2001,
concerning record common stock ownership by beneficial owners of five percent or
more  of  the  Company's  common  stock  and  the  officers and directors of the
Company.  All  of  the  named persons below, other than Thomas Graf and Lloyd I.
Miller,  III,  are  officers  or  directors  of  the  Company.

<TABLE>
<CAPTION>
<S>                                          <C>                            <C>                    <C>
Title                  Name and Address of            Amount and Nature of      Percent of
of Class                Beneficial Owner              Beneficial Ownership        Class
------------------------------------------------------------------------------------------

Common Stock,           Erwin Haitzmann
$.01 par value      200-220 E. Bennett Ave.
                   Cripple Creek, CO  80813              1,946,669 (a)              11.7%

Common Stock,           Peter Hoetzinger
$.01 par value      200-220 E. Bennett Ave.
                   Cripple Creek, CO  80813              1,164,728 (b)               7.0%

Common Stock,            James D. Forbes
$.01 par value          1 Nerina Street
                    Caledon 7230, South Africa             989,264 (c)               6.0%

Common Stock,          Robert S. Eichberg
$.01 par value     1801 California St. Ste 4650
                       Denver, CO  80202                    50,000 (d)                (h)

Common Stock,          Gottfried Schellmann
$.01 par value           Lerchengasse 2
                  2340 Moedling, Austria, Europe            89,000 (e)                (h)

Common Stock,            Dinah Corbaci
$.01 par value           Schlossgasse 1
                   A-1050 Wien, Austria, Europe             20,000 (f)                (h)

Common Stock,           Larry Hannappel
$.01 par value     200-220 E. Bennett Ave.
                   Cripple Creek, CO  80813                 42,500 (g)                (h)

Common Stock,    All Officers and Directors
$.01 par value   as a Group (seven persons)              4,302,161                  25.9%

Common Stock,             Thomas Graf
$.01 par value        Liechtensteinstrasse 54
               A-2344 Maria Enzersdorf, Austria, Europe  2,494,300                  15.0%

Common Stock,        Lloyd I. Miller, III
$.01 par value        4550 Gordon Drive
                      Naples, FL 34102                   2,495,123                  15.0%
</TABLE>

(a)  Includes:  (i)  a non-statutory stock option for 350,000 shares exercisable
     at  $0.75  per  share; (ii) a non-statutory stock option for 950,000 shares
     exercisable  at  $1.50  per  share,  indirectly  owned

                                       27
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     and  held  by  The  Haitzmann  Family Foundation, which is managed by three
     independent trustees; and (iii) 550,000 shares indirectly owned and held by
     The  Haitzmann  Family  Foundation.

     During  2001  an  incentive  stock option for 130,000 shares exercisable at
     $1.50  per  share  and   an  incentive  stock  option  for  183,333  shares
     exercisable  at  $0.75  per  share  were  converted  to non-statutory stock
     options  with the same terms and conditions as the original incentive stock
     options;  further  the  non-statutory  stock  options  in  (ii)  above were
     transferred  from Mr. Haitzmann's ownership during 2001 with the same terms
     and  conditions  as  the  original options. Neither the conversions nor the
     transfer  were  additional  option  grants  during  2001.

(b)  Includes:  (i)  a non-statutory stock option for 250,000 shares exercisable
     at  $0.75  per  share; (ii) a non-statutory stock option for 543,000 shares
     exercisable at $1.50 per share, indirectly owned and held by The Hoetzinger
     Family  Foundation,  which  is  managed  by three independent trustees; and
     (iii)  100,000  shares  held  by  Mr. Hoetzinger's spouse; and (iv) 143,728
     shares  indirectly  owned  and  held  by  The Hoetzinger Family Foundation.

     During  2001  an  incentive  stock option for 130,000 shares exercisable at
     $1.50  per  share  and  an  incentive  stock   option  for  183,333  shares
     exercisable  at  $0.75  per  share  were  converted  to non-statutory stock
     options  with the same terms and conditions as the original incentive stock
     options;  further  the  non-statutory  stock  options  in  (ii)  above were
     transferred from Mr. Hoetzinger's ownership during 2001 with the same terms
     and  conditions  as  the  original options. Neither the conversions nor the
     transfer  were  additional  option  grants  during  2001.

(c)  Includes:  (i)  an incentive stock option for 130,000 shares exercisable at
     $1.50  per  share;  (ii)  an  incentive  stock  option  for  160,000 shares
     exercisable  at $0.75 per share; and (iii) a non-statutory stock option for
     328,000  shares  exercisable  at  $1.50  per  share.

(d)  Includes:  (i) an option for 10,000 shares exercisable at $0.938 per share;
     (ii)  an option for 10,000 shares exercisable at $0.75 per share; and (iii)
     an  option  for  20,000  shares  exercisable  at  $1.00  per  share.

(e)  Includes:(i)  an  option for 10,000 shares exercisable at $0.938 per share;
     (ii)  an option for 10,000 shares exercisable at $0.75 per share; and (iii)
     an  option  for  20,000  shares  exercisable  at  $1.00  per  share.

(f)  Includes  an  option  for  20,000  shares  exercisable  at $1.75 per share.


(g)  Includes:(i)  an  incentive  stock  option for 10,000 shares exercisable at
     $0.75  per  share;  (ii)  an  incentive  stock  option  for  22,500  shares
     exercisable  at  $1.50  per  share; and (iii) an incentive stock option for
     5,000  shares  exercisable  at  $2.25  per  share.

(h)  Less  than  1%.


Item  12.  Certain  Relationships  and  Related  Transactions.
--------   --------------------------------------------------

     At  December  31,  2001,  the  Company  had  an unsecured note payable that
matures  on April 1, 2004, in the principal amount of $380,000 to Thomas Graf, a
founding  stockholder  of  the  Company.

     On  March 1, 2001, as amended on October 11, 2001, the Company entered into
separate  management  agreements  with  Focus  Casino  Consulting  AG,  a  Swiss
corporation,  to  secure  the

                                       28
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

services  of  Mr.  Hoetzinger,  and  with  Flyfish Casino Consulting AG, a Swiss
corporation,  to  secure  the  services  of  Mr. Haitzmann, to provide executive
casino  management  services  to  the Company through December 31, 2005, and for
five  (5) year renewable periods thereafter, unless sooner terminated by them or
by  the Company. Each of these management agreements provides for an annual base
management  fee  of  $100,000,  plus such annual increases and bonuses, and such
other  incentives,  benefits  and  compensation  as  may  be  awarded  to  them,
respectively,  by  the  Compensation  Committee of the Board of Directors of the
Company.  Payments  to  each  of  these management companies are included in the
Executive  Compensation  Table,  Item  10.  Each  of the management fees will be
reviewed  annually  by  the  Compensation  Committee.  The management agreements
further  provide  for  termination  payments  to be made for a period of six (6)
months  if  the management agreement is terminated by the Company without cause,
or  for a payment of three times the management company's annual fee and average
bonus if the termination occurs (a) after a Change of Control of the Company, or
(b)  by  the  management  company,  for  cause.

     Both  Mr.  Haitzmann  and  Mr.  Hoetzinger  are Austrian citizens, and have
established  Austrian trusts (The Haitzmann Family Foundation and The Hoetzinger
Family  Foundation,  respectively)  to  hold,  on  behalf  of  their  respective
families,  a  certain  portion of their interests in the Company.  (See Item 11.
Security  Ownership  of  Certain  Beneficial  Owners  and  Management)

     There  have  been  no  transactions  with  management,  except as otherwise
disclosed  herein,  since  the date of the Company's last annual meeting on June
12,  2001,  and  the  transactions  disclosed  in  the  Proxy Statement for that
meeting.

Item  13.     Exhibits  and  Reports  on  Form  8-K.
--------      -------------------------------------

     a.     Exhibits  Filed  Herewith  or  Incorporated by Reference to Previous
            --------------------------------------------------------------------
            Filings  with  the  Securities  and  Exchange  Commission:
            -----------------------------------------------------------

     1.   The  following  exhibits were included with the filing of the Alpine's
          Form  10-KSB  for  the  fiscal  year  ended  December 31, 1993 and are
          incorporated  herein  by  reference:

     Exhibit  No.          Description
     ------------          -----------

     10.14               Plan  of  Reorganization  and  Agreement  Among Alpine
                         Gaming,  Inc.,  Alpine  Acquisition,  Inc., and Century
                         Casinos  Management,  Inc.  - Filed with Form 8-K dated
                         December  24,   1993  and  incorporated  by   reference
                         therein.

     10.15               Amendments  One,  Two, and  Three  to  Plan  of
                         Reorganization  and  Agreement  Among  Alpine Gaming,
                         Inc.,  Alpine  Acquisition,  Inc., and Century Casinos
                         Management,  Inc.

     2.   The  following exhibits were filed with the Form 10-KSB for the fiscal
          year ended December 31, 1995 and are incorporated herein by reference:

     Exhibit  No.          Description
     ------------          -----------

      3.1                Certificate  of  Incorporation  (filed  with  Proxy
                         Statement  in  respect  of  1994  Annual  Meeting  of
                         Stockholders  and  incorporated  herein  by reference).

      3.2                Bylaws  (filed  with Proxy Statement in respect of 1994
                         Annual  Meeting of Stockholders and incorporated herein
                         by  reference).
                                       29
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     10.51               Asset Purchase Agreement dated as of September 27, 1995
                         by  and  among  Gold  Creek  Associates,  L.P.,  WMCK
                         Acquisition  Corp., and Century Casinos, Inc.,
                         Including Exhibits  and  Schedules,  along  with
                         First Amendment thereto.

     10.57               Stock  Purchase  Agreement  dated  December  21,  1995
                         between  Switzerland County Development Corp. ("Buyer")
                         and  Century  Casinos  Management,  Inc., and  Cimarron
                         Investment  Properties  Corp.  ("Sellers").

     10.58               Consultancy  Agreement  -  Chalkwell  Limited.

      3.   The  following exhibits were filed with the Form 8-K Current Report
           dated July  1,  1996  and  are incorporated herein  by  reference:

     Exhibit  No.          Description
     ------------          -----------

     10.60               Promissory Note dated March 19, 1992, made by Chrysore,
                         Inc. in the original amount of $1,850,000 payable to  R
                         &  L  Historic  Enterprises,  together  with Assignment
                         dated September 14, 1992 of said Promissory Note to TJL
                         Enterprises,  Inc. and Assignment dated May 16, 1996 of
                         said  Promissory  Note  to  Century  Casinos,  Inc.

     10.61               Promissory  Note  dated  July  1,  1996,  made  by WMCK
                         Acquisition  Corp.  in the original principal amount of
                         $5,174,540  payable  to  Gold  Creek  Associates, L.P.,
                         together  with  Guaranty  dated  July  1, 1996, of said
                         Promissory  Note  by  Century  Casinos,  Inc.

     10.62               Building  Lease  dated  as  of  July 1, 1996, among TJL
                         Enterprises,  Inc.,  WMCK Acquisition Corp. and Century
                         Casinos,  Inc.,  together  with  Memorandum of Building
                         Lease with Option to Purchase dated as of July 1, 1996,
                         among  the  same  parties.

     10.63               Four  Party  Agreement,  Assignment  and  Assumption of
                         Lease,  Consent to Assignment of Lease, Confirmation of
                         Option  Agreement  and  Estoppel Statements dated as of
                         July  1,  1996,  among  Harold  William  Large,  Teller
                         Realty,  Inc.,  Gold  Creek  Associates, L.P., and WMCK
                         Acquisition  Corp.

     10.64               Consulting  Agreement dated as of July 1, 1996, between
                         WMCK  Acquisition  Corp.  and  James  A.  Gulbrandsen.

     10.65               Consulting  Agreement dated as of July 1, 1996, between
                         WMCK  Acquisition  Corp.  and  Gary  Y.  Findlay.

      4.   The following exhibit was filed with the Form 10-QSB for the
           quarterly period  ended  March  31,  1997  and  is  incorporated
           herein  by  reference:

     Exhibit  No.          Description
     ------------          -----------

     10.68               Credit  Agreement  dated  as of March 31, 1997, between
                         Wells  Fargo Bank, N.A. ("Lender"); WMCK Venture Corp.,
                         Century  Casinos  Cripple  Creek,  Inc.,  and  WMCK
                         Acquisition  Corp.  ("Borrowers"); and Century Casinos,
                         Inc.  ("Guarantor").
                                       30
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

      5.   The following exhibits were  filed with the Form 10-KSB for the
           fiscal year  ended  December  31,  1997  and  are  incorporated
           herein  by  reference:

     Exhibit  No.          Description
     ------------          -----------

     10.69               First  Amendment  to  the  Credit Agreement dated as of
                         March  31,  1997,  between  Wells  Fargo  Bank,  N.A.
                         ("Lender"); WMCK Venture Corp., Century Casinos Cripple
                         Creek,  Inc., and WMCK Acquisition Corp. ("Borrowers");
                         and Century Casinos, Inc. ("Guarantor"), dated November
                         11,  1997.

     10.70               Second  Amendment  to  the Credit Agreement dated as of
                         March  31,  1997,  between  Wells  Fargo  Bank,  N.A.
                         ("Lender"); WMCK Venture Corp., Century Casinos Cripple
                         Creek,  Inc., and WMCK Acquisition Corp. ("Borrowers");
                         and  Century Casinos, Inc. ("Guarantor"), dated January
                         28,  1998.

      6.   The  following exhibits were filed with the Form 10-QSB for the
           quarterly period  ended  June  30,  1998  and  are  incorporated
           herein  by  reference:

     Exhibit  No.          Description
     ------------          -----------

     10.71               Termination  of  Stock Transfer and Registration Rights
                         Agreement  dated  May 1, 1998, between Century Casinos,
                         Inc.  and  Gary  Y.  Findlay

     10.72               Promissory  Note  dated April 30, 1998, between Century
                         Casinos,  Inc.  and  Gary  Y.  Findlay

     10.73               Termination  of  Stock Transfer and Registration Rights
                         Agreement  dated June 2, 1998, between Century Casinos,
                         Inc.  and  James  A.  Gulbrandsen

     10.74               Promissory  Note  dated  June  2, 1998, between Century
                         Casinos,  Inc.  and  James  A.  Gulbrandsen

     10.76               Casino  Consulting  Agreement  dated March 25, 1998, by
                         and  between  Rhodes Casino S.A., Century Casinos, Inc.
                         and  Playboy  Gaming  International  Ltd.

      7.   The following exhibits were  filed with the Form 10-KSB for the
           fiscal year  ended  December 31, 1998  and  are  incorporated
           herein  by  reference:

     Exhibit  No.          Description
     ------------          -----------


     10.77               Third  Amendment to  the  Credit Agreement dated as of
                         March  31,  1997,  between  Wells  Fargo  Bank,  N.A.
                         ("Lender"); WMCK Venture Corp., Century Casinos Cripple
                         Creek,  Inc., and WMCK Acquisition Corp. ("Borrowers");
                         and Century Casinos, Inc. ("Guarantor"), dated November
                         4,  1998.

     10.78               Parking  Lease - Option to Purchase dated June 1, 1998,
                         between  the  City of Cripple Creek ("Lessor") and WMCK
                         Venture  Corporation  ("Lessee")

      8.   The following exhibits were filed with the Form 10-QSB for the
           quarterly period  ended  March  31,  1999  and  are
           incorporated  herein  by  reference:
                                       31
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     Exhibit  No.          Description
     ------------          -----------

     10.79               Casino  Services Agreement dated January 4, 1999 by and
                         between  Casino  Millennium  a.s.,  Century  Casinos
                         Management,  Inc.  and  B.H.  Centrum  a.s.

     10.80               Option  to Purchase Real Property dated March 25, 1999,
                         by  and between Robert J. Elliott ("Optionor") and WMCK
                         Venture  Corp.  ("Optionee").

     10.81               Letter Amendment to Note Agreement dated April 1, 1999,
                         by  and  between  Century Casinos, Inc. and Thomas Graf

      9.   The  following  exhibit  was  filed  with  the  Form  10-QSB for the
           quarterly  period  ended  June 30, 1999 and is incorporated herein
           by reference:

     Exhibit  No.          Description
     ------------          -----------

     10.82               Master  Lease  Agreement  dated  January 4, 1999 by and
                         between  Casino  Millennium a.s. and Century Management
                         und  Beteiligungs  GmbH

     10.   The  following  exhibit  was  filed  with  the  Form 10-QSB for the
           quarterly  period  ended  September  30,  1999 and is incorporated
           by reference:

     Exhibit  No.          Description
     ------------          -----------

     10.83               Waiver  and  Release  and  Consulting  Agreement  dated
                         October  15,  1999  by and between Norbert Teufelberger
                         and  Century  Casinos,  Inc.

     11.     The  following  exhibits  were filed with the Form 10-KSB for
             the fiscal year  ended  December  31, 1999  and  are
             incorporated  herein  by  reference:

     Exhibit  No.          Description
     ------------          -----------

     10.84               Marketing  and  Investor  Relations  Agreement,  dated
                         November  5, 1999, by and between Century Casinos, Inc.
                         and  advice!  Investment  Services  GmbH,  and  related
                         Warrant  Agreement

     10.85               Fourth  Amendment  to the Credit Agreement, dated as of
                         March  31,  1997,  between  Wells  Fargo  Bank,  N.A.
                         ("Lender"); WMCK Venture Corp., Century Casinos Cripple
                         Creek,  Inc., and WMCK Acquisition Corp. ("Borrowers");
                         and Century Casinos, Inc. ("Guarantor"), dated November
                         15,  1999

     10.86               Casino Management Agreement, dated December 3, 1999, by
                         and  between  Caledon  Casino Bid Company (Pty) Limited
                         and  Century  Casinos  Africa  (Pty)  Ltd.
                                       32
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     10.87               Shareholders  Agreement,  dated  December  3, 1999, and
                         Addendum  to  the Agreement, dated December 9, 1999, by
                         and  between  Caledon Casino Bid Company (Pty) Limited,
                         Caledon  Overberg  Investments  (Pty)  Limited, Century
                         Casinos  Africa  (Pty) Ltd., Century Casinos, Inc. (not
                         as  a  shareholder  or party, but for clauses 4.2.3 and
                         6.7  of  this  agreement  only),  Caledon Hotel Spa and
                         Casino  Resort  (Pty)  Limited, Fortes King Hospitality
                         (Pty)  Limited,  The  Overberger  Country Hotel and Spa
                         (Pty)  Limited,  and  Senator  Trust

     10.88               Memorandum  of Agreement, dated January 7, 2000, by and
                         between  B.  H. Centrum a.s. (a subsidiary of Ilbau and
                         Bau  Holding)  and  Century  Casinos,  Inc.

     10.89               Assumption  and  Modification Agreement, dated February
                         7,  2000, by and between Marcie I. Elliott ("Optionor")
                         and  WMCK  Venture  Corporation  ("Optionee")

     10.90               Commercial  Contract to Buy and Sell Real Estate, dated
                         November  17,  1999,  by  and  between  WMCK  Venture
                         Corporation  ("Buyer")  and  Saskatchewan  Investments,
                         Inc.  ("Seller")

     10.91               Prepayment  and Release, dated January 19, 2000, by and
                         between  Switzerland  County  Development  Corp.  and
                         Century  Casinos  Management,  Inc.

     10.92               Amendment  No. 1 to Parking Lease - Option to Purchase,
                         dated February 17, 2000, by and between City of Cripple
                         Creek  ("Lessor")  and  WMCK  Venture  Corporation
                         ("Lessee")

     12.                 The  following exhibits were filed with the Form 10-QSB
                         for  the  quarterly period ended March 31, 2000 and are
                         incorporated  by  reference:

     Exhibit  No.          Description
     ------------          -----------

     10.93               Amended  and  Restated  Credit Agreement, by and among,
                         WMCK  Venture  Corp.,  Century  Casinos  Cripple Creek,
                         Inc.,  and  WMCK  Acquisition  Corp. (collectively, the
                         "Borrowers"),  Century  Casinos, Inc. (the "Guarantor")
                         and Wells Fargo Bank, National Association, dated April
                         21,  2000.

     10.94               Loan  Agreement  between  Century  Casinos  Africa
                         (Proprietary)  Limited,  Caledon  Casino  Bid  Company
                         (Proprietary)  Limited,  Caledon  Overberg  Investments
                         (Proprietary)  Limited,  and Century Casinos, Inc. (for
                         purposes  of  clause  14.6 only), dated March 31, 2000.


     10.95               Subscription  Agreement  between Century Casinos Africa
                         (Proprietary)  Limited,  Caledon  Casino  Bid  Company
                         (Proprietary)  Limited,  Caledon  Overberg  Investments
                         (Proprietary)  Limited,  and Century Casinos, Inc. (for
                         purposes  of  clause  10.6 only), dated March 31, 2000.

     13.                 The  following exhibits were filed with the Form 10-QSB
                         for  the  quarterly  period ended June 30, 2000 and are
                         incorporated  by  reference:

     Exhibit  No.          Description
     ------------          -----------
                                       33
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     10.96               Loan  Agreement,  dated  April  13,  2000,  between PSG
                         Investment  Bank Limited and Caledon Casino Bid Company
                         (Proprietary)  Limited

     10.97               Subordination,  Cession  and  Pledge  Agreement,  dated
                         April  13,  2000,  between PSG Investment Bank Limited,
                         Century  Casinos  Africa (Proprietary) Limited, Caledon
                         Overberg Investments (Proprietary) Limited, and Caledon
                         Casino  Bid  Company  (Proprietary)  Limited

     14.   The  following  exhibits  were filed with the Form 10-KSB for
           the fiscal year  ended  December  31,  2000  and  are  incorporated
           by  reference:

     Exhibit  No.          Description
     ------------          -----------

     10.98               Shareholders  Agreement, dated November 4, 2000, by and
                         between  Caledon  Casino  Bid  Company  (Pty)  Limited,
                         Caledon  Overberg  Investments  (Pty)  Limited, Century
                         Casinos  Africa  (Pty) Ltd., Century Casinos, Inc. (not
                         as  a  shareholder  or party, but for clauses 8.5, 15.1
                         and  15.2 of this agreement only), Overberg Empowerment
                         Company  Limited, and  The  Overberg  Community  Trust

     10.99               Sale of Shares Agreement, dated November 4, 2000, by
                         and between  Caledon  Casino  Bid  Company  (Pty)
                         Limited, Caledon  Overberg Investments (Pty) Limited
                         and Century Casinos,  Inc.

     15.   The  following  exhibit was filed with the Form 10-QSB for the
           quarterly period  ended  March  31,  2001  and  is  incorporated
           by  reference:

     Exhibit  No.          Description
     ------------          -----------

     11.0                April  21, 2001 Addendum to Loan Agreement, dated April
                         13,  2000,  between  PSG  Investment  Bank  Limited and
                         Caledon  Casino  Bid  Company  (Proprietary)  Limited

     16.   The  following  exhibit was filed with the Form 10-QSB for the
           quarterly period  ended  September  30,  2001,  and  is
           incorporated  by  reference:

     Exhibit  No.          Description
     ------------          -----------

     11.01               First  Amendment  to  the  Amended  and Restated Credit
                         Agreement,  by  and  among, WMCK Venture Corp., Century
                         Casinos Cripple Creek, Inc., and WMCK Acquisition Corp.
                         (collectively,  the "Borrowers"), Century Casinos, Inc.
                         (the  "Guarantor")  and  Wells  Fargo  Bank,  National
                         Association,  dated  August  22,  2001.

     17.   The  following  exhibit  is  filed  herewith:

     Exhibit  No.          Description
     ------------          -----------

11.02                    Management  Agreement  by and  between Century Casinos,
                         Inc.  and  Focus  Casino Consulting A.G. dated March 1,
                         2001.

                                       34
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

     11.03               Management  Agreement by  and  between Century Casinos,
                         Inc. and Flyfish Casino Consulting, A.G. dated March 1,
                         2001.

     11.04               Equity  Subscription  Agreement  by  and  between Rhino
                         Resort  Limited,  Silverstar  Development  Limited  and
                         Century Casinos Africa  (Pty)  Ltd., dated September 7,
                         2001.

     11.05               Memorandum  of Agreement by and between Century Casinos
                         Caledon  (Pty) Ltd. (previously known as Caledon Casino
                         Bid  Company  (Pty)  Ltd.)  and  Century Casinos Africa
                         (Pty)  Ltd., and Fortes  King  Hospitality  (Pty)  Ltd.
                         and/or its successor to the Hotel Management Agreement
                         -  FKH)  dated  September  20,  2001.

     11.06               Amendment  to  Loan  Agreement  between Century Casinos
                         Africa  (Pty) Limited and Century Casinos Caledon (Pty)
                         Ltd.  (previously  known  as Caledon Casino Bid Company
                        (Pty) Ltd.), Caledon Overberg Investments (Pty) Limited,
                         and  Century  Casinos, Inc.  dated  September 20, 2001.

     11.07               Adjustment/Amendment  No.  1 to Management Agreement by
                         and  between  Century  Casinos  Inc.  and  Focus Casino
                         Consulting, A.G.  dated  October  11,  2001.

     11.08               Adjustment/Amendment  No.  1 to Management Agreement by
                         and  between  Century  Casinos  Inc. and Flyfish Casino
                         Consulting, A.G.  dated  October  11,  2001

     11.09               Employment  Agreement  by  and  between Century Casinos
                         Inc.  and  Erwin  Haitzmann, dated  October  12,  2001.

     11.10               Employment  Agreement  by  and  between Century Casinos
                         Inc.  and  Peter  Hoetzinger, dated  October  12, 2001.

     11.11               Amendment Number 1 to the Equity Subscription Agreement
                         entered into on September 7, 2001, by and between Rhino
                         Resort  Limited,  Silverstar  Development  Limited  and
                         Century  Casinos Africa (Pty) Ltd, dated March 2, 2002.

     11.12               Second Addendum to Loan Agreement dated April 13, 2000,
                         between  PSG Investment Bank Limited and Caledon Casino
                         Bid  Company  (Proprietary)  Limited completed on March
                         26,  2002.


     21.                 Subsidiaries  of  the  Registrant

     23.1                Consent  of  Independent  Accountants



     b.  Reports  on  Form 8-K Filed During the Registrant's
         -------------------------------------------------------
         Fourth  Fiscal  Quarter:
         ------------------------

         No  reports  on  Form  8-K were filed by the Company during the fourth
         quarter  of  its  fiscal  year  ended  December  31,  2001.
                                       35
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except for share information)

SIGNATURES

     Pursuant  to  the  requirements  of  Section  13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its  behalf  by  the  undersigned,  thereunto duly authorized on March 28, 2002.

                              CENTURY  CASINOS,  INC.

                              By:/s/  Erwin  Haitzmann
                                 ---------------------
                                 Erwin  Haitzmann,
                                 Chairman  of the Board and
                                 Chief  Executive  Officer


                                 /s/  Larry  Hannappel
                                 ---------------------
                                 Larry  Hannappel,  Chief
                                 Accounting  Officer
                                (Principal  Accounting  Officer)

                                POWER OF ATTORNEY

     KNOW  ALL  MEN  BY THESE PRESENTS, that each person whose signature appears
below  constitutes  and  appoints  Erwin  Haitzmann,  his  true  and  lawful
attorneys-in-fact  and  agents,  with  full  power  of  substitution  and
resubstitution,  for  him  and  in  his  name,  place  and stead, in any and all
capacities,  to sign any and all amendments to this Form 10-KSB, and to file the
same,  with  all  exhibits  thereto,  and  other  documentation  in  connection
therewith,  with  the  Securities  and  Exchange  Commission, granting unto said
attorneys-in-fact  and agent full power and authority to do and perform each and
every  act  and  thing  requisite  and  necessary  to  be  done in and about the
premises,  as  fully  to  all  intents  and  purposes as he might or could do in
person,  hereby  ratifying  and  confirming  all that said attorneys-in-fact and
agent,  or his substitute or substitutes, may lawfully do or cause to be done by
virtue  hereof.

     Pursuant  to  the requirements of the Securities Exchange Act of 1934, this
report  has been signed by the following persons on behalf of the Registrant and
in  the  capacities  indicated  on  March  28,  2002.

<TABLE>
<CAPTION>


<S>                   <C>                         <C>                             <C>
Signature                  Title                       Signature                 Title


/s/ Erwin Haitzmann   Chairman of the Board and   /s/ Gottfried Schellmann    Director
--------------------                              ------------------------
Erwin Haitzmann       Chief Executive Officer     Gottfried Schellmann

/s/ Peter Hoetzinger  Vice Chairman of the Board  /s/ Robert S. Eichberg    Director
--------------------                              ------------------------
Peter Hoetzinger      and President               Robert S. Eichberg

/s/ James D. Forbes   Director                    /s/ Dinah Corbaci         Director
--------------------                              ------------------
James D. Forbes                                   Dinah Corbaci
</TABLE>
                                       36
<PAGE>

                     CENTURY CASINOS, INC. AND SUBSIDIARIES
                   INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                                                            Page  Number
                                                            ------------

Independent Auditors' Report                                     F2

Consolidated Balance Sheet as of December 31, 2001               F3

Consolidated  Statements  of Earnings for the Years Ended
December 31, 2001 and 2000                                       F4

Consolidated  Statements  of  Shareholders'  Equity
for the Years Ended December 31, 2001 and 2000                   F5

Consolidated Statements of Cash Flows
for the Years Ended December 31, 2001 and 2000                   F6

Notes to Consolidated Financial Statements                       F8

                                       F1
<PAGE>
INDEPENDENT  AUDITORS'  REPORT

To  the  Board  of  Directors  and  Shareholders
     of  Century  Casinos,  Inc.

We  have audited the accompanying consolidated balance sheet of Century Casinos,
Inc.  and  subsidiaries  as  of  December 31, 2001, and the related consolidated
statements  of earnings, shareholders' equity and cash flows for the years ended
December  31,  2001 and 2000.  These financial statements are the responsibility
of  the  Company's  management.  Our  responsibility is to express an opinion on
these  financial  statements  based  on  our  audits.

We conducted our audits in accordance with auditing standards generally accepted
in  the  United  States  of  America.  Those  standards require that we plan and
perform  the  audit  to  obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test  basis,  evidence  supporting  the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
financial  statement  presentation.  We  believe   that  our  audits  provide  a
reasonable  basis  for  our  opinion.

In  our  opinion,  the financial statements referred to above present fairly, in
all  material  respects, the consolidated financial position of Century Casinos,
Inc.  and subsidiaries as of  December 31, 2001, and the consolidated results of
their  operations and their consolidated cash flows for the years ended December
31, 2001 and 2000 in conformity with accounting principles generally accepted in
the  United  States  of  America.

As  discussed  in  Note  2,  the  Company  adopted  new accounting standards for
derivative  financial  instruments.

                                                              GRANT THORNTON LLP

Colorado  Springs,  Colorado
February  8,  2002  (except  for Note 5, as to which the date is March 26, 2002)
                                       F2
<PAGE>

CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
CONSOLIDATED  BALANCE  SHEET
(Dollar  amounts  in  thousands,  except  for  share  information)
<TABLE>
<CAPTION>



                                                                            DECEMBER 31, 2001
                                                                           -------------------
<S>                                                                        <C>
ASSETS

CURRENT ASSETS:
Cash and cash equivalents (including restricted cash of  $334)             $            3,365
Receivables                                                                               433
Prepaid expenses and other                                                                591
                                                                           -------------------
   Total current assets                                                                 4,389


Property and Equipment, net                                                            29,338
Goodwill, net                                                                           7,709
Other Assets                                                                            3,383
                                                                           -------------------
Total                                                                      $           44,819
                                                                           ===================

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
 Current portion of long-term debt                                         $            1,554
 Accounts payable and accrued liabilities                                               3,512
                                                                           -------------------
        Total current liabilities                                                       5,066

Long-Term Debt, less current portion                                                   15,991
Other Non-current Liabilities                                                             979
Minority Interest                                                                         605

Commitments and Contingencies                                                               -
Shareholders' Equity:
 Preferred stock; $.01 par value; 20,000,000 shares
     authorized; no shares issued and outstanding                                           -
 Common stock; $.01 par value; 50,000,000 shares
     authorized; 14,485,776 shares issued; 13,728,784 shares outstanding                  145
 Additional paid-in capital                                                            21,901
 Accumulated other comprehensive loss                                                  (3,291)
 Retained earnings                                                                      4,847
                                                                           -------------------
                                                                                       23,602
 Treasury stock - 756,992 shares, at cost                                              (1,424)
                                                                           -------------------
           Total shareholders' equity                                                  22,178
                                                                           -------------------
Total                                                                      $           44,819
                                                                           ===================

</TABLE>

See  notes  to  consolidated  financial  statements
                                       F3
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
CONSOLIDATED  STATEMENTS  OF  EARNINGS
(Dollar  amounts  in  thousands,  except  for  share  information)

<TABLE>
<CAPTION>



                                                              FOR THE YEAR ENDED DECEMBER 31,
                                                              -------------------------------

                                                                  2001                   2000
                                                                  ----                   ----
<S>                                                 <C>                                <C>
Operating Revenue:
  Casino                                                      $   30,096            $   27,703
  Food and beverage                                                1,897                 1,377
  Hotel                                                              755                   257
  Other                                                              771                   427
                                                              ----------            -----------
                                                                  33,519                29,764
  Less promotional allowances                                     (3,943)               (3,532)
                                                              ----------            -----------
    Net operating revenue                                         29,576                26,232
                                                              ----------            -----------

Operating Costs and Expenses:
  Casino                                                           9,521                 7,425
  Food and beverage                                                1,075                   761
  Hotel                                                              673                   416
  General and administrative                                       7,530                 8,004
  Depreciation and amortization                                    4,564                 3,753
                                                              ----------            -----------
    Total operating costs and expenses                            23,363                20,359
                                                              ----------            -----------

Earnings from Operations                                           6,213                 5,873
  Other (expense), net                                            (1,996)                  (20)
                                                              ----------            -----------
Earnings before Income Taxes and Minority Interest                 4,217                 5,853
  Provision for income taxes                                       1,794                 2,542
                                                              ----------            -----------
Earnings before Minority Interest                                  2,423                 3,311
  Minority interest in subsidiary (earnings) losses                   32                   (58)
                                                              ----------            -----------
Net Earnings                                                  $    2,455            $    3,253
                                                              ==========            ===========

                                                              ----------            -----------
Earnings per Share, Basic                                     $     0.18            $     0.23
                                                              ==========            ===========
Earnings Per Share, Diluted                                   $     0.16            $     0.22
                                                              ==========            ===========
</TABLE>


See  notes  to  consolidated  financial  statements.
                                       F4
<PAGE>
<TABLE>
<CAPTION>

<S>                                              <C>            <C>           <C>              <C>             <C>
CENTURY CASINOS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000
(Dollar amounts in thousands)

                                                          Accumulated    Retained
                                             Additional      Other       Earnings
                             Common Stock     Paid -in   Comprehensive  Accumulated    Treasury Stock       Total   Comprehensive
                         Shares      Amount   Capital    Income (Loss)   Deficit      Shares      Amount            Income (Loss)
                         ------      ------  ----------  -------------  -----------   ------      ------    ------  -------------
BALANCE AT JANUARY
 1, 2000              15,861,885     $  159  $  23,329   $    (32)      $    (861)   1,385,000   $(1,464)  $ 21,131

Purchases of
 treasury stock                -          -          -          -               -      464,800      (818)      (818)

Options exercised          8,891          -          2          -               -            -         -          2

Re-issued treasury
 Stock                         -          -          -          -               -         (308)        -          -

Retired treasury
 Shares               (1,385,000)       (14)    (1,449)         -               -   (1,385,000)    1,464          1

Foreign currency
 translation
 adjustments                   -          -          -       (627)              -            -         -       (627)   $ (627)

Other equity
 Changes                       -          -         28          -               -            -         -         28

Net earnings                   -          -          -          -           3,253            -         -      3,253     3,253

                      ----------       ----    -------       -----          -----      -------      -----   -------    ------
BALANCE AT DECEMBER
 31, 2000             14,485,776        145     21,910       (659)          2,392      464,492      (818)    22,970    $2,626
                                                                                                                       ======

Purchases of
 treasury stock                -          -          -          -               -      340,000      (690)      (690)

Options
 Exercised                     -          -        (16)         -               -      (47,500)       84         68

Foreign currency
 translation
 adjustments                   -          -          -     (2,078)              -            -         -     (2,078)  $(2,078)

Cumulative effect
Of change in
accounting
principle related
to interest rate
swap, net of
income tax benefit             -          -          -       (175)              -            -         -       (175)     (175)

Change in fair
value of interest
rate swap, net of
income tax benefit             -          -          -       (379)              -            -         -       (379)     (379)

Other equity
 Changes                       -          -          7          -               -            -         -          7

Net earnings                   -          -          -          -           2,455            -         -      2,455     2,455

                      ----------       ----    -------     ------          ------      -------   --------   -------     ------
BALANCE AT DECEMBER
 31, 2001             14,485,776       $145    $21,901    $(3,291)         $4,847      756,992   $(1,424)   $22,178     $(177)
                      ==========       ====    =======     =======         ======      =======   ========   =======     ======

</TABLE>
See notes to consolidated financial statements.

                                       F5
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
CONSOLIDATED  STATEMENTS  OF  CASH FLOWS
(Dollar  amounts  in  thousands  except  for  share  information)
<TABLE>
<CAPTION>




                                                                                            FOR THE YEAR ENDED DECEMBER 31,
                                                                                            --------------------------------

<S>                                                                        <C>                                <C>
                                                                                                  2001          2000
                                                                                                  ----          ----

Cash Flows from Operating Activities:
 Net earnings                                                                                 $    2,455    $    3,253
 Adjustments to reconcile net earnings to net cash provided by
    operating activities
    Depreciation                                                                                   3,147         2,411
    Amortization of goodwill                                                                       1,417         1,342
    Amortization of deferred financing costs                                                          81            88
    Income from sale of casino project rights                                                          -        (1,380)
    (Gain) loss on disposition of assets                                                             (13)          (80)
    Deferred tax benefit                                                                            (207)         (446)
    Minority interest in subsidiaries earnings (losses)                                              (32)           58
    Other                                                                                              6            34
    Changes in operating assets and liabilities:
     Receivables                                                                                      38          (164)
     Prepaid expenses and other assets                                                               138          (358)
     Accounts payable and accrued liabilities                                                       (592)        2,304
                                                                                              ----------    -----------
     Net cash provided by operating activities                                                     6,438         7,062
                                                                                              ----------    -----------

Cash Flows from Investing Activities:
 Purchases of property and equipment                                                              (2,994)      (12,863)
 Sales (purchases) of short-term investment securities, net                                            -             8
 Proceeds from sale of casino project rights                                                           -         1,380
 Expenditures for deposits and other assets                                                         (277)       (1,179)
 Proceeds received from disposition of assets                                                          9           571
 Acquisition of subsidiary, net of cash acquired                                                       -        (1,858)
                                                                                              ----------    -----------
    Net cash used in investing activities                                                         (3,262)      (13,941)
                                                                                              ----------    -----------

Cash Flows from Financing Activities:
 Proceeds from borrowings                                                                     $   21,321    $   31,401
 Principal repayments                                                                            (29,151)      (16,754)
 Deferred financing costs                                                                              -          (273)
 Purchases of treasury stock                                                                        (606)         (818)
                                                                                              ----------    -----------
    Net cash provided by (used in) financing activities                                           (8,436)       13,556
                                                                                              ----------    -----------
Effect of exchange rate changes on cash                                                             (452)         (108)
                                                                                              ----------    -----------
Increase (Decrease) in Cash and Cash Equivalents                                                  (5,712)        6,569

Cash and Cash Equivalents at Beginning of Year                                                     9,077         2,508
                                                                                              ----------    -----------
Cash and Cash Equivalents at End of Year                                                      $    3,365    $    9,077
                                                                                              ==========    ===========
</TABLE>

                                       F6
<PAGE>

CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
CONSOLIDATED  STATEMENTS  OF  CASH FLOWS
(Dollar  amounts  in  thousands  except  for  share  information)

Supplemental  Disclosure  of  Noncash  Investing  and  Financing  Activities:
<TABLE>
<CAPTION>

<S>                                                                               <C>  <C>
  In connection with the subsidiary acquired, liabilities were assumed as follows:
   Fair value of assets acquired, including cash of $881                                      $        -    $    6,707
   Cash Paid                                                                                           -        (2,739)
                                                                                              ----------    -----------
   Liabilities assumed                                                                        $        -    $    3,968
                                                                                              ==========    ===========
</TABLE>

Supplemental  Disclosure  of  Cash  Flow  Information:
<TABLE>
<CAPTION>



<S>                <C>     <C>
   Interest paid, net of capitalized interest of $219 in 2001 and $0 in 2000                  $    2,037    $    1,416
                                                                                              ==========    ===========
   Income taxes paid                                                                          $    2,376    $    2,461
                                                                                              ==========    ===========
</TABLE>

See  notes  to  consolidated  financial  statements.

                                       F7
<PAGE>

CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

1.     DESCRIPTION  OF  BUSINESS  AND  BASIS  OF  PRESENTATION
     Century  Casinos,  Inc.  ("CCI") is an international gaming company. Wholly
     owned subsidiaries of CCI include Century Casinos Management, Inc. ("CCM"),
     Century  Casinos  Nevada,  Inc.  ("CCN",  a  dormant  subsidiary),  Century
     Management u.  Beteiligungs  GmbH ("CMB"), and WMCK-Venture Corp. ("WMCK").
     Wholly owned subsidiaries of WMCK include WMCK-Acquisition Corp ("ACQ") and
     Century  Casinos  Cripple  Creek, Inc. ("CCC"). Century Casinos Africa Inc.
     ("CCA"),  a  96.7%  owned  subsidiary  of  CCI, owns 65% of Century Casinos
     Caledon  (Pty)  Ltd.  ("CCAL"), 55% of Century Casinos West Rand (Pty) Ltd.
     ("CCWR")  and  50%  of Rhino Resort Ltd. ("RRL"). CCI and subsidiaries (the
     "Company") own and/or manage casino operations in United States of America,
     South  Africa,  the  Czech  Republic,  and international waters as follows.

          WMCK  owns  and  operates  Womacks  Casino and Hotel, a limited-stakes
          gaming  casino  in  Cripple  Creek,  Colorado.

          CCA  owns  65%  of and operates the Caledon Casino, Hotel and Spa near
          Cape  Town,  South  Africa.

          CCM  manages Casino Millennium located within a hotel in Prague, Czech
          Republic.  Subject  to  the  approval  by  regulators, the Company and
          another  entity  have each agreed to purchase a 50% ownership interest
          in  Casino  Millennium. The acquisition is expected to be completed in
          2002  and  is  expected  to  cost  approximately $200 in cash plus the
          contribution  of operating assets of the casino currently owned by the
          Company.

          CCI  serves  as  concessionaire of small casinos on four luxury cruise
          vessels operated by Silversea Cruises. In October 2001, one vessel was
          taken  out  of  service.  This  vessel,  which  is  expected to resume
          operations in  early  2003, has approximately 33 gaming positions. The
          net  book  value of the Company's equipment as of December 31, 2001 is
          $53.  The Company has alternative uses for the gaming equipment aboard
          the  vessel.  The  Company  has  a  total  of approximately 127 gaming
          positions  on  the  three  combined  shipboard  casinos  currently  in
          operation.

     The  Company  regularly  pursues  additional  gaming  opportunities
     internationally  and  in  the  United  States.

          In  2000,  CCI  entered  into  a  five-year  agreement  to  serve  as
          concessionaire  of  a  small  casino aboard The World of ResidenSea, a
          vessel  designed  as  an  exclusive  residential community at sea. The
          Company will operate the casino for its own account and pay concession
          fees  based  on  gross  gaming  revenue,  as  defined, in excess of an
          established  amount  per  month.  The maiden voyage of the residential
          cruise  liner  is  expected during 2002.

          During  2001,  CCA entered into an agreement to secure a 50% ownership
          interest  in  Rhino Resort Ltd. ("Rhino"), a consortium which includes
          Silverstar  Development  Ltd.  ("Silverstar").  Rhino  submitted  an
          application  for  a  proposed  hotel/casino  resort development in the
          greater  Johannesburg  area of South Africa at a cost of approximately
          400  million  Rand  ($33.4 million at the exchange rate as of December
          31,  2001).  In  November  2001  Rhino was awarded the sixth and final
          casino license serving the Johannesburg region of the Gauteng province
          in  South  Africa.  In  February 2002 a competing casino filed a court
          action  seeking  to  overturn  the  license  award.  Upon  favorable
          resolution  of the pending court action, CCA, as part of the September
          2001  agreement,  would  be  required  to  make  an  equity  and  loan
          contribution  of  approximately 50 million Rand or $4.2 million at the
          exchange  rate  as  of  December  31,  2001. In addition to the equity
          ownership  in RRL, CCWR will receive management fees as the manager of
          the  Casino,  Hotel  &  Resort.  Management  fees  will  be based on a
          percentage  of  gross  revenues  as  well  as  a  percentage of EBITDA
          (defined  as  earnings  before  interest,  taxes,  depreciation,
          amortization  and  other  specifically  defined  costs).

                                       F8
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)



2.     SIGNIFICANT  ACCOUNTING  POLICIES

     Consolidation  - The accompanying consolidated financial statements include
     the  accounts  of  CCI and its majority-owned subsidiaries. All significant
     intercompany  transactions  and  balances  have  been  eliminated.

     Use  of  Estimates  - The preparation of financial statements in conformity
     with  accounting  principles  generally  accepted  in  the United States of
     America  requires  management to make estimates and assumptions that affect
     the  reported amount of assets and liabilities and disclosure of contingent
     assets  and  liabilities  at  the  date of the financial statements and the
     reported  amounts  of  revenues  and  expenses during the reporting period.
     Actual  results  could  differ  from  those  estimates.

     Cash  Equivalents - All highly liquid investments with an original maturity
     of  three  months  or  less  are  considered  to  be  cash  equivalents.

     Fair  Value of Financial Instruments - In accordance with the reporting and
     disclosure  requirements  of  Statement  of  Financial Accounting Standards
     ("SFAS")  No. 107, "Disclosures about Fair Value of Financial Instruments,"
     the Company calculates the fair value of financial instruments and includes
     this  additional  information in the notes to its financial statements when
     the  fair  value does not approximate the carrying value of those financial
     instruments.  The  Company's  financial  instruments  include cash and cash
     equivalents,  long-term  debt and interest rate swap agreements. Fair value
     is  determined  using  quoted market prices whenever available. When quoted
     market  prices  are  not  available, the Company uses alternative valuation
     techniques  such  as calculating the present value of estimated future cash
     flows  utilizing risk-adjusted discount rates. The Company's carrying value
     of  financial  instruments  approximates  fair  value at December 31, 2001.

     Property  and  Equipment  -  Property  and  equipment  are  stated at cost.
     Depreciation  of  assets  in  service  is  provided using the straight-line
     method  over  the estimated useful lives of the assets. Leased property and
     equipment  under  capital  leases  is  amortized  over  the  lives  of  the
     respective  leases or over the service lives of the assets for those leases
     that  substantially  transfer  ownership.

                                       F9
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

     Goodwill  -  Goodwill  represents the excess of the purchase price over net
     identifiable  assets  acquired  in  a  business  combination.

     In  June 2001, the Financial Accounting Standards Board (the "FASB") issued
     SFAS  No.  141  "Business  Combinations"  and  SFAS  No.  142 "Goodwill and
     Intangible  Assets". SFAS No. 141 addresses the methods used to account for
     business  combinations  and  requires  the  use  of  the purchase method of
     accounting for all combinations after June 30, 2001. SFAS No. 142 addresses
     the  methods  used  to  capitalize,  amortize  and  to assess impairment of
     intangible  assets, including goodwill resulting from business combinations
     accounted  for  under  the  purchase  method. SFAS No. 142 is effective for
     fiscal  years  beginning  after  December  15,  2001. Included in assets at
     December  31,  2001 is unamortized goodwill from the acquisition of various
     casino  operations  of  $7,709.  Upon adoption of SFAS No. 142, the Company
     will  no  longer  amortize  goodwill,  decreasing  amortization  expense by
     approximately  $1,425  per  year.  The  Company  will be required to assess
     goodwill  for  impairment  in  2002,  and at least annually thereafter. The
     Company  will  not  be  able  to  determine  the  full  effect  of  these
     pronouncements on its financial position or results of its operations until
     it is able to complete its analysis of the impairment provisions of the new
     standards, which is expected to be completed by June 30, 2002. In the event
     the  Company's  analysis  under  the  new  guidance  indicates  goodwill is
     impaired,  it  will  be  required to record a charge to its earnings in the
     year  of  adoption.  Based  on its current operations, the Company does not
     believe  adoption  of  the new standards will have a material impact of its
     financial  statements.


     Impairment of Long-Lived Assets - The Company reviews long-lived assets for
     possible  impairment  whenever  events  or  circumstances indicate that the
     carrying  amount  of  an  asset  may  not  be  recoverable.  If there is an
     indication  of  impairment,  which  is  estimated as the difference between
     anticipated undiscounted future cash flows and carrying value, the carrying
     amount of the asset is written down to its estimated fair value by a charge
     to  operations.  Fair  value  is  estimated  based  on the present value of
     estimated  future  cash  flows  using a discount rate commensurate with the
     risk involved. Estimates of future cash flows are inherently subjective and
     are  based  on  management's best assessment of expected future conditions.
     During  2001  FASB  issued  SFAS No. 144, "Accounting for the Impairment or
     Disposal  of  Long-Lived  Assets"  which  is  effective  for  fiscal  years
     beginning  after  December  15,  2001. SFAS No. 144 supersedes SFAS No. 121
     "Accounting  for  the  Impairment  of  Long-Lived Assets and for Long-Lived
     Assets  to  Be  Disposed  Of".  While  SFAS  No.  144  retains  many of the
     provisions  of  SFAS No. 121 it provides guidance on estimating future cash
     flows  to  test  recoverability,  among  other things. The Company does not
     believe  adoption  of  SFAS  No.  144  will  have  a material impact on its
     financial  statements.



     Revenue Recognition - Casino revenue is the net win from gaming activities,
     which  is  the  difference  between  gaming wins and losses. Management and
     consulting  fees  are  recognized  as revenue as services are provided. The
     incremental amount of unpaid progressive jackpot is recorded as a liability
     and  a  reduction  of  casino  revenue  in  the  period  during  which  the
     progressive  jackpot  increases.

     Promotional  Allowances  -  Food  and  beverage furnished without charge to
     customers is included in gross revenue at a value which approximates retail
     and  then  deducted as complimentary services to arrive at net revenue. The
     estimated  cost  of  such  complimentary  services  is  charged  to  casino
     operations,  and  was  $949  in  2001  and  $829  in  2000.

                                      F10
<PAGE>

CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

     As  part  of its promotional activities, the Company offers "free plays" or
     coupons  to  its  customers  for gaming activity and the Company's players'
     club  allows  customers  to earn certain complimentary services and/or cash
     rebates  based  on the volume of a customer's gaming activity. During 2001,
     the  Company  adopted  Emerging  Issues  Task  Force  (EITF)  No.  00-14,
     "Accounting  for  Certain  Sales Incentives", which requires that discounts
     which  result in a reduction in or refund of the selling price of a product
     or  service  in a single exchange transaction be recorded as a reduction in
     revenue,  and  EITF  No.  00-22,  "Accounting  for Points and Certain Other
     Time-Based  or  Volume-Based  Sales  Incentive  Offers, and Offers for Free
     Products  or  Services  to be Delivered in the Future", which requires that
     vendors  recognize  the  cash  rebate  or refund obligation associated with
     time-  or  volume-based  cash  rebates as a reduction of revenue based on a
     "systematic  and  rational  allocation  of  the cost of honoring rebates or
     refunds earned".  Prior  to adopting these standards, the Company accounted
     for these promotional activities in casino expense. As a result of adopting
     these  accounting  standards, $2,740 was reported as a reduction of revenue
     for  2001  and  $2,777  was  reclassified  from  expenses to a reduction of
     revenue  for  2000. The adoption of these standards did not have any impact
     on  net  earnings  or  earnings  per  share  amounts.


     Foreign  Currency  Translation - Adjustments resulting from the translation
     of  the  accounts  of  the  Company's  foreign  subsidiaries from the local
     functional  currency  to  U.S.  dollars are recorded as other comprehensive
     income  or  loss  in  the  consolidated statements of shareholders' equity.
     Adjustments  resulting  from the translation of other casino operations and
     other  transactions  which  are  denominated  in a currency other than U.S.
     dollars  are  recognized  in  the  statements  of  earnings.

     Income  Taxes  -  The Company accounts for income taxes using the liability
     method,  which  provides  that  deferred  tax  assets  and  liabilities are
     recorded  based  on  the  difference  between  the  tax bases of assets and
     liabilities and their carrying amounts for financial reporting purposes, at
     a  rate  expected to be in effect when the differences become deductible or
     payable.

     Stock-Based  Compensation - Statement of Financial Accounting Standards No.
     123  (SFAS 123), "Accounting for Stock-Based Compensation," encourages, but
     does  not  require  companies  to  record compensation cost for stock-based
     employee  compensation  plans  at  fair  value.  The  Company has chosen to
     account  for  stock-based  compensation  for  employees using the intrinsic
     value  method prescribed in Accounting Principles Board Opinion No. 25 (APB
     25),  "Accounting  for  Stock  issued  to  Employees",  and  related
     Interpretations.  Accordingly,  compensation  cost  for  stock  options  is
     measured as the excess, if any, of the quoted market price of the Company's
     stock  at  the  date  of  the grant over the amount an employee must pay to
     acquire  that stock. The Company values stock-based compensation granted to
     non-employees  at  fair  value.

     Earnings  Per  Share  - The Company follows the provisions of SFAS No. 128,
     "Earnings  per Share," in calculating basic and diluted earnings per share.
     Basic earnings per share considers only weighted-average outstanding common
     shares  in  the computation. Diluted earnings per share gives effect to all
     potentially  dilutive  securities. Diluted earnings per share is based upon
     the weighted average number of common shares outstanding during the period,
     plus, if dilutive, the assumed exercise of stock options using the treasury
     stock  method,  and  the assumed conversion of other convertible securities
     (using  the "if converted" method) at the beginning of the year, or for the
     period  outstanding  during  the  year  for  current  year  issuances.


     Comprehensive  Income  -  The  Company  follows  SFAS  No.  130, "Reporting
     Comprehensive  Income,"  which  provides  for  a  more  inclusive financial
     reporting  measure  than  net  income,  and  includes all changes in equity
     during  the  period,  except  those  resulting  from  investments  by,  and
     distributions  to,  shareholders  of  the  Company.

                                      F11
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

     Operating  Segments  -  The Company follows SFAS No. 131 "Disclosures about
     Segments  of  an  Enterprise  and  Related  Information"  which establishes
     standards  for  public  business  enterprises  to  report information about
     operating  segments in annual financial statements and in condensed interim
     financial  reports  issued  to  shareholders.

     Hedging  Activities  -  The  Company  adopted SFAS No. 133, "Accounting for
     Derivative  Instruments  and  Hedging  Activities",  and  SFAS  No.  138,
     "Accounting  for  Certain  Derivative  Instruments  and  Certain  Hedging
     Activities",  in the first quarter of fiscal 2001. SFAS No. 133 and No. 138
     establish accounting and reporting standards for derivative instruments and
     hedging activities. The pronouncements require that a company designate the
     intent  of  a derivative to which it is a party, and prescribes measurement
     and  recognition  criteria  based  on  the  intent and effectiveness of the
     designation.

     SFAS  No.  133  requires  companies  to  recognize  all  of  its derivative
     instruments  as  either  assets or liabilities in the balance sheet at fair
     value.  The accounting for changes in the fair value (i.e. gains or losses)
     of  a  derivative  instrument depends on whether it has been designated and
     qualifies  as  part  of  a hedging relationship and further, on the type of
     hedging  relationship. For those derivative instruments that are designated
     and  qualify  as  hedging instruments, a company must designate the hedging
     instrument,  based  upon  the exposure being hedged, as either a fair value
     hedge,  cash  flow  hedge  or  a  hedge  of  a  net investment in a foreign
     operation.

     For  derivative  instruments that are designated and qualify as a cash flow
     hedge  (i.e.  hedging  the exposures to variability in expected future cash
     flows  that is attributable to a particular risk), the effective portion of
     the gain or loss on the derivative instrument is reported as a component of
     other  comprehensive  income  and  reclassified  into  earnings in the same
     period or periods during which the hedged transaction affects earnings. The
     remaining  gain  or  loss  on  the  derivative  instrument in excess of the
     cumulative  change  in the present value of future cash flows of the hedged
     item,  if  any,  is  recognized  in  current  earnings during the period of
     change.  The Company currently does not have fair value hedges or hedges of
     a  net  investment  in  a foreign operation. For derivative instruments not
     designated  as  hedging  instruments,  the  gain  or  loss is recognized in
     current  earnings  during  the  period  of  change.

     The  cumulative  effect of adopting SFAS No. 133 and No. 138 related to the
     Company's  interest  rate  swap  agreements (see Note 5 to the consolidated
     financial statements) was to decrease shareholders' equity as of January 1,
     2001 by $175, net of related federal and state income tax benefits of $104.
     As  of  December  31,  2001,  the  interest  rate swap agreements decreased
     shareholder's  equity by $554, net of federal and state income tax benefits
     of  $329.

     Advertising  Costs  -  Costs  incurred  for  producing  and  communicating
     advertising  are  expensed  when incurred. Advertising expense was $319 and
     $232  for  the  years  ended  December  31,  2001  and  2000, respectively.

     Reclassifications  -  Certain  reclassifications have been made to the 2000
     financial  information  in  order  to  conform  to  the  2001 presentation.

     Other  -  The  Company  has  reviewed  all  recently  issued  accounting
     pronouncements  and does not believe that any such pronouncements will have
     a  material  impact  on  its  financial  statements.


                                      F12
<PAGE>

CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

3.     RECEIVABLES  FROM  OFFICERS/DIRECTORS
     At  December  31,  2001,  the  Company  had  unsecured, noninterest bearing
     receivables  from  Erwin  Haitzmann,  chief  executive  officer,  and Peter
     Hoetzinger,  president,  of  $30  each, both of which have been paid in the
     first  quarter  of  2002  and  are  classified  as  current  assets.

4.     PROPERTY  AND  EQUIPMENT
     Property  and  equipment  at  December  31, 2001, consist of the following:
<TABLE>
<CAPTION>
<S>                                         <C>             <C>
                                                             Estimated
                                                            Service Life
                                                             in Years

Land                                        $      11,011
Buildings and improvements                         15,447      7 - 31
Gaming equipment                                    8,276      3 - 7
Furniture and office equipment                      2,614      5 - 7
Other equipment                                     1,368      3 - 7
Capital projects in process                           425
                                            --------------
                                                   39,141
Less accumulated depreciation                     (10,667)
                                            --------------
                                                   28,474
Nonoperating casino and land held for sale            864
                                            --------------
Property and equipment, net                 $      29,338
                                            ==============
</TABLE>

     The  non-operating  casino  and land is located in Nevada and is carried at
     estimated  net  realizable  value.

     During  the  years  2000  and  2001,  CCAL  entered  into a series of lease
     agreements  for  the  purchase  of capital equipment. The average effective
     interest  rate is 13.5% on the lease obligations which are repayable over a
     term  of  60  months.

     Assets  under  lease  included in property and equipment as of December 31,
     2001  are  as  follows:
<TABLE>
<CAPTION>
<S>                             <C>                   <C>
                                     Original       Accumulated
                                    Book Value     Depreciation

Gaming equipment                  $    325             $     90
Furniture and office equipment         157                   11
Other equipment                         48                   32
                                  --------             --------
Total                             $    530             $    133
                                  ========             ========
</TABLE>

     Depreciation  expense  for  the  years ended December 31, 2001 and 2000 was
     $3,147  and  $2,411,  respectively.

                                      F13
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

5.     LONG-TERM  DEBT
     Long-term  debt  at  December  31,  2001,  consists  of  the  following:
<TABLE>
<CAPTION>

<S>                                                                       <C>
Borrowings under revolving line of credit facility with Wells Fargo Bank    $  11,801
Borrowings under loan agreement with PSG Bank Limited                           3,924
Note payable to minority shareholder                                              914
Capital leases for various equipment                                              331
Note payable to founding shareholder, unsecured                                   380
Note payable to director, unsecured                                               163
Other unsecured note payables                                                      32
                                                                            ----------
Total long-term debt                                                           17,545
Less current portion                                                           (1,554)
                                                                            ----------
Long-term portion                                                             $15,991
                                                                            ==========
</TABLE>

     On  April  26,  2000, the Company and Wells Fargo Bank (the "Bank") entered
     into  an  Amended  and  Restated  Credit  Agreement (the "Agreement") which
     increased  the Company's aggregate borrowing commitment from the Bank under
     a Revolving Line of Credit Facility ("RCF") to $26 million and extended the
     maturity  date  to  April 2004. The Agreement was further amended on August
     22,  2001  to  give  greater flexibility to the ability to use the borrowed
     funds  for  projects for the Company. The aggregate commitment available to
     the  Company  will  be  reduced  quarterly  by  $722 beginning October 2000
     through  the  maturity date. Interest on the Agreement is variable based on
     the interest rate option selected by the Company, plus an applicable margin
     based  on  the  Company's  leverage  ratio.  The  Agreement also requires a
     nonusage fee based on the Company's leverage ratio on the unused portion of
     the  commitment. The principal balance outstanding under the loan agreement
     as  of December 31, 2001 was $11,801. The amount available under the RCF as
     of  December  31,  2001  was $10,588, net of amounts outstanding as of that
     date.  The  loan  agreement  includes  certain  restrictive  covenants  on
     financial  ratios  of  WMCK.  The  most  significant covenants include i) a
     maximum  leverage ratio no greater than 2.5 to 1.00, ii) a minimum interest
     coverage  ratio  no  less  than  1.50  to  1.00,  and iii) a TFCC ratio ( a
     derivative  of EBITDA, as defined in the agreement) of no less than 1.10 to
     1.00.  The  loan  is  collateralized  by  a  deed  of  trust and a security
     agreement  with  assignments  of  lease,  rents and furniture, fixtures and
     equipment  of  all  Colorado  property. Interest rates at December 31, 2001
     were  4.75%  for  $501 outstanding under prime based provisions of the loan
     agreement and 6.87% for $11,300 outstanding under LIBOR based provisions of
     the  loan  agreement.
                                      F14
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

     In  1998, the Company entered into a five-year interest rate swap agreement
     on  $7.5 million notional amount of debt under the RCF, whereby the Company
     pays  a LIBOR-based fixed rate of 5.55% and receives a LIBOR-based floating
     rate  reset quarterly based on a three-month rate. In May 2000, the Company
     entered  into  a  second  five-year  interest  rate  swap agreement on $4.0
     million  notional  amount of debt under the RCF, whereby the Company pays a
     LIBOR-based  fixed  rate  of 7.95% and receives a LIBOR-based floating rate
     reset  quarterly  based  on  a  three-month  rate.  Generally,  the  swap
     arrangement  is  advantageous  to  the  Company to the extent that interest
     rates  increase  in  the future and disadvantageous to the extent that they
     decrease.  The  net  amount  paid or received by the Company on a quarterly
     basis  results  in  an  increase  or decrease to interest expense. The fair
     value  of  the derivatives as of December 31, 2001 of $883 is reported as a
     liability  in  the  consolidated balance sheet. The Company's objective for
     entering  into  the  interest  rate swap agreements, derivative instruments
     designated  as  cash  flow  hedging  instruments,  was  to  eliminate  the
     variability  of cash flows in the interest payments for $11,500 of the RCF.
     The Company has determined that the cash flow hedges were highly effective.
     Accordingly no net gain or loss has been recognized in earnings during 2001
     and  none  of  the  derivative instruments' loss has been excluded from the
     assessment  of  the  hedge effectiveness. The net loss on the interest rate
     swaps'  of  $379,  net  of  income tax benefit of $225 has been reported in
     comprehensive  loss  on  the statement of shareholders' equity for 2001. If
     the  interest  rate  swaps'  critical terms (notional amount, interest rate
     reset  dates,  maturity/expiration  date  or  underlying  index)  change
     significantly, such event would result in reclassifying the losses that are
     reported  in  accumulated  other  comprehensive  income (loss). The Company
     estimates  that  no such reclassification will occur in 2002. There were no
     discontinuances  of  cash  flow  hedges because of the probability that the
     forecasted  transactions  will  not occur. Accordingly, no gain or loss has
     been  reclassed  to  earnings for such discontinuance of a cash flow hedge.
     Net  additional  (reduction  in)  interest expense to the Company under the
     swap  agreement  was  $231  in  2001  and  ($64)  in  2000.

     In  April 2000, CCAL entered into a loan agreement with PSG Investment Bank
     Limited  ("PSGIB"),  which  provides  for a principal loan of approximately
     $3,919  at the exchange rate as of December 31, 2001 to fund development of
     the  Caledon  project.  The  outstanding  balance  and  interest rate as of
     December  31, 2001 was $3,565 and 17.05%, respectively. The shareholders of
     CCAL have pledged all of the common shares held by them in CCAL to PSGIB as
     collateral.  The  loan is also collateralized by a first mortgage bond over
     land and buildings and a general notorial bond over all equipment. In April
     2001,  CCAL  entered  into an addendum to the loan agreement in which PSGIB
     provided  CCAL  with a standby facility in the amount of approximately $375
     at  the  exchange rate as of December 31, 2001. The outstanding balance and
     interest  rate  as  of  December 31, 2001 was $359 and 15.1%, respectively.
     Under  the  original  terms  of the agreement CCAL made its first principal
     payment  in  December  2001,  based  on  a repayment schedule that required
     semi-annual  installments  continuing over a five-year period. On March 26,
     2002  CCAL  and  PSGIB  entered  into an amended agreement that changed the
     repayment schedule to require quarterly installments beginning on March 31,
     2002  and  continuing  over  the  remaining  term of the original five-year
     agreement.  The  amendment  also  changed  the requirements for the sinking
     fund.  The  original  agreement required CCAL to have on deposit a "sinking
     fund"  in  the  amount equal to the next semi-annual principal and interest
     payment.  The  amended  agreement  changes  the  periodic  payments  from
     semi-annual to quarterly and requires a minimum deposit in the sinking fund
     equal  to  four million Rand (approximately $334 at the exchange rate as of
     December  31, 2001). In addition, one third of the next quarterly principal
     and  interest  payment must be deposited on the last day of each month into
     the  fund  and  used for the next quarterly installment. As of December 31,
     2001,  the  Company  was  not  in compliance with the original sinking fund
     requirement,  of approximately $650, however the amended agreement provides
     a  waiver  of  the  non-compliance.

                                      F15
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

     The  loan  agreement  includes  certain  restrictive  covenants  for  CCAL,
     including  the maintenance of the following ratios; i) debt/equity ratio of
     45:55  after  the first twelve months of operations and a 40:60 debt/equity
     ratio  after  two  years  of  operations, ii) interest coverage ratio of at
     least  2.0  after  the first twelve months of operations, iii) debt service
     coverage  ratio  of  at  least  1.34 for the principal loan and 1.7 for the
     standby  facility after the first twelve months of operations, and iv) loan
     life  coverage ratio of 1.5 for the principal loan and a loan life coverage
     ratio  of  2.5  for  the  standby  facility.

     In  April  2000,  CCA,  CCAL,  CCI and Caledon Overberg Investments
     (Proprietary)  Limited  ("COIL"), the minority shareholder in CCAL, entered
     into  a  note agreement as part of the purchase of CCAL. Under the terms of
     the  agreement,  CCAL,  in  exchange  for the contribution of certain fixed
     assets,  entered  into  a  loan  agreement  with  COIL  in  the  amount  of
     approximately $2,300, as valued at the the time of the agreement. Under the
     terms  of the original agreement, the loan bears interest at the rate of 2%
     over  the  prime/base  rate  established  by  PSGIB,  and  is due on demand
     subsequent  to the repayment in full of the loan between CCAL and PSGIB. In
     November  2000,  as  part  of the CCA's additional equity investment in
     CCAL,  CCA  acquired a portion of COIL's note receivable from CCAL
     valued  at  approximately  $600,  as  valued  at  the  time of the original
     agreement. The current dollar value of the outstanding note agreement based
     on  the  exchange  rate  on  December  31,  2001  is  approximately  $914.

     In  September  2001,  CCA,  CCAL, CCI  and  COIL  amended the loan
     agreement  to reduce the rate of interest charged on the loan to 0% (zero),
     effective  with  the  original  date  of the agreement. $107, net of $46 of
     income  tax  benefit,  of accrued interest dating from the original date of
     the  agreement  was written off by CCAL as a reduction in interest expense.
     The  loan from CCA and COIL are proportionate to each shareholder's
     percentage  of  ownership. The additional net income reported by CCAL, as a
     result  of reducing the interest charged, is shared proportionately by each
     shareholder,  therefore,  there is no change in the consolidated net income
     of  the  South  African  segment  nor  the  consolidated  net income of the
     Company. Each shareholder has the option to re-instate the interest rate to
     be  charged  from  January  1,  2002  forward.

     The  unsecured note payable to a founding shareholder bears interest at 6%,
     payable  quarterly. The noteholder, at his option, may elect to receive any
     or  all of the unpaid principal by notifying  CCI on or before April
     1  of  any  year.  Payment  of  the  principal amount so specified would be
     required  by  the Company on or before January 1 of the following year. The
     entire outstanding principal is otherwise due and payable on April 1, 2004.
     Accordingly,  the  note  is  classified  as  noncurrent in the accompanying
     consolidated  balance  sheet  as  of  December  31,  2001.

     The  consolidated weighted average interest rate on all borrowings was 9.0%
     for  the  year  ended  December  31,  2001.

                                      F16
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

     As  of December 31, 2001, scheduled maturities of all long-term debt are as
follows:
<TABLE>
<CAPTION>


<S>                                 <C>                 <C>          <C>
                                    Future minimum                             Total
                                    lease payment                          long-term
                                    of capital leases   Other debt    .         debt
                                    ------------------  -----------      -----------
2002 -                                      $      108  $     1,486      $     1,594
2003 -                                             108          872              980
2004 -                                             108       12,673           12,781
2005 -                                              93          872              965
2006 -                                              10          436              446
Thereafter                                           -          875              875
                                            ----------  -----------      -----------
                                                   427       17,214           17,641
Less amounts representing interest                  96            -               96
                                            ----------  -----------      -----------
Total                                       $      331  $    17,214      $    17,545
                                            ==========  ===========      ===========
</TABLE>

6.     SHAREHOLDERS'  EQUITY
     The Company's Board of  Directors has approved  a  discretionary program to
     repurchase  up  to  $5  million  of the Company's outstanding common stock.
     Through  December 31, 2001, the Company had repurchased 2,189,800 shares of
     its  common stock at an average cost per share of $1.36, of which 1,385,000
     shares,  with an average cost of $1.06 per share, were retired in 2000. 308
     shares  were  awarded in a drawing amongst investors and 47,500 shares were
     re-issued  to  satisfy  options  exercised  under  the  Employees'  Equity
     Incentive Plan, leaving 756,992 shares remaining in treasury as of December
     31,  2001,  at  an  average  cost  per  share  of  $1.88.

     The Board of Directors  of  the  Company has adopted  the Employees' Equity
     Incentive  Plan (the "Plan"). The Plan as subsequently amended provides for
     the  grant of awards to eligible employees in the form of stock, restricted
     stock,  stock  options,  stock  appreciation  rights, performance shares or
     performance  units,  all  as defined in the Plan. The Plan provides for the
     issuance  of  up  to 4,500,000 shares of common stock to eligible employees
     through  the  various forms of awards permitted. Through December 31, 2001,
     only  incentive  stock option awards, for which the option price may not be
     less  than  fair  market  value  at  the  date  of grant, or non-statutory
     options,  which may be granted at any option price, have been granted under
     the Plan. All options must have an exercise period not to exceed ten years.
     Options  granted  to  date  have  one-year,  two-year  or four-year vesting
     periods.  The  Company's  Incentive  Plan  Committee  has  the  power  and
     discretion  to  prescribe  the terms and conditions for the exercise of, or
     modification of, any outstanding awards in the event of merger, acquisition
     or any other form of acquisition other than a reorganization of the Company
     under United States Bankruptcy Code or liquidation of the Company. The Plan
     also  allows  limited transferability of any non-statutory stock options to
     legal  entities  that  are  100%  -  owned  or  controlled by the optionee.

     As  of  December  31,  2001  there  were  an  additional  100,000  options
     outstanding  to  directors  of  the  Company. These options have a weighted
     average  exercise  price  of  $1.09

                                      F17
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

     Transactions  regarding  the  Plan  are  as  follows:
<TABLE>
<CAPTION>

<S>                                 <C>          <C>      <C>         <C>
                                    2001                        2000
                             -------------------         --------------------
                                        Weighted-                   Weighted-
                                         Average                      Average
                                        Exercise                     Exercise
                             Shares        Price         Shares        Price
                             -------------------         --------------------
Employee Stock Options:

Outstanding at January 1    2,812,300   $  1.29          2,906,500    $  1.29
Granted                        20,000      1.93                  -          -
Exercised                     (47,500)     1.42             (8,891)       .82
Cancelled or forfeited              -         -            (85,309)      1.44
                            ---------                    ----------
Outstanding at December 31  2,784,800      1.30          2,812,300       1.29
                            =========                    ==========
Options exercisable         2,764,800   $  1.29          2,812,300    $  1.29
 at December 31             =========                    ==========

</TABLE>


     Summarized  information  regarding  all  employee  options  outstanding  at
     December  31,  2001,  is  as  follows:
<TABLE>
<CAPTION>

<S>         <C>          <C>            <C>
                           Weighted-
               Number       Average         Number
Exercise    Outstanding    Remaining     Exercisable
  Price     At Year End  Term in Years    At Year End
----------  -----------  -------------    -----------

$0.75          774,000            6.8        774,000
$1.50        1,985,800            3.7      1,985,800
$1.75           10,000            9.3              -
$2.10           10,000            9.6              -
$2.25            5,000            3.5          5,000
             ---------                     ---------
             2,784,800            4.6      2,764,800
             =========                     =========
</TABLE>


                                      F18
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)



     The  Company applies Accounting Principles Board Opinion No. 25 and related
     interpretations  in  accounting  for  options  granted  under  the  Plan.
     Accordingly,  no  compensation cost has been recognized in the accompanying
     financial  statements.  Had  compensation cost for the Plan been determined
     based  on  the  fair  value  at  the grant dates for awards under the Plan,
     consistent  with  the method recommended, but not required, by SFAS No.123,
     the  Company's net earnings and earnings per share would have been adjusted
     to  the  pro  forma  amounts  indicated  below:
<TABLE>
<CAPTION>

<S>                  <C>           <C>     <C>
                                          2001           2000
                                          ----           ----

Net earnings          As reported       $  2,455      $  3,253
                      Pro forma         $  2,447      $  3,233

Earnings per share,
Basic                 As reported       $   0.18      $   0.23
                      Pro forma         $   0.18      $   0.23

Diluted               As reported       $   0.16      $   0.22
                      Pro forma         $   0.16      $   0.22

</TABLE>



     The  fair value of options granted under the Plan was estimated on the date
     of  grant  using  the Black-Scholes option pricing model with the following
     assumptions:
                                                           2001
                                                           ----
Weighted-average risk-free interest rate                  5.08%
Weighted-average expected life                          10 yrs.
Weighted-average expected volatility                      43.6%
Weighted-average expected dividends                          $0




     The  weighted-average  fair value of options granted during 2001 was $1.93.
     No  options were  granted  to  employees  under  the Plan in the year 2000.

     Subsidiary  Preference  Shares:

     During  the  year  ended  December  31,  2000,  the Company's South African
     subsidiary  acquired  a 65% equity interest in CCAL (note 1). In connection
     with  the granting of a gaming license to CCAL by the Western Cape Gambling
     and  Racing  Board  in  April  2000,  CCAL issued a total of 200 preference
     shares, 100 shares each to two minority shareholders. The preference shares
     are  not  cumulative,  nor are they redeemable. The preference shareholders
     are  entitled  to  receive annual dividends of 20% of the after-tax profits
     directly  attributable  to  the  CCAL  casino  business  subject to working
     capital  and capital expenditure requirements and CCAL loan obligations and
     liabilities  as determined by the directors of CCAL. Should the CCAL casino
     business  be  sold  or otherwise dissolved, the preference shareholders are
     entitled  to  20%  of  any surplus directly attributable to the CCAL casino
     business,  net of all liabilities attributable to the CCAL casino business.
     No  preference dividends were paid or are payable in the year 2000 or 2001.

                                      F19
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

7.     SEGMENT  INFORMATION
     The Company has adopted FASB Statement No. 131 " Disclosures about Segments
     of an  Enterprise and Related Information".  The Company is managed in four
     segments: Cripple Creek Colorado, South Africa, Cruise Ships, and Corporate
     operations. Corporate operations include the revenue and expense of certain
     corporate  gaming  projects  for  which  the  Company has secured long-term
     management  contracts.  Earnings  before  interest, taxes, depreciation and
     amortization (EBITDA) is not considered a measure of performance recognized
     as  an  accounting  principle  generally  accepted  in the United States of
     America.  Management  believes  that  EBITDA  is  a valuable measure of the
     relative performance amongst its operating segments. Segment information as
     of  and  for the years ended December 31, 2001 and 2000 is presented below.

<TABLE>
<CAPTION>



<S>                                                         <C>                <C>            <C>             <C>      <C>
Dollar amounts in thousands          Cripple Creek CO           South Africa            Cruise Ships
                                    2001         2000        2001         2000         2001         2000

Property and equipment,
 net of accumulated depreciation  $19,444       $19,275    $ 7,911      $11,759        $236         $213
Total assets                      $30,393       $36,386    $12,278      $20,310        $435         $438
Net operating revenue             $21,022       $21,612    $ 7,408      $ 4,155        $891         $189
Depreciation & amortization       $ 2,997       $ 3,241    $ 1,294      $   290        $ 47         $  6
Interest  income                  $    20       $     2    $    61      $   112           -            -
Interest expense,
 including debt issuance cost     $ 1,433       $ 1,510    $   883      $   367        $  -         $  -
Earnings (loss) before income
 taxes and minority interest      $ 5,865       $ 4,916   ($   470)     $   666        $219         $ 12
Income tax expense(benefit)       $ 2,697       $ 2,262   ($   157)     $   193        $ 82            -
Net earnings (loss)               $ 3,167       $ 2,654   ($   280)     $   416        $137         $ 12
EBITDA                            $10,274       $ 9,665    $ 1,679      $ 1,154        $266         $ 18

</TABLE>

<TABLE>
<CAPTION>



<S>                                                         <C>                <C>            <C>             <C>      <C>
Dollar amounts in thousands         Corporate & Other     Intersegment Elimination       Consolidated
                                    2001         2000        2001         2000           2001         2000

Property and equipment,
 net of accumulated depreciation  $ 1,747       $ 2,021    $     -      $     -        $29,338      $33,268
Total assets                      $ 5,184       $ 2,176   ($ 3,471)    ($3,188)        $44,819      $56,122
Net operating revenue             $   255       $   276    $     -      $    -         $29,576      $26,232
Depreciation & amortization       $   226       $   216    $     -      $    -         $ 4,564      $ 3,753
Interest  income                  $   350       $   372   ($   341)    ($  341)        $    90      $   145
Interest expense,
 including debt issuance cost     $    43       $    81   ($   341)    ($  341)        $ 2,018      $ 1,617
Earnings (loss) before income
 taxes and minority interest     ($ 1,397)      $   259    $     -      $    -         $ 4,217      $ 5,853
Income tax expense(benefit)      ($   828)       $   87    $     -      $    -         $ 1,794      $ 2,542
Net earnings (loss)              ($   569)       $  171    $     -      $    -         $ 2,455      $ 3,253
EBITDA                           ($ 1,478)       $  183    $     -      $    -         $10,741      $11,020

</TABLE>
                                      F20
<PAGE>

CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

8.     COMMITMENTS,  CONTINGENCIES  AND  OTHER  MATTERS

     Cripple Creek, Colorado - In the fourth quarter 2001, Womacks began a 6,022
     square  foot  expansion.  Approximately  half  of  the  space  will provide
     additional  gaming  for approximately 60 slot machines on the street level.
     The  other  half  will increase the "back of house" area. Contracts for the
     project totaling $1.5 million have been secured in the fourth quarter 2001.
     The  total  construction  cost,  including  additional  slot  machines,  is
     expected  to  be  $2.5 million, of which $0.4 million has been spent in the
     fourth  quarter 2001. The project is expected to be completed by the end of
     2002.

     Prague, Czech Republic - As discussed in Note 1, the Company entered into a
     memorandum  of  agreement  to  either  acquire  a 50% ownership interest in
     Casino  Millennium  a.s.,  a  Czech company, or to form a new joint venture
     with  B.H.  Centrum  a.s.,  a  subsidiary of Strabag AG, for each entity to
     acquire  50% of the net assets of Casino Millennium. Subject to approval by
     the  Ministry  of  Finance  of  the Czech Republic, the Company anticipates
     closing  the  transaction in 2002 at an expected cost of approximately $200
     in  cash  plus  the contribution of the casino equipment currently owned by
     the Company. As of December 31, 2001, the Company's net fixed assets leased
     under  operating  leases  to  Casino  Millennium  approximated  $822.

     South Africa - Caledon  -  In  December  1999, the  Company  entered into a
     ten-year  casino  management  agreement  for  the  operation  of the casino
     property  in  Cape  Town, South  Africa, which provides for a percentage of
     gross  revenues  and  other  earnings  as  defined  in  the  agreement. The
     Company's  joint  venturer  in  the  property  has a ten-year agreement for
     management of the hotel and spa operations of the resort. The agreement may
     be  extended  at  the  Company's  option for multiple ten-year periods. The
     Company  will  receive a management fee consisting of the following: (i) an
     amount  equal  to  3% (increasing to 4% and 5% in the second fiscal year of
     operations,  variable  based  on levels of annual gross revenues) of annual
     gross  revenues,  as  defined,  and  (ii)  an  amount  equal to 7.5% of the
     casino's  annual  earnings  before  interest,  income  taxes, depreciation,
     amortization and certain other costs. In December 1999, CCAL entered into a
     ten-year  management  agreement  with Fortes King Hospitality (Pty) Limited
     ("FKH"),  an  affiliate  of  the  Company's partner, which agreement may be
     extended  at  FKH's option. FKH will receive a management fee consisting of
     the  following:  (i)  an  amount  equal  to  6.5% of the annual hotel gross
     income,  as  defined,  and  (ii)  an amount equal to 10% (increasing to 15%
     after twelve months of operations) of net operating profit, as defined. The
     casino  opened on October 11, 2000 and currently operates 250 slot machines
     and 8 gaming tables. In addition to the casino license, hotel and spa, CCAL
     owns  approximately  600  acres  of  land, which is expected to be used for
     future  expansion  of  the  project.  In  September 2001, CCA, CCAL and FKH
     entered  into  a  Memorandum  of Agreement such that any and all management
     fees  shall  be deemed to equal zero from the inception of those agreements
     and  shall  remain  so  until no earlier than January 1, 2002. $552, net of
     $236  of  income tax benefit, of accrued management fee expense was written
     off  by  CCAL  as a reduction in casino costs. By agreement, the management
     fees  that  would  have  been payable to CCA and FKH are given preferential
     treatment in the event of the sale or liquidation of CCA. Consequently, the
     minority  interest  liability in the consolidated balance sheet at December
     31,  2001  and the minority interest in subsidiary (earnings) losses in the
     consolidated  statement  of  earnings  for the year ended December 31, 2001
     include $120, net of $51 of income tax benefit, representing the management
     fees that would have been payable to FKH. As a result, the consolidated net
     income for the South African segment or the consolidated net income for the
     Company  was  not  affected  by  this agreement. Beginning January 1, 2002,
     either  CCA  or  FKH  have  the  option  to declare the fees calculable and
     payable.

     Initial start up costs of the casino, resort hotel and spa have resulted in
     a pre-tax charge of $652 against the income for the year ended December 31,
     2000.

                                      F21
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

     South Africa-Gauteng - Legislation enacted in 1996 in South Africa provides
     for  the  award  of  up  to  40  casino licenses throughout the country. In
     addition to its Caledon operations, the Company has entered into agreements
     with  various  local  consortia  to  provide consulting services during the
     application  phase,  as  well  as  casino  management  services  should the
     Company's  partners  be  awarded  one  or  more  licenses.

     Six  casino  licenses  were allocated to the province of (Gauteng primarily
     for  the  Greater  Johannesburg  area)  by  which  five  casinos  have been
     operating  since  1998.  With  respect  to  the  sixth  and  final license,
     Silverstar  Development  Ltd. ("Silverstar"), a consortium owned by trusts,
     corporations and individuals from the province, chose the Company as equity
     and  management  partner  for  its proposed casino, hotel and entertainment
     resort  in the West Rand Province(western portion of greater Johannesburg).
     Since  joining  forces  more  than  five  years ago, the Company has helped
     Silverstar  work  through  a  series of legal issues regarding the award of
     this  gaming  license - culminating in March 2000 with the entering into of
     an  agreement  with  the  sole  competing license applicant. This agreement
     settled  all  past claims and brought both parties and the Company together
     in  an  effort  to jointly secure the sixth and final gaming license in the
     province.

     In  September  2001,  the  Company,  through  CCA,  entered  into a further
     agreement  (and as subsequently amended) to secure a 50% ownership interest
     in  Rhino Resort Limited ("RRL"- a consortium which includes Silverstar) in
     exchange  for  an  equity  and loan contribution of 50 million Rand or $4.2
     million  at  the  exchange  rate  as  of  December  31, 2001 subject to RRL
     securing  in  full  the  remaining financing and the approvals necessary to
     allow  the  development  to  proceed.

     In November, 2001, The Gauteng Gambling Board ("GGB"), with the concurrence
     of  the  Executive  Council  of  the provincial government, awarded RRL the
     sixth, and final, casino license for 700 slot machines and 30 gaming tables
     conditional  upon  the  satisfaction  of  certain requirements within three
     months  of award. In February 2002, RRL filed documentation with the GGB in
     order  to  satisfy  those  conditions, including evidence of the continuing
     commitment  of  Nedcor  Investment  Bank  (one  of  South  Africa's leading
     financial institutions) to provide the necessary debt financing and project
     guarantees  required  under the license. On February 11, 2002, RRL received
     notification  of  the filing in the High Court of South Africa by Tsogo Sun
     Holdings ("Tsogo") of an action seeking to overturn the decision of the GGB
     to  award  a casino license to RRL. Tsogo owns and operates one of the five
     existing  casinos  in Gauteng which is situated approximately 15 miles from
     RRL's  development  site.  RRL  is  pursuing  all  its  rights under law in
     defending  this  action  by  Tsogo.  The  GGB, the Executive Council of the
     provincial  government, as well as RRL have given notice of their intention
     to  defend.

     The  Company  anticipates  that  Tsogo's  action,  which  could  lead to an
     overturn  of the decision of the GGB to award a casino license to RRL, will
     result in a delay to the construction of the first phase of the development
     but  cannot,  at  this  time,  assess  the  likely  extent  of  such delay.

     In addition to the equity ownership in RRL, the Company through a 55% owned
     subsidiary,  Century  Casinos  West  Rand (Pty) Ltd. ("CCWR"), will receive
     management  fees  as  the manager of the Casino, Hotel & Resort. Management
     fees  will  be  based  on  a  percentage  of  gross  revenues  as well as a
     percentage  of  EBITDA  (defined  as  earnings  before  interest,  taxes,
     depreciation,  amortization  and  other  specifically  defined  costs).

                                      F22
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

     Riverboat Development Agreement - Indiana  - In September 1998, the Indiana
     Gaming  Commission  awarded a Certificate of Suitability to Pinnacle Gaming
     Development  Corporation  ("Pinnacle")  to  conduct  riverboat  gaming  in
     Switzerland  County.  In  accordance  with  the  terms  of  the sale of the
     Company's  interest  in  Pinnacle in 1995, the Company received payments of
     $1,380  in  2000  and  $1,040  in 1999. The Company was entitled to receive
     installment  payments  of  $32  per  month  for  the first 60 months of the
     riverboat's  operation; however, subsequent to 1999, the Company elected to
     receive an aggregate discounted payment amount of $1,380, which is included
     in  other  (expense),  net  in  the  2000  statement  of  earnings.

     Employee  Benefit  Plan  -  In  March  1998, the Company adopted the 401(k)
     Savings  and  Retirement  Plan  (the  "Plan").  The  Plan  allows  eligible
     employees  to  make  tax-deferred  contributions  that  are  matched by the
     Company up to a specified level. The Company contributed $22 and $26 to the
     Plan  in  2001  and  2000,  respectively.

     Operating  Lease Commitments and Purchase Options - The Company has entered
     into  certain  noncancelable  operating  leases  for  real  property  and
     equipment.  As  of  December  31, 2001, future minimum lease payments under
     existing  lease  agreements  are  $330 in 2002, $287 in 2003, $282 in 2004,
     $170  in 2005, $90 in 2006 and a total of $308 remaining thereafter. Rental
     expense  was  $357  in  2001  and  $505  in  2000.

     In  June  1998,  the  Company began leasing parking spaces from the City of
     Cripple  Creek  under  a  five-year  agreement  which requires annual lease
     payments  of  $90.  The  Company may purchase the property for $3,250, less
     cumulative  lease  payments  ($325  through December 31, 2001), at any time
     during  the  lease  term.  In  February  2000, the agreement was amended to
     extend  the  term  to  2010.

     In  March  1999, the Company entered into a purchase option agreement for a
     property  in  Cripple  Creek, Colorado, situated across the street from its
     Womacks/Legends  Casino  on  Bennett  Avenue.  The agreement, as amended on
     February  7,  2000, expires March 31, 2004 and provides for option payments
     as  follows: 2000 - $37; 2001 - $49; 2002 - $24; 2003 - $24; and 2004 - $6.
     The  Company  may  exercise its option to purchase the property at any time
     during  that  period  for a price of $1,500, less 50% of cumulative monthly
     option  payments.

     The  Company  holds  a  subleasehold  interest  in  the  real  property and
     improvements  located at 220 East Bennett Avenue. The sublease, as assigned
     to WMCK-Acquisition Corp., provides for monthly rental payments of $16, and
     expires  on  June 20, 2005 unless terminated by the Company with 12  months
     advance  notice.  The  Company has an option to acquire the property at the
     expiration  of  the  sublease  at  an  exercise  price  of  $1,500.

     Stock  Redemption  Requirement  -  Colorado  gaming regulations require the
     disqualification  of  any shareholder who may be determined by the Colorado
     Division  of  Gaming  to  be  unsuitable  as an owner of a Colorado casino.
     Unless  a  sale  of  such  common  stock  to  an  acceptable party could be
     arranged,  the Company would repurchase the common stock of any shareholder
     found  to be unsuitable under the regulations. The Company could effect the
     repurchase with cash, Redemption Securities, as such term is defined in the
     Company's  Certificate  of Incorporation and having terms and conditions as
     shall  be  approved  by  the  Board of Directors, or a combination thereof.

     Subsequent  Event - Subsequent to December 31, 2001, the Company has made a
     conditional  offer  to  purchase  certain  real  estate  in  Cripple Creek,
     Colorado  from  a  non-affiliated  entity. This offer has been accepted but
     certain  conditions have not yet been fulfilled by the seller. In the event
     that  all  conditions  are  met  and the transaction is completed, the cash
     required  will  be  in  excess  of  $1.0  million.

                                      F23
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

9.          INCOME  TAXES
The provision for income tax expense (benefit) consists of the following:
<TABLE>
<CAPTION>



                                        2001            2000
                                        ----            ----
<S>        <C>      <C>
Current:

Federal                              $  1,856       $  2,261
State                                     234            341
Foreign                                   (89)           386
                                     ---------      ---------
                                        2,001          2,988

Deferred:
Federal                                  (131)          (219)
State                                      (8)           (34)
Foreign                                   (68)          (193)
                                     ---------      ---------
                                         (207)          (446)
                                     ---------      ---------
                                     $  1,794       $  2,542
                                     =========      =========
</TABLE>

          The  provision  for  income  taxes differs from the expected amount of
          income  tax calculated by applying the statutory rate to pretax income
          as  follows:
<TABLE>
<CAPTION>

                                                              2001          2000
                                                              ----          ----
<S>                                                     <C>      <C>

Expected income tax provision at statutory rate of 34%      $  1,434      $  1,990

Increase (decrease) due to:
Non-deductible goodwill amortization                             252           252
Effect of foreign operations taxed at different rates            (19)          (18)
State income taxes, net of federal benefit                       163           201
Other, net                                                       (36)          117
                                                            ---------     ---------
Provision for income taxes                                  $  1,794      $  2,542
                                                            =========     =========
</TABLE>


          Deferred  income  taxes  reflect  the  net  tax  effects  of temporary
          differences between the carrying amounts of assets and liabilities for
          financial  reporting  purposes  and  the  amounts  used for income tax
          purposes.  Deferred  tax  assets and liabilities at December 31, 2001,
          consist  of  the  following:

Deferred  tax  assets:
  Property and equipment - noncurrent                                  $   1,176
  Accrued liabilities and other - current                                  1,082
                                                                       ---------
                                                                           2,258
Deferred  tax  liabilities:
  Prepaid expenses - current                                               (704)
                                                                       ---------
Net deferred tax assets                                                $   1,554
                                                                       =========

                                      F24
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

          Net  deferred  tax assets of $378 and $1,176 are classified as current
          and  noncurrent,  respectively,  and  included in prepaid expenses and
          other  assets  in  the  accompanying  consolidated balance sheet as of
          December 31, 2001. CCAL, a 65% owned subsidiary of the Company's South
          African  subsidiary,  has  approximately  $1,360 in net operating loss
          carryforwards as of December 31, 2001, which carry no expiration date.

10.          OTHER  EXPENSE,  NET
         Other  (expense),  net,  consists  of  the  following:
                                                       2001          2000
                                                       ----          ----
  Interest income                                    $    90       $   145
  Interest expense                                    (1,936)       (1,529)
  Income from sale of casino project rights                -         1,380
  Foreign currency exchange gains (losses)               (29)           (1)
  Amortization of deferred financing costs               (82)          (88)
  Gain on disposal of equipment                           13            80
  Write-down value of non-operating property             (57)            -
  Other                                                    5            (7)
                                                     --------      --------
                                                     $(1,996)      $   (20)
                                                     ========      ========
                                      F25
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

11.     EARNINGS  PER  SHARE
          Basic  and diluted earnings per share for the years ended December 31,
          2001  and  2000  were  computed  as  follows:

<TABLE>
<CAPTION>

                                                           2001             2000
                                                           ----             ----
<S>                                                              <C>          <C>

Basic Earnings Per Share:
Net earnings                                           $   2,455         $   3,253
                                                       ==========        ==========
Weighted average common shares                         13,823,468        14,240,990
                                                       ==========        ==========
Basic earnings per share                               $     0.18        $     0.23
                                                       ==========        ==========

Diluted Earnings Per Share:
Net earnings, as reported                              $    2,455        $    3,253
Interest expense, net of income taxes,
 on convertible debenture                                       8                28
                                                       ----------        ----------
Net earnings available to common shareholders          $    2,463        $    3,281
                                                       ==========        ==========

Weighted average common shares                         13,823,468        14,240,990
Effect of dilutive securities:

Convertible debenture                                      67,451           227,489
Stock options and warrants                              1,094,028           567,362
                                                       ----------        ----------
Dilutive potential common shares                       14,984,947        15,035,841
                                                       ==========        ==========
Diluted earnings per share                             $     0.16        $     0.22
                                                       ==========        ==========
Excluded from computation of diluted earnings per share
  due to anti-dilutive effect:
Options and warrants to purchase common shares             15,000           205,000
Weighted average exercise price                        $     2.15        $     2.19
</TABLE>

                                      F26
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar  amounts  in  thousands,  except  for  share  information)

          UNAUDITED  SUMMARIZED  QUARTERLY  DATA
          Summarized  quarterly  financial data for 2001 and 2000 is as follows:
<TABLE>
<CAPTION>

<S>                            <C>           <C>           <C>               <C>
                               1st Quarter   2nd Quarter   3rd Quarter   4th Quarter
                               -----------   -----------   -----------   -----------
Year ended December 31, 2001
Net operating revenue          $    7,309    $    7,393    $    7,901    $    6,973
Earnings from operations       $    1,189    $    1,284    $    2,016    $    1,724
Net earnings                   $      453    $      589    $      687    $      726
Basic earnings per share       $     0.03    $     0.05    $     0.05    $     0.05
Diluted earnings per share     $     0.03    $     0.04    $     0.05    $     0.04

                            1st Quarter(1)   2nd Quarter   3rd Quarter   4th Quarter(2)
                            --------------   -----------   -----------   --------------

Year ended December 31, 2000
Net operating revenue (3)      $    5,164    $    5,514    $    6,454    $    9,100
Earnings from operations       $      603    $    1,052    $    1,554    $    2,664
Net earnings                   $      979    $      396    $      830    $    1,048
Basic earnings per share       $     0.07    $     0.03    $     0.06    $     0.07
Diluted earnings per share     $     0.07    $     0.03    $     0.06    $     0.06
</TABLE>


(1)     During  the  1st  quarter of 2000, the Company received $1,380, from the
        sale  of its riverboat gambling license in Indiana. This was offset by
        charges  of  $302  related  to the write-off of a noncompete agreement
        with  a  former  officer/director  and  bonuses  paid  to  certain
        officers/directors  related  to the final payment received on the sale
        of  the  Company's  riverboat  gambling  license  in  Indiana.

(2)     The  Caledon Casino opened for business on October 11, 2000.  During the
        4th  quarter of 2000, net operating revenue for the casino was $3,536.
        Consolidated  net  earnings,  after  eliminating  all  intercompany
        transactions,  for  CCA,  the  Company's  South African subsidiary, of
        which  the  Caledon  Casino is a part, was $748 for the 4th quarter of
        2000.

(3)     In  2001,  the Company changed its classification of promotional charges
        which  totaled $2,740 and $2,777 for the years ended December 31, 2001
        and  2000, respectively. The following promotional expenses, which are
        now accounted for as a reduction of revenue were previously classified
        as  casino  expenses.

                 1st  Quarter     2nd  Quarter     3rd  Quarter     4th  Quarter
   2000              $670           $698              $736              $673
                                      F27
<PAGE>