EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT is made effective for all purposes and in all respects
as  of  the  12th  day of October, 2001, by and between CENTURY CASINOS, INC., a
Delaware  corporation  (hereinafter  referred  to  as  the  "Employer"  or  the
"Company"),  and  PETER  HOETZINGER (hereinafter referred to as the "Employee").

                                WITNESSETH THAT:

     WHEREAS,  Employee  is presently employed, and has since 1993 been employed
by  the  Company;  and

     WHEREAS,  the  Employee's  performance  of  his duties as Vice Chairman and
President of the Company has been and continues to be critical to the success of
the  Company;  and

     WHEREAS,  both  the  Company and the Employee desire to set forth the terms
and conditions of their agreements and understandings (as agreed verbally and as
consummated  and  acted on immediately before entering into this Agreement), and
for  their mutual benefit to extend the term of Employee's employment hereunder;

     NOW,  THEREFORE,  in consideration of the foregoing, of the mutual promises
herein  contained, and of other good and valuable consideration, the receipt and
sufficiency  of which are hereby acknowledged, the parties, intending legally to
be  bound,  agree  as  follows:


1.     Term  of  Agreement.
       -------------------

     The  term  of this Agreement shall commence on September 1, 2001, and shall
continue  until  December  31,  2006,  and  shall  be  automatically renewed for
additional,  successive periods of five (5) years each thereafter, unless sooner
terminated  in  accordance  with  the  provisions  of  Paragraph  5.



2.     Duties  of  Employee.
       ---------------------

     2.1     It  is  understood  and  agreed that Employee's principal duties on
behalf  of  the  Company  at  the date of execution hereof are and shall be Vice
Chairman  and President of the Company.  In accepting this Employment Agreement,
Employee  shall undertake and assume the responsibility of performing for and on
behalf  of the Company such duties as are usual and customary to his position as
Vice Chairman and President in the way he has performed in the past on behalf of
the  Company  in  that  position.

     2.2     Employee  covenants and agrees that at all times during the term of
this  Agreement,  Employee  shall  devote his best efforts to his duties as Vice
Chairman  and  President  of  the  Company.

3.     Compensation.
       ------------

     3.1     Salary.  As  compensation for the services rendered by Employee for
the Company pursuant to this Agreement, Employee shall be paid not less than the
following  base  annual  salary,  on  a  monthly  basis, during the term hereof:
$24,000, plus annual increases and bonuses, and such other incentives, benefits,
insurance  policies  and compensation as may have been and may be awarded to him
from time to time by the Compensation Committee of the Board of Directors of the
Company.

     3.2     Employees'  Equity Incentive Plan.  Employee shall be a participant
in  the  Company's  Employees'  Equity Incentive Plan, as it may be amended from
time to time by the Board of Directors; provided, that if any change - after the
date of this Agreement - in any tax rules and regulations, or in the application
or  applicability of any tax rules as a result of Employee's employment with the
Company, or required accounting principles shall negatively impact the amount of
Employee's  total after tax compensation under this Section 3, the Company shall
increase  Employee's other compensation and incentives accordingly to completely
offset  such  negative  impact.

     3.3     Salary  Review.  Employee's salary will be reviewed annually by the
Compensation  Committee.

                                        1
<PAGE>
4.     Additional  Benefits.
       --------------------

     In  addition  to, and not in limitation of, the compensation referred to in
Section  3,  Employee shall be paid the following additional benefits during the
term  hereof:

     4.1     Reimbursement.  The  Company  shall  continue  to  either  provide
Employee with, or shall reimburse Employee for, all Reasonable Expenses incurred
by  him in connection with the performance of his duties as an executive for the
Company, in substantially at least the same form and fashion as it has been done
during  the  past  twelve  (12)  months  preceding  the  date of this Agreement.

     4.2     Death  or  Disability  Payments.
             --------------------------------

      (a)     In  the  event  of  the Employee's disability or death, during the
term of his employment hereunder, Employee's salary in effect at the time of his
death  or  disability  shall  continue  to  be  paid  to the Employee, or to his
designee  or heirs, for a period of twelve (12) calendar months from the date of
death  or  from  the  date  of Employee's termination of employment by reason of
disability.

      (b)     For the purposes of this Employment Agreement, the obligations of
the  Company  to  make  the  payments  upon the disability of Employee shall not
become  effective  unless  and until all of the following conditions are met, as
determined (referring to (i) and (ii) below) by the Employee's regular physician
and an independent physician selected by the Employee (or his immediate family):


     (i)     Employee  shall  become physically or mentally incapable (excluding
     infrequent and temporary absences due to ordinary illnesses) of properly
     performing the services required of him in accordance with his obligations
     under Section 2 hereof or similar provisions of any renewal agreement;

     (ii)     Such  incapacities shall exist or be reasonably expected to exist
     for more than one hundred eighty (180) days in the aggregate during the
     period of twelve (12) consecutive months; and

     (iii)     Either  the  Employee  or the Company shall have  given the other
     sixty (60) days written notice of his or its intention to terminate the
     active employment of Employee because of such disability.

5.     Termination.
       -----------

     5.1     Termination  By Either Party Without Cause.  At any time during the
term  hereof,  or  at  the  end  of the term or any renewal term under Section 1
above, this Employment Agreement may be terminated "without cause" by either the
Company  or the Employee upon sixty (60) days written notice to the other party.


      (a)     Termination  By  Employee.  In  the  event of such termination
     "without cause" by Employee, the Company shall have the option either (i)
     to accept Employee's resignation, effective immediately on receipt of such
     written notice; or (ii) to require Employee to continue to perform his
     duties hereunder, for a period not to exceed six (6) months from the date
     of receipt of such written notice.

     In  either  event, the Employee's compensation and benefits hereunder shall
     continue only until the date on which the Employee ceases to perform any
     further duties for the Company.

      (b)     Termination  By  Company.  In  the  event  of such termination
     "without cause" by the Company, Employee shall be continued at the same
     base salary for a period of six (6) months from the date on which the
     Employee receives written notice of termination. Such compensation shall be
     paid to the Employee in six (6) equal, successive monthly payments,
     beginning on the 1st day of the month immediately following the date on
     which the Employee receives written notice of termination.

     Employee  shall  continue  to  make  himself  available  to, and shall
     cooperate with the Company, as may be reasonably required to assist the
     Company during the six-month transition period.

      (c)     In  the event Employee's employment hereunder is terminated by
     the Company "without cause" pursuant to this Section 5.1(b), during the
     first three (3) years after a "Change of Control," as defined in
     Annexure A,

                                        2
<PAGE>

     has occurred, then the provisions of Section  5.3(b)  shall  apply.

     5.2     Termination  By  Company  For  Cause.
              ------------------------------------

             Notwithstanding any other provision hereof, the Company may
Terminate  Employee's employment under this Agreement at any time for cause. The
termination  shall  be effected by written notice thereof to the Employee, which
shall  specify  the  exact  cause  for  termination.

             Upon such valid termination for cause by the Company, Employee
shall  not  receive  any termination pay or benefits beyond the date on which he
receives  final  written  notice  of  termination.

     5.3     Termination  By  Employee  For  Cause.
             -------------------------------------

      (a)     Notwithstanding any other provision hereof, Employee may terminate
     his employment with Company under this Agreement at any time for cause and
     no later than three (3) years after such cause has occurred, upon written
     notice thereof to the Company specifying the exact cause for Employee's
     termination.

      (b)     In the  event  of termination by the Employee for cause hereunder:

               (1)     All  of  Employee's  (including  Employee's  trusts  and
          foundations) unvested stock and stock options shall immediately
          vest 100% and Employee (including Employee's trusts and foundations)
          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 and Scholes model, or (ii) the "in-the-money
          value" of his stock options/warrants as of the date of such written
          notice, or (b) receive an immediate cash bonus from the Company
          enabling Employee (including Employee's trusts and foundations), after
          full payment of all of Employee's (including Employee's trusts and
          foundations) 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.
          This right to "put" or sell the Stock back to the Company shall be in
          full force and effect and valid and exercisable at any time and as how
          many times as Employee wishes, in whole or in part, within three (3)
          years after Employee's termination for cause, at Employee's (including
          Employee's trusts and foundations) sole election.

               (2)     A  lump  sum cash retirement benefit payment of three (3)
          times the Employee's then current annual salary plus three (3)
          times the Employee's average bonus for the last three years shall be
          made to Employee within 30 days of such written notice.

               (3)     Employee  may also, in addition to, and not in limitation
          of payments under Section 5.3(b)(1) and Section 5.3(b)(2)
          hereunder, at his sole option, elect to serve as a consultant to
          Company (working from his then current residence) for an additional
          period of three (3) years at his then current salary, his previous
          year's bonus and current benefits, including but not limited to
          reimbursement of all Reasonable Expenses. During such consulting
          period, Employee would be required to keep himself reasonably
          available to the Company to render advice or to provide services for
          no more than thirty (30) days per year.

               (4)     Employee  (including  Employee's  trusts and foundations)
          shall be made whole on an after-tax basis (in a timely fashion
          and in a way not to create any liability for Employee, including
          Employee's trusts and foundations) with respect to any taxes that
          might become payable as a result of any action or provision in
          connection with a Change of Control.

                                        3
<PAGE>

     5.4     Effective  Date  of  Termination.
             --------------------------------
             Unless otherwise specified, the effective date of termination, as
used  in  this  Section  5, shall be the date on which Employee receives written
notice of termination from the Company or gives written notice of termination to
the  Company.

6.     Indemnification.
       ---------------

      So  long  as  Employee  is  not  found by a court of law to be guilty of a
willful  and material breach of this Agreement, or to be guilty of willful gross
misconduct,  he shall be indemnified by the Company from and against any and all
losses,  liability,  claims  and  expenses,  damages,  or  causes  of  action,
proceedings or investigations, or threats thereof (including reasonable attorney
fees  and expenses of counsel satisfactory to and selected by Employee) incurred
by  Employee,  arising  out  of,  in  connection  with, or based upon Employee's
services  and  the  performance  of  his  duties  pursuant  to  this  Employment
Agreement,  or  any  other  matter  contemplated  by  this Employment Agreement,
whether or not resulting in any such liability; and Employee shall be reimbursed
by  the  Company as and when incurred for any reasonable legal or other expenses
incurred  by  Employee in connection with investigating or defending against any
such loss, claim, damage, liability, action, proceeding, investigation or threat
thereof,  or  producing evidence, producing documents or taking any other action
in  respect thereto (whether or not Employee is a defendant in or target of such
action,  proceeding  or  investigation).

7.     Burden  and  Benefit.
       --------------------

     Unless  the  express  provisions  of a particular section of this Agreement
state  otherwise,  or performance thereunder would be impossible, this Agreement
shall be binding upon, and shall inure to the benefit of, Employer and Employee,
and  their  respective  heirs, personal and legal representatives, successors,
and  assigns.  It  shall also be expressly binding upon and inure to the benefit
of  any  person  or  entity  assuming  the  Corporation/Company,  by  merger,
consolidation, purchase of assets or stock, or otherwise. The interests of the
Employee  hereunder are not subject to the claims of his creditors, and may not
be  voluntarily  or  involuntarily  assigned, alienated or encumbered; provided,
that  Employee  may assign all or any part of his rights, duties and obligations
hereunder  to  any entity (e.g., a partnership or management company) so long as
the  services  to  be  performed  hereunder  are  personally  performed  by him.

8.     Governing  Law.
       --------------

     It  is  understood and agreed that the construction and interpretation of
this Agreement shall at all times and in all respects be governed by the laws of
the country of the Company's and/or the Employee's residence. The Company agrees
to  cover  all  costs,  including  legal,  arising  in connection with drafting,
interpreting  and  implementing  this Employment Agreement, both for the Company
and  for  Employee.

9.     Severability.
       ------------

     The  provisions  of  this  Agreement  shall  be  deemed  severable, and the
invalidity  or  unenforceability  of  any  one or more of the provisions of this
Agreement  shall  not  affect  the  validity  and  enforceability  of  the other
provisions.

10.     Notice.
        ------

     Any  notice required to be given hereunder shall be sufficient if it is in
writing  and  sent  by  certified  or registered mail, return receipt requested,
first-class  postage  prepaid,  to the following respective addresses, which may
hereafter  be  changed  by  written  notice  to  the  other  party:

     Employer:      200  -  220  East  Bennett  Avenue
                    Cripple  Creek,  CO.  80813
                    USA

     Employee:      Johann  Hoerbigergasse  15
                    Vienna  1230
                    Austria

                                        4
<PAGE>

11.     Interpretation,  Minor  Adjustments.
        -----------------------------------

     11.1     No  representations,  promises,  agreements, or understandings,
written  or  oral,  not  contained  herein  shall be of any force or effect. No
change  or modification of this Agreement shall be valid or binding unless it is
in  writing  and  signed  by  the  party intended to be bound.  No waiver of any
provision of this Agreement shall be valid unless it is in writing and signed by
the  party against whom the waiver is sought to be enforced.  No valid waiver of
any  provision  of  this  Agreement  at any time shall be deemed a waiver of any
other  provision  of  this  Agreement  at  such  time  or  at  any  other  time.

     11.2     The Compensation Committee shall have absolute authority to amend,
interpret  and  administer  this  Agreement,  in  good  faith,  and  in the best
interests  of  both  the Company and Employee, and may make such  adjustments or
amendments  hereto  as may be reasonably required, if the rights of the Employee
are  not  adversely  affected  thereby.

12.     Confidentiality.
        ----------------

     Other  than in the performance of his duties hereunder, Employee agrees not
to  disclose,  either during the term of his employment by the Company or at any
time thereafter, to any person, firm or corporation any confidential information
concerning the business affairs, financial affairs, know-how, private documents,
reports,  plans, proposals, marketing and sales plans, or similar information of
the Company.  Any such documents, techniques, methods, processes or technologies
used  by  the  Company shall be considered confidential and a "trade secret" for
the  purposes  of  this  Agreement.

13.     Counterparts  and  Annexure.
        ----------------------------

      The  Agreement  may  be  executed  in two or more counterparts, any one of
which  shall  be deemed the original without reference to the others. Annexure A
(Definitions)  shall  be  an  integral  part of this Agreement and the Agreement
shall  not  be  complete  without  it.

     IN WITNESS WHEREOF, Employer and Employee have duly executed this Agreement
as  of  the  day  and  year  first  above  written.

                         EMPLOYER:

                         CENTURY  CASINOS,  INC.


                           By:     /s/  Erwin  Haitzmann
                                   ---------------------
                                   Chairman,  Compensation  Committee


                           By:     /s/  Dinah  Corbaci
                                   -------------------
                                   Member,  Compensation  Committee



                                   EMPLOYEE:


                           By:     /s/  Peter  Hoetzinger
                                   ----------------------
                                   Peter  Hoetzinger
                                   Vice  Chairman  &  President

                                        5
<PAGE>
                                                                     ANNEXURE  A
                                                                     -----------


Definitions:
------------

As  used  in  this  Agreement,  the  following  terms  shall have the respective
meanings  indicated.

Reasonable  Expenses.
--------------------

Reasonable  expenses  shall  include,  but  not be limited to, all out-of-pocket
expenses  for  entertainment,  travel  (economy flights within the USA, wherever
reasonably available, business class on other continental flights, and one class
above  business  class  on  inter-continental  long  distance  flights),  meals,
lodging,  automobile  expenses,  communications  and  office  costs and the like
incurred  by  the  Employee.

Cause (as used in 5.2).
----------------------
For purposes hereof, the term "cause" shall mean the failure of Employee for any
reason,  within  thirty  (30)  days  after receipt by Employee of written notice
thereof from the Company, to correct, cease, or otherwise alter (i) any specific
action or omission to act that constitutes a material and willful breach of this
Agreement  likely  to  result  in  material  damage  to the Company; or (ii) any
willful  gross  misconduct  likely  to result in material damage to the Company.

Cause  (as  used  in  5.3).
--------------------------
For  purposes  hereof,  the  term "for cause" shall mean: (i) the failure of the
Company  for any reason, within thirty (30) days after receipt by the Company of
written notice from Employee, to correct, cease, or otherwise alter any material
adverse  change  in  the conditions of Employee's employment, including, but not
limited  to  any  change  in  Employee's  title or position as Vice Chairman and
President,  or  the duties of such position (such as, but not limited to another
person assuming the same or similar title, position or duties, or one or more of
the  Employee's primary duties being assigned to be performed by the Employee in
a country other than his country of primary residence), unless Employee consents
in  writing to such change; or (ii) a "Change of Control" of the Company occurs,
or  has  previously occurred at any time during Employee's employment hereunder.
"Change  of  Control"  as  used herein shall mean: (a) any person or entity (not
affiliated with the Employee) becoming the beneficial owner of a majority of the
voting  rights  of the Company's then outstanding securities; (b) the triggering
of  the issuance of stock rights to Shareholders pursuant to the Company's Stock
Rights  Agreement,  as amended from time to time; (c) the replacement during any
two  calendar  years  of  half or more of the existing Board of Directors of the
Company;  (d) the replacement, or rejection (i.e. through a proxy fight), of one
or  more  person(s),  nominated  to  be  Director(s)  by  the Company's Board of
Directors  before  any  Change  of Control; (e) Mr. Erwin Haitzmann is no longer
Chairman and Chief Executive Officer of the Company, unless because of his death
or  permanent  disability;  (f)  holders  of  the Company's securities approve a
merger,  consolidation  or  liquidation  of  the  Company.

Market  Value.
-------------
The  higher  of  (i) the highest closing ask price of the Company's common stock
during  the  52  (fifty  two)  weeks  immediately  preceding  the termination of
Employee,  or  (ii)  the highest closing ask price of the Company's common stock
during  the  52  (fifty  two)  weeks  immediately  preceding  the  date Employee
exercised  his  option  under  any given article or paragraph of this Agreement.

Stock.
-----
The  term  "Stock"  shall  include any and all shares of common and/or preferred
stock, of the Company and of any subsidiary of the Company owned by the Employee
(including  Employee's  trusts and foundations), no matter how and when acquired
(including  through  exercise  of  options  and/or  warrants).

                  ---------------------------------------------

                                        6
<PAGE>