MANAGEMENT AGREEMENT


     THIS  MANAGEMENT  AGREEMENT  is  made effective for all purposes and in all
respects as of the 1 day of March, 2001, by and between CENTURY CASINOS, INC.,
a  Delaware  corporation  (hereinafter  referred to as the "Company"), and FOCUS
CASINO  CONSULTING  AG,  a  Swiss  corporation  (hereinafter  referred to as the
"Consultant").


                                WITNESSETH THAT:

     WHEREAS,  Consultant  has  a  contractual  relationship  with  Mr. Peter
Hoetzinger  (Austrian  citizen, born 05-05-1962), who is presently employed, and
has  since  1993  been  employed  by  the  Company;  and

     WHEREAS,  Consultant  has  the right, and the human resources available, to
provide executive casino management services (a substantial part of the services
Mr.  Peter  Hoetzinger  provided)  to  the  Company;  and

     WHEREAS,  both the Company and the Consultant desire to set forth the terms
and  conditions  of  their  agreements  and understandings, and for their mutual
benefit  to  extend  the  term  of  Consultant's  engagement  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 March 1, 2001, and shall
continue  until  December  31  ,  2005,  and  shall be automatically renewed for
additional,  successive periods of five (5) years each thereafter, unless sooner
terminated  in  accordance  with  the  relevant  provisions  of  this Agreement.


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2.     Duties  of  Consultant.
       ----------------------

     2.1     By  entering  into  this  Agreement, Consultant shall undertake and
assume  the  responsibility  of performing for and on behalf of the Company such
duties  as  are  usual  and  customary  to  the  position of a Vice Chairman and
President.  The  duties of Consultant shall be performed through Consultant by a
management  team,  of  which  Mr.  Peter  Hoetzinger  has  to  be  part  of.

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

     3.1     Management  Fee.  As  annual compensation for the services rendered
             ---------------
by  Consultant  for  the Company pursuant to this Agreement, Consultant shall be
paid not less than the following base annual management fee, on a monthly basis,
during  the  term  hereof: $100,000, plus annual increases and bonuses, and such
other  incentives, benefits, and compensation as may be awarded to him from time
to  time by the Compensation Committee of the Board of Directors of the Company.

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     3.2     Management  Fee  Review.  Consultant's  management  fee  shall  be
             -----------------------
reviewed  annually  by  the  Compensation  Committee.

4.     Additional  Benefits.
       --------------------

     In  addition  to, and not in limitation of, the compensation referred to in
Section  3,  Consultant  shall  receive reimbursement of all reasonable expenses
incurred  in connection with the performance of the duties for the Company, upon
submission  of  receipts to the Company.  Reasonable expenses shall include, but
not  be  limited to all out-of-pocket expenses for entertainment, travel, meals,
lodging,  automobile  expenses,  communications  and  office  costs and the like
incurred  by  the  Consultant  in  the  interest  of  the  Company.

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 Agreement may be terminated "without cause" by either the Company or
the  Consultant  upon  written  notice  to  the  other  party.


          (a)     Termination  By  Consultant.  In the event of such termination
                  ---------------------------
     "without cause" by Consultant, the Company shall have the option
     either (i) to accept Consultant's resignation, effective immediately
     on receipt of such written notice; or (ii) to require Consultant 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 Consultant's compensation and benefits hereunder
     shall continue only until the date on which the Consultant ceases to
     perform any further duties for the Company.

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

          Consultant 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 Consultant's engagement hereunder is terminated
     by the Company "without cause" pursuant to this Section 5.1(b), after
     a "Change of Control," as defined in Section 5.3(a)(ii) below, has
     occurred, then the provisions of Section 5.3(b) shall apply.
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5.2     Termination  By  Company  For  Cause.
        ------------------------------------

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

          For  purposes  hereof,  the  term  "cause"  shall  mean the failure of
Consultant  for  any reason, within thirty (30) days after receipt by Consultant
of  written  notice  thereof  from  the Company, to correct, cease, or otherwise
alter  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 willful gross misconduct likely to result in material damage to the
Company.

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

     5.3     Termination  By  Consultant  For  Cause.
             ---------------------------------------

     (a)     Notwithstanding  any  other  provision  hereof,  Consultant  may
terminate  his  engagement  with  Company  under  this Agreement at any time for
cause,  upon  written  notice  thereof  to  the Company specifying the cause for
Consultant's  termination.

  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 Consultant, to
  correct, cease, or otherwise alter any material adverse change in the
  conditions of Consultant's engagement, including, but not limited to any
  change in Consultant's duties (such as, but not limited to another person
  or consulting company assuming the same or similar title, position or
  duties, or the Consultant's primary duties being assigned to be performed
  by the Consultant in a country other than the country of primary residence
  of the Consultant's management team, including Mr. Peter Hoetzinger),
  unless Consultant consents in writing to such change, or unless directed by
  the Compensation Committee (as long as the Compensation Committee consists
  of persons appointed by the Company's Board of Directors before any Change
  of Control); or

     (ii)     a  "Change  of  Control"  of the Company occurs, or has previously
  occurred  at  any  time  during  Consultant's  engagement  hereunder.

     "Change  of  Control"  as used herein shall mean:  (a) any person or entity
(not  affiliated  with  the  Consultant  or  Mr.  Peter Hoetzinger) becoming the
beneficial owner of a majority of the Company's then outstanding securities; (b)
the  triggering

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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  a  majority  of the existing Board of Directors of the
Company; (d) holders of the Company's securities approve a merger, consolidation
or  liquidation  of  the  Company.

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

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

               (2)     Consultant  may  also,  in  addition  to,  and  not  in
     limitation of payments under Section 5.3(b)(1) hereunder, at his sole
     option, elect to serve as a consultant to Company (working out of his
     then current residence) for an additional period of three (3) years at
     his then current fee, his previous year's bonus and current benefits.

      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  Consultant  receives  written  notice  of termination from the Company or
gives  written  notice  of  termination  to  the  Company.

6.     Other  Business  Activities.
       ---------------------------

     During  the  period  of his engagement under this Agreement, the Consultant
shall  not  be  employed by or otherwise engage or be interested in any business
other  than  the  Company,  with  the  following  exceptions:

          (a)     Consultant's  investment  or involvement in any business shall
     not  be considered a violation of this Section, provided that such business
     is not in direct competition with the Company and the Consultant does
     not render substantial management or other personal services to such
     business;

          (b)     Consultant  may  consult  with  or for other businesses not in
     direct  competition  with  the  Company.

7.     Indemnification.
       ---------------

      So  long  as  Consultant  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, Consultant shall be indemnified 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 approved by Consultant) incurred by
Consultant,  arising  out  of,  in  connection  with, or based upon Consultant's
services  and  the  performance of his duties pursuant to this Agreement, or any
other  matter  contemplated  by  this Agreement, whether or not resulting in any
such
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liability;  and  Consultant  shall  be  reimbursed  by  the  Company as and when
incurred  for  any  reasonable legal or other expenses incurred by Consultant 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  Consultant  is  a  defendant  in  or  target  of such action,
proceeding  or  investigation).

8.     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,  Company and
Consultant,  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.

9.     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  State  of Delaware. The Company agrees to cover all costs, including legal,
arising  in  connection  with drafting and implementing this Agreement, both for
the  Company  and  for  Consultant.

10.     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.

11.     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. Company at 200 - 220
                                                            -------
East  Bennett  Ave.,  Cripple  Creek,  CO 80813, USA, Consultant at Focus Casino
                                                      ----------
Consulting  AG,  c/o  Lex Account - Mr. Werner Stocker, Neugasse 7, CH-6301 Zug,
Switzerland.

12.     Entire  Agreement;  Interpretation.
        ----------------------------------

     12.1     This Agreement contains the entire agreement and understanding by
and  between  the  Company  and  Consultant  with  respect  to the engagement of
Consultant.  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. The Compensation Committee shall interpret and administer this

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Agreement,  in  good  faith,  and  may  make such  administrative or ministerial
adjustments  hereto  as  may  be  reasonably  required without requiring written
Amendment,  if  both  parties  agree,  and  the rights of the Consultant are not
adversely  affected  thereby.

13.     Confidentiality.
        ---------------

     Other  than  in  the performance of his duties hereunder, Consultant agrees
not  to  disclose, either during the term of his engagement 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.

14.  Counterparts.
     ------------

      This  Agreement  may  be  executed in two or more counterparts, any one of
which  shall  be  deemed  the  original  without  reference  to  the  others.

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


COMPANY:                                    CONSULTANT:

CENTURY  CASINOS,  INC.,                    FOCUS  CASINO  CONSULTING  AG,
a  Delaware  corporation                    a  Swiss  corporation



By: /s/Erwin Haitzmann                      By: /s/Werner Stocker
    ------------------                          -----------------
  Chairman,  Compensation  Committee           Chairman  of the Board



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

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