**Exhibit      10.4D**

**Loan      Agreement **

**Agreement**

| -     | **Century                Casinos Europe GmbH**,                a                company incorporated and existing under the laws of Austria, whose                registered office is Wipplinger Str. 30, 1010, Vienna, Austria,                represented by Dr Christian Gernert acting in the capacity of a managing                director, hereinafter the “**Lender**”, |
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| - | **G5                Sp. z o.o.,**a                company incorporated and existing under the laws of the Republic                of                Poland, whose registered office is at ul.                Żelazna 82/84 no. 51, 00-894 Warsaw, registered in the National Court                Register - Register of Entrepreneurs, under number KRS No.                90606, represented                by Małgorzata Rogowicz-Angierman, Jerzy Cieślak, Piotr Nassius and                Przemysław Tomaszewski,                acting                in the capacity of management board members,                hereinafter the “**Borrower**” |
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**Whereas**

** **
**Whereas**

**Whereas**

**Now,      and therefore, the Parties agree as follows**

**§ 1.**

**Definitions**

**“Annex      to the SSPA” **

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**“Bank”      **

**“Bank      Account” **

**“Bank      Guarantee” **

**Business      Day**

**“Collateral”      **

**Default      Interest**

**Drawdown      Date**

**“EURO”      **
** **

**“EURO      Equivalent of PLN” **

**Final      Maturity Date**

**“Information”      **

**“Instalments”      **
**“Instalment”      **

**Interest      Payment Date**

**Interest      Rate**

**Loan**

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**Maturity      Date**

**Party”,      **
**“Parties”,**

**“Pledge”      **

**PLN**
**Zloty”**

**“PLN      Equivalent of USD” **

**“Share      Sale and Purchase Agreement” **

**“Taxes”      **

**Total      Repayment Amount**

**USD**

**USD      Equivalent of PLN**

**“One      of the Polish Entities” **

**“Debt      Repayable to One of the Polish Entities**

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**“Settlement      of the Debt Repayable to One of the Polish Entities” **

**§ 2.**

**Grant      of a loan **

| 1. | The                Lender, hereby, grants to the Borrower the Loan, in an amount of                USD                1,000,000. |
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| 2. | The                amount of the Loan is to be transferred, within 3 Business Days from                the                date hereof, to the bank account no. 95                1060 0076 0000 3210 0009 9939 maintained                by Bank BPH SA, Branch Office in Warsaw (hereinafter “**Bank                Account**”),                which the Borrower will be able to access and use only when acting                with,                and on the basis of, a written consent of the Lender, to be issued                in the                future for a specific operation to be made in, or through, the Bank                Account. The Parties expressly confirm that: (i) the Lender will                not consent to the Loan being utilized for purposes other than those                indicated in clause 2.3 and 2.4 below, and (ii) the Lender will not                withhold, without a valid cause, its consent for the Borrower to                use the                Loan for the purposed indicated in clause 2.3 and 2.4 below. |
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| 3. | Save                for that that has been set forth in § 2.4 below, the Loan extended to the                Borrower by the Lender, hereunder, can only be used by the Borrower                for                the purpose of repayment of the entirety of the Debt Repayable to                One of                the Polish Entities. Furthermore, the Parties expressly agree that                the                Loan will only be possible to be retransferred from the Bank Account,                elsewhere, for the purpose of the repayment of the Debt Repayable                to One                of the Polish Entities, in the following Installments, and within                the                following deadlines: |
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|   | 1) | first                Installment being the USD Equivalent of PLN 1,000,000 will be                retransferred from the Bank Account not later than 7 days after the                later                of: |
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|   | (i) | the                date when One of the Polish Entities has accepted in writing, and                to the                satisfaction of Lender, a written offer of the Borrower to finally                and                irrevocably settle the entirety of the Debt Repayable to One of the                Polish                Entities, by payment to be made by the Borrower to One of the Polish                Entities of PLN 3,000,000, |
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|   | (ii) | the                date when One of the Polish Entities issues to the Borrower, to the                satisfaction of the Lender, a declaration consenting to the Pledge                being                removed from the Polish Register of Pledges, and |
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|   | (iii) | the                date when the Borrower and the Lender have concluded an annex to                the Share                Sale and Purchase Agreement (hereinafter “**Annex                to the SSPA**”)                that will reduce, proportionately, all the Purchase Prices as defined                in                the Share Sale and Purchase Agreement, so that the total of all the                Purchase Prices is decreased to the balance of EURO 2,920,000 minus                the                EURO Equivalent of PLN 3,000,000, provided that such EURO Equivalent                is                computed as of the date of the Annex to the                SSPA; |
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|   | 2) | a                second Installment in an amount being the remainder of the Loan will                be                retransferred from the Bank Account 7 days after the date of the                issuance                of a final and binding decision of a competent court for deletion                of the                Pledge from the Register of Pledges in Poland, but in any case not                later                than the 30th                of                June 2007. |
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| 4. | The                Lender confirms that it is aware that in the time between the Drawdown                Date and actual repayment of the Debt Repayable to One of the Polish                Entities with the funds of the Loan, the Borrower intends to utilize                all                amount of the Loan that will be transferred by the Lender into the                Bank                Account for the purpose of establishing collateral (hereinafter                “**Collateral**”)                to secure the claims of a bank (hereinafter “**Bank**”)                for issuance by the Bank of a bank guarantee (hereinafter “**Bank                Guarantee**”)                to be delivered by the Borrower to One of the Polish Entities, so                that the                latter consents to the removal of the Pledge from the Polish Register                of                Pledges. Whenever requested to do so, the Lender will consent to                the                establishment of the Collateral for the Bank Guarantee, provided                that the                following is procured by the                Borrower: |
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|   | 1) | The                Bank Guarantee will be for a maximum of PLN                3,000,000; |
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|   | 2) | The                Bank Guarantee will secure, exclusively, repayment of the Debt Repayable                to One of the Polish Entities; |
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|   | 3) | The                Bank Guarantee will only be possible to be utilized : (i) upon occurrence                of events, within deadlines, and in amounts, set forth in § 2 section 3                items 1), and 2) above, and (ii) after the Lender                unsuccessfully demands from the Borrower, reasonably in advance,                payment of the amounts sought by to be paid under the Bank Guarantee;                and |
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|   | 4) | The                Bank Guarantee and the agreement between the Bank and the Borrower                for the                issuance of the Bank Guarantee will provide that should the Bank                demand                from the Borrower repayment of any amounts which have been paid by                the                Bank to One of the Polish Entities under the Bank Guarantee, any                such                repayment will be made from resources extended to the Borrower in                the form                of the Loan, without need for the Bank to obtain a prior consent                of the                Borrower. |
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|   | 5. | Immediately                after the payments referred to under §§ 2.2 - 2.4 are made, the Borrower                is to provide the Lender with a written notice regarding the payment                made,                including the precise date and exact amount of the payment, and a                copy of                an official and binding statement from a bank confirming the contents                of                the notice. |
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**§ 3.**

**Repayment      of the Debt Repayable to One of the Polish Entities **

| 1. | Provided                that, and immediately after, the Lender transfers to the Bank Account                any                amounts of the Loan hereunder, the Borrower, within 7 days, will                transfer                to One of the Polish Entities all the amounts so made available by                the                Lender in such a manner as will ensure full repayment of the Debt                Repayable to One of the Polish Entities, in accordance with § 2.3 above,                including the principal amount, any interest accrued, thereon, and                any                related payments, charges, or fees, which One of the Polish Entities                could                request from the Borrower in relation to the Debt Repayable to One                of the                Polish Entities. |
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| 2. | Nothing                in the provisions of this Agreement is to be construed to require                the                Lender to provide the Borrower, under any contractual, or factual,                basis                whatsoever, any additional amounts in excess of those expressly referred                in § 2.3, including when the amount of the Debt Repayable to One of                the Polish Entities, or of any payments, charges, or fees, referred                to in                §3.1, exceeds PLN 3,000,000. |
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| 3. | If                the Borrower makes any payments, whatsoever, in breach of the Agreement,                from the amounts made available by the Lender to the Borrower under                the                Agreement, the Borrower is to immediately repay such payments to                the                Lender, after obtaining a written notice from the Lender to that                effect,                to a bank account to be indicated by the Lender in the notice. The                Lender                is to decide, at its sole discretion, whether to request such repayment                and, if so, will establish the amount of repayment requested, to                be equal                to the aggregate payments made by the Borrower in breach of this                Agreement. |
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| 4. | If                the Borrower fails, for any reasons whatsoever, to timely transfer                to One                of the Polish Entities, in relation to the Debt Repayable to One                of the                Polish Entities, and in accordance with this Agreement, the aggregate                amount of all Installments of the Loan already obtained from the                Lender                under the Agreement, the Borrower is to immediately repay to the                Lender,                upon it giving written notice, such part of the amount obtained from                the                Lender under the Agreement that was not transferred to One of the                Polish                Entities for the repayment of the Debt Repayable to One of the Polish                Entities. |
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**§ 4.**

**Interest      and Interest Payments **

| 1. | The                outstanding amount of the principle of the Loan is to be charged                interest                on each Interest Payment Date, by the Interest Rate. The interest,                including Default Interest, is to be determined on the basis of a                year of                360 (three hundred and sixty) days and a month of 30 (thirty)                days. |
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| 2. | The                interest is payable on the Interest Payment Date until the Final                Maturity                Date. |
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**§ 5.**

**Payments**

| 1. | The                principal amount of the Loan, together with all interest accrued                thereon,                but unpaid, is to be repaid in full not later, and not earlier, than                on                the Final Maturity Date. |
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| 2. | On                each date on which any sum is due from the Borrower under this Agreement,                the Borrower is to make that sum available without set off, or tax,                or                other deductions, to the Lender by payment in immediately available,                freely transferable, cleared funds, to an account designated by the                Lender                for that purpose. All costs in connection with payment of any sum                (including the costs of transfer of payments) are for the account                of the                Borrower, and cannot, therefore, be deducted from such sum. |
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| 3. | Neither                in whole, nor in part, is the Borrower permitted to prepay the Loan. |
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| 4. | All                payments in respect of the Loan are to be made without withholding,                or                deducting, on account of any present, or future, taxes, duties,                assessments or governmental charges, whatsoever, (hereinafter the                "**Taxes**")                imposed, or levied by, or on behalf of, the Republic of Poland, or                any                political subdivision, or any authority thereof, or therein unless                the                withholding, or deduction of such Taxes is required by law, or                regulations. In that event, the Borrower pays to the Lender such                additional amounts as may be necessary so that the net amounts received                by                the Lender after such withholding, or deduction are equal to the                amount                that would have been receivable in respect of the Loan in the absence                of                such withholding, or deduction. As soon as the Borrower is aware                that any                such deduction, withholding, or payment of Taxes is required (or                of any                change in any such requirement), it must notify the Lender of that,                forthwith. |
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**§ 6.**

**Other      obligations of the Parties**

| 1. | The                Parties can disclose the Information to those of its employees and                advisers for whom it is necessary, for the purpose of entering into                this                Agreement, and for the performance of the obligations, hereunder,                provided                that the Parties ensure that the employees and advisers keep the                Information confidential. |
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| 2. | Any                public announcement, or disclosure, to be made is to be determined                and                made by the Parties acting jointly, except for announcements required                by                law to be made, specifically in relation to the disclosure requirements                applicable to publicly quoted                companies. |
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**§ 7.**

**Disputes,      governing law, levies**

| 2. | The                  Borrower will pay the levy payable on civil law transactions, if                  any, of                  1% of the total amount of the Loan, as referred to in                  §2.1. |
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**§ 8.**

**Language**

| 1. | This                  Agreement has been executed in 2 (two) counterparts, each counterpart                  containing a Polish and English version of the Agreement, for each                  Party. |
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| 3. | The                    English language version of the Agreement is to prevail over                    any                    discrepancy between the language                    versions. |
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**In      Witness Whereof**
** **