**EMPLOYMENT
      AGREEMENT**








This
      Employment Agreement (the "Agreement"), effective as of March 15, 2005 (the
      "Effective Date"), is between Century Casinos, Inc., a Delaware corporation,
      whose principal executive offices are located in Colorado Springs, Colorado
      ("Employer"), and Mr. Ray Sienko ("Employee").





**Recitals**





A. Employee
      has been employed by Employer since 2000 and wishes to continue employment
      by
      Employer. Employer wishes to retain the services of Employee and Employer and
      Employee wish to formalize the terms and conditions of their agreements and
      understandings concerning Employee’s employment.





B. Employee’s
      employment by Employer, the mutual covenants stated in this Agreement, and
      other
      valuable consideration, the receipt of which is acknowledged by Employee, are
      sufficient consideration for this Agreement.





C. This
      Agreement supersedes and replaces any prior oral or written employment
      agreements entered into by and between Employer and Employee, and the terms
      of
      this Agreement shall be held confidential by Employee.





**Agreement**





The
      parties agree as follows:




1. Employment .
      As of
      the Effective Date, Employer shall employ Employee, and Employee agrees to
      accept such employment.





2. Term
      of Agreement .
      The
      term of this Agreement will commence on the Effective Date and will continue
      until terminated in accordance with the provisions of this Agreement.




3. Actions
      of Employer .
      All
      actions by and decisions of Employer contemplated in this Agreement will be
      made
      by Employer’s Executive Committee, which may from time to time appoint one of
      its members under this Agreement to carry out its functions. Nevertheless,
      Employee understands that Employer’s Compensation Committee must approve all
      decisions concerning Employee’s salary.





4. Duties
      of Employee .
      Employee's main duties on behalf of Employer as of the Effective Date shall
      be
      to act as Chief Accounting Officer of Century Casinos, Inc. Employee will
      undertake and assume the responsibility of performing for and on behalf of
      Employer whatever duties are necessary and required in such position. Employee
      will devote Employee's full time and energies and best efforts to the
      performance of such duties, to the exclusion of all other activities that
      conflict in any material way with Employee's duties under this Agreement.
      Specific duties, and limitations on authority, of Employee may be addressed
      by
      separate memoranda or other instructions. In performing his duties, Employee
      recognizes and agrees that he will abide by the Employer’s Code of
      Ethics.








5. Location
      of Work; Payment for Various Expenses .
      The
      parties contemplate that Employee’s primary duty location will be in Colorado
      Springs, Colorado. Nevertheless, Employee recognizes and agrees that his duties
      will require traveling, including international travel, for meetings and to
      assist all entities operated by Century Casinos Inc.





6. Compensation .





(a) Salary .
      Employer will pay to Employee a yearly salary (“Base Salary”) of one hundred
      thousand Dollars ($100,000), payable on the payroll dates established by
      Employer from time to time. The amount of the Base Salary can be reviewed by
      Employer annually.





(b) Bonus .
      Employee shall be eligible to receive a yearly bonus of fifteen thousand Dollars
      ($15,000), based upon satisfactorily reaching various budget, financial and
      other criteria that are established for each calendar year in question. Employee
      shall only be eligible for such a bonus if he is employed on the last day of
      the
      calendar year to which the bonus applies. The Bonus amount can be reviewed
      by
      Employer annually.





(c) Vacations/Sick
      Days .
      Employee will be entitled to paid vacations of four weeks per calendar year,
      in
      accordance with the procedures established by Employer. Any specific vacation
      of
      more than one week's duration is subject to the advance approval of Employer.
      No
      more than ten vacation days are allowed to be carried over from one year to
      the
      next. Employee is entitled to six paid sick days per calendar year. Employee
      may
      accrue unused sick time from year to year up to a limit of eight days total
      sick
      days. No payments shall be made for accumulated sick days.





(d) Additional
      Benefits .
      Currently, Employee will be entitled to the following benefits: 401(k) and
      medical/hospitalization insurance (for Employee and his immediate family) in
      accordance with Employer’s normal policies, and the holidays observed by
      Employer pursuant to its normal policies by which employees are granted a day
      off with pay. In addition, Employee will be entitled to additional benefits
      in
      accordance with Employer's policies, as they may be established and modified
      by
      Employer from time to time, for persons holding similar positions with Employer,
      as determined by Employer in its sole discretion.





(e) Reimbursement
      of Business Expenses .
      Employer will reimburse all reasonable expenses incurred by Employee on behalf
      of Employer in connection with Employee’s performance of duties under this
      Agreement, in accordance with the Employer’s Travel Policy, and subject in each
      case to compliance by Employee with any reasonable requirements imposed by
      Employer concerning submission of invoices, prior approval, tax deductibility
      of
      expenses, and similar matters.





(f) Stock
      Options .
      Employee will be eligible to participate in any stock option plan and bonus
      plan
      or policy for persons holding similar positions with Employer that may be
      established by Employer. The number of options granted to Employee, if any,
      and
      the terms of such options are solely within the discretion of Employer’s Board
      of Directors and/or Employer’s Executive Committee, Incentive Plan Committee
      and/or Compensation Committee, as the legal requirements may
      be.


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7.
            Termination,
                Severance Pay and Restrictions Against Competition and
                Solicitation.





(a) Voluntary
      Termination by Employee.





(i)
            Employee
                agrees to give Employer at least sixty (60) days' notice prior to
                any
                voluntary termination of employment by Employee.





(ii)
            If
                Employee terminates employment
                voluntarily,





(A)
            Employee
                will receive all earned Base Salary only through the last day of
                Employee's employment with Employer (as well as reimbursement of
                expenses
                incurred through the last day of Employee's
                employment);





(B)
            The
                Noncompetition and Nonsolicitation Periods under Section 8 will end
                on the
                first anniversary of the last day of Employee's employment with
                Employer.





(iii)
            Employee
                and Employer acknowledge that Employee's knowledge of the particular
                operations of Employer will be difficult to replace and that the
                giving of
                60 days' notice by Employee is necessary to enable Employer to obtain
                transition assistance.





(b)
            Termination
                by Employer Without Cause.





(i)
            Employer
                may terminate Employee's employment at any time, without Cause (as
                defined
                below).





(ii)
            If
                Employer terminates Employee's employment without
                Cause:





(A)
            Employee
                will receive all earned Base Salary through the last day of Employee's
                employment with Employer (as well as reimbursement of expenses incurred
                through the last day of Employee's
                employment);





(B)
            Employee's
                medical/hospitalization insurance will be continued for a period
                of six
                months;




(C)
            The
                Noncompetition and Nonsolicitation Period under Section 8 will end
                six
                months after the last day of Employee’s employment with Employer;


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(D)
            Employer
                will pay Employee a severance amount equal to six months of his Base
                Salary;





(E)
            Employee
                will also receive a payment equal to 50% of the bonus received by
                Employee
                for the year preceding his termination under this
                section.




(c)
            Termination
                by Employer for Cause.





(i)
            Employer
                may terminate Employee's employment with Employer at any time, for
                Cause,
                upon notice to Employee. "Cause" means: (A) any fraud, theft or
                intentional misappropriation perpetrated by Employee against Employer;
                (B)
                conviction of Employee of a felony; (C) a material and willful breach
                of
                this Agreement by Employee, if Employee does not correct such breach
                within a reasonable period after Employer gives written notice to
                Employee
                (with such notice to specify in reasonable detail the action or inaction
                that constitutes such breach); (D) willful or gross misconduct by
                Employee
                in the performance of duties under this Agreement; (E) failure by
                Employee
                to maintain in good standing any license that Employee must hold
                based on
                the requirements of any regulatory body; (F) the chronic, repeated,
                or
                persistent failure of Employee in any material respect to perform
                Employee’s obligations as an Employee of Employer (other than by reason of
                a disability as determined under common law or any pertinent statutory
                provision, including without limitation the Americans With Disabilities
                Act), if Employee does not correct such failure within a reasonable
                period
                after Employer gives written notice to Employee (with such notice
                to
                specify in reasonable detail the action or inaction that constitutes
                such
                failure). Employer and Employee agree that the provisions of (F)
                are not
                intended to provide grounds for a termination for Cause merely because
                of
                an isolated failure on the part of Employee to satisfy performance
                goals
                set by Employer.





(ii)
            If
                Employee is terminated for Cause,





(A)
            Employee
                will receive Base Salary only through the last day of Employee's
                employment with Employer (as well as reimbursement of expenses incurred
                through the last day of Employee's
                employment);





(B)
            The
                Noncompetition and Nonsolicitation Periods under Section 8 will end
                on the
                first anniversary of the last day of Employee's employment with
                Employer.


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8.
            Noncompetition,
                Nonsolicitation, Disparagement.





(a) Covenant
      not to Compete .
      During
      the period that Employee is employed by Employer and thereafter for the
      pertinent Noncompetition Period, Employee (i) will not directly or indirectly
      own, control, operate, manage, consult for, own shares in, be employed by,
      or
      otherwise participate in any sole proprietorship, corporation, partnership,
      or
      other entity whose primary business is the Business (as defined below), within
      100 miles of any location in which Employer operates, or has any interest in,
      any casino or other entity in which legal gambling is permitted or undertaken
      and (ii) will not solicit any actual or potential customers of Employer, any
      consultants to any such actual or potential customers, or any suppliers of
      Employer. The “Business” means any of the following: the operation or management
      of any casino or other entity in which legal gambling of any form is permitted
      or undertaken. (The restrictions in 8(a)(i) above, shall also include any
      location in which the Employer has proposed to do Business, or has made plans
      to
      make such a proposal.) Notwithstanding the foregoing restriction, Employee
      may
      own beneficially, or of record, less than two percent of the outstanding shares
      or other equity interests of any entity in the Business whose stock is traded
      publicly on NASDAQ or another nationally recognized stock exchange. The parties
      specifically agree that the Noncompetition Periods specified in paragraph 7
      and
      the geographical scope discussed above are reasonably necessary to protect
      Employer’s interests, including Employer’s trade secrets.




(b) Nonsolicitation .
      During
      the period that Employee is employed by Employer and thereafter for the
      pertinent Nonsolicitation Period, Employee will not solicit or attempt to
      solicit for employment, for any other employer, any person while such person
      is
      an employee or consultant of Employer or of any subsidiary or parent company
      of
      Employer, and Employee will not solicit for employment or employ any such person
      within six months after such person ceases to be an employee or consultant
      of
      Employer.





(c) Disparagement .
      During
      the Nonsolicitation Period, Employee will not disparage, criticize, or demean
      Employer, its reputation, employees, directors, Officers, services, products,
      manner of conducting business, customers, or suppliers, or any other aspect
      of
      Employer, by any communication whatsoever. Likewise, during this Period, the
      Employer will respond to requests for information concerning Employee’s
      employment with a neutral response reflecting Employee’s dates of employment,
      positions held and ending pay rate.





9.
            Confidential
                Information, Trade Secrets and Intellectual Property.





(a) Confidential
      Information .
      Employee acknowledges that information, observations, and data (including but
      not limited to customer/client lists) obtained by Employee, both prior to the
      Effective Date and after the Effective Date, concerning the business or affairs
      of Employer, constitute confidential information, are trade secrets, are the
      property of Employer, and are essential and confidential components of
      Employer's business. Employee will not at any time, either during or after
      employment with Employer, directly or indirectly disclose to any person or
      use
      any of such information, observations or data, except as required by Employee’s
      duties in the course of Employee's employment with Employer, and except to
      the
      extent that:


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(i)
            the
                information was within the public domain at the time it was provided
                to
                Employee;





(ii)
            the
                information was published or otherwise became part of the public
                domain
                after it was provided to Employee through no fault of
                Employee;





(iii)
            the
                information already was in Employee's possession at the time Employer
                disclosed it to Employee, was not acquired by Employee directly or
                indirectly from anyone with a duty of confidentiality to Employer,
                and was
                not acquired by Employee under circumstances in which Employee already
                was
                an employee of or a consultant to Employer, or had a duty of
                confidentiality to Employer; or





(iv)
            the
                information is required to be disclosed (A) by any federal or state
                law
                rule or regulation, (B) by any applicable judgment, order, or decree
                of
                any court, governmental agency or arbitrator having or purporting
                to have
                jurisdiction in the matter, or (C) pursuant to any subpoena or other
                discovery request in any litigation, arbitration or other proceeding,
                but
                if Employee proposes to disclose the information in accordance with
                (A),
                (B), or (C), Employee will first give Employer reasonable prior notice
                of
                the proposed disclosure of any such information so as to provide
                Employer
                an opportunity to consult with Employee as to the applicability of
                such
                law, rule, or regulation or to appear before any court, governmental
                agency, or arbitrator in order to contest the disclosure, as the
                case may
                be, and prior to any such disclosure will redact confidential information
                to the maximum extent permissible.





(b) Return
      of Documents, Etc .
      Immediately upon termination of Employee's employment with Employer or at any
      time upon notice to Employee from Employer, Employee will deliver to Employer
      all memoranda, notes, plans, records, reports, and other documents and
      information provided to Employee by Employer or created by Employee in
      connection with Employee's employment, including, but not limited to information
      stored in electronic format on PCs, laptops, external hard disks, CDs, etc.
      and
      all copies of all such documents in any tangible form which Employee may then
      possess or have under Employee's control, and will destroy all of such
      information in intangible form which is in Employee's possession or under
      Employee's control.





10. Survival
      of Obligations Upon Employee's Termination .
      The
      obligations of Employee in Sections 8 and 9 will survive the termination of
      Employee's employment with Employer. The obligations of Employee in Section
      9
      will survive the termination of Employee's employment with Employer without
      limitation, whether termination is initiated by Employee or by Employer, and
      will continue until Employer consents in writing to the release of Employee's
      obligations under Section 9 this Agreement.


6





11. Remedy
      for Breach .
      Both
      Employee and Employer expressly acknowledge that the subject matter of this
      Agreement is unique, and that any breach of Employee's obligations under
      Sections 8 and 9 is likely to result in irreparable injury to Employer, and
      the
      parties therefore expressly agree that Employer will be entitled to obtain
      specific performance of this Agreement through injunctive relief and such
      ancillary remedies of an equitable nature as a court may deem appropriate.
      Such
      equitable relief will be in addition to, and the availability of such equitable
      relief will not preclude, any legal remedies or other remedies, which might
      be
      available to such party. If Employee breaches any provisions in Sections 8
      or 9,
      Employer is entitled to apply for equitable relief in the Colorado District
      Court, Fourth Judicial District, prior to initiation of mediation. Employer's
      application for temporary injunctive relief will not limit Employer from
      pursuing any other available remedies for such breach. Employee specifically
      agrees with the designation of this court and waives any objection or defense
      based on forum non-conveniens, improper venue or lack of personal
      jurisdiction.





12. Severability .
      Each
      provision of this Agreement is intended to be severable, and if any portion
      of
      this Agreement is held invalid, illegal, unenforceable or void for any reason,
      the remainder of this Agreement will nonetheless remain in full force and
      effect. Any portion held to be invalid, unenforceable, or void will, if
      possible, be deemed amended or reduced in scope, but such amendment or reduction
      in scope will be made only to the minimum extent required for causing such
      portion to be valid and enforceable.





13. General
      Acknowledgments .
      Employee and Employer expressly agree that the restrictions on Employee's
      activities imposed under Section 8 are reasonable in their temporal and
      geographic scope and with respect to the nature of the activities so restricted
      and that the restrictions on Employee's activities imposed under Section 9
      are
      reasonable and necessary to protect the trade secrets and other Confidential
      Information of Employer. The parties expressly agree that (i) Employee is
      benefited by these restrictions, insofar as other persons in similar managerial
      positions with Employer have entered or will enter into similar agreements
      with
      Employer, (ii) these restrictions are reasonable and necessary to protect
      Employer and its subsidiaries from loss of property rights and from competing
      efforts, and (iii) because of these restrictions Employer is willing to share
      its trade secrets and confidential information with Employee to enable Employee
      to perform his or her duties. The parties further expressly agree that, if
      any
      court of competent jurisdiction determines that any provision of Section 8
      or
      Section 9 is unreasonable, the court will not declare the provision
      invalid, but rather will reform and modify the provision, and enforce the
      provision as reformed and modified, to the maximum extent permitted by law.
      The
      existence of any claim or cause of action of Employee against Employer, whether
      predicated on this Agreement or otherwise, will not constitute a defense to
      the
      enforcement by Employer of the provisions of Section 8 or Section
      9.





14. Non-Waiver .
      The
      failure to enforce any right arising under this Agreement or any similar
      agreement on one or more occasions will not be deemed or construed to be a
      waiver of that right under this Agreement or any other agreement on any other
      occasion, or of any other right on that occasion or any other
      occasion.


7





15. Employee
      Warranties .
      Employee warrants to Employer that, as of the Effective Date, (a) Employee
      is
      not employed and is not a party to another employment contract, express or
      implied; (b) Employee has no other obligation, contractual or otherwise, which
      would prevent Employee from entering into this Agreement and from complying
      with
      its provisions; (c) Employee does not possess, and will not utilize during
      Employee's employment with Employer, any confidential information obtained
      by
      Employee through or in connection with any prior employment, relating to any
      prior employer's business, products, services, techniques, methods, systems,
      plans, policies, prices, customers, prospective customers, or employees; and
      (d)
      Employee has given Employer timely written notice of any of Employee's prior
      employment agreements or patent rights that might conflict with any interest
      of
      Employer and has provided Employer with a copy of such agreements or patent
      rights, including any applications for such rights.





16. Dispute
      Resolution .
      Subject
      to Employer’s right to seek equitable relief under Section 11, which is not
      affected by this Section, Employer and Employee agree to submit to final,
      binding arbitration, any and all claims, disputes or controversies between
      Employee and Employer, any business affiliated with Employer, or any of the
      respective directors, managers, employees or agents of such businesses,
      including, but not limited to, claims, disputes or controversies arising out
      of
      or related to this Agreement or the breach thereof. The parties agree that
      such
      arbitration is pursuant to the Federal Arbitration Act. The arbitration shall
      be
      governed by the then-existing rules of the American Arbitration Association
      for
      Employment Arbitration and will be held in Colorado Springs, Colorado. The
      arbitrator will be selected pursuant to the mutual agreement of the parties,
      and, if the parties are unable to agree, the arbitrator will be designated
      by
      the Chief Judge of the Fourth Judicial District Court, State of Colorado. The
      award rendered by the arbitrator shall be enforced, if necessary, in the United
      States District Court for the District of Colorado. The arbitrator shall apply
      the substantive law of the State of Colorado and may award any relief recognized
      by Colorado law, which could be awarded by a District Court of the State of
      Colorado, including injunctive relief and attorney’s fees. The arbitrator shall
      award reasonable attorney’s fees and costs to the prevailing party.





17. Integration
      Clause and Modification .
      This
      Agreement is the complete and exclusive statement of the agreement between
      the
      parties and supersedes all proposals, prior agreements, and all other
      communications between the parties, oral or in writing, relating to the subject
      matter of this Agreement. This Agreement may be amended or superseded only
      by an
      agreement in writing, signed by Employee and the CEO / Compensation Committee
      of
      Employer.





18. Notices .
      All
      notices, requests, demands, claims, and other communications under this
      Agreement must be in writing. Any notice, request, demand, claim, or other
      communication under this Agreement will be deemed duly given only if it is
      sent
      by registered or certified mail, return receipt requested, postage prepaid,
      or
      by courier, by facsimile, or email message, and must be addressed to the
      intended recipient as follows:





If
                to Employer, to:
            Century
                Casinos, Inc.


1263
                Lake Plaza Drive,


Colorado
                Springs, CO 80906


8





If
      to
      Employee: to Employee's residence, as shown on Employer's records.





Notices
      will be deemed given and received three days after mailing if sent by certified
      mail, when delivered if sent by courier, and one business day after receipt
      of
      confirmation by person or machine if sent by telecopy, facsimile, or email
      transmission. Either party may change the address to which notices, requests,
      demands, claims and other communications under this Agreement are to be
      delivered by giving the other party notice in the manner set forth above.





19. Governing
      Law and Forum .
      This
      Agreement will be governed by and construed according to the internal laws
      of
      the State of Colorado, without regard to conflict of law principles, except
      Section 16, which will be governed and construed according to the Federal
      Arbitration Act, except as otherwise provided in Section 16. The parties further
      agree that any disputes arising under this Agreement and any action brought
      to
      enforce this Agreement must be brought exclusively in the Colorado District
      Court, Fourth Judicial District, and the parties consent to personal
      jurisdiction of such court and waive any objection or defense of *forum
      non-conveniens* ,
      improper venue or lack of personal jurisdiction.





20. Acknowledgment
      by Employee .
      Employee has been afforded the opportunity to read, reflect upon and consider
      the terms of this Agreement, has been afforded the opportunity to discuss this
      Agreement with Employee's attorney or other advisor or counselor, has read
      this
      entire Agreement, fully understands its terms, has voluntarily executed this
      Agreement, and has retained one copy of this executed Agreement for Employee's
      records. Furthermore, Employee acknowledges and agrees that should Employee
      obtain employment after the termination of this Agreement, Employer may
      communicate with a subsequent employer and show a copy of this Agreement to
      a
      subsequent employer, for the purpose of informing a subsequent employer about
      Employer’s rights and Employee’s obligations under this Agreement.







ACCEPTED
              AND AGREED:
            
            
            ACCEPTED
              AND AGREED:/s/
              Erwin Haitzmann
            ,
            
            /s/
              Ray Sienko
            ,Employer’s
                Executive Committee
            
            
            EmployeeDate:
            February
                23, 2006
            
            
            Date:
            February
                16, 2006




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