Adjustment/Amendment No. 2 to Management Agreement


This Adjustment/Amendment No. 2 is made on this 12th day of October, 2002 to the
MANAGEMENT  AGREEMENT  ("Agreement")  of March,  2001,  by and  between  CENTURY
CASINOS, INC., a Delaware corporation ("Company"), and FLYFISH CASINO CONSULTING
AG, a Swiss corporation ("Consultant").

A) Adjustment/Amendment to Article 3.1:

The Company and the  Consultant  hereby agree to replace the US Dollar amount of
$100,000,  as mentioned in the fourth line of this Article,  by US Dollar amount
of $144,000, so that this Article reads as follows:

     "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:  $144,000  (onehundredandfortyfourthousand),  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."

B) Adjustment/Amendment to Article 5.3 (a) (ii):

The Company and  Consultant  hereby agree to insert words "any of the following"
after the words  "...used  herein  shall mean",  so that this  Article  reads as
follows:

" "Change of Control" as used herein  shall mean any of the  following:  (a) any
person or entity (not  affiliated  with the  Consultant or Mr. Erwin  Haitzmann)
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.  Peter  Hoetzinger  is no longer  Vice
Chairman and President 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."

C) Adjustment/Amendment to Article 11. (Notice):

Consultant's  address was erroneously give as Focus instead of Flyfish.  This is
being corrected herewith, so that this Article 11. reads as follows

"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 Flyfish Casino
Consulting  AG, c/o Lex Account - Mr. Werner  Stocker,  Neugasse 7, CH-6301 Zug,
Switzerland."


Agreed to and accepted by:

CENTURY CASINOS, INC.,                           FLYFISH CASINO CONSULTING AG,
A Delaware Corporation                            a Swiss Corporation



     /s/ Peter Hoetzinger                             /s/ Werner Stocker
By: _______________________                      By:  _____________________
     Member, Compensation Committee                    Chairman of the Board


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