----

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| PROGRAM      COSTS                                                                                  | FINANCING                                                                                  |
|-----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|
| Land      ValueSoft      CostsConstruction      CostsCasino      FF&EBankroll,      pre-op, W/C | $      2,319,000.00$      3,778,585.00$19,016,522.00$      2,855,018.00$      3,294,685.00 |  CRA      Equity Requirement: CWB      loans:Real      Estate Construction/Term Loan |  $11,263,810.00  $20,000,000.00 |
| Total      Costs                                                                                    | $31,263,810.00                                                                             | Total      Financing | $31,263,810.00 |

----

----

----

----

| 1.   | Promissory      Notes as required; |
|----------------|------------------------------------|

| 2.   | Demand      Collateral First Mortgage Charge in the amount of $20,000,000.00 on real      property described in Section 3 and owned by CRA. The mortgage document      shall contain a “Due on Sale” clause, as well as a clause addressing the      appointment of a Receiver Manager of the property in the event of      default; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | General      Security Agreement providing a first security interest in all fixed      assets, accounts receivable, inventory and all present and after acquired      property |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Assignment      of Rents and Leases, registered ontitle; |
|----------------|----------------------------------------------------------|

| 5.   | Unconditional      and Unlimited Environmental Agreement and Indemnity (Form 1164) executed      by CRA. |
|----------------|----------------------------------------------------------------------------------------------------------|

| 6.   | A      joint and several $20,000,000.00 corporate guarantee and postponement of      claim from Century Casinos, Inc. and 746306 Alberta  Ltd. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Specific      assignment of the Alberta Gaming and Liquor Commissions Casino License (if      available). |
|----------------|-----------------------------------------------------------------------------------------------------------|

| 8.   | Hypothecation      of the interest reserve account and the deposit account for the      Pre-opening costs and working capital costs duly registered at the Alberta      Personal Property Registration. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | Undertaking      by CRA and the Guarantors to fund all cost overruns as they      occur; |
|----------------|------------------------------------------------------------------------------------------|

| 10.   | An      Assignment of Material Contracts including the general contractor and      major subtrade contracts; |
|-----------------|--------------------------------------------------------------------------------------------------------------|

| 11.   | Assignment      of all risk Casualty and Liability insurance as set out under “Insurance”,      of the Agreement; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

| 12.   | Letter      of Credit Application and Agreements and Assignment of Bank Instruments      registered at Personal Property Registry, as  required. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | Such      of the following supporting documents as may be required by the Bank’s      solicitors: |
|-----------------|---------------------------------------------------------------------------------------------------------|

| (i)    | satisfactory      Real Property Report/Surveyor’s Certificate with respect to the mortgaged      property previously described in Section 2;                      |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)   | satisfactory      Zoning or Building Memorandum, or Letter from applicable Zoning official      (Compliance Certificate), from the applicable municipal      authority; |

| (iii)   | Tax      Certificate showing all property taxes and charges paid or a holdback      sufficient to pay taxes when due; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------|
| (iv)    | standard      form documents relating to authorization of the borrowing and operation of      the loan account;       |

| (v)    | Statutory      Declaration from CRA or the Officer or an officer of CRA as to residency,      title, use of premises, actions or claims and such other matters as      Canadian Western Bank’s counsel may advise; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (vi)   | Loan      Agreement;                                                                                                                                                                                                     |

| (vii)    | Opinion      of counsel as to the events of default clauses included in this commitment      letter adhere to United States of America’s laws, rules and regulations      with respect to Century Casino’s, Inc. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (viii)   | opinion      of CRA’s counsel on the security and supporting documents and title to the      Property.                                                                                                                 |

| 14.   | such      additional security instruments, assurances and supporting documents      (including legal opinion of CRA’s solicitor) as the Bank may deem      necessary or advisable for the purpose of obtaining and perfecting the      foregoing security. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | All      policies must show CRA as a namedinsured. |
|----------------|----------------------------------------------------|

| 2.   | All      policies covering physical loss or damage (that is, property, builders      risk and boiler and machinery insurance) must be on a full replacement      cost basis and: |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | provide      coverage for all risks of physical loss or damage, including earthquake,      flood, sewer back-up and collapse; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

| (b)   | include      insurance on the foundation and all parts below ground    level; |
|-----------------|-------------------------------------------------------------------------------|

| (c)   | provide      in case of destruction: |
|-----------------|--------------------------------------|

| (i)   | that      reconstruction will not be limited to “on the same or an adjacent      site”; |
|-----------------|-----------------------------------------------------------------------------------------------------|

| (ii)   | coverage      for increased costs of reconstruction through by-law and code changes and      demolition and debris removal for damaged and undamaged property and      resultant loss of income; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | either      contain a stated amount co-insurance clause or not be subject to      co-insurance. |
|-----------------|-------------------------------------------------------------------------------------------------|

| 3.   | The      Bank is to be shown both as mortgagee and loss payee under all policies      covering physical loss or damage. Loss is to be payable using this      wording: |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | The      property must be insured on an all builders risk a form providing coverage      at least equivalent to thefollowing: |
|----------------|-------------------------------------------------------------------------------------------------------------------------------|

| (a)   | coverage      for 100% of total hard constructioncosts; |
|-----------------|---------------------------------------------------------|

| (b)   | coverage      for an amount in respect of soft costs that is acceptable to the Bank but      which is in any event not less than 25% of total soft    costs; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | delayed      income for a limit representing 100% of the anticipated annual revenue      from the property (assuming fulloccupancy); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | permission      for partial or full occupancy. |
|-----------------|------------------------------------------------|

| 2.   | Contractor’s      Liability Insurance for bodily injury and/or death and damage to property      of others in an amount acceptable to the Bank but in any case not less      than $5,000,000 for any one occurrence shall be in place and shall cover      construction operations at the project site. CRA and Bank are to be shown      as Additional Insured.  |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Wrap-up      Liability is required for projects with a construction cost greater than      $10,000,000. The insurance shall have a limit of not less than $10,000,000      and shall cover CRA, all contractors, sub-contractors and      suppliers. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Evidence      of Professional Liability Insurance maintained by the Project architects      and engineers is required. |
|----------------|------------------------------------------------------------------------------------------------------------------------|

| 5.   | Performance      and Labour and Material Payment Bonds are required in an amount not less      than 50% of the total contract price. The Bank is to be shown as a Dual      Obligee. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | These      Insurance Requirements outline only the protection required for the Bank’s      interests. CRA’s interests will be different than the Bank’s and CRA must      obtain its own advice as to appropriate coverages and    details. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The      forms, insurers, coverages, amounts, exclusions and deductibles are always      subject to the Bank’s descretion, having regard to the nature, location,      value and risks of the Project. Without restricting that discretion, the      Bank may require coverages not specifically mentioned or required, such as      but not limited to, terrorism and pollution insurance.                                                             |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.   | Original      policies and signatures on behalf of the insurer are required. The      insurer(s), policy number(s) and policy term(s) must be shown on all      insurance documentation. If actual policies are not available for the      initial loan advance signed Binders or Certificates of Insurance will be      accepted, provided the form and contents are satisfactory. NB: CS10-form, Acord Form 25 or      their equivalents are notacceptable. |

| 4.   | All      policies must show CRA as a namedinsured. |
|----------------|----------------------------------------------------|

| 5.   | All      policies covering physical loss or damage (that is, property, builders      risk and boiler and machinery insurance) must be on a full replacement      cost basis and: |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | provide      coverage for all risks of physical loss or damage, including earthquake,      flood, sewer back-up and collapse; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

| (b)   | include      insurance on the foundation and all parts below ground    level; |
|-----------------|-------------------------------------------------------------------------------|

| (c)   | provide      in case of destruction: |
|-----------------|--------------------------------------|

| (i)   | that      reconstruction will not be limited to “on the same or an adjacent      site”; |
|-----------------|-----------------------------------------------------------------------------------------------------|

| (ii)   | coverage      for increased costs of reconstruction through by-law and code changes and      demolition and debris removal for damaged and undamaged property and      resultant loss of income; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | either      contain a stated amount co-insurance clause or not be subject to      co-insurance. |
|-----------------|-------------------------------------------------------------------------------------------------|

| 6.   | The      Bank is to be shown both as mortgagee and loss payee under all policies      covering physical loss or damage. Loss is to be payable using this      wording: |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | The      insurer may reserve the right to cancel the policy as permitted by statute      but must agree that it will not terminate, make any adverse material      change or otherwise alter the policy to the Bank’s prejudice except by      registered letter giving 30 days notification to the  Bank. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | The      legal description of the property insured must be specified. Municipal address alone is not      acceptable. |
|----------------|-----------------------------------------------------------------------------------------------------------------------|

| 9.   | Commercial      General Liability Insurance for bodily injury and/or death and damage to      property of others in an amount acceptable to the Bank but in any case not      less than $5,000,000 for any one occurrence shall be in place for all      loans. The Bank is to be shown as an Additional Insured under all      Liability Insurance policies. At the option of the Bank, the policy shall      include limited pollution liability (IBC 2313 or equivalent wording) to      cover sudden and accidental pollutants and smoke from a hostile      fire. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | The      property must be insured on an all risk builders risk a form providing      coverage at least equivalent to thefollowing: |
|----------------|------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | coverage      for 100% of total hard constructioncosts; |
|-----------------|---------------------------------------------------------|

| (b)   | coverage      for an amount in respect of soft costs that is acceptable to the Bank but      which is in any event not less than 25% of total soft    costs; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | delayed      income for a limit representing 100% of the anticipated annual revenue      from the property (assuming fulloccupancy); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | permission      for partial or full occupancy. |
|-----------------|------------------------------------------------|

| 2.   | Contractor’s      Liability Insurance for bodily injury and/or death and damage to property      of others in an amount acceptable to the Bank but in any case not less      than $2,000,000 for any one occurrence shall be in place and shall cover      construction operations at the project site. CRA(s) and Bank are to be      shown as Additional Insureds. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Wrap-up      Liability is required for projects with a construction cost greater than      $10,000,000. The insurance shall have a limit of not less than $10,000,000      and shall cover CRA, all contractors, sub-contractors and      suppliers. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Evidence      of Professional Liability Insurance maintained by the Project architects      and engineers is required. |
|----------------|------------------------------------------------------------------------------------------------------------------------|

| 5.   | Performance      and Labour and Material Payment Bonds are required in an amount not less      than 50% of the total contract price. The Bank is to be shown as a Dual      Obligee. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | All      Risk coverage equivalent to the IAO Commercial Building Form      (CBF). |
|----------------|-----------------------------------------------------------------------------------|

| 2.   | Broad      form boiler insurance for explosion, electrical and mechanical breakdown      covering pressure vessels, air-conditioning equipment, miscellaneous      electrical apparatus (and production machinery where applicable) and      providing comprehensive coverage for repair and replacement and use and      occupancy. A joint loss agreement must be provided if the insurer is      different than the all risksinsurer. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Rental      insurance coverage sufficient to cover 100% of the projected gross annual      rents and, if on a net basis, the equivalent gross rentals, for a minimum      period of one year. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | The      Bank shall be satisfied with the business assets and financial condition      of CRA and all security documentation and supporting agreements and      documents must be completed in a form satisfactory to the Bank and its      solicitors, and must be executed and registered as appropriate, and the      Bank shall have received a solicitor’s letter of opinion with respect to      same; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The      Bank shall be provided with a transmittal letter from Colliers      International indicating that their June 2005 appraisal of the subject      property may be relied on for information  purposes. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | CRA      shall cause to be conducted environmental assessments, audit and other      inspections with respect to the mortgaged property and the business of CRA      and the obligation of the Bank to advance funds hereunder shall be subject      to the Bank receiving reports prepared by a Bank approved Environmental      Consultant, satisfactory to the Bank in its sole discretion and subject to      the Bank being satisfied in its sole discretion that there are no      environmental matters that are adverse to the value of the mortgage      property or the business of CRA. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | It      is the intention of this commitment letter to fund all certified budgeted      development costs, over and above the equity requirement, as determined by      the Banks cost consultant, providing the total certified development costs      do not exceed the total authorized costs. CRAs equity requirement shall be      free and clear of any financial charges. No secondary financing shall be      permitted under this program without the express written consent of the      Bank. The Bank acknowledges and agrees to the Century Casinos, Inc.      securing a portion of their investment as a secondary charge against the      subject property, subject to a satisfactory review of the terms and      conditions of the charge, providing that the charge is fully postponed to      the Bank debt. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | CRA      shall provide to the Bank along with acceptance of this commitment letter      a preliminary construction budget detailing all land, servicing, hard and      soft construction costs. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | CRA      shall provide to the Bank, prior to the initial advance of funds, a final      cost budget, certified by the Banks Cost Consultant. Progress draws shall      be accompanied by a Progress Claim approved by CRA and certified by the      Banks Cost Consultant detailing the original budget, the present budget,      the percent complete, the work in place, the costs to complete and the      value of the amount being claimed. Prior to each advance each Property      Titles shall be search at Alberta Land Titles to ensure that no liens have      been registered on title. Such searches shall be conducted by the Bank but      at the Borrowers Expense. Each progress claim shall be accompanied by      a Statutory Declaration. Progress draws shall be for not less than $50,000      and shall be available no more than once a month. Requests for advance      must be accompanied by invoices evidencing the costs being claimed.      Progress draws shall be calculated on a cost to complete basis, i.e.      sufficient loan amounts will at all times be available to complete the      Celebrations Casino. Should at any time, it be determined that cost      overruns have resulted in the remaining authorized loan amount being      insufficient to complete the Celebrations Casino, CRA and guarantors      shall, upon notice, invest sufficient equity to cover the cost      overruns. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | CRA      shall provide to the Bank a satisfactory final cost breakdown, certified      by an acceptable construction cost consultant. The cost consultant is to      be appointed by the Bank with all costs to CRA’s  account. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | CRA      shall have entered into fixed price contracts for all major components of      construction. The sub-contracts are to be at least 50% bonded or      satisfactory evidence of the financial ability of the contractors is to be      provided. Any major change order in excess of $10,000 to these contracts      will be subject to written approval by the Bank. Copies of all such      Celebrations Casino contracts are to be provided to the Bank prior to the      initial Advance of Funds |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | CRA      shall establish and maintain with the Bank an operating account for the      Celebrations Casino, through which all cash flows generated by the      Celebrations Casino shall be processed at terms and conditions reasonably      competitive in Alberta. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | CRA      is to deposit the $3,294,685 required for working capital and Pre-opening      costs into a hypothecated deposit account at Canadian Western Bank prior      to first draw of the construction loan. No more than twice per month,      draws may be released based on a signed direction to pay by the Borrower      detailing the original budget, the budget YTD, identifying the budgeted      amount required and confirming sufficient draw amounts will at all times      be available to complete the Pre-opening Costs and fund the start up      working capital. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | CRA      shall provide servicing plans and specifications, together with all the      necessary building permits and development agreements required for the      development and completion of the Celebrations  Casino; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | The      Bank shall be satisfied as to the zoning of the Celebrations Casino and      the availability of all municipal and regulatory permits and approvals      required for the operation of the Celebrations  Casino. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | Any      participation by way of equity, shareholders’ loan, or other cash      injection required under the terms of this agreement must be in place. The      Borrower shall provide to the Bank written confirmation as to the sources      of funds being used to meet the proposed equity    requirements. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.   | The      Bank reserves the sole and absolute right to syndicate part or all of the      loan facility contemplated herein, with various syndication partners with      whom the Bank syndicates loans from time to time, on terms and conditions      satisfactory to the Bank; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.   | The      Bank will require two (2) full business days prior written notice of      disbursement. |
|-----------------|--------------------------------------------------------------------------------------------------|

| 1.   | CRA      is to have posted the substantial completion certificate and the builders      lien period shall have expired, the architect shall have certified the      Celebrations Casinos as complete and the occupancy certificate and Casino      License shall have been issued. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The      proceeds of this loan advance will retire the outstanding construction      advances of Loan Facility 1. |
|----------------|-------------------------------------------------------------------------------------------------------------------|

----

| 1.   | no      Event of Default has occurred and iscontinuing; |
|----------------|---------------------------------------------------------|

| 2.   | the      Loan Maturity Date has notoccurred; |
|----------------|----------------------------------------------|

| 3.   | the      conditions of this Agreement and of all previous advances have been      satisfied or waived; |
|----------------|--------------------------------------------------------------------------------------------------------|

| 4.   | to      maintain a “Cash Flow Coverage Ratio” of not less than 1.20 times, tested      annually commencing based on the Borrowers audited annual accountant      prepared financial statements. Cash Flow coverage ratio shall be defined      as the Borrowers EBITDA less capital expenditures not funded by debt      (current construction budget exempted), divided by the annual total fixed      charge principal due in the next twelve months and the current years      interest expense. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | no      other loans may be secured against the Celebrations Casino, except the      Subordinate Mortgages satisfactory to the Bank and, at CRA’s option, a      mortgage to secure CRA’s Equity contributed by the Guarantor or other      affiliate of CRA, provided such mortgage is fully subordinated to the      Security and supporting documents in accordance with a Priority and      Standstill Agreement; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | the      Bank’s opinions, approvals and decisions are in its sole discretion and      are not subject to judicial review as to their    reasonableness; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | CRA      shall remain the sole registered and beneficial owner of the Celebrations      Casino until the Loan has been repaid in full, unless otherwise approved      by the Bank; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | to      maintain adequate insurance on the property and acknowledges that failure      to do so will hereby authorize the Bank to purchase insurance to protect      the Bank’s interest in the Celebrations Casino to the value of the      outstanding loan/mortgage. CRA authorizes the Bank to add the cost of said      insurance to the loan/mortgagebalance. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | The      full amount of the indebtedness and liability of CRA then outstanding,      together with accrued interest and any other charges then owing by CRA to      the Bank shall, at the option of the Bank, forthwith be accelerated and be      due and payable, and upon being declared to be due and payable, the      securities shall immediately become enforceable and the Bank may proceed      to realize and enforce the same upon the occurrence and during the      continuance of any of the following events or circumstances (which events      or circumstances are herein referred to as the “Events of      Default”): |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | CRA      or any Guarantor fails to make due, whether on demand or at a fixed      payment date, by acceleration or otherwise any payment of interest,      principal, fees, commissions or other amounts payable to the      Bank; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | there      is a breach by CRA of any other term or condition contained in this      Agreement or in any other agreement to which CRA and the Bank are parties      and CRA has not corrected such breach within 30 days of notice having been      provided to CRA; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | any      default occurs under the terms of any security to be provided in      accordance with this Agreement or under any other credit, loan or security      agreement to which CRA are party and CRA have not corrected such breach      within 30 days of notice having been provided to  CRA; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | any      bankruptcy, re-organization, compromise, arrangement, insolvency or      liquidation proceedings or other analogous proceedings are instituted by      or against CRA and, if instituted against CRA are allowed against or      consented to by CRA or are not dismissed or stayed within 60 days after      such institution; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | a      receiver is appointed over any property of CRA or any judgement or order      or any process of any court becomes enforceable against CRA or any      property or any creditor takes possession of any property of      CRA; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | any      adverse change occurs in the financial condition of CRA or any      Guarantor; |
|-----------------|-----------------------------------------------------------------------------------------|

| (g)   | any      adverse change occurs in the environmental conditionof: |
|-----------------|------------------------------------------------------------------|
| (i)   | CRA,      or                                                     |

|              |                                                          |
|-------------------|---------------------------------------------------------------|
| (iii)   | any      property, equipment, or business activities of  CRA. |

| (h)   | CRA      acknowledges that failure by any Guarantor of this Agreement to comply      with the disclosure requirements set out in Section 45 of the Business      Corporations Act (BCA) of Alberta shall constitute a default of CRA      pursuant to this Agreement. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | The      rights and remedies of the Bank pursuant to this Agreement and the      securities taken pursuant hereto are cumulative and not alternative, and      not in substitution for any other rights, remedies, or power of the      Bank. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Any      failure or delay by the Bank to exercise, or exercise fully, its rights      and remedies pursuant to this Agreement and the securities taken pursuant      hereto shall not be construed as a waiver of such rights and      remedies. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | In      the absence of a formal Loan Agreement being entered into, this Agreement      shall continue in full force and effect and shall not merge in any      securities provided by CRA to theBank. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | This      Agreement and the security documentation to be provided by CRA pursuant      hereto shall be construed in accordance with and governed by the laws of      the Province of Alberta. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | The      annual audited financial statements of CRA prepared by a firm of qualified      professional accountants (minimum standard - Review Engagement Report)      within 90 days of CRA’s fiscal year-end, together with the annual Review      Engagement Report financial statements of 746306 Alberta Ltd. and the 10K      filing for Century Casinos, Inc.. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The      annual budget/cash flow projections along with their annual financial      statements. |
|----------------|-------------------------------------------------------------------------------------------------|

| 3.   | Monthly      internally prepared interim financial statements with 25 days of each      month end. |
|----------------|----------------------------------------------------------------------------------------------------|

| 4.   | Provide      the Bank with written advice of any change in shareholders representing      more than 5% of the outstanding shares of CRA or the      guarantors. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Annual      confirmation that the current years property taxes have been paid by July      25th      each year. |
|----------------|-----------------------------------------------------------------------------------------------------------------|

| 6.   | Copy      of the Alberta Gaming and Liquor Commission license, and annual      renewal/licenses. |
|----------------|--------------------------------------------------------------------------------------------------|

| 7.   | Copies      of any notices sent by AGLC of any changes, amendments, breaches, or      defaults under the AGLC license.                                                                                                                                          |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.   | any      further information, data, financial reports and records, accounting or      banking statements, certificates, evidence of insurance and other      assurances which the Bank may from time to time require in its sole      discretion, acting reasonably. |

----

| 1.1.   | Interest Rate. You will      pay interest on each Loan at nominal rates per year at the rate specified      in this Agreement. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------|

| 1.2.   | Floating rate of      interest. Each floating rate of interest provided for under this      Agreement will change automatically, without notice, whenever the Bank’s      Prime Rate or the U.S. Base Rate, as the case may be,    changes. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3.   | Payment of interest.      Interest is calculated on the daily balance of the Loan at the end      of each day. Interest is due once a month, unless the Agreement states      otherwise. Unless you have made other arrangements with us, we will      automatically debit your Operating Account for interest amounts owing. If      your Operating Account is in overdraft and you do not deposit to the      account an amount equal to the monthly interest payment, the effect is      that we will be charging interest on overdue interest (which is known as      compounding). Unpaid interest continues to compound whether or not we have      demanded payment from you or started a legal action, or get judgment,      against you. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4.   | Fees. You will pay the      Bank’s fees for the Loans as outlined in the Agreement. You will also      reimburse us for all reasonable fees (including legal fees on a solicitor      and his own client basis) and out-of-pocket expenses incurred in      registering any security, and in enforcing our rights under this Agreement      or any security. We will automatically debit your Operating Account for      fee amounts owing. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5.   | Our rights re demand      Loans. We believe that the banker-customer relationship is based on      mutual trust and respect. It is important for us to know all the relevant      information (whether good or bad) about your business. Canadian Western      Bank is itself a business. Managing risks and monitoring our customers’      ability to repay is critical to us. We can only continue to lend when we      feel that we are likely to be repaid. As a result, if you do something      that jeopardizes that relationship, or if we no longer feel that you are      likely to repay all amounts borrowed, we may have to act. We may decide to      act, for example, because of something you have done, information we      receive about your business, or changes to the economy that affect your      business. Some of the actions that we may decide to take include requiring      you to give us more financial information, negotiating a change in the      interest rate or fees, or asking you to get further accounting assistance,      put more cash into the business, provide more security, or produce a      satisfactory business plan. It is important to us that your business      succeeds. We may demand immediate repayment of any outstanding amounts      under any demand Loan. We may also, at any time and for any cause, cancel      the unused portion of any demandLoan. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.6.   | Payments. If any payment      is due on a day other than a Business Day, then the payment is due on the      next Business Day. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------|

| 1.7.   | Applying money received.      If you have not made payments as required by this Agreement, or if you      have failed to satisfy any term of this Agreement (or any other agreement      you have that relates to this Agreement), or at any time before default      but after we have given you appropriate notice, we may decide how to apply      any money that we receive. This means that we may choose which Loan to      apply the money against, or what mix of principal, interest, fees and      overdue amounts within any Loan will bepaid. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.8.   | Information      requirements. We may from time to time reasonably require you to      provide further information about your business. We may require      information from you to be in a form acceptable to  us. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.9.   | Insurance. You will keep      all our business assets and property insured (to the full insurable value)      against loss or damage by fire and all other risks usual for property such      as yours (plus for any other risks we may reasonably require). If we      request, these policies will include a loss payee clause (and if you are      giving us mortgage security, a Standard Mortgagee Clause). As further      security, you assign all insurance proceeds to us. If we ask, you will      give us either the policies themselves or adequate evidence of their      existence. If your insurance coverage for any reason stops, we may (but do      not have to) insure the property. We will automatically debit your      Operating Account for this amount. In the event there are no funds on      deposit, we may add the insurance cost to your Loan. Finally, you will      notify us immediately of any loss or damage to the    property. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.10.   | Environmental Matters.      You will carry on your business, and maintain your assets and property, in      accordance with all applicable environmental laws and regulations. If (a)      there is any release, deposit, discharge or disposal of pollutants of any      sort (collectively, a “Discharge”) in connection with either your business      or your property, and we pay any fines or for any clean-up, or (b) we      suffer any loss or damage as a result of any Discharge, you will reimburse      the Bank, its directors, officers, employees and agents for any and all      losses, damages, fines, costs and other amounts (including amounts spent      preparing any necessary environmental assessment or other reports, or      defending any lawsuits) that result. If we ask, you will defend any      lawsuits, investigations or prosecutions brought against the Bank or any      of its directors, officers, employees and agents in connection with any      Discharge. Your obligation to us under this section continues even after      all Loans have been repaid and this Agreement has    terminated. |
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| 1.11.   | Consent to release      information. We may from time to time give any loan or other      information about you to, or receive such information from, (a) any      financial institution, credit reporting agency, rating agency or credit      bureau, (b) any person, firm or corporation with whom you may have or      propose to have financial dealings, and (c) any person, firm or      corporation in connection with any dealings you have or propose to have      with us. You agree that we may use that information to establish and      maintain your relationship with us and offer any services as permitted by      law, including services and products offered by our subsidiaries when it      is considered that this may be suitable toyou. |
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| 1.12.   | Proof of debt. This      Agreement provides the proof, between the Bank and you, of the loans made      available to you. There may be times when the type of loan you have      requires you to sign additional documents. Throughout the time that we      provide you loans under this Agreement, our loan accounting records will      provide complete proof of all terms and conditions of your loan (such as      principal loan balances, interest calculations, and payment      dates). |
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| 1.13.   | Renewals of this      Agreement. This Agreement will remain in effect for your Loans for      as long as they remain unchanged. If there are no changes to the Loans      this Agreement will continue to apply, and you will not need to sign      anything further. If there are any changes, we will provide you with      either an amending agreement, or a new replacement Letter, for you to      sign. |
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| 1.14.   | Confidentiality. The      terms of this Agreement are confidential between you and the Bank. You      therefore agree not to disclose the contents of this Agreement to anyone      except your professional advisors and where required by    law. |
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| 1.15.   | Pre-conditions. You may      use the Loans granted to you under this Agreement only  if: |
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| (a)   | we      have received properly signed copies of all documentation that we may      require in connection with the operation of your accounts and your ability      to CRA and give security; |
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| (b)   | all      the required security has been received and registered to our      satisfaction;         |
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| (c)   | any      special provisions or conditions set forth in the Agreement have been      complied with; and |

| (d)   | if      applicable, you have given us the required number of days notice for a      drawing under a Loan. |
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| 1.16.   | Notices. We may give you      any notice in person or by telephone, or by letter that is sent either by      fax or by mail. |
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| 1.17.   | Non-Revolving Loans. The      following terms apply to each Non-Revolving  Loan: |
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| (a)   | Non-revolving Loans.      Unless otherwise stated in the Agreement, any principal payment made      permanently reduces the available Loan Amount. Any payment we receive is      applied first to overdue interest, then to current interest owing, then to      overdue principal, then to any fees and charges owing, and finally to      current principal. |
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| (b)   | Floating Rate Non-Revolving      Loans. Floating Rate Loans may have either (i) blended payments or      (ii) payments of fixed principal amounts, plus interest as described      below: |
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|                   (i)   | Blended payments. If you      have a Floating Rate Loan that has blended payments, the amount of your      monthly payment is fixed for the term of the loan, but the interest rate      varies with changes in the Prime Rate or U.S. Base Rate (as the case may      be). If the Prime Rate or U.S. Base Rate during any month is lower than      what the rate was at the outset, you may end up paying off the loan before      the scheduled end date. If, however, the Prime Rate or U.S. Base Rate is      higher than what it was at the outset, the amount of principal that is      paid off is reduced. As a result, you may end up still owing principal at      the end of the term because of these changes in the Prime Rate or U.S.      Base Rate. We will advise you from time to time of any changes in the      blended payment necessary to maintain the original amortization period,      should we chose to do so. |
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| (ii)   | Payments of fixed principal      plus interest. If you have a Floating Rate Loan that has regular      principal payments, plus interest, the principal payment amount of your      Loan is due on the payment date specified in the Agreement. Although the      principal payment amount is fixed, your interest payment will usually be      different each month, for at least one and possibly more reasons, namely:      the reducing principal balance of your loan, the number of days in the      month, and changes to the Prime Rate or U.S. Base Rate (as the case may      be). |
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| (c)   | Demand of Fixed Rate      Term. If you have a Fixed Rate Term Loan and we make demand for      payment, you will owe us (i) all outstanding principal, (ii) interest,      (iii) any other amount due under this Agreement, and (iv) a prepayment      charge. The prepayment charge is equal to the greater of three (3) months      interest calculated on the unpaid balance at the rate authorized or the      Bank’s Unwinding Costs. |
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|   | The      requirement for a $20,000,000.00 joint and several guarantee and      postponement of claim from Century Casinos, Inc. and 746306 Alberta Ltd as      detailed in Schedule A, item 6, shall be amended to a $20,000,000.00      guarantee and postponement of claim from Century Casinos,    Inc. |
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