EMPLOYMENT AGREEMENT


THIS EMPLOYMENT AGREEMENT is made effective for all purposes and in all respects
as of the 18th day of February,  2003, by and between CENTURY  CASINOS,  INC., a
Delaware  corporation   (hereinafter  referred  to  as  the  "Employer"  or  the
"Company"), and PETER HOETZINGER (hereinafter referred to as the "Employee").

                                WITNESSETH THAT:

     WHEREAS, Employee is presently  employed,  and has since 1993 been employed
          by the Company; and

     WHEREAS, the  Employee's  performance of his duties of the Company has been
          and continues to be critical to the success of the Company; and

     WHEREAS, both the Company  and the  Employee  desire to set forth the terms
          and  conditions  of their  agreements  and  understandings  (as agreed
          verbally and as consummated  and acted on immediately  before entering
          into this Agreement),  and for their mutual benefit to extend the term
          of Employee's employment hereunder;

     NOW, THEREFORE,  in consideration of the foregoing,  of the mutual promises
          herein contained,  and of other good and valuable  consideration,  the
          receipt and sufficiency of which are hereby acknowledged, the parties,
          intending legally to be bound, agree as follows:


1. Term of Agreement.


     The term of this  Agreement  shall  commence  on the 18th day of  February,
2003, and shall  continue  until  December 31, 2008, and shall be  automatically
renewed for additional,  successive  periods of five (5) years each  thereafter,
unless sooner terminated in accordance with the provisions of Paragraph 5.

2. Duties of Employee.

     A strong focus of the Company's  operations and future  developments  lies,
and will continue to lie, overseas  (outside the US). The continuous  management
and  supervision  of the  existing  international  operations,  as  well  as the
acquisition  of  new  international   projects  and   developments,   require  a
substantial  amount of  international  traveling.  In accepting this  Employment
Agreement,  Employee shall  undertake and assume the  responsibility  of looking
after the Company's  international  businesses and shall devote his best efforts
to such duties.

3. Compensation.

     3.1 Salary.  As compensation for the services  rendered by Employee for the
Company  pursuant to this  Agreement,  Employee  shall be paid not less than the
following  base  annual  salary,  on a monthly  basis,  during the term  hereof:
$24,000, plus annual increases and bonuses, and such other incentives, benefits,
insurance  policies and  compensation as may have been and may be awarded to him
from time to time by the Compensation Committee of the Board of Directors of the
Company.

     3.2 Employees'  Equity  Incentive Plan.  Employee shall be a participant in
the Company's  Employees'  Equity Incentive Plan, as it may be amended from time
to time by the Board of Directors; provided, that if any change - after the date
of this Agreement - in any tax rules and  regulations,  or in the application or
applicability  of any tax rules as a result of  Employee's  employment  with the
Company, or required accounting principles shall negatively impact the amount of
Employee's total after tax compensation  under this Section 3, the Company shall
increase Employee's other compensation and incentives  accordingly to completely
offset such negative impact.

     3.3 Salary  Review.  Employee's  salary  will be  reviewed  annually by the
Compensation Committee.

4. Additional Benefits.

     In addition to, and not in limitation of, the  compensation  referred to in
Section 3, Employee shall be paid the following

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additional benefits during the term hereof:

     4.1  Reimbursement.  The Company shall continue to either provide  Employee
with, or shall reimburse  Employee for, all Reasonable  Expenses incurred by him
in  connection  with the  performance  of his  duties  as an  executive  for the
Company, in substantially at least the same form and fashion as it has been done
during the past twelve (12) months preceding the date of this Agreement.

     4.2 Death or Disability Payments.

     (a) In the event of the Employee's disability or death, during the
term of his employment hereunder, Employee's salary in effect at the time of his
death or disability shall continue to be paid to the Employee, or to his
designee or heirs, for a period of twelve (12) calendar months from the date of
death or from the date of Employee's termination of employment by reason of
disability.

     (b) For the purposes of this Employment  Agreement,  the obligations of the
Company to make the payments upon the  disability  of Employee  shall not become
effective  unless  and  until  all of  the  following  conditions  are  met,  as
determined (referring to (i) and (ii) below) by the Employee's regular physician
and an independent physician selected by the Employee (or his immediate family):

          (i) Employee shall become physically or mentally incapable  (excluding
     infrequent  and temporary  absences due to ordinary  illnesses) of properly
     performing the services  required of him in accordance with his obligations
     under Section 2 hereof or similar provisions of any renewal agreement;

          (ii) Such incapacities shall exist or be reasonably  expected to exist
     for more than one hundred  eighty  (180) days in the  aggregate  during the
     period of twelve (12) consecutive months; and

          (iii)  Either the  Employee or the Company  shall have given the other
     sixty (60) days written  notice of his or its  intention  to terminate  the
     active employment of Employee because of such disability.

5. Termination.

     5.1  Termination By Either Party Without Cause. At any time during the term
hereof,  or at the end of the term or any  renewal  term under  Section 1 above,
this  Employment  Agreement  may be  terminated  "without  cause" by either  the
Company or the Employee upon sixty (60) days written notice to the other party.

          (a) Termination By Employee. In the event of such termination "without
     cause" by Employee,  the Company shall have the option either (i) to accept
     Employee's  resignation,  effective  immediately on receipt of such written
     notice;  or (ii) to require  Employee  to  continue  to perform  his duties
     hereunder,  for a period  not to  exceed  six (6)  months  from the date of
     receipt of such written notice.

          In either event, the Employee's  compensation  and benefits  hereunder
     shall continue only until the date on which the Employee  ceases to perform
     any further duties for the Company.

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

          Employee  shall  continue  to make  himself  available  to,  and shall
     cooperate  with the Company,  as may be  reasonably  required to assist the
     Company during the six-month transition period.

          (c) In the event Employee's  employment hereunder is terminated by the
     Company  "without cause" pursuant to this Section 5.1(b),  during the first
     three (3) years after a "Change of  Control," as defined in Annexure A, has
     occurred, then the provisions of Section 5.3(b) shall apply.


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     5.2 Termination By Company For Cause.

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

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

     5.3 Termination By Employee For Cause.

          (a) Notwithstanding any other provision hereof, Employee may terminate
     his employment  with Company under this Agreement at any time for cause and
     no later than three (3) years after such cause has  occurred,  upon written
     notice  thereof to the Company  specifying  the exact cause for  Employee's
     termination.

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

               (1)  All  of   Employee's   (including   Employee's   trusts  and
          foundations)  unvested stock and stock options shall  immediately vest
          100% and Employee (including  Employee's trusts and foundations) shall
          have the option to either  (a)  receive  an  immediate  payment of the
          Stock  Value of 100% of his  Stock  and the  higher  of (i) the  value
          according to the Black and Scholes  model,  or (ii) the  "in-the-money
          value" of his stock  options/warrants  as of the date of such  written
          notice,  or (b)  receive an  immediate  cash  bonus  from the  Company
          enabling Employee (including Employee's trusts and foundations), after
          full payment of all of  Employee's  (including  Employee's  trusts and
          foundations)  taxes on such cash bonus,  to exercise 100% of his stock
          options/warrants, and to continue to hold his Stock, with the right to
          "put" or sell the Stock back to the Company  for cash at Stock  Value.
          This right to "put" or sell the Stock back to the Company  shall be in
          full force and effect and valid and exercisable at any time and as how
          many times as Employee wishes,  in whole or in part,  within three (3)
          years after Employee's termination for cause, at Employee's (including
          Employee's trusts and foundations) sole election.

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

               (3) Employee may also,  in addition to, and not in  limitation of
          payments under Section 5.3(b)(1) and Section 5.3(b)(2)  hereunder,  at
          his sole option,  elect to serve as a consultant  to Company  (working
          from his then current residence) for an additional period of three (3)
          years at his then  current  salary,  his  previous  year's  bonus  and
          current  benefits,  including but not limited to  reimbursement of all
          Reasonable Expenses.  During such consulting period, Employee would be
          required to keep himself reasonably available to the Company to render
          advice or to provide  services  for no more than  thirty (30) days per
          year.

               (4) Employee (including  Employee's trusts and foundations) shall
          be made whole on an after-tax  basis (in a timely fashion and in a way
          not to create any liability for Employee,  including Employee's trusts
          and  foundations)  with respect to any taxes that might become payable
          as a result of any action or provision in connection  with a Change of
          Control.

     5.4  Effective  Date  of  Termination.   Unless  otherwise  specified,  the
effective date of  termination,  as used in this Section 5, shall be the date on
which Employee  receives written notice of termination from the Company or gives
written notice of termination to the Company.

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6. Indemnification.

     So long as  Employee  is not  found  by a court  of law to be  guilty  of a
willful and material breach of this Agreement,  or to be guilty of willful gross
misconduct,  he shall be indemnified by the Company from and against any and all
losses,  liability,   claims  and  expenses,   damages,  or  causes  of  action,
proceedings or investigations, or threats thereof (including reasonable attorney
fees and expenses of counsel  satisfactory to and selected by Employee) incurred
by  Employee,  arising  out of, in  connection  with,  or based upon  Employee's
services  and  the  performance  of  his  duties  pursuant  to  this  Employment
Agreement,  or any  other  matter  contemplated  by this  Employment  Agreement,
whether or not resulting in any such liability; and Employee shall be reimbursed
by the Company as and when incurred for any  reasonable  legal or other expenses
incurred by Employee in connection with  investigating or defending  against any
such loss, claim, damage, liability, action, proceeding, investigation or threat
thereof, or producing  evidence,  producing documents or taking any other action
in respect thereto  (whether or not Employee is a defendant in or target of such
action, proceeding or investigation).

7. Burden and Benefit.

     Unless the express  provisions  of a particular  section of this  Agreement
state otherwise,  or performance thereunder would be impossible,  this Agreement
shall be binding upon, and shall inure to the benefit of, Employer and Employee,
and their respective heirs, personal and legal representatives,  successors, and
assigns. It shall also be expressly binding upon and inure to the benefit of any
person or entity  assuming the  Corporation/Company,  by merger,  consolidation,
purchase  of  assets or stock,  or  otherwise.  The  interests  of the  Employee
hereunder  are  not  subject  to the  claims  of his  creditors,  and may not be
voluntarily or involuntarily assigned,  alienated or encumbered;  provided, that
Employee  may  assign  all or any part of his  rights,  duties  and  obligations
hereunder to any entity (e.g., a partnership  or management  company) so long as
the services to be performed hereunder are personally performed by him.

8. Governing Law.

     It is understood and agreed that the  construction  and  interpretation  of
this Agreement shall at all times and in all respects be governed by the laws of
the country of the Company's and/or the Employee's residence. The Company agrees
to cover all costs,  including  legal,  arising  in  connection  with  drafting,
interpreting and implementing  this Employment  Agreement,  both for the Company
and for Employee.

9. Severability.

     The  provisions  of this  Agreement  shall  be  deemed  severable,  and the
invalidity  or  unenforceability  of any one or more of the  provisions  of this
Agreement  shall  not  affect  the  validity  and  enforceability  of the  other
provisions.

10. Notice.

         Any notice required to be given hereunder shall be sufficient if it is
in writing and sent by certified or registered mail, return receipt requested,
first-class postage prepaid, to the following respective addresses, which may
hereafter be changed by written notice to the other party:

         Employer:         Century Casinos, Inc.
                           200 - 220 East Bennett Avenue
                           Cripple Creek, CO. 80813
                           USA

         Employee:         Peter Hoetzinger
                           Johann Hoerbigergasse 15
                           A-1230 Vienna
                           Austria / Europe


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11. Interpretation, Adjustments.

     11.1 No representations,  promises, agreements, or understandings,  written
or oral,  not  contained  herein  shall be of any force or effect.  No change or
modification of this Agreement shall be valid or binding unless it is in writing
and signed by the party intended to be bound. No waiver of any provision of this
Agreement shall be valid unless it is in writing and signed by the party against
whom the waiver is sought to be enforced.  No valid  waiver of any  provision of
this  Agreement  at any time shall be deemed a waiver of any other  provision of
this Agreement at such time or at any other time.

     11.2 The  Compensation  Committee  shall have absolute  authority to amend,
interpret  and  administer  this  Agreement,  in  good  faith,  and in the  best
interests of both the Company and  Employee,  and may make such  adjustments  or
amendments hereto as may be reasonably  required,  if the rights of the Employee
are not adversely affected thereby.

12. Confidentiality.

     Other than in the performance of his duties hereunder,  Employee agrees not
to disclose,  either during the term of his  employment by the Company or at any
time thereafter, to any person, firm or corporation any confidential information
concerning the business affairs, financial affairs, know-how, private documents,
reports, plans, proposals,  marketing and sales plans, or similar information of
the Company. Any such documents,  techniques, methods, processes or technologies
used by the Company shall be considered  confidential  and a "trade  secret" for
the purposes of this Agreement.

13. Counterparts and Annexure.

     The Agreement may be executed in two or more counterparts, any one of which
shall be deemed  the  original  without  reference  to the  others.  Annexure  A
(Definitions)  shall be an integral  part of this  Agreement  and the  Agreement
shall not be complete without it.

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

                                    EMPLOYER:

                                          CENTURY CASINOS, INC.

                                                             /s/ Erwin Haitzmann
                                          By: __________________________________
                                                Chairman, Compensation Committee



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



                                    EMPLOYEE:


                                                            /s/ Peter Hoetzinger
                                          By: __________________________________
                                                                Peter Hoetzinger


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                                   ANNEXURE A


Definitions:

As used in this  Agreement,  the  following  terms  shall  have  the  respective
meanings indicated.

Reasonable  Expenses.  Reasonable expenses shall include, but not be limited to,
all out-of-pocket expenses for entertainment, travel (economy flights within the
USA, wherever reasonably available, business class on other continental flights,
and one class above business class on inter-continental  long distance flights),
meals,  lodging,  automobile  expenses,  communications and office costs and the
like incurred by the Employee.

Cause (as used in 5.2).  For purposes  hereof,  the term "cause"  shall mean the
failure of Employee  for any reason,  within  thirty (30) days after  receipt by
Employee of written  notice  thereof from the  Company,  to correct,  cease,  or
otherwise  alter (i) any specific  action or omission to act that  constitutes a
material  and  willful  breach of this  Agreement  likely to result in  material
damage to the Company;  or (ii) any willful gross misconduct likely to result in
material damage to the Company.

Cause (as used in 5.3).  For purposes  hereof,  the term "for cause" shall mean:
(i) the failure of the Company  for any  reason,  within  thirty (30) days after
receipt by the Company of written notice from Employee,  to correct,  cease,  or
otherwise  alter any material  adverse  change in the  conditions  of Employee's
employment,  including,  but not  limited to any change in  Employee's  title or
position,  or the duties of such  position  (such as, but not limited to another
person assuming the same or similar title, position or duties, or one or more of
the Employee's  primary duties being assigned to be performed by the Employee in
a country other than his country of primary residence), unless Employee consents
in writing to such change;  or (ii) a "Change of Control" of the Company occurs,
or has previously occurred at any time during Employee's  employment  hereunder.
"Change of  Control"  as used herein  shall mean any of the  following:  (a) any
person or entity (not  affiliated  with the  Employee)  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) the election of one or more persons to the Company's Board of Directors that
have not been nominated by the Company's Board of Directors before any Change of
Control;  (f) Mr. Erwin Haitzmann is no longer  Chairman of the Company,  unless
because of his death or  permanent  disability;  (g)  holders  of the  Company's
securities approve a merger, consolidation or liquidation of the Company.

Stock Value. The Stock Value shall be calculated  according to the provisions of
the Company's  Certificate of  Incorporation,  article NINTH,  C. (b) (i) (a) to
(D).  The  reference  to  these  provisions  in  the  Company's  Certificate  of
Incorporation shall be applicable for the one and only reason of determining the
Stock Value.

Stock.  The term "Stock" shall include any and all shares of common and/or stock
awards (whether  restricted or not) and/or preferred stock of the Company and of
any subsidiary of the Company owned by the Employee (including Employee's trusts
and foundations), no matter how and when acquired (including through exercise of
options and/or warrants).

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