UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 10-Q

     ___X___ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
        For the quarterly period ended September 30, 2002.
                                       OR
     _______  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15  (d)  OF  THE
SECURITIES EXCHANGE ACT OF 1934
        For the transition period from ____________ to ___________

Commission file number 0-22290
                    ------------

                              CENTURY CASINOS, INC.
                              ---------------------
             (Exact name of registrant as specified in its charter)

             DELAWARE                                   84-1271317
     (State or other jurisdiction of incorporation      (I.R.S. Employer
           or organization)                              Identification No.)

             200-220 E. Bennett Ave., Cripple Creek, Colorado 80813
             ------------------------------------------------------
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (719) 689-9100
                                 --------------
              (Registrant's telephone number, including area code)


     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
                                  -------------- ---------

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common stock, as of the latest practicable date.

     Common stock, $0.01 par value,  13,615,564 shares outstanding as of October
29, 2002.

                                       1
                                     <PAGE>


                             CENTURY CASINOS, INC.
                                    FORM 10-Q
                                      INDEX

<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                                      Page Number
PART I   FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements (unaudited)
           Condensed Consolidated Balance Sheets as of September 30, 2002 and December 31, 2001             3
           Condensed Consolidated Statements of Earnings for the Three Months Ended September
           30, 2002 and 2001                                                                                4
           Condensed Consolidated Statements of Earnings for the Nine Months Ended September
           30, 2002 and 2001                                                                                5
           Condensed Consolidated Statements of Comprehensive Earnings for the Three Months
           Ended September 30, 2002 and 2001                                                                6
           Condensed Consolidated Statements of Comprehensive Earnings for the Nine Months
           Ended September 30, 2002 and 2001                                                                6
           Condensed Consolidated Statements of Cash Flows for the Nine Months Ended
           September 30, 2002 and 2001                                                                      7
           Notes to Condensed Consolidated Financial Statements                                             9
Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations            23

PART II    OTHER INFORMATION                                                                                33

Item 1.    Legal Proceedings                                                                                33
Item 5.    Other Information                                                                                33
Item 6.    Exhibits and Reports on Form 8-K                                                                 33

           SIGNATURES                                                                                       33
           CERTIFICATIONS                                                                                   34

</TABLE>

                                       2
                                     <PAGE>

<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
                                                                          September 30, 2002     December 31, 2001
                                                                          ------------------     -----------------
    ASSETS
    Current Assets:
        Cash and cash equivalents
        (including restricted cash of  $391 and $334, respectively)             $   3,520           $    3,365
        Accounts receivable                                                            66                  433
        Prepaid expenses and other                                                    787                  591
                                                                                 --------             --------
           Total current assets                                                     4,373                4,389

    Property and Equipment, net                                                    31,962               29,338
    Goodwill, net                                                                   7,776                7,709
    Casino License Costs, net                                                         991                1,010
    Other Assets                                                                    2,481                2,373
                                                                                 --------             --------
    Total                                                                       $  47,583           $   44,819
                                                                                 ========             ========

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
       Current portion of long-term debt                                        $   1,376           $    1,554
       Accounts payable and accrued expenses                                        3,541                3,512
                                                                                 --------             --------
           Total current liabilities                                                4,917                5,066

    Long-Term Debt, less current portion                                           15,888               15,991
    Other Non-current Liabilities                                                     882                  979
    Minority Interest                                                                 752                  605
    Commitments and Contingencies                                                       -                    -
    Shareholders' Equity:
       Preferred stock; $.01 par value; 20,000,000 shares
          authorized; no shares issued or outstanding                                   -                    -
       Common stock; $.01 par value; 50,000,000 shares authorized;
          14,485,776 shares issued;
          13,651,364 and 13,728,784 shares outstanding, respectively                  145                  145
       Additional paid-in capital                                                  21,901               21,901
       Accumulated other comprehensive loss                                       (2,601)              (3,291)
       Retained earnings                                                            7,328                4,847
                                                                                 --------             --------
                                                                                   26,773               23,602
       Treasury stock - 834,412 and 756,992 shares, respectively,
          at cost                                                                 (1,629)              (1,424)
                                                                                 --------             --------
          Total shareholders' equity                                               25,144               22,178
                                                                                 --------             --------
    Total                                                                       $  47,583           $   44,819
                                                                                 ========             ========
See notes to condensed consolidated financial statements.
</TABLE>

                                       3
                                     <PAGE>


<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)

                                                                      For The Three Months Ended September 30,
                                                                                     2002                 2001
                                                                                     ----                 ----

Operating Revenue:
   Casino                                                                       $   8,235           $    7,992
   Food and beverage                                                                  489                  576
   Hotel                                                                              233                  228
   Other                                                                              122                  227
                                                                                 --------            ---------
                                                                                    9,079                9,023
   Less promotional allowances                                                      1,194                1,122
                                                                                 --------            ---------
           Net operating revenue                                                    7,885                7,901
                                                                                 --------            ---------

Operating Costs and Expenses:
   Casino                                                                           2,595                2,456
   Food and beverage                                                                  253                  306
   Hotel                                                                              156                  183
   General and administrative                                                       1,862                1,855
   Property write-down and other write-offs                                         1,122                    -
   Depreciation and amortization                                                      616                1,085
                                                                                 --------            ---------
       Total operating costs and expenses                                           6,604                5,885
                                                                                 --------            ---------

Earnings from Operations                                                            1,281                2,016
   Other (expense), net                                                             (448)                (390)
                                                                                 --------            ---------
Earnings before Income Taxes and Minority Interest                                    833                1,626
   Provision for income taxes                                                         317                  908
                                                                                 --------            ---------
Earnings before Minority Interest                                                     516                  718
   Minority interest in subsidiary income                                            (63)                 (31)
                                                                                 --------            ---------
Net Earnings                                                                    $     453           $      687
                                                                                 ========            =========

Earnings Per Share:
   Basic                                                                        $    0.03           $     0.05
                                                                                 ========            =========
   Diluted                                                                      $    0.03           $     0.05
                                                                                 ========            =========


       See notes to condensed consolidated financial statements.
</TABLE>

                                       4
                                     <PAGE>


<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)

                                                                       For The Nine Months Ended September 30,
                                                                                     2002                 2001
                                                                                     ----                 ----

Operating Revenue:
   Casino                                                                       $  23,257            $  22,909
   Food and beverage                                                                1,245                1,456
   Hotel                                                                              639                  552
   Other                                                                              415                  571
                                                                                 --------             --------
                                                                                   25,556               25,488
   Less promotional allowances                                                      3,350                2,885
                                                                                 --------             --------
           Net operating revenue                                                   22,206               22,603
                                                                                 --------             --------

Operating Costs and Expenses:
   Casino                                                                           7,170                7,104
   Food and beverage                                                                  655                  862
   Hotel                                                                              400                  509
   General and administrative                                                       5,684                6,063
   Property write-down and other write-offs                                         1,122                   57
   Depreciation and amortization                                                    1,766                3,576
                                                                                 --------             --------
       Total operating costs and expenses                                          16,797               18,171
                                                                                 --------             --------

Earnings from Operations                                                            5,409                4,432
   Other (expense), net                                                           (1,319)              (1,406)
                                                                                 --------             --------
Earnings before Income Taxes and Minority Interest                                  4,090                3,026
   Provision for income taxes                                                       1,548                1,431
                                                                                 --------             --------
Earnings before Minority Interest                                                   2,542                1,595
   Minority interest in subsidiary (income) losses                                   (61)                  134
                                                                                 --------             --------
Net Earnings                                                                    $   2,481            $   1,729
                                                                                 ========             ========

Earnings Per Share:
   Basic                                                                        $    0.18            $    0.13
                                                                                 ========             ========
   Diluted                                                                      $    0.16            $    0.12
                                                                                 ========             ========


       See notes to condensed consolidated financial statements.

</TABLE>

                                       5
                                     <PAGE>


<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
 (Dollar amounts in thousands)

                                                                      For The Three Months Ended September 30,

                                                                                     2002                 2001
                                                                                     ----                 ----


   Net Earnings                                                                $      453            $     687
   Foreign currency translation adjustments                                          (94)                (663)
   Change in fair value of interest rate swaps, net of income taxes                     8                (269)
                                                                                 --------             --------
   Comprehensive Earnings (Loss)                                               $      367            $   (245)
                                                                                 ========             ========


                                                                       For The Nine Months Ended September 30,

                                                                                     2002                 2001
                                                                                     ----                 ----


   Net Earnings                                                                 $   2,481            $   1,729
   Foreign currency translation adjustments                                           689                (881)
   Cumulative effect of change in accounting principle related to interest
   rate swaps, net of income taxes                                                      -                (175)
   Change in fair value of interest rate swaps, net of income taxes                     1                (422)
                                                                                 --------             --------
   Comprehensive Earnings                                                       $   3,171            $     251
                                                                                 ========             ========
</TABLE>


       See notes to condensed consolidated financial statements.

                                       6
                                     <PAGE>

<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
(Dollar amounts in thousands)

                                                                       For The Nine Months Ended September 30,

                                                                                     2002                 2001
                                                                                     ----                 ----

Cash Flows from Operating Activities:
   Net earnings                                                                 $   2,481            $   1,729

   Adjustments to reconcile net earnings to net cash provided by
         operating activities
        Write-down value of nonoperating casino and land
           held for sale (Note 7)                                                     447                    -
        Write-off receivables and advances, including interest
          (Notes 1 and 6)                                                             702                    -
        Depreciation                                                                1,766                2,507
        Amortization of goodwill                                                        -                1,069
        Amortization of deferred financing costs                                       67                   62
        Gain on disposition of assets                                                (27)                 (14)
        Deferred tax expense (benefit)                                               (58)                  181
        Minority interest in subsidiary income (losses)                                61                (134)
        Other                                                                         (9)                    -

       Changes in operating assets and liabilities
         Receivables                                                                (302)                 (67)
         Prepaid expenses and other assets                                          (106)                (213)
         Accounts payable and accrued liabilities                                    (31)                (217)
                                                                                 --------             --------
         Net cash provided by operating activities                                  4,991                4,903
                                                                                 --------             --------

Cash Flows from Investing Activities:
    Purchases of property and equipment                                           (3,770)              (2,508)
    Expenditures for deposits and other assets                                          -              (1,074)
    Proceeds received from disposition of assets                                      176                    8
                                                                                 --------             --------

         Net cash used in investing activities                                    (3,594)              (3,574)
                                                                                 --------             --------

 </TABLE>



                                                                  (continued)

                                       7
                                     <PAGE>


<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
(Dollar amounts in thousands)

                                                                       For the Nine Months Ended September 30,

                                                                                     2002                 2001
                                                                                     ----                 ----
Cash Flows from Financing Activities:
   Proceeds from borrowings                                                     $  15,439            $  18,069
   Principal repayments                                                          (16,459)             (24,477)
   Deferred financing costs                                                         (112)                   63
   Purchases of treasury stock                                                      (205)                (552)
                                                                                 --------             --------
         Net cash used in financing activities                                    (1,337)              (6,897)
                                                                                 --------             --------
Effect of exchange rate changes on cash                                                95                (216)
                                                                                 --------             --------
Increase (Decrease) in Cash and Cash Equivalents                                      155              (5,784)

Cash and Cash Equivalents at Beginning of Period                                    3,365                9,077
                                                                                 --------             --------
Cash and Cash Equivalents at End of Period                                     $    3,520            $   3,293
                                                                                 ========             ========


Supplemental Disclosure of Cash Flow Information:

Interest paid, net of capitalized interest of $57 in 2002 and $203 in 2001     $    1,434            $     677
                                                                                 ========             ========
Income taxes paid                                                              $    1,725            $     993
                                                                                 ========             ========

</TABLE>

See notes to condensed consolidated financial statements.

                                        8
                                     <PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

     Century Casinos,  Inc. ("CCI") is an international  gaming company.  Wholly
     owned subsidiaries of CCI include Century Casinos Management, Inc. ("CCM"),
     Century  Casinos  Nevada,  Inc.  ("CCN",  a  dormant  subsidiary),  Century
     Management u. Beteiligungs GmbH ("CMB"),  and WMCK-Venture Corp.  ("WMCK").
     Wholly owned subsidiaries of WMCK include WMCK-Acquisition Corp ("ACQ") and
     Century Casinos Cripple Creek, Inc.  ("CCC").  Century Casinos Africa (Pty)
     Ltd. ("CCA"),  a 94.8% owned subsidiary of CCI, owns 65% of Century Casinos
     Caledon (Pty) Ltd.  ("CCAL"),  55% of Century  Casinos West Rand (Pty) Ltd.
     ("CCWR") and 50% of Rhino Resort Ltd.  ("RRL").  CCI and subsidiaries  (the
     "Company")  own and/or  manage  casino  operations  in the United States of
     America,  South Africa,  the Czech Republic,  and  international  waters as
     follows:

          WMCK  owns and  operates  Womacks  Casino  and  Hotel  ("Womacks"),  a
          limited-stakes  gaming casino in Cripple Creek,  Colorado.  Womacks is
          one of the largest gaming facilities in Cripple Creek and is currently
          the core operation of the Company. The facility has 683 slot machines,
          five limited stakes gaming tables,  21 hotel rooms, 2 restaurants  and
          is currently  expanding the gaming space to  accommodate an additional
          44 gaming devices.

          CCA owns 65% of the  Caledon  Casino,  Hotel and Spa near  Cape  Town,
          South Africa and has a management  contract to operate the casino. The
          resort has 250 slot machines and eight gaming tables, a 92-room hotel,
          mineral hot springs  and spa  facility,  2  restaurants,  3 bars,  and
          conference facilities.

          CCM manages  Casino  Millennium  located  within a five-star  hotel in
          Prague,  Czech  Republic.  Subject to the approval by regulators,  the
          Company  and  another  entity  have  each  agreed  to  purchase  a 50%
          ownership interest in Casino  Millennium.  The acquisition is expected
          to be  completed  in late 2002 or early 2003 and is  expected  to cost
          approximately  $200 in cash plus the  contribution of operating assets
          of the casino currently owned by the Company and certain pre-operating
          costs paid by the Company.

          CCI serves as  concessionaire  of small  casinos on five luxury cruise
          vessels, one of which is temporarily out of service. The Company has a
          total of  approximately  167  gaming  positions  on the four  combined
          shipboard casinos currently in operation.

     The   Company   regularly   pursues    additional   gaming    opportunities
     internationally and in the United States.


                                       9
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


     During  September  2001,  CCA  entered  into an  agreement  to secure a 50%
     ownership  interest  in Rhino  Resort  Ltd.  ("RRL"),  a  consortium  which
     includes  Silverstar  Development  Ltd.  ("Silverstar").  RRL  submitted an
     application for a proposed  hotel/casino  resort development in the greater
     Johannesburg  area of South Africa at a cost of  approximately  400 million
     Rand ($38.0 million). In November 2001, RRL was awarded the sixth and final
     casino license  serving the Gauteng  province in South Africa.  In February
     2002, Tsogo Sun Holdings (Pty) Ltd ("Tsogo"),  a competing casino,  filed a
     Review  Application  seeking to overturn  the license  award by the Gauteng
     Gambling Board ("GGB").  In September  2002, the High Court of South Africa
     overturned the license  award.  RRL, the GGB, and the Company are currently
     assessing the implications of this judgment which cited certain  procedural
     and technical  deficiencies  in the actions of the GGB (in the process that
     led to the original award of the casino  license) in order to determine any
     potential  future  actions.  Under the existing  agreements,  the Company's
     obligation  to make the presumed  equity  investment  of 50 million Rand or
     approximately  $4.8  million  expires on  December  31, 2004 unless RRL has
     obtained a final license by such date.  As a result of these  developments,
     the  Company has  recorded a $377  write-off  for all  advances  made,  and
     pre-construction  cost  incurred,  in  conjunction  with  the  Johannesburg
     project  (Note  12).  CCA  maintains  the  ownership  of the land  that was
     intended for the casino project.

     Commitments  that are  denominated  in a foreign  currency  and all balance
     sheet accounts other than shareholders' equity are translated and presented
     based on the exchange rate at the end of the period.

     Certain  reclassifications have been made to the 2001 financial information
     in order to conform to the 2002 presentation.

     The accompanying  condensed  consolidated  financial statements and related
     notes have been prepared in accordance with accounting principles generally
     accepted in the United  States of America for interim  financial  reporting
     and the  instructions  to Form  10-Q and  Rule  10-01  of  Regulation  S-X.
     Accordingly, certain information and footnote disclosures normally included
     in financial  statements prepared in accordance with accounting  principles
     generally accepted in the United States of America,  have been condensed or
     omitted. In the opinion of management,  all adjustments (consisting of only
     normal recurring  accruals)  considered  necessary for fair presentation of
     financial  position,  results  of  operations  and  cash  flows  have  been
     included.

     These  condensed  consolidated  financial  statements  should  be  read  in
     conjunction with the financial statements and notes thereto included in the
     Company's  Annual  Report on Form  10-KSB for the year ended  December  31,
     2001. The results of operations for the period ended September 30, 2002 are
     not necessarily indicative of the operating results for the full year.

2. INCOME TAXES

     The income tax  provisions  are based on estimated  full-year  earnings for
     financial  reporting  purposes  adjusted for permanent  differences,  which
     consist  primarily  of  nondeductible  goodwill  amortization  prior to the
     adoption of SFAS No. 142 (Note 10).


                                       10
                                     <PAGE>


CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


3. EARNINGS PER SHARE

     Basic and diluted  earnings per share for the three months ended  September
     30, 2002 and 2001 were computed as follows:
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                      For the Three Months Ended September 30,
                                                                                     2002                 2001
                                                                                     ----                 ----

 Basic Earnings Per Share:
    Net earnings                                                              $       453         $        687
                                                                               ==========           ==========
    Weighted average common shares                                             13,664,605           13,813,043
                                                                               ==========           ==========
    Basic earnings per share                                                  $      0.03         $       0.05
                                                                               ==========           ==========

 Diluted Earnings Per Share:
    Net earnings                                                              $       453         $        687
                                                                               ==========           ==========
    Weighted average common shares                                             13,664,605           13,813,043
      Effect of dilutive securities:
          Stock options and warrants                                            1,435,047            1,119,927
                                                                               ----------           ----------
    Dilutive potential common shares                                           15,099,652           14,932,970
                                                                               ==========           ==========
    Diluted earnings per share                                                $      0.03         $       0.05
                                                                               ==========           ==========

    Excluded from computation of diluted earnings per share
       Due to antidilutive effect:
          Options and warrants to purchase common shares                                -                5,000
          Weighted average exercise price                                     $         -         $       2.25


</TABLE>

                                       11
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


     Basic and diluted  earnings per share for the nine months  ended  September
     30, 2002 and 2001 were computed as follows:
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                     For the Nine Months Ended September 30,
                                                                                     2002                 2001
                                                                                     ----                 ----

         Basic Earnings Per Share:
            Net earnings                                                     $      2,481         $      1,729
                                                                               ==========           ==========
            Weighted average common shares                                     13,707,085           13,856,842
                                                                               ==========           ==========
            Basic earnings per share                                          $      0.18         $       0.13
                                                                               ==========           ==========

         Diluted Earnings Per Share:
            Net earnings, as reported                                         $     2,481         $      1,729
              Interest expense, net of income taxes,
              on convertible debenture                                                  -                    8
                                                                               ----------           ----------
            Net earnings available to common shareholders                     $     2,481         $      1,737
                                                                               ==========           ==========

            Weighted average common shares                                     13,707,085           13,856,842
              Effect of dilutive securities:
                  Convertible debenture                                                 -               90,181
                  Stock options and warrants                                    1,511,765            1,076,118
                                                                               ----------           ----------
            Dilutive potential common shares                                   15,218,850           15,023,141
                                                                               ==========           ==========
            Diluted earnings per share                                        $      0.16         $       0.12
                                                                               ==========           ==========

            Excluded from computation of diluted earnings per share Due to
                antidilutive effect:
                  Options and warrants to purchase common shares                        -                5,000
                  Weighted average exercise price                           $           -          $      2.25

</TABLE>

                                       12
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


4.   CRIPPLE CREEK, COLORADO

     On May 1, 2002,  WMCK-Venture Corp. acquired the Palace Casino building and
     adjoining  property for $1.2 million.  Womacks has spent an additional $157
     to complete the acquisition and convert the majority of the property, which
     is adjacent to the Womacks Casino and Hotel,  into an additional 41 parking
     spaces.

5.   CALEDON, SOUTH AFRICA

     In September  2001,  CCA,  CCAL and Fortes King  Hospitality  (Pty) Limited
     ("FKH") entered into a Memorandum of Agreement, which amends the casino and
     hotel management  agreements signed in December 1999, such that any and all
     management  fees shall be deemed to equal zero from the  inception of those
     agreements  and shall remain so until no earlier  than January 1, 2002.  By
     agreement,  the management fees that would have been payable to CCA and FKH
     are given preferential treatment in the event of the sale or liquidation of
     CCAL. Consequently,  the minority interest in subsidiary (income) losses in
     the consolidated  statement of earnings for the nine months ended September
     2002  includes  $50 net of $21 of  income  tax  benefit,  representing  the
     management  fees that would  have been  payable  to FKH.  As a result,  the
     consolidated net earnings for the South African segment or the consolidated
     net earnings for the Company were not affected by this agreement. Beginning
     January  1, 2002,  either  CCA or FKH have the  option to declare  the fees
     calculable  and  payable.  As of  September  30,  2002,  neither  party has
     exercised their option.

6.   PRAGUE, CZECH REPUBLIC

     The  Company  has a  memorandum  of  agreement  to acquire a 50%  ownership
     interest in Casino Millennium a.s., a Czech company. Subject to approval by
     the  regulators,  the Company  anticipates  closing the transaction in late
     2002 or early 2003 at an expected cost of  approximately  $200 in cash plus
     the contribution of the casino equipment currently owned by the Company and
     certain  preoperating  costs paid by the Company in the amount of $196.  In
     August  2002,  Prague,  Czech  Republic  experienced  a  devastating  flood
     throughout  the city.  Although  the  Casino  Millennium  property  was not
     damaged,  public  access  to the  city in the  vicinity  of the  casino  is
     severely  limited and has negatively  affected and will likely  continue to
     negatively  affect the  casino  operation.  As a result,  the  Company,  in
     September  2002,  wrote off unpaid  management  fees and loans from  Casino
     Millennium,  which  resulted  in a  pre-tax  charge  of  $325.  $298 of the
     write-off is reported in property write-down and other write-offs (Note 12)
     and $27 is reported  as a  reduction  of other  (expense),  net.  Effective
     September 1, 2002, management fees and interest due to the Company will not
     be  accrued  until  a  certainty  of  cash  flow  is  attained  for  Casino
     Millennium. As of September 30, 2002, the Company's net fixed assets leased
     to the Casino  Millennium  approximated  $691 and management fee income for
     the three months ended  September 30, 2002 and 2001 was  approximately  $32
     and $38,  respectively.  Management  fee income for the eight  months ended
     August 31, 2002 and nine months ended September 30, 2001 was  approximately
     $138 and $170, respectively.

7.   OTHER PROPERTIES

     The Company is currently holding non-operating casino property and land for
     sale in Wells,  Nevada.  The property and land was acquired in 1994 from an
     un-affiliated  party at a cost of $921. Included in property write-down and
     other write-offs,  is a pre-tax charge in the amount of $447, to reduce the
     value of the property to its fair value,  less costs to sell,  based on the
     current assessment of the property (Note 12).

                                       13
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


8.   LONG-TERM DEBT

     On August 28, 2002,  the Company and Wells Fargo Bank (the "Bank")  entered
     into the Second Amendment to the Amended and Restated Credit Agreement (the
     "Agreement"  or "RCF") which  increased the Company's  aggregate  borrowing
     commitment  from the Bank to $26 million and extended the maturity  date to
     August  2007.  The  aggregate  commitment  available to the Company will be
     reduced  quarterly  by $722,  beginning  January  2003 through the maturity
     date. The same  provision was contained in the first  amendment to the RCF.
     The terms of the RCF remain  principally  the same.  The principal  balance
     outstanding under the RCF as of September 30, 2002 was $11,538.  The amount
     available  under the RCF as of  September  30, 2002 was  $14,462.  The loan
     agreement  includes  certain  restrictive  covenants on financial ratios of
     WMCK.  The Company is in compliance  with the covenants as of September 30,
     2002.  Interest rates at September 30, 2002 were 4.75% for $38  outstanding
     under prime based  provisions  of the loan  agreement and 4.16% for $11,500
     outstanding under LIBOR based provisions of the loan agreement.

     The fair  value of the  Company's  interest  rate  swap  derivatives  as of
     September  30, 2002 of $882 is reported as a liability in the  consolidated
     balance sheet.  The net loss on the interest rate swaps of $1 for the first
     nine months of 2002 has been reported in  accumulated  other  comprehensive
     loss in the shareholders' equity section of the accompanying  September 30,
     2002 condensed  consolidated balance sheet. Net additional interest expense
     to the Company  under the swap  agreements  was $133 and $119 for the three
     months ended September 30, 2002 and 2001,  respectively,  and $388 and $119
     for the nine months ended September 30, 2002 and 2001, respectively.

     In April 2000,  CCAL entered into a loan agreement with PSG Investment Bank
     Limited ("PSGIB"),  for a principal loan to fund development of the Caledon
     project. The outstanding balance and interest rate as of September 30, 2002
     was $3,581 and 17.05%,  respectively.  In April 2001,  CCAL entered into an
     addendum to the loan  agreement in which PSGIB provided CCAL with a standby
     facility  to  provide  additional  funding  for the  Caledon  project.  The
     outstanding balance and interest rate on the standby facility with PSGIB as
     of September 30, 2002 was $359 and 15.1%, respectively.  Under the original
     terms of the agreement  CCAL made its first  principal  payment in December
     2001, based on a repayment schedule that required semi-annual  installments
     continuing  over a  five-year  period.  On March  26,  2002  CCAL and PSGIB
     entered into an amended  agreement  that changed the repayment  schedule to
     require quarterly  installments  beginning on March 31, 2002 and continuing
     over the remaining term of the original five-year agreement.  The amendment
     also changed the requirements for the sinking fund. The original  agreement
     required  CCAL to have on deposit a "sinking  fund" in the amount  equal to
     the next semi-annual  principal and interest payment. The amended agreement
     changes the periodic  payments from semi-annual to quarterly and requires a
     minimum   deposit  in  the  sinking   fund  equal  to  four   million  Rand
     (approximately  $380).  In  addition,  one  third  of  the  next  quarterly
     principal  and  interest  payment must be deposited on the last day of each
     month into the fund and used for the next quarterly  installment.  The loan
     agreement  includes  certain  restrictive  covenants  for CCAL.  CCAL is in
     compliance with the covenants as of September 30, 2002.

                                       14
                                     <PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


     The dollar value of CCAL's outstanding note agreement with Caledon Overberg
     Investments  (Proprietary)  Limited  ("COIL") as of  September  30, 2002 is
     approximately  $1,042.  In September  2001, CCA, CCAL, CCI and COIL amended
     the loan agreement to reduce the rate of interest charged on the loan to 0%
     (zero),  effective with the original date of the  agreement.  The loan from
     CCA  and  COIL  are  proportionate  to  each  shareholder's  percentage  of
     ownership.  The  additional  net income  reported  by CCAL,  as a result of
     reducing  the  interest  charged,   is  shared   proportionately   by  each
     shareholder, therefore, there is no change in the consolidated net earnings
     of the South  African  segment  or the  consolidated  net  earnings  of the
     Company.  Each shareholder has the option to reinstate the interest rate to
     be charged from January 1, 2002 forward.  As of September 30, 2002, neither
     party has exercised their option.

     An unsecured note payable, in the amount of $380, to a founding shareholder
     who is also a principal  shareholder  with 18.3% of the outstanding  common
     shares as of September 30, 2002,  bears interest at 6%, payable  quarterly.
     The  noteholder,  at his  option,  may elect to  receive  any or all of the
     unpaid principal by notifying CCI on or before April 1 of any year. Payment
     of the principal amount so specified would be required by the Company on or
     before January 1 of the following year. The entire outstanding principal is
     otherwise  due and  payable  on April  1,  2004.  Accordingly,  the note is
     classified as noncurrent in the accompanying condensed consolidated balance
     sheet as of September 30, 2002 and December 31, 2001.

     The remaining  amount of $364 in debt,  as of September 30, 2002,  consists
     primarily of capital leases totaling $320.

     The consolidated weighted average interest rate on all borrowings was 9.95%
     for the nine months ended September 30, 2002.

9.   SHAREHOLDERS' EQUITY

     During the first nine months of 2002, the Company repurchased,  on the open
     market, an additional 77,420 shares of its common stock at an average price
     per share of $2.64.  The  Company  held  834,412  shares in  treasury as of
     September  30,  2002 at an  average  share  price of $1.95.  Subsequent  to
     September  30, 2002,  the Company  purchased,  on the open  market,  35,800
     additional  shares of its  common  stock at an average  per share  price of
     $2.08.

     In July 2002,  the Company  amended the Rights  Agreement  between  Century
     Casinos, Inc. and Computershare  Investor Services,  Inc., adopted in April
     1999 as amended and approved by the  Shareholders  in 2000, to increase the
     defined  purchase  price  from  $4 to  $10  per  share  and  increased  the
     redemption  period,  the time during  which the Company may elect to redeem
     all of the  outstanding  rights,  from 20 to 90 days. The purchase price is
     the exercise amount at which a registered  holder is entitled to purchase a
     given amount of shares of  non-redeemable  Series A Preferred  Stock of the
     Company, subject to certain adjustments.

                                       15
                                     <PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


     In connection  with the granting of a gaming license to CCAL by the Western
     Cape  Gambling and Racing  Board in April 2000,  CCAL issued a total of 200
     preference shares, 100 shares each to two minority shareholders, neither of
     which is an officer,  director or principal  shareholder of Century Casinos
     Inc.,  each of whom have one seat on the board of  directors  of CCAL.  The
     preference  shares  are  not  cumulative,  nor  are  they  redeemable.  The
     preference shares entitle the holders of said shares to dividends of 20% of
     the after-tax  profits  directly  attributable  to the CCAL casino business
     subject to working capital and capital  expenditure  requirements  and CCAL
     loan  obligations  and  liabilities as determined by the directors of CCAL.
     Should the casino business be sold or otherwise  dissolved,  the preference
     shareholders  are entitled to 20% of any surplus  directly  attributable to
     the CCAL casino business,  net of all liabilities  attributable to the CCAL
     casino  business.  As of September  30, 2002, no dividend has been declared
     for the preference shareholders.

10.  CHANGE IN ACCOUNTING PRINCIPLES AND RECENTLY ISSUED STANDARDS

     Effective  January 1, 2002 the  Company  adopted the  Financial  Accounting
     Standards Board (the "FASB") SFAS No. 141 "Business Combinations", SFAS No.
     142 "Goodwill and Other  Intangible  Assets",  and SFAS No. 144 "Accounting
     for the Impairment or Disposal of Long-Lived Assets".

     SFAS No. 141  addresses  financial  accounting  and  reporting for business
     combinations.  SFAS No. 141  requires  that all  business  combinations  be
     accounted  for using the  purchase  method  of  accounting.  The use of the
     pooling-of-interest  method of  accounting  for  business  combinations  is
     prohibited.   The  provisions  of  SFAS  No.  141  apply  to  all  business
     combinations  initiated  after June 30, 2001.  The Company will account for
     any future business combinations in accordance with SFAS No. 141.

     SFAS No. 142  addresses  the methods  used to  capitalize,  amortize and to
     assess impairment of intangible  assets,  including goodwill resulting from
     business  combinations  accounted for under the purchase method.  Effective
     with the adoption of SFAS No. 142, the Company no longer amortizes goodwill
     and other intangible assets with indefinite useful lives.  Other intangible
     assets consist of deferred  license costs.  Included in assets at September
     30, 2002 is unamortized  goodwill of  approximately  $7,776 and unamortized
     casino license costs of approximately $991.

     In accordance  with SFAS No. 142, the Company has completed step one of the
     impairment  test on each of the  reporting  units for which it has recorded
     goodwill.  The Company contracted  third-party  valuation firms to complete
     the analysis of each reporting unit. In completing its analysis of the fair
     value of  WMCK-Venture  Corporation,  parent  company of Womacks Casino and
     Hotel,  the Company used the  Discounted  Cash Flow ("DCF") Method in which
     the reporting unit is valued by discounting  the projected cash flows, to a
     period in which the annual growth rate is expected to  stabilize,  to their
     present value based on a  risk-adjusted  discount  rate. In completing  its
     analysis of the fair value of Century  Casinos Caledon (Pty) Ltd, the owner
     of Caledon  Casino,  Hotel and Spa, the Company also applied the DCF method
     and the results were compared to other  methods of valuation,  most notably
     the net asset  value of Caledon in order to  further  justify  the range of
     values.  As a result of the testing,  the Company has determined that there
     is no impairment of goodwill or other intangible  assets.  The Company will
     be required to assess  goodwill and other  intangibles  for  impairment  at
     least annually hereafter.

                                       16
                                     <PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


     A reconciliation  of previously  reported net earnings,  basic earnings per
     share and  diluted  earnings  per  share to the  amounts  adjusted  for the
     exclusion of amortization  related to goodwill and other intangible  assets
     with indefinite useful lives, net of related tax effect, follows:

<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                      For The Three Months Ended September 30,
                                                                                     2002                 2001
                                                                                     ----                 ----

         Reported net earnings                                             $          453         $        687
         Add back: Goodwill amortization,
                   net of income taxes                                                  -                  294
         Add back: Casino license amortization,
                   net of income taxes                                                  -                   47
                                                                                 --------             --------
         Adjusted net earnings                                             $          453         $      1,028
                                                                                 ========             ========

         Basic earnings per share:
           Reported net earnings                                           $         0.03         $       0.05
           Goodwill amortization                                                        -                 0.02
           Casino license amortization                                                  -                    -
                                                                                 --------             --------
           Adjusted net earnings                                           $         0.03         $       0.07
                                                                                 ========             ========

         Diluted earnings per share:
           Reported net earnings                                           $         0.03         $       0.05
           Goodwill amortization                                                        -                 0.02
           Casino license amortization                                                  -                    -
                                                                                 --------             --------
           Adjusted net earnings                                           $         0.03         $       0.07
                                                                                 ========             ========
</TABLE>

                                       17
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                       For The Nine Months Ended September 30,

                                                                                     2002                 2001
                                                                                     ----                 ----

         Reported net earnings                                                $     2,481         $      1,729
         Add back: Goodwill amortization,
                   net of income taxes                                                  -                  882
         Add back: Casino license amortization,
                   net of income taxes                                                  -                  141
                                                                                 --------             --------
         Adjusted net earnings                                                $     2,481         $      2,752
                                                                                 ========             ========

         Basic earnings per share:
           Reported net earnings                                              $      0.18         $       0.13
           Goodwill amortization                                                        -                 0.06
           Casino license amortization                                                  -                 0.01
                                                                                 --------             --------
           Adjusted net earnings                                              $      0.18         $       0.20
                                                                                 ========             ========

         Diluted earnings per share:
           Reported net earnings                                              $      0.16         $       0.12
           Goodwill amortization                                                        -                 0.06
           Casino license amortization                                                  -                    -
                                                                                 --------             --------
           Adjusted net earnings                                              $      0.16         $       0.18
                                                                                 ========             ========
</TABLE>

     SFAS No. 144  supersedes  SFAS No. 121,  "Accounting  for the Impairment of
     Long-Lived  Assets and for  Long-Lived  Assets to Be Disposed Of". SFAS No.
     121 did not address the  accounting  for a segment of a business  accounted
     for as a discontinued  operation,  which resulted in two accounting  models
     for long-lived  assets to be disposed of. SFAS No. 144 establishes a single
     accounting  model  for  long-lived  assets  to be  disposed  of by sale and
     requires  that  those  long-lived  assets be  measured  at the lower of the
     carrying  amount or fair  value  less  cost to sell,  whether  reported  in
     continuing operations or in discontinued operations.

     The  Company has  reviewed  all  recently  issued,  but not yet  effective,
     accounting pronouncements and does not believe that any such pronouncements
     will have a material impact on its financial statements.


                                       18
                                     <PAGE>


CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


11.  SEGMENT INFORMATION

     The Company has adopted FASB Statement No. 131 "Disclosures  about Segments
     of an Enterprise and Related  Information".  The Company is managed in four
     segments;   Cripple  Creek,  Colorado,  South  Africa,  Cruise  Ships,  and
     Corporate operations.  Corporate operations include the revenue and expense
     of certain corporate gaming projects for which the Company has secured long
     term management contracts.  Earnings before interest,  taxes,  depreciation
     and  amortization  (EBITDA)  is not  considered  a measure  of  performance
     recognized  as an  accounting  principle  generally  accepted in the United
     States of America. Management believes that EBITDA is a valuable measure of
     the  relative   performance   amongst  its  operating   segments.   Segment
     information  for the three  months  ended  September  30,  2002 and 2001 is
     presented below.

<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


        ================================== ========================== =========================== =============================
                                               Cripple Creek CO              South Africa                 Cruise Ships
        ================================== ============= ============ ============= ============= ============== ==============
           For the Three Months Ended          2002         2001          2002          2001          2002           2001
                 September 30,
        ================================== ============= ============ ============= ============= ============== ==============
        Net operating revenue                $    5,818   $    5,731   $     1,743   $     1,656   $        293   $        426
        Depreciation & amortization          $      332   $      679   $       228   $       339   $         14   $         13
        Interest  income                     $        4           15   $        27   $        19              -              -
        Interest expense,                    $      358   $      396   $       202   $       105              -              -
         including debt issuance cost
        Earnings (loss) before income        $    1,963   $    1,770   $     (145)   $     (120)   $        103   $        181
         taxes and minority interest
        Income tax expense(benefit)          $      903   $      814   $      (47)   $        64   $         38   $         79
        Net earnings (loss)                  $    1,060   $      956   $     (161)   $     (215)   $         65   $        102
        EBITDA                               $    2,649   $    2,830   $       195   $       274   $        117   $        194
        ================================== ==== ======== === ======== === ========= === ========= === ========== === ==========


        ================================== =========================== =========================== =============================
                                              Corporate and Other      Inter-segment Elimination           Consolidated
        ================================== ============== ============ ============= ============= ============== ==============
           For the Three Months Ended          2002          2001          2002          2001          2002           2001
                 September 30,
        ================================== ============== ============ ============= ============= ============== ==============
        Net operating revenue                $        31   $       88             -             -   $      7,885   $      7,901
        Depreciation & amortization          $        42   $       54             -             -   $        616   $      1,085
        Interest  income                     $        61   $       88   $      (85)   $      (85)   $          7   $         37
        Interest expense,                    $         5   $       13   $      (85)   $      (85)   $        480   $        429
         including debt issuance cost
        Earnings (loss) before income        $   (1,088)   $    (205)             -             -   $        833   $      1,626
         taxes and minority interest
        Income tax expense(benefit)          $     (577)   $     (49)             -             -   $        317   $        908
        Net earnings (loss)                  $     (511)   $    (156)             -             -   $        453   $        687
        EBITDA                               $   (1,102)   $    (226)             -             -   $      1,859   $      3,072
        ================================== ==== ========= === ======== === ========= === ========= === ========== === ==========

</TABLE>

                                       19
                                     <PAGE>


CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


     Segment information as of, and for the nine months ended September 30, 2002
     and 2001 is presented below.

<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


        ================================== ============================= ========================== =============================
                                                 Cripple Creek CO              South Africa                 Cruise Ships
        ================================== ============== ============== ============ ============= ============= ===============
         As of and for the Nine Months         2002           2001          2002          2001          2002           2001
               Ended September 30,
        ================================== ============== ============== ============ ============= ============= ===============
        Property and equipment, net          $    21,373  $      19,326  $     9,203   $    10,586    $      215    $        232
        Goodwill, net  (1)                   $     7,233  $       7,568  $       543   $       777             -               -
        Total assets                         $    32,366  $      30,629  $    12,446   $    14,322    $      446    $        534
        Net operating revenue                $    16,517  $      15,831  $     4,953   $     5,794    $      598    $        758
        Depreciation & amortization          $       999  $       2,321  $       575   $     1,049    $       42    $         34
        Interest  income                     $        12  $          15  $        69   $        45             -               -
        Interest expense,                    $     1,049  $       1,073  $       599   $       640             -               -
         including debt issuance cost
        Earnings (loss) before income        $     5,574  $       4,294  $        31   $     (505)    $      172    $        241
         taxes and minority interest
        Income tax expense(benefit)          $     2,564  $       1,975  $        38         (117)    $       64    $        106
        Net earnings (loss)                  $     3,010  $       2,319  $      (68)   $     (254)    $      108    $        135
        EBITDA                               $     7,610  $       7,673  $     1,075   $     1,273    $      214    $        275
        ================================== ==== ========= == =========== == ========= === ========= ==== ======== ==== ==========


        ================================== ============================= ========================== =============================
                                               Corporate and Other       Inter-segment Elimination          Consolidated
        ================================== =============== ============= ============ ============= ============== ==============
         As of and for the Nine Months          2002           2001         2002          2001          2002           2001
               Ended September 30,
        ================================== === =========== === ========= == ========= === ========= === ========== === ==========
        Property and equipment, net         $       1,171   $     1,823            -             -   $     31,962   $     31,967
        Goodwill, net  (1)                              -             -            -             -   $      7,776   $      8,345
        Total assets                        $       2,325   $     3,284            -             -   $     47,583   $     48,769
        Net operating revenue               $         138   $       220            -             -   $     22,206   $     22,603
        Depreciation & amortization         $         150   $       172            -             -   $      1,766   $      3,576
        Interest  income                    $         239   $       267  $     (256)   $     (256)   $         64   $         71
        Interest expense,                   $          17   $        37  $     (256)   $     (256)   $      1,409   $      1,494
         including debt issuance cost
        Earnings (loss) before income       $     (1,687)   $   (1,004)            -             -   $      4,090   $      3,026
         taxes and minority interest
        Income tax expense(benefit)         $     (1,118)   $     (533)            -             -   $      1,548   $      1,431
        Net earnings (loss)                 $       (569)   $     (471)            -             -   $      2,481   $      1,729
        EBITDA                              $     (1,759)   $   (1,062)            -             -   $      7,140   $      8,159
        ================================== === =========== === ========= == ========= === ========= === ========== === ==========
</TABLE>

(1)  The only change in goodwill,  net, for the nine months ended  September 30,
     2002 was $67 for the translation effects related to goodwill denominated in
     a foreign currency.

                                       20
                                     <PAGE>


CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------


12.  PROPERTY WRITE-DOWN AND OTHER WRITE-OFFS
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

     Property write-down and other write-offs consist of the following:

                                                                       For the Three Months Ended September 30,
                                                                                     2002                 2001
                                                                                     ----                 ----
        Write down non-operating  casino property and land held for sale in    $      447           $        -
        Nevada (Note 7)
        Write off receivables and advances related to a casino  acquisition
        project and casino properties under management (Notes 1 and 6)                675                    -
                                                                                 --------             --------
                                                                               $    1,122           $        -
                                                                                 ========             ========

                                                                       For the Nine Months Ended September 30,
                                                                                     2002                 2001
                                                                                     ----                 ----
        Write down non-operating  casino property and land held for sale in    $      447           $       57
        Nevada (Note 7)
        Write off receivables and advances related to a casino  acquisition
        project and casino properties under management (Notes 1 and 6)                675                    -
                                                                                 --------             --------
                                                                               $    1,122           $       57
                                                                                 ========             ========

13.  OTHER EXPENSE, NET

     Other (expense), net, consists of the following:

                                                                      For the Three Months Ended September 30,
                                                                                     2002                 2001
                                                                                     ----                 ----

        Interest income                                                        $        7           $       37
        Interest expense                                                            (457)                (399)
        Foreign currency exchange gains                                                 -                    2
        Gain (loss) on disposition of assets                                           25                    -
        Amortization of deferred financing costs                                     (23)                 (30)
                                                                                 --------             --------
                                                                               $    (448)           $    (390)
                                                                                 ========             ========

                                                                        For the Nine Months Ended September 30,
                                                                                     2002                 2001
                                                                                     ----                 ----

        Interest income                                                        $       64           $       71
        Interest expense                                                          (1,342)              (1,432)
        Gain (loss) on disposition of assets                                           27                   14
        Foreign currency exchange gains                                                 -                    3
        Amortization of deferred financing costs                                     (67)                 (62)
        Other                                                                         (1)                    -
                                                                                ---------             --------
                                                                               $  (1,319)           $  (1,406)
                                                                                 ========             ========

</TABLE>


                                       21
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------

14.  CONTINGENCIES

     The South  African  Revenue  Service  (SARS) is currently  auditing the tax
     returns of Century  Casinos  Caledon  (Pty) Ltd (CCAL)  filed for  calendar
     years  2000 and 2001.  SARS is  questioning  the  deductibility  of certain
     licensing and pre-opening costs,  among others,  deducted for tax purposes.
     The outcome of this audit is not reasonably determinable at this time.



                                       22
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information, or as noted)


Forward-Looking Statements, Business Environment and Risk Factors

Forward-Looking Statements and Business Environment Information contained in the
following  discussion  of results of operations  and financial  condition of the
Company contains  forward-looking  statements  within the meaning of the Private
Securities  Litigation Reform Act of 1995, which can be identified by the use of
words such as "may", "will", "expect", "anticipate",  "estimate", or "continue",
or variations  thereon or comparable  terminology.  In addition,  all statements
other than  statements of historical  facts that address  activities,  events or
developments  that the Company  expects,  believes or  anticipates,  will or may
occur in the future, and other such matters, are forward-looking statements.

The  following  discussion  should  be read in  conjunction  with the  Company's
consolidated  financial  statements and related notes included elsewhere herein.
The Company's  future  operating  results may be affected by various  trends and
factors,  which are beyond the Company's  control.  These  include,  among other
factors,  the  competitive  environment  in  which  the  Company  operates,  the
Company's  present  dependence  upon the Cripple Creek,  Colorado gaming market,
changes in the rates of gaming-specific  taxes, shifting public attitudes toward
the socioeconomic  costs and benefits of gaming,  actions of regulatory  bodies,
dependence  upon key personnel,  the  speculative  nature of gaming projects the
Company  may  pursue,  risks  associated  with  expansion,  and other  uncertain
business conditions that may affect the Company's business.

The Company  cautions  the reader that a number of important  factors  discussed
herein, and in other reports filed with the Securities and Exchange  Commission,
could affect the  Company's  actual  results and cause actual  results to differ
materially from those discussed in forward-looking statements.


Results of Operations

Three Months Ended September 30, 2002 vs. 2001

Cripple Creek, Colorado

Womacks is located in Cripple  Creek,  Colorado.  Net operating  revenue for the
third quarter,  derived  principally  from its gaming  operations,  increased to
$5,818 in 2002 from $5,731 in 2001. Womacks casino revenue for the third quarter
increased to $5,733 in 2002 from $5,567 in 2001, or 2.9%. In the fourth  quarter
of 2001,  Womacks began its 6,022 square foot addition to the casino and back of
house  operations.  In the third  quarter  of the year  Womacks  expended  $298,
bringing the total cost of  construction  to $1,242 through  September 30, 2002.
Womacks'  share of the overall  Cripple  Creek market  declined to 16.2% in 2002
from 16.3% in 2001.  Womacks Casino operated  approximately  15.3% of the gaming
devices in the Cripple  Creek  market in the third  quarter of 2002  compared to
14.3% in 2001.  The  average win per day per machine was 108 dollars in 2002 and
115 dollars for the same period in 2001  compared  with a market  average of 102
dollars in 2002 and 99  dollars in 2001.  Gross  margin  for the  Cripple  Creek
casino  activities  in the third  quarter  (casino  revenues,  net of applicable
casino gaming incentives, less casino expenses) decreased to 66.5% compared with
70.4% a year earlier. In the third quarter of 2002, Womacks paid a higher amount
of royalties on participation  machines.  With participation  machines,  Womacks
pays a fee to the  manufacturer  based  on a  percentage  of the  win.  In  most
instances,  the branded  games that are being  introduced  to the market are not
available  for  purchase.  They can only be  installed in the casino via revenue
sharing or participation agreements. Management makes its decisions to introduce
these  machines  based on the  consumer  demand for the  product.  Gaming tax in
Colorado is  calculated  on a graduated  scale,  therefore  the  effective  rate
increases as casino revenue improves. The increase in the effective

                                       23
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information, or as noted)


gaming tax rate has had a negative impact on the margin. Management continues to
focus on the  marketing  of the casino  through the  expansion of the Gold Club.
Management  continues  to place  emphasis on further  refining  the product mix,
upgrading both the interior of the facilities,  as well as the slot machine mix.
Management  has  recently  added an  additional  41 parking  spaces  through the
purchase of the Palace Hotel property and  introduced  valet parking to its list
of  customer  benefits,  expanding  on  the  convenient  and  expansive  parking
facilities currently provided by the casino.

Food and Beverage  revenue in the third  quarter of 2002  decreased to $281 from
$382 in 2001. In July 2002,  Womacks  introduced  Bob's Grill on the main gaming
floor to improve customer convenience and converted the upstairs restaurant to a
fine dining restaurant with operating hours during the busiest days of the week.
Food and Beverage  margins  improved to 74.8% in 2002 compared to 68.5% in 2001.
Labor and food costs have been more controllable  with the two restaurants.  The
cost of food and beverage promotional  allowances,  which are included in casino
costs, decreased slightly to $263 in 2002 from $267 in 2001.

Hotel revenue increased to $64 in 2002 from $49 in 2001, or 31.5%. 10 new luxury
rooms were  introduced in July of 2001 and 3 additional  luxury rooms were added
at the end of the first  quarter of 2002.  All of the revenue  generated  by the
hotel  operation  is  derived  from  comps to its better  players.

General and administrative  expenses increased to $1,151 in the third quarter of
2002 from $1,114 in same period of 2001, or 3.5%.

Depreciation  decreased  to $332 in 2002  from  $344 in  2001.  As a  result  of
adopting SFAS No. 142 the Company no longer  amortizes the remaining  balance in
goodwill resulting in a reduction of $335 in amortization expense.

Interest expense,  including debt issuance cost,  decreased to $358 in 2002 from
$396 in 2001.  Since the second quarter of 2000 the Company has borrowed a total
of $6.5  million  under the RCF to fund its  investments  in South  Africa.  The
resulting  interest  charge  of  approximately  $185 and  $155 has been  charged
against  the  Cripple  Creek  segment  and has not been  allocated  to the South
African   segment   during  the  third  quarter  of  the  years  2002  and  2001
respectively.

The Cripple Creek segment  recognized  income tax expense of $903 in 2002 versus
$814 in 2001 due to an increase in pre-tax earnings.


South Africa

When  comparing  the  third  quarter  of last  year  to the  current  year,  the
deterioration  in the Rand  versus the  dollar has had a negative  impact on the
reported revenues and a positive impact on expenses.

Net  operating  revenue  increased  to $1,743 in 2002 from  $1,656 in 2001.  The
Caledon  Casino,   Hotel  and  Spa  also  faces  intense   competition   from  a
significantly larger casino operation in Cape Town, S.A.  approximately one hour
away. Caledon casino revenue increased to $1,368 in 2002 from $1,162 in 2001, or
15.0%.  Excluding the effect of the change in the Rand conversion rate from year
to year, casino revenue increased by 34.4%.  Gross margin for the Caledon casino
activities (casino revenues, less casino expenses) increased to 63.8% from 50.3%
a year earlier as a result of management's ability to contain costs while it has
increased gaming revenue through its marketing efforts.

Food and beverage  revenue  increased  to $208 during the third  quarter of 2002
from $194 during the third quarter of 2001, or 7.1%. Excluding the effect of the
change in the Rand conversion rate from year to year, food and beverage  revenue
increased by 29.6%.  Hotel revenue decreased to $169 during the third quarter of
2002 compared to $179 during the third quarter of 2001.  Excluding the effect of
the  change  in the  Rand  conversion  rate  from  year to year,  hotel  revenue
increased by 14.0%.


                                       24
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information, or as noted)



General and administrative expenses decreased to $322 in 2002 from $423 in 2001,
a reduction of 24.1%.  Excluding the effect of the change in the Rand conversion
rate from year to year, general and  administrative  expenses decreased by 20.1%
as a result of management's  continuing  effort to improve the efficiency of the
operation.

Depreciation  expense  incurred in South  Africa  decreased to $228 in 2002 from
$318 in 2001 due in part to the effect of the currency devaluation.  As a result
of adopting SFAS No. 142 the Company no longer  amortizes the remaining  balance
in goodwill resulting in a reduction of $21 in amortization expense.

Interest expense,  including debt issuance cost,  increased to $202 in 2002 from
$105 in 2001.  In  September  2001,  the  Company  and COIL agreed to reduce the
interest rate on shareholder loans to zero,  retroactive to the original date of
the loans. In conjunction with this agreement,  the Company reversed the accrued
interest on the note to COIL resulting in an interest expense  reduction of $192
in 2001. The weighted-average interest rate on the borrowings under the PSG loan
agreement is 16.9% in the third quarter of 2002 and 2001.

Property  write-down and other  write-offs for 2002 includes a pre-tax charge of
$377 to  write  off  advances  made,  and  pre-construction  cost  incurred,  in
conjunction with the Johannesburg project.

The South  African  segment  recognized  an income  tax  benefit  of $47 in 2002
compared to a tax expense of $64 in 2001.


Cruise Ships

Net operating  revenue decreased to $293 in 2002 from $426 in 2001. Gross margin
for the casino activities (casino revenues,  less casino expenses)  decreased to
38.3% from 41.8% a year earlier.  During the third quarter of 2002,  the Company
operated casinos on a total of four ships, three on Silverseas and one on "World
of Residensea",  compared to a total of four in the same period during the prior
year, all on Silverseas.  The Silver Wind, which was removed from operation when
passenger traffic declined during the last year, has been completely refurbished
and is expected to return to operation in June 2003.

Depreciation expense has increased to $14 in 2002 from $13 in 2001.


Corporate & Other

Net operating revenues consisted of management fees earned from operating Casino
Millennium in Prague,  Czech Republic which decreased to $31 in 2002 from $38 in
2001  and  $50  received  in  2001 as a  final  distribution  of the  consulting
agreement with Playboy Enterprises.

Depreciation decreased to $42 in 2002 from $54 in 2001.

General and administrative  expense increased to $388 in 2002 from $317 in 2001,
or 22.2%.

Property  write-down  and other  write-offs in 2002 includes a pre-tax charge in
the  amount of $447 to reduce  the value of a  non-operating  casino and land in
Nevada to its fair value, less costs to sell, based on the current assessment of
the property and a pre-tax  charge of $298 to write off unpaid  management  fees
and loans related to its operations in Prague, Czech Republic. An additional $27
in interest income on the unpaid management fees and loans was also written off,
bringing the total pre-tax charge for the segment to $772.


                                       25
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information, or as noted)


Nine Months Ended September 30, 2002 vs. 2001

Cripple Creek, Colorado

Womacks is located in Cripple Creek,  Colorado.  Net operating revenue,  derived
principally  from its  gaming  operations,  increased  to  $16,517  in 2002 from
$15,831  in 2001.  Womacks  casino  revenue  increased  to  $16,316 in 2002 from
$15,508 in 2001,  or 5.0%  compared to an increase of 3.2% in the Cripple  Creek
Market.  In the fourth  quarter of 2001,  Womacks  began its 6,022  square  foot
addition to the casino and back of house operations. In the first nine months of
the year the Womacks  expended $842,  bringing the total cost of construction to
$1,242 through  September 30, 2002.  Womacks' share of the overall Cripple Creek
market  increased  to 17.1% in the first nine months of 2002 from 16.7% in 2001.
Womacks Casino operated approximately 14.9% of the gaming devices in the Cripple
Creek  market in 2002  compared  to 14.1% in 2001.  The  average win per day per
machine was 107 dollars in 2002 and 108 dollars in 2001  compared  with a market
average  of 94 dollars  in 2002 and 90  dollars  in 2001.  Gross  margin for the
Cripple Creek casino  activities  (casino  revenues,  net of  applicable  casino
gaming incentives,  less casino expenses) decreased to 67.6% compared with 70.5%
a year earlier.  In the first nine months of 2002,  Womacks paid a higher amount
of royalties on  participation  machines,  based on a percentage  of the win. In
most  instances,  the branded games that are being  introduced to the market are
not available for purchase. They can only be installed in the casino via revenue
sharing or participation agreements. Management makes its decisions to introduce
these  machines  based on the  consumer  demand for the  product.  Gaming tax in
Colorado is  calculated  on a graduated  scale,  therefore  the  effective  rate
increases  as casino  revenue  improves.  Management  continues  to focus on the
marketing  of the casino  through  the  expansion  of the Gold Club.  Management
continues to place emphasis on further refining the product mix,  upgrading both
the interior of the facilities,  as well as the slot machine mix and introducing
valet service on the Palace Hotel property.

Food and Beverage revenue in 2002 decreased to $703 from $846 in 2001, or 16.9%.
In July 2002, Womacks introduced Bob's Grill on the main gaming floor to improve
customer  convenience  and  converted  the upstairs  restaurant to a fine dining
restaurant  with operating  hours during the busiest days of the week.  Food and
Beverage  margins improved to 78.3% in 2002 compared to 68.0% in 2001. Labor and
food costs have been more  controllable  with the two  restaurants.  The cost of
food and beverage  promotional  allowances,  which are included in casino costs,
increased to $716 in 2002 from $690 in 2001.

Hotel  revenue  increased  to $184 in 2002 from $85 in 2001,  or 117.1%.  10 new
luxury rooms were introduced in July of 2001 and 3 additional  luxury rooms were
added at the end of the first quarter of 2002.  All of the revenue  generated by
the hotel operation is derived from comps to its better players.

General and  administrative  expenses increased to $3,417 in 2002 from $3,291 in
2001, or 3.8%.

Depreciation  decreased  to $999 in 2002  from  $1,315  in 2001.  As a result of
adopting SFAS No. 142 the Company no longer  amortizes the remaining  balance in
goodwill resulting in a reduction of $1,006 in amortization expense.

Interest expense, including debt issuance cost, decreased to $1,049 in 2002 from
$1,073 in 2001.  Since the second  quarter of 2000 the  Company  has  borrowed a
total of $6.5 million under the RCF to fund its investments in South Africa. The
resulting interest charge of approximately $534 and $452 has been charged to the
Cripple  Creek segment and has not been  allocated to the South African  segment
for the  first  nine  months  of the  years  2002 and  2001,  respectively.  The
weighted-average  interest  rate on the  borrowings  under  the  RCF,  including
effects of the swap  agreements,  has  increased  slightly to 8.96% in 2002 from
8.91% in 2001.


                                       26
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information, or as noted)


The Cripple Creek segment recognized income tax expense of $2,564 in 2002 versus
$1,975 in 2001 due to an increase in pre-tax earnings.


South Africa

When  comparing  the first nine  months of last year to the  current  year,  the
deterioration  in the Rand  versus the  dollar has had a negative  impact on the
reported revenues and a positive impact on expenses.

Net  operating  revenue  decreased  to $4,953 in 2002 from  $5,794 in 2001.  The
Caledon  Casino,  Hotel and Spa faces intense  competition  from a significantly
larger casino operation in Cape Town, S.A.  approximately one hour away. Caledon
casino  revenue  decreased  to  $4,004 in 2002  from  $4,565 in 2001,  or 14.0%.
Excluding  the  effect of the Rand  conversion  rate  from year to year,  casino
revenue  increased  by 16.7%.  Gross  margin for the Caledon  casino  activities
(casino  revenues,  less casino  expenses)  increased to 62.4% from 55.1% a year
earlier  as a result of  management's  ability  to  contain  costs  while it has
increased gaming revenue through its marketing efforts.

Food and beverage revenue decreased to $542 during the first nine months of 2002
from $610 during the first nine months of 2001,  or 11.0%.  Excluding the effect
of the change in the Rand  conversion  rate from year to year, food and beverage
revenue increased by 17.1%. Hotel revenue decreased only slightly to $455 during
the first nine  months of 2002  compared to $467 during the first nine months of
2001.  Excluding the effect of the change in the Rand  conversion rate from year
to year, hotel revenue increased by 28.1%,  primarily due to the increase in the
amount of rooms comped by the casino to its better players.

General and  administrative  expenses decreased to $1,115 in 2002 from $1,543 in
2001,  a  reduction  of 27.7%.  Excluding  the  effect of the change in the Rand
conversion rate from year to year, general and administrative expenses decreased
by 12.3%,  as a result of  management's  emphasis on improving the efficiency of
the operation.

Depreciation  expense  incurred in South  Africa  decreased to $575 in 2002 from
$986 in 2001 due in part to the effect of the currency devaluation.  As a result
of adopting SFAS No. 142 the Company no longer  amortizes the remaining  balance
in goodwill resulting in a reduction of $63 in amortization expense.

Interest expense,  including debt issuance cost,  decreased to $599 in 2002 from
$640 in 2001. The weighted-average interest rate on the borrowings under the PSG
loan agreement is 16.9% in the first nine months of 2002 and 2001.

Property  write-down  and other  write-offs in 2002 includes a pre-tax charge of
$377 to  write  off  advances  made,  and  pre-construction  cost  incurred,  in
conjunction with the Johannesburg project.


                                       27
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information, or as noted)


Cruise Ships

Net operating  revenue decreased to $598 in 2002 from $758 in 2001. Gross margin
for the casino  activities  (casino  revenues,  less casino expenses)  increased
slightly to 32.0% from 31.2% a year earlier. In October 2001,  Silversea Cruises
removed one of the four ships from service.  Silversea Cruises expects to return
the ship to operation in June 2003.

Depreciation expense has increased to $42 in 2002 from $34 in 2001.


Corporate & Other

Net operating  revenues  consisted  principally  of management  fees earned from
operating Casino Millennium in Prague, Czech Republic which decreased to $138 in
2002 from $170 in 2001 and $50 received in 2001 as a final  distribution  of the
consulting  agreement  with  Playboy  Enterprises.  These  management  fees  are
included in the $325 write-off of unpaid management fees and loans.

Depreciation decreased to $150 in 2002 from $172 in 2001.

General and  administrative  expense  decreased to $1,151 in 2002 from $1,227 in
2001, or 6.2%.

Property  write-down  and other  write-offs in 2001 includes a charge of $57 for
the write-down in value of  non-operating  property and land held by the Company
in Nevada.

Property  write-down  and other  write-offs in 2002 includes a pre-tax charge in
the amount of $447 to reduce the value of the non-operating  casino property and
land held by the Company in Nevada to its fair value,  less costs to sell, based
on the current  assessment of the property and a pre-tax charge of $298 to write
off unpaid management fees and loans related to its operations in Prague,  Czech
Republic. An additional $27 in interest income on the unpaid management fees and
loans was also written off, bringing the total pre-tax charge for the segment to
$772.


                                       28
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information, or as noted)


Liquidity and Capital Resources

Cash and cash equivalents  totaled $3,520 (including $391 of restricted cash) at
September  30, 2002,  and the Company had net deficit  working  capital of $544.
Additional  liquidity may be provided by the Company's revolving credit facility
("RCF") with Wells Fargo Bank, under which the Company has a total commitment of
$26,000 and unused borrowing capacity of approximately  $14,462 at September 30,
2002.

For the nine months  ended  September  30,  2002,  cash  provided  by  operating
activities was $4,991 compared with $4,903 in the prior-year period.

Cash used in investing  activities  of $3,594 for the first nine months of 2002,
consisted of $1,400  towards the purchase and  improvements  of the Palace Hotel
and property,  $842 towards the  expansion of the Womacks  casino at the rear of
the  property  that is  expected to be  completed  in 2003,  which will  provide
additional  gaming space,  $135 towards the construction of a restaurant & grill
on the first floor of Womacks  casino,  $390 for additional  improvements to the
property in Caledon,  South Africa,  $460,  primarily for land purchased for the
proposed  casino  development in  Johannesburg,  South Africa and the balance of
$367 due to expenditures  for other  long-lived  assets.  Cash used in investing
activities of $3,574 for the first nine months of 2001, consisted of a $250 loan
provided by the Company to an unrelated party in Cripple Creek, Colorado, $2,141
was due to improvements  to the Caledon  Casino,  Hotel and Spa in South Africa,
$997 and was due to improvements to the Womacks/Legends casino in Cripple Creek,
Colorado and the balance of $186 was due to  expenditures  for other  long-lived
assets.

Cash used in financing activities for the first nine months of 2002 consisted of
net  repayments of $263 under the RCF with Wells Fargo,  plus net  repayments of
$712 under the loan agreement with PSG,  additional  deferred  financing charges
incurred by the Caledon  Casino,  Hotel and Spa, with a cost of $19,  additional
deferred financing charges incurred by the Company to amend the RCF, with a cost
of $88, the repurchase of company's  stock,  on the open market,  with a cost of
$205 and other net repayments of $50. Net cash used in financing  activities for
the first nine months of 2001  consisted of net  repayments  of $6,701 under the
RCF with Wells Fargo,  net  borrowings of $1,298 under the PSG loan  agreements,
the repurchase of company's stock, on the open market,  with a cost of $552, and
other net repayments of $942.

Effective  April 26,  2000,  the Company and Wells  Fargo Bank  entered  into an
amended and restated credit agreement,  which increased the borrowing commitment
as of that date from $17,200 to $26,000 and  extended  the maturity  date of the
RCF until April 2004.  The agreement was further  amended in August 2001 to give
greater  flexibility  to the ability to use the borrowed  funds for projects for
the Company. Under the terms of the previous agreements the borrowing commitment
under the RCF reduced by $722 each  quarter.  The agreement was again amended in
August  2002 to  increase  the  available  funds to  $26,000  and to extend  the
maturity date of the RCF to August 2007. Prior to signing the current  amendment
the borrowing commitment had been reduced to $20,222.


                                       29
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information, or as noted)


The  Company  has a 20-year  agreement  with  Casino  Millennium  a.s.,  a Czech
company,  to operate a casino in the five-star Marriott Hotel, in Prague,  Czech
Republic.  The hotel and casino opened in July 1999. The Company provides casino
management  services in exchange for ten percent of the casino's  gross  revenue
and  leases  gaming  equipment,  with an  original  cost of  approximately  $1.2
million,  to the casino for 45% of the  casino's  net profit.  The Company has a
memorandum of agreement to acquire a 50% ownership interest in Casino Millennium
a.s., a Czech company.  Any funding  required by the Company to consummate  this
transaction  would be met  through a  combination  of RCF  borrowings,  existing
liquidity and anticipated cash flow. The acquisition is expected to be completed
in late 2002 or early  2003,  subject  to  certain  contingencies  and  contract
conditions,  and is expected to cost approximately $200 in cash plus contributed
assets.

The  Company's  Board of  Directors  has  approved  a  discretionary  program to
repurchase up to $5,000 of the  Company's  outstanding  common stock.  The Board
believes  that the  Company's  stock is  undervalued  in the  trading  market in
relation to both its present  operations  and its future  prospects.  During the
first nine  months of 2002,  the Company  repurchased,  on the open  market,  an
additional  77,420  shares of its common stock at an average  price per share of
$2.64. Through September 30, 2002, the Company had repurchased  2,267,220 shares
of its common stock at a total cost of approximately $3,176.  Management expects
to continue to review the market  price of the  Company's  stock and  repurchase
shares as appropriate,  with funds coming from existing  liquidity or borrowings
under the RCF.

The Company is the contracted casino management partner of, and, as of September
2001,  through  its South  African  subsidiary,  CCA,  secured  a 50%  ownership
interest in Rhino Resort Ltd.  ("RRL"),  a consortium which includes  Silverstar
Development  Ltd.  ("Silverstar").  RRL submitted an application  for a proposed
hotel/casino resort development in the greater Johannesburg area of South Africa
at a cost of approximately 400 million Rand ($38.0 million). The dollar value of
the proposed development fluctuates with the USD/Rand exchange rate. In November
2001, the Gauteng Gambling Board ("GGB"),  with the concurrence of the Executive
Council of the provincial  government,  awarded RRL the sixth, and final, casino
license  for 700  slot  machines  and 30  gaming  tables  conditional  upon  the
satisfaction of certain  requirements  within three months of award. In February
2002, RRL filed documentation with the GGB in order to satisfy those conditions,
including  evidence of the continuing  commitment of Nedcor Investment Bank (one
of South Africa's leading financial  institutions) to provide the necessary debt
financing and project guarantees  required under the license.  In February 2002,
Tsogo Sun Holdings, a competing casino, initiated a court action against the GGB
challenging  the license  award and in September  2002,  the High Court of South
Africa overturned the license award. RRL, the GGB, and the Company are currently
assessing the  implications of this judgment which cited certain  procedural and
technical deficiencies in the actions of the GGB (in the process that led to the
original award of the casino license) in order to determine any potential future
actions.  Under the existing  agreements,  the Company's  obligation to make the
presumed  equity  investment  of 50 million Rand or  approximately  $4.8 million
expires on December  31, 2004  unless RRL has  obtained a final  license by such
date.

In the  fourth  quarter  2001,  Womacks  began a 6,022  square  foot  expansion.
Approximately half of the space will provide additional gaming for approximately
115 slot machines on the street level. The other half will increase the "back of
house" area. Contracts for the project totaling $1.5 million have been signed as
of September 30, 2002. The total  construction cost,  including  additional slot
machines, is expected to be $2.5 million, of which $1,242 has been spent through
September 30, 2002. The project is expected to be completed in the first quarter
or second quarter of 2003.


                                       30
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information, or as noted)


Management believes that the Company's cash at September 30, 2002, together with
expected cash flows from  operations and borrowing  capacity under the RCF, will
be sufficient to fund its anticipated  capital  expenditures,  pursue additional
business growth  opportunities for the foreseeable  future, and satisfy its debt
repayment obligations.


Critical Accounting Policies

In accordance with recent  Securities and Exchange  Commission  guidance,  those
material  accounting  policies  that we  believe  are the  most  critical  to an
investor's understanding of the Company's financial results and condition and/or
require complex management judgment have been expanded and are discussed below.

Revenue  Recognition  - Casino  revenue is the net win from  gaming  activities,
which  is  the  difference  between  gaming  wins  and  losses.  Management  and
consulting  fees are  recognized  as  revenue  as  services  are  provided.  The
incremental amount of unpaid progressive jackpots is recorded as a liability and
a  reduction  of casino  revenue  in the  period  during  which the  progressive
jackpots increase.

Goodwill and Other Intangible  Assets - The Company's  goodwill results from the
acquisitions of casino and hotel operations.

Effective  January 1, 2002 the Company adopted  Financial  Accounting  Standards
Board  (the  "FASB")  SFAS No.  141  "Business  Combinations"  and SFAS No.  142
"Goodwill and Other Intangible Assets".

SFAS  No.  141  addresses  financial   accounting  and  reporting  for  business
combinations.  SFAS No. 141 requires that all business combinations be accounted
for using the purchase method of accounting.  The use of the pooling-of-interest
method of accounting for business combinations is prohibited.  The provisions of
SFAS No. 141 apply to all business  combinations  initiated after June 30, 2001.
The Company will account for any future business combinations in accordance with
SFAS No. 141.

SFAS No. 142  addresses the methods used to  capitalize,  amortize and to assess
impairment of intangible  assets,  including  goodwill  resulting  from business
combinations  accounted  for  under  the  purchase  method.  Effective  with the
adoption of SFAS No. 142,  the Company no longer  amortizes  goodwill  and other
intangible  assets with  indefinite  useful lives,  principally  deferred casino
license  costs.  In evaluating  the Company's  capitalized  casino  license cost
related to CCAL, which comprises principally all of its other intangible assets,
management  considered  all of  the  criteria  set  forth  in  SFAS  No.  142 in
determining  its useful life. Of particular  significance in that evaluation was
the existing  regulatory  provision for annual renewal of the license at minimal
cost and the current  practice of the Western  Cape  Gambling  and Racing  Board
("Board") of granting such renewals as long as all applicable  laws are complied
with as well as compliance  with the original  conditions of the casino operator
license as set forth by the Board.  Based on that  evaluation,  the  Company has
deemed  the casino  license  costs to have an  indefinite  life as of January 1,
2002.  Included  in assets at  September  30,  2002 is  unamortized  goodwill of
approximately  $7,776 and unamortized  deferred  license costs of  approximately
$991.


                                       31
                                     <PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
(Dollar amounts in thousands, except for share information, or as noted)


In  accordance  with SFAS No. 142,  the Company  has  completed  step one of the
impairment  test  on each of the  reporting  units  for  which  it has  recorded
goodwill.  The Company  contracted  third-party  valuation firms to complete the
analysis of each reporting unit. In completing its analysis of the fair value of
WMCK-Venture  Corporation,  parent  company  of Womacks  Casino  and Hotel,  the
Company used the Discounted Cash Flow ("DCF") Method in which the reporting unit
is valued by  discounting  the  projected  cash flows,  to a period in which the
annual growth rate is expected to  stabilize,  to their present value based on a
risk-adjusted  discount  rate.  Projected  cash flows through 2008, are based on
historical results,  adjusted based on management's  conservative  projection of
future revenue growth given existing market conditions. A risk adjusted discount
rate of 10%,  which  estimates  the return  demanded by  third-party  investors,
taking into account  market risks,  and the cost of equity and after-tax debt in
the optimal hypothetical  capital structure,  was used in the DCF calculation of
WMCK-Venture  Corp.  In  completing  its  analysis of the fair  market  value of
Century Casinos  Caledon (Pty) Ltd, the owner of Caledon Casino,  Hotel and Spa,
the Company also  applied the DCF method and the results were  compared to other
methods of  valuation,  most  notably the net asset value of Caledon in order to
further justify the range of values.  Cash flows were projected  through the end
of 2015 to coincide with the exclusivity  period of the gaming  license.  A risk
adjusted  rate of 23.2%,  taking  into  account  risk free rates of return,  the
return  demanded by the South  African  equity  market and a risk  factor  which
measures the volatility of Caledon  relative to the equity markets,  was used in
the DCF  calculation  of Caledon.  As a result of the  testing,  the Company has
determined that there is no impairment of goodwill or other  intangible  assets.
The Company  will be  required  to assess  goodwill  and other  intangibles  for
impairment at least annually hereafter.

Foreign Exchange - Current period transactions  affecting the profit and loss of
operations  conducted in foreign  currencies are valued at the average  exchange
rate for the period in which they are incurred.  Except for equity  transactions
and balances  denominated in U.S. dollars, the balance sheet is translated based
on the exchange rate at the end of the period.

Controls and Procedures - Under the  supervision and with the  participation  of
management,  including its principal  executive officer and principal  financial
officer, the Company has evaluated the effectiveness of the design and operation
of its  disclosure  controls and  procedures  (which are designed to ensure that
information required to be disclosed in the reports submitted under the Exchange
Act is recorded,  processed,  summarized  and reported,  within the time periods
specified  in the  SEC's  rules  and  forms).  Based  on their  evaluation,  the
Company's  principal  executive  officer and  principal  financial  officer have
concluded that these controls and procedures are effective.



                        * * * * * * * * * * * * * * * *


                                       32
                                     <PAGE>

PART II

OTHER INFORMATION

Item 1. - Legal Proceedings

     The  Company  is not a  party  to,  nor is it  aware  of,  any  pending  or
     threatened litigation which, in management's opinion, could have a material
     adverse  effect  on  the  Company's   financial   position  or  results  of
     operations.

Items 2 to 5 - None

Item 6. - Exhibits and Reports on Form 8-K

     (a)  Exhibits - The following exhibits are filed herewith:

        10.115 Second Amendment to the Amended and Restated Credit Agreement, by
               and among,  WMCK Venture Corp.,  Century  Casinos  Cripple Creek,
               Inc., and WMCK Acquisition Corp. (collectively, the "Borrowers"),
               Century  Casinos,  Inc. (the  "Guarantor")  and Wells Fargo Bank,
               National Association, dated August 28, 2002.

          99.1 Certification  Pursuant to Section 906 of the  Sarbanes-Oxley Act
               of 2002, Chairman of the Board and Chief Executive Officer.

          99.2 Certification  Pursuant to Section 906 of the  Sarbanes-Oxley Act
               of 2002, Vice-Chairman and President.

          99.3 Certification  Pursuant to Section 906 of the  Sarbanes-Oxley Act
               of 2002, Chief Accounting Officer.

     (b)  Reports on Form 8-K:

          No reports on Form 8-K were filed during the quarter  ended  September
          30, 2002.


                                 * * * * * * *

SIGNATURES:

Pursuant to the Securities  Exchange Act of 1934, the Registrant has duly caused
this  report to be  signed  on its  behalf  by the  undersigned  thereunto  duly
authorized.

CENTURY CASINOS, INC.

/s/  Larry Hannappel
---------------------------
Larry Hannappel
Chief Accounting Officer and duly authorized officer
Date: October 29, 2002



                                       33
                                     <PAGE>



                                  CERTIFICATION

I, Erwin Haitzmann, Chairman of the Board and Chief Executive Officer of Century
Casinos, Inc., certify that:

1.   I have  reviewed  this  quarterly  report on Form 10-Q of Century  Casinos,
     Inc.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent  function):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal  controls;  and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: October 29, 2002
/s/ Erwin Haitzmann
---------------------
Erwin Haitzmann
Chairman of the Board and Chief Executive Officer

                                       34
                                     <PAGE>



                                  CERTIFICATION

I, Peter  Hoetzinger,  Vice-Chairman  and  President  of  Century  Casinos,Inc.,
certify that:

1.   I have  reviewed  this  quarterly  report on Form 10-Q of Century  Casinos,
     Inc.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent function):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date: October 29, 2002
/s/  Peter Hoetzinger
---------------------
Peter Hoetzinger
Vice-Chairman and President


                                       35
                                     <PAGE>


                                  CERTIFICATION

I, Larry Hannappel,  Chief Accounting Officer of Century  Casinos,Inc.,  certify
that:

1.   I have  reviewed  this  quarterly  report on Form 10-Q of Century  Casinos,
     Inc.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent function):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date: October 29, 2002

/s/ Larry Hannappel
-----------------------
Larry Hannappel
Chief Accounting Officer



                                       36
                                     <PAGE>