UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

___X___   QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
          EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997.

_______   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 of incorporation)                           (IRS Employer ID No.)

       26 South Tejon Street, Suite 203, Colorado Springs, Colorado 80903
                    (Address of principal executive offices)

                                 (719) 473-7770
                                 (Phone Number)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 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
             
                Number of shares of common stock, $.01 par value,
                   outstanding as of May 9, 1997: 15,861,885



<PAGE>



                              CENTURY CASINOS, INC.
                                   FORM 10-QSB
                                      INDEX
                                                                     Page Number

PART I            FINANCIAL INFORMATION

Item 1.           Financial Statements (unaudited)

                  Consolidated Balance Sheet as of  March 31, 1997 .....   3
                  Consolidated Statements of Operations for the
                  Three Months Ended March 31, 1997 and 1996 ...........   4
                  Consolidated Condensed Statements of Cash Flows
                  for the Three Months Ended March 31, 1997 and 1996 ...   5
                  Notes to Consolidated Financial Statements ...........   6

Item 2            Manaement's Discussion and Analysis...................   8

PART II           OTHER INFORMATION.....................................  11

SIGNATURES

                                       2
<PAGE>



                     CENTURY CASINOS, INC. AND SUBSIDIARIES
                     CONSOLIDATED BALANCE SHEET (Unaudited)


                                                                  March 31, 1997
ASSETS                                                            --------------

CURRENT ASSETS:
         Cash and cash equivalents ..........................       $ 4,453,243
         Prepaid expenses and other..........................           738,630
                                                                    -----------
Total current assets ........................................         5,191,873

PROPERTY AND EQUIPMENT, net .................................        12,533,917

GOODWILL, net ...............................................        13,632,696

OTHER ASSETS ................................................         1,003,104
                                                                    -----------
TOTAL .......................................................       $32,361,590
                                                                    ===========
LIABILITIES AND SHAREHOLDERS'  EQUITY

CURRENT LIABILITIES:
     Current portion of long-term debt .........................   $  1,595,818
         Accounts payable and accrued expenses .................      2,188,091
                                                                    -----------
Total current liabilities ......................................      3,783,909

LONG-TERM DEBT, less current portion ...........................      8,257,791

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; 15,861,885 shares issued and outstanding        158,619
         Additional paid-in capital.............................     24,871,048
         Foreign currency translation adjustment ...............        (18,675)
         Accumulated deficit ...................................     (4,691,102)
                                                                   ------------
Total shareholders' equity......................................     20,319,890
                                                                   ------------
TOTAL ..........................................................   $ 32,361,590
                                                                   ============
                 See notes to consolidated financial statements.

                                       3
<PAGE>


<TABLE>

<CAPTION>

                     CENTURY CASINOS, INC. AND SUBSIDIARIES
               CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


                                                                     For the Three Months 
                                                                         Ended March 31,
                                                                 ----------------------------
                                                                       1997           1996
                                                                 ------------    ------------
<S>                                                              <C>             <C>  

OPERATING REVENUE:
Casino .......................................................   $  4,358,617    $  1,100,812
Food and beverage ............................................        209,270          57,181
Hotel ........................................................         10,108
Other ........................................................         66,973          18,563
                                                                 ------------     -----------
                                                                    4,644,968       1,176,556
Less promotional allowances ..................................       (176,824)        (42,695)
                                                                 ------------     -----------
           Net operating revenue .............................      4,468,144       1,133,861

OPERATING COSTS AND EXPENSES:
Casino .......................................................      2,550,167         478,641
Food and beverage  ...........................................         91,619          13,541
Hotel ........................................................          3,223
General and administrative ...................................      1,310,121         717,561
Depreciation and amortization ................................        685,501         315,114
                                                                 ------------     -----------
           Total operating costs and expenses.................      4,640,631       1,524,857
                                                                 ------------     -----------
LOSS FROM OPERATIONS .........................................       (172,487)       (390,996)

OTHER INCOME (EXPENSE), net ..................................       (173,474)         10,701
                                                                 ------------     -----------
LOSS BEFORE INCOME TAXES .....................................       (345,961)       (380,295)

INCOME TAX BENEFIT ...........................................       (122,000)

NET LOSS .....................................................   $   (223,961)   $   (380,295)
                                                                 ============    ============
LOSS PER SHARE ...............................................   $      (0.01)   $      (0.03)
                                                                 ============    ============
WEIGHTED AVERAGE COMMON SHARES
    OUTSTANDING ..............................................     15,861,885      11,602,839
                                                                 ============    ============
</TABLE>

       See notes to consolidated financial statements.

                                       4
<PAGE>

                     CENTURY CASINOS, INC. AND SUBSIDIARIES
          CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)


                                                       For the Three Months
                                                          Ended March 31,
                                                   --------------------------
                                                        1997           1996
                                                   -----------    -----------
CASH PROVIDED BY (USED IN) OPERATIONS ..........   $   592,353    $  (109,410)
                                                   -----------    -----------
CASH USED IN INVESTING ACTIVITIES ..............      (213,311)      (123,850)
                                                   -----------    -----------
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES       (482,339)     1,220,976
                                                   -----------    -----------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                                                      (103,297)       987,716

CASH AND CASH EQUIVALENTS AT BEGINNING
    OF PERIOD ..................................     4,556,540      2,033,471
                                                   -----------    -----------
CASH AND CASH EQUIVALENTS AT END
    OF PERIOD ..................................   $ 4,453,243    $ 3,021,187
                                                   ===========    ===========


    SUPPLEMENTAL DISCLOSURE OF NONCASH
       INVESTING AND FINANCING ACTIVITIES:

Equipment acquired through long-term financing     $    62,512




SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

     Interest paid by the Company was  $213,232 and $49,610 for the three months
          ended March 31, 1997 and 1996.

     Income taxes  paid by the  Company  were  $15,892  and $9,800 for the three
          months ended March 31, 1997 and 1996.


                 See notes to consolidated financial statements.

                                       5

<PAGE>


                     CENTURY CASINOS, INC. AND SUBSIDIARIES
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)


1.       DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
         Century Casinos,  Inc. and subsidiaries (the "Company") own and operate
         a  limited-stakes  gaming  casino in Cripple  Creek,  Colorado;  act as
         concessionaire  of a small  casino  on a luxury  cruise  ship;  and are
         pursuing  a number of  additional  gaming  opportunities  in the United
         States  and  internationally.  Prior  to July 1,  1996,  the  Company's
         operations in Cripple  Creek,  Colorado,  consisted of Legends  Casino,
         which the  Company  acquired on March 31,  1994,  through a merger with
         Alpine Gaming, Inc.  ("Alpine").  On July 1, 1996, the Company acquired
         the net assets of Gold Creek Associates, L.P. ("Gold Creek"), the owner
         of Womack's  Saloon & Gaming Parlor  ("Womacks"),  which is immediately
         adjacent to Legends  Casino.  Following  the Company's  acquisition  of
         Womacks,  interior  renovations  were  undertaken on both properties to
         facilitate  the operation  and marketing of the combined  properties as
         one casino under the name Womacks Casino.  The  accompanying  financial
         statements  include the results of operations  acquired from Gold Creek
         for  the  period   subsequent  to  June  30,  1996. 

          The accompanying  consolidated  financial statements and related notes
          have been prepared in accordance  with generally  accepted  accounting
          principles for interim  financial  reporting and the  instructions  to
          Form 10-QSB and Item 310(b) of Regulation  S-B.  Accordingly,  certain
          information and footnote  disclosures  normally  included in financial
          statements  prepared in accordance with generally accepted  accounting
          principles  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 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,
          1996.

2.       INCOME TAXES
         The income tax benefit for the three months  ended March 31, 1997,  was
         $122,000.  The  benefit  is based on  estimated  full-year  income  for
         financial reporting purposes adjusted for permanent differences,  which
         comprise  primarily  nondeductible  goodwill  resulting from the Alpine
         acquisition,   and   utilization   of  available  net  operating   loss
         carryforwards  ("NOLs").  The  Company  did not  record an  income  tax
         benefit  for the  three  months  ended  March  31,  1996,  because  the
         estimated annual effective income tax rate was immaterial.

3.       LOSS PER SHARE
         Loss per share for the  Company  for the three  months  ended March 31,
         1997 and 1996,  is based  upon the  weighted  average  number of common
         shares outstanding during the period.  Outstanding warrants and options
         have not been  considered in the  calculation  as their effect would be
         antidilutive for both periods. Shares which the Company is obligated to
         issue on July 1, 1998,  in connection  with the Gold Creek  acquisition
         consummated on July 1, 1996, are  considered  common stock  equivalents
         but have not been  included  in the  calculation  of  weighted  average
         number of shares for the three  months  ended  March 31,  1997 as their
         effect would be antidilutive. 

                                       6
<PAGE>

          In February  1997 the  Financial  Accounting  Standards  Board  issued
          Statement  ("SFAS") No. 128,  "Earnings per Share,"  which  supersedes
          Accounting  Principles  Board  Opinion  No.  15  and  establishes  new
          guidelines for the computation and presentation of earnings per share.
          A measurement  designated "basic earnings per share" replaces "primary
          earnings  per  share."  Basic   earnings  per  share   considers  only
          outstanding common stock in the computation.  A measurement designated
          "diluted  earnings per share"  replaces  "fully  diluted  earnings per
          share," although the computations are similar in that both give effect
          to all potentially dilutive  securities.  The Company will be required
          to apply the  provisions of SFAS No. 128 in the fourth quarter of 1997
          and earnings per share  presented for earlier periods will be required
          to be  restated;  earlier  application  of  the  new  standard  is not
          permitted. The pro forma effect on loss per share for the three months
          ended  March 31,  1997 and 1996,  had  adoption  of SFAS No.  128 been
          required in the first quarter of 1997, is not material.

  4.     DEBT REFINANCING
         On March 31, 1997,  the Company  entered into a four-year,  $13 million
         revolving  line of credit  facility  (the  "RCF") with Wells Fargo Bank
         ("Wells Fargo").  The initial borrowing drawdown under the RCF of $12.2
         million on April 3, 1997, was used to retire approximately $9.2 million
         of secured debt of the Company's  principal  operating  subsidiaries in
         Cripple  Creek,  which  operate as Womacks  Casino.  The  Company  also
         exercised a purchase  option and acquired a portion of Womacks  Casino,
         previously  subject to a long-term  operating lease, for $1.85 million.
         Bank fees and other costs paid at closing were  approximately  $200,000
         and  the  remaining   proceeds  are  available  for  general  operating
         purposes.  The RCF is  secured  by  substantially  all of the  real and
         personal property of Womacks Casino.  Borrowings bear interest at Wells
         Fargo's prime rate plus one percent,  payable quarterly,  and an annual
         commitment fee of one-half percent,  payable  quarterly,  is charged on
         the  unused  portion  of the RCF.  Quarterly  principal  repayments  of
         $375,000  are required  beginning  July 1, 1997,  with a  corresponding
         reduction in borrowing capacity,  and all outstanding  principal is due
         April 2001. The current  portion of long-term debt in the  accompanying
         consolidated  balance  sheet as of March 31, 1997,  includes  principal
         repayments  required  under the RCF through  March 31, 1998.  Under the
         RCF,  the  Company  is  required  to  comply  with  certain   financial
         covenants, and Womacks Casino is subject to certain capital expenditure
         requirements  and  restrictions  on  investments.  In  connection  with
         securing the RCF, the Company  incurred and  capitalized  approximately
         $300,000 of out-of-pocket costs,  comprising principally  nonrefundable
         bank commitment fees and attorneys'  fees, and including costs incurred
         prior to closing. These deferred costs will be charged to operations on
         a  straight-line  basis  over  the term of the  RCF.  An  extraordinary
         charge, net of income taxes, of approximately $140,000,  representing a
         prepayment premium on one of the retired borrowings, will be recognized
         in the second quarter of 1997.

                                        7


<PAGE>



Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS


Forward-Looking Statements, Business Environment and Risk Factors

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,  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
On July 1, 1996,  the Company  acquired  the assets of Gold Creek,  the owner of
Womacks  in Cripple  Creek,  Colorado.  The  accompanying  financial  statements
include the results of operations  of Womacks only for the period  subsequent to
June 30, 1996.  Accordingly,  results for the three months ended March 31, 1997,
cannot be readily compared with results for the respective period in 1996.

                                       8

<PAGE>



Three Months Ended March 31, 1997 vs. 1996

Net operating revenue for the first quarter of 1997 was $4,468,144 compared with
$1,133,861 in the  year-earlier  period,  an increase of 294%,  principally as a
result of the Gold Creek acquisition.  Casino revenue from the Company's Cripple
Creek  operations  increased to $4,195,431 from $968,144.  On a pro forma basis,
Womacks' revenue  increased 11.0% year over year in the first quarter.  Womacks'
casino  revenue in the current  period  represents  a 17.2% share of the Cripple
Creek market  versus  16.8% on a pro forma basis for the first  quarter of 1996.
The other  component of casino  revenue  derives from the Company's  cruise ship
concessions,  which showed an increase from  $132,668 to $163,186.  The increase
was primarily  attributable  to the operations of the Silver Wind,  where casino
revenue  increased from $53,246 to $82,454,  with the remaining  increase coming
from the Silver Cloud. The casino gross margin for the first quarter of 1997 was
$25,654  for the Silver  Cloud and $9,679 for the Silver  Wind.  The  concession
contract for the Silver Cloud expires in May 1997. The  concession  contract for
the Silver Wind is up for renewal in January 1998, and management believes it is
likely  that it will not be renewed.  Gross  margin  from the  Company's  casino
activities  was  41.5% in 1997 and  56.5% in 1996.  The  decrease  in  margin is
primarily due to a higher  effective  gaming tax rate, 11.2% in 1997 versus 5.1%
in 1996, as well as increased  promotion and marketing costs in the current-year
period.  Included in promotion and marketing costs for the first quarter of 1997
were costs  associated  with the start of a busing  program  by  Womacks  Casino
between the Colorado  Springs/Pueblo feeder market and Cripple Creek. The busing
program has not yet  resulted  in the  anticipated  increase in casino  revenue.
Additionally,  management  believes that  construction  undertaken on a property
adjacent to Womacks Casino had a negative  effect on walk-in  traffic during the
quarter. Construction is expected to continue through the second quarter of 1997
and could  have a further  adverse  impact on the  operating  margin of  Womacks
Casino in the near term.

Food and  beverage  revenue  increased  266% to  $209,270.  Womacks  operates  a
full-service  restaurant and five bars,  whereas in 1996 the Legends  restaurant
operation  was  scaled  back  during  the  first  quarter.  The cost of food and
beverage promotional  allowances,  which are included in casino costs, increased
to $262,716 in the first three  months of 1997 as compared  with  $60,184 in the
prior year.  The increase in other  revenue  resulted  principally  from parking
facilities which Womacks operated in 1997.

Although  general  and   administrative   expense  increased  from  $717,561  to
$1,310,121,  it represents a decrease as a percentage  of net operating  revenue
from  63.3%  to  29.3%.  The most  significant  contributors  to the  percentage
improvement  were  relatively   lower  payroll  costs  and  professional   fees.

Depreciation  expense  increased to $350,125 from $129,738 and  amortization  of
goodwill increased to $335,376 from $185,376.  Both increases were due mainly to
the Gold Creek  acquisition.  Other expense,  net, for the first quarter of 1997
comprised  $211,276 of interest  expense and $37,802 of interest  income.

Other  income,  net, for the prior year period  consisted of $43,530 of interest
expense,  $34,007 of  interest  income and gain on fixed asset  dispositions  of
$20,224. The increase in interest expense was mainly attributable to the overall
increase in long-term debt which resulted from the Gold Creek acquisition.


Liquidity and Capital Resources

At March 31, 1997, the Company had cash and cash equivalents of $4,453,243 and a
net working  capital  position of $1,407,964.  Operations  provided cash flow of
$592,353 in the first quarter of 1997. Capital  expenditures were $255,422,  the
majority  of which were  related  to  Womacks  Casino,  and  repayments  of debt
principal totaled  $417,339. 

                                       9
<PAGE>

As described more fully in Note 4 to the financial statements, in April 1997 the
Company  refinanced  the  majority of its  long-term  debt through a $13 million
revolving  credit facility with Wells Fargo Bank.  Management  believes that the
resulting  consolidation  of a majority  of the  Company's  debt will afford the
Company  more  flexibility  to  pursue  additional  gaming  ventures.

With  the  Company's  present  cash  balance  and  anticipated  cash  flow  from
operations,  management  believes that the Company has  sufficient  liquidity to
service  its  debt,  make  planned  capital   expenditures   and  pursue  growth
opportunities in the near and medium-term.

                                       10



<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.

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

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

   10.68  Credit  Agreement  dated as of March 31,  1997,  between  Wells  Fargo
          Bank,  N.A.  ("Lender");  WMCK Venture Corp.,  Century Casinos Cripple
          Creek,  Inc., and WMCK Acquisition  Corp.  ("Borrowers");  and Century
          Casinos, Inc. ("Guarantor").

27 Financial Data Schedule

   (b)    Reports on Form 8-K:

          No reports on Form 8-K were filed uring the quarter ended March 31, 
          1997.

                                                     
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/  Brad Dobski
---------------------------
Brad Dobski
Vice President - Finance
Chief Accounting Officer and duly authorized officer
Date: May 9, 1997

<PAGE>