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 June 30, 2004 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.)

         1263 Lake Plaza Drive Suite A, Colorado Springs, Colorado 80906
         ---------------------------------------------------------------
                    (Address of principal executive offices)
                                   (Zip Code)
                                 (719) 527-8300
                                 --------------
              (Registrant's telephone number, including area code)
               157 East Warren Ave., Cripple Creek, Colorado 80813
               ---------------------------------------------------
                 (Former address of principal executive offices)
                                 (719) 689-9100
           (Registrant's former telephone number, including area code)

     Indicate  by check  mark  whether  the  registrant  (1) 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 by check mark whether the registrant is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act). Yes___ No _X_

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

     Common stock, $0.01 par value, 13,681,900 shares outstanding as of July 28,
2004.


<PAGE>

                              CENTURY CASINOS, INC.
                                    FORM 10-Q
                                      INDEX


<TABLE>
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                                                                        Page
                                                                       Number
PART I   FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements (unaudited)

           Condensed Consolidated Balance Sheets as of June 30, 2004
           and December 31, 2003                                         3

           Condensed Consolidated Statements of Earnings for the Three
           Months Ended June 30, 2004 and 2003                           4

           Condensed Consolidated Statements of Earnings for the Six
           Months Ended June 30, 2004 and 2003                           5

           Condensed Consolidated Statements of Comprehensive Earnings
           for the Three Months Ended June 30, 2004 and 2003             6

           Condensed Consolidated Statements of Comprehensive Earnings
           for the Six Months Ended June 30, 2004 and 2003               6

           Condensed Consolidated Statements of Cash Flows for the
           Six Months Ended June 30, 2004 and 2003                       7

           Notes to Condensed Consolidated Financial Statements          9

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                      27

Item 3.  Quantitative and Qualitative Disclosures About Market Risk     52

Item 4.  Controls and Procedures                                        53

PART II  OTHER INFORMATION

Item 1.  Legal Proceedings                                              54

Item 4.  Submission of Matters to a Vote of the Security Holders        54

Item 6.  Exhibits and Reports on Form 8-K                               54

         SIGNATURES                                                     55

</TABLE>


<PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
--------------------------------------------------------------------------------
<TABLE>
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    Dollar amounts in thousands, except for share information  June 30, 2004   December 31, 2003
                                                              --------------   -----------------
                                                                (Unaudited)

    ASSETS

    Current Assets:

        Cash and cash equivalents                              $        4,112     $      4,729
        Restricted cash                                                   643              598
        Receivables, net                                                  203              269
        Prepaid expenses                                                  569              441
        Inventories                                                       168              131
        Other current assets                                               28               28
        Deferred income taxes                                              74              111
                                                                 ------------       ----------
           Total current assets                                         5,797            6,307

    Property and Equipment, net                                        39,629           36,796
    Goodwill, net                                                       8,694            8,088
    Casino License Acquisition Costs, net                               1,948            1,760
    Deferred Income Taxes                                                 608              666
    Equity Investment in unconsolidated subsidiary                        101                -
    Other Assets                                                        1,039            1,200
                                                                 ------------       ----------
    Total                                                      $       57,816     $     54,817
                                                                 ============       ==========

    Current Liabilities:
        Current portion of long-term debt                      $        2,130     $      2,136
        Accounts payable and accrued liabilities                        3,363            1,979
        Accrued payroll                                                 1,219            1,268
        Taxes payable                                                     866            1,088
                                                                 ------------      -----------
           Total current liabilities                                    7,578            6,471

    Long-Term Debt, less current portion                               13,761           14,913
    Other Non-current Liabilities                                         225              371
    Minority Interest                                                      46               14
    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;
          13,681,900 and 13,680,500 shares outstanding, respectively      145              145
       Additional paid-in capital                                      21,528           21,529
       Accumulated other comprehensive earnings                         3,139            2,034
       Retained earnings                                               13,223           11,172
                                                                 ------------      -----------

                                                                       38,035           34,880
        Treasury stock - 803,876 and 805,276 shares at cost,
           respectively                                               (1,829)          (1,832)
                                                                 ------------       ----------

           Total shareholders' equity                                  36,206           33,048
                                                                 ------------       ----------
    Total                                                      $       57,816     $     54,817
                                                                 ============       ==========
See notes to condensed consolidated financial statements.
</TABLE>


<PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
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                                                        For The Three Months Ended June 30,
Dollar amounts in thousands, except for share information      2004           2003
                                                               ----           ----

Operating Revenue:
   Casino                                                $     8,808    $     7,625
   Hotel, food and beverage                                      965            817
   Other                                                         107            174
                                                           ----------     ----------
                                                               9,880          8,616
   Less promotional allowances                                 1,032          1,063
                                                           ----------     ----------
       Net operating revenue                                   8,848          7,553
                                                           ----------     ----------

Operating Costs and Expenses:
   Casino                                                      3,421          2,717
   Hotel, food and beverage                                      724            581
   General and administrative                                  2,153          1,925
   Depreciation                                                  731            663
                                                           ----------     ----------

       Total operating costs and expenses                      7,029          5,886
                                                           ----------     ----------

Income from unconsolidated subsidiary                             39              -

                                                           ----------     ----------
Earnings from Operations                                       1,858          1,667
Non-operating Income (expense)
   Interest expense                                            (390)          (525)
   Other income, net                                              45             71
   Non-operating items from unconsolidated subsidiary            (3)              -
                                                           ----------     ----------

       Non-operating income (expense), net                     (348)          (454)
                                                           ----------     ----------
Earnings before Income Taxes and Minority Interest             1,510          1,213
   Provision for income taxes                                    347            462
                                                           ----------     ----------

Earnings before Minority Interest                              1,163            751
   Minority interest in subsidiary earnings                     (16)              -
                                                           ----------     ----------
Net Earnings                                             $     1,147    $       751
                                                           ==========     ==========

Earnings Per Share:
   Basic                                                 $      0.08    $      0.06
                                                           ==========     ==========
   Diluted                                               $      0.07    $      0.05
                                                           ==========     ==========

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


<PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
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                                                         For The Six Months Ended June 30,
Dollar amounts in thousands, except for share information     2004           2003
                                                              ----           ----

Operating Revenue:
   Casino                                               $    16,874    $    15,145
   Hotel, food and beverage                                   1,939          1,638
   Other                                                        276            295
                                                          ----------     ----------
                                                             19,089         17,078
   Less promotional allowances                                2,111          2,144
                                                          ----------     ----------
       Net operating revenue                                 16,978         14,934
                                                          ----------     ----------

Operating Costs and Expenses:
   Casino                                                     6,477          5,366
   Hotel, food and beverage                                   1,402          1,150
   General and administrative                                 4,202          3,742
   Depreciation                                               1,382          1,311
                                                          ----------     ----------

       Total operating costs and expenses                    13,463         11,569
                                                          ----------     ----------

Income from unconsolidated subsidiary                            51              -

                                                          ----------     ----------

Earnings from Operations                                      3,566          3,365
Non-operating Income (expense)
   Interest expense                                           (812)        (1,052)
   Other income, net                                            126            129
   Non-operating items from unconsolidated subsidiary           (8)              -
                                                          ----------     ----------

       Non-operating income (expense), net                    (694)          (923)
                                                          ----------     ----------
Earnings before Income Taxes and Minority Interest            2,872          2,442
   Provision for income taxes                                   790            928
                                                          ----------     ----------

Earnings before Minority Interest                             2,082          1,514
   Minority interest in subsidiary earnings                    (31)            (8)
                                                          ----------     ----------
Net Earnings                                            $     2,051    $     1,506
                                                          ==========     ==========

Earnings Per Share:
   Basic                                                $      0.15    $      0.11
                                                          ==========     ==========
   Diluted                                              $      0.13           0.10
                                                          ==========     ==========


       See notes to condensed consolidated financial statements.

</TABLE>
<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
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                                                       For The Three Months Ended June 30,

Amounts in thousands                                          2004           2003
                                                              ----           ----
   Net Earnings                                           $  1,147    $       751
   Foreign currency translation adjustments                    219            755
   Change in fair value of interest rate swaps, net of
     income taxes                                               64             86
                                                          -----------  ------------
   Comprehensive Earnings                                 $  1,430    $     1,592
                                                          ===========  ============


                                                       For The Six Months Ended June 30,

Amounts in thousands                                          2004            2003
                                                              ----            ----
   Net Earnings                                          $   2,051    $     1,506
   Foreign currency translation adjustments                  1,014          1,310
   Change in fair value of interest rate swaps, net of
     income taxes                                               91            117
                                                          ------------ -------------
   Comprehensive Earnings                                $   3,156    $     2,933
                                                          ============ =============



       See notes to condensed consolidated financial statements.

</TABLE>

<PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
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                                                        For The Six Months Ended June 30,

Amounts in thousands                                             2004         2003
                                                                 ----         ----

Cash Flows from Operating Activities:
   Net earnings                                            $   2,051    $    1,506

   Adjustments to reconcile net earnings to net cash provided by
     operating activities
       Depreciation                                            1,382         1,311
       Amortization of deferred financing costs                   48            56
       Deferred tax expense                                       44            66
       Minority interest in subsidiary earnings                   31             8
       Income from unconsolidated subsidiary                    (43)             -
       Gain on disposition of real estate option                (35)           (6)
       Other                                                       -          (43)

   Changes in operating assets and liabilities
       Receivables                                                72          (66)
       Prepaid expenses and other assets                       (297)          (58)
       Accounts payable and accrued liabilities                 (18)         (637)
       Accrued payroll                                          (71)         (255)
       Taxes payable                                           (288)         (226)
                                                            ---------    ---------
         Net cash provided by operating activities             2,876         1,656
                                                            ---------    ---------

Cash Flows from Investing Activities:
    Purchases of property and equipment                      (2,465)       (1,029)
    Acquisition of subsidiary, net of $664 in cash acquired        -       (1,259)
    Restricted cash decrease                                       -            38
    Proceeds from disposition of assets                          206             7
                                                            ---------    ---------
         Net cash used in investing activities               (2,259)       (2,243)
                                                            ---------    ---------





</TABLE>

                                    (continued)


<PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
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                                               For the Six Months Ended June 30,

Amounts in thousands                                     2004         2003
                                                         ----         ----
Cash Flows from Financing Activities:
   Proceeds from borrowings                        $     13,465  $      14,523
   Principal repayments                                (14,844)       (14,440)
   Proceeds from exercise of options                          2              8
   Purchases of treasury stock                                -          (431)
                                                   -------------  ------------

         Net cash used in financing activities          (1,377)          (340)
                                                   -------------  ------------

Effect of exchange rate changes on cash                     143            199
                                                   -------------  ------------

Decrease in Cash and Cash Equivalents                     (617)          (728)

Cash and Cash Equivalents at Beginning of Period          4,729          4,582
                                                   ------------   ------------

Cash and Cash Equivalents at End of Period         $      4,112  $       3,854
                                                   ============   ============
</TABLE>

Supplemental Disclosure of Noncash Financing Activities:

See Note 1 for a summary of the  Company's  subsidiaries  and the  abbreviations
used in this section.

In January  2003,  the  Company,  through its  majority  owned  subsidiary  CCA,
purchased the  remaining  35% interest in CCAL for a total of $2.6  million,  of
which  $1.3  million  was used to  purchase  a loan from the  previous  minority
shareholder, Caledon Overberg Investments (Proprietary) Limited, and is included
in  principal  repayments  above,  $1.0  million  was  applied  to the  minority
shareholder  liability and $0.3 million increased the carrying value of the land
in Caledon.

In the second quarter of 2003,  James Forbes,  a former director of the Company,
in accordance  with the Company's  Employee's  Equity  Incentive  Plan ("EEIP"),
exercised all 618,000 of his outstanding  options,  carrying an average exercise
price of $1.306.  The shares were issued out of treasury stock.  Mr. Forbes paid
the exercise price by transferring 357,080 shares of common stock to the Company
at a per share price of $2.26, the closing price on April 16, 2003.

In January 2004, the Company, through its wholly owned subsidiary CMB, purchased
an  additional  40%  interest  in CM,  bringing  its total  interest  to 50%, by
contributing  gaming  equipment  with a net book  value of  $0.60  million.  The
contribution of the gaming  equipment,  along with a cash  contribution  made in
December  2002 which was  accounted for by CMB on a cost basis in Euro and had a
value of  $0.29  million  on  January  3,  2004,  brought  the  Company's  total
investment  in CM to $0.89  million,  of which $0.26  million was allocated to a
shareholder loan acquired as part of the transaction. The difference between the
cost and the equity of CM, of $0.57 million, has been recorded as goodwill.
<TABLE>
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Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $0 in $        769  $       1,055
  2004 and $26 in 2003                              ============   ============

Income taxes paid                                   $        461  $         580
                                                    ============   ============

See notes to condensed consolidated financial statements.

</TABLE>

<PAGE>



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

1.       DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

     Century Casinos,  Inc. ("CCI" or the "Company") is an international  gaming
company. The Company owns and/or manages casino operations in the United States,
South Africa,  the Czech Republic and international  waters through the entities
listed in the following table:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

 -------------------------------------------------------------------------------
 Parent/Subsidiary Relationship                 Abbreviation    Parent   Ownership
                                                                         Percentage
 -------------------------------------------------------------------------------
     Century Casinos, Inc.                             CCI       n/a       n/a
 -------------------------------------------------------------------------------
     WMCK Venture Corp.                               WMCK       CCI       100%
 -------------------------------------------------------------------------------
       WMCK-Acquisition Corp.                          ACQ       WMCK      100%
 -------------------------------------------------------------------------------
       Century Casinos Cripple Creek Inc.              CCC       WMCK      100%
 -------------------------------------------------------------------------------
     Century Resorts Limited (1)                       CRL       CCI      96.5%
 -------------------------------------------------------------------------------
       Century Casinos Africa (Pty) Ltd. (1)           CCA       CRL       100%
 -------------------------------------------------------------------------------
         Century Casinos Caledon (Pty) Ltd.           CCAL       CCA       100%
 -------------------------------------------------------------------------------
         Century Casinos West Rand (Pty) Ltd.         CCWR       CCA        55%
 -------------------------------------------------------------------------------
         Rhino Resort Ltd.                             RRL       CCA        50%
 -------------------------------------------------------------------------------
     Century Resorts International Limited             CRI       CCI       100%
 -------------------------------------------------------------------------------
       Century Resorts Alberta, Inc.                   CRA       CRI        55%
 -------------------------------------------------------------------------------
     Century Casinos Management, Inc.                  CCM       CCI       100%
 -------------------------------------------------------------------------------
     Century Casinos Nevada, Inc.                      CCN       CCI       100%
 -------------------------------------------------------------------------------
     Century Management u. Beteiligungs GmbH           CMB       CCI       100%
 -------------------------------------------------------------------------------
       Casino Millennium a.s.                           CM       CMB        50%
 -------------------------------------------------------------------------------
</TABLE>

(1) In July 2004,  certain officers of the Company exchanged their 3.5% minority
interest in CCA for a 3.5% minority interest in CRL of equal value. CCI now owns
96.5% of CRL and CRL now owns 100% of CCA.

     CCI serves as a holding  company,  providing  corporate and  administrative
     services to its  subsidiaries.

     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.  The facility has 647 slot
     machines, 6 limited stakes gaming tables, 21 hotel rooms and 2 restaurants.
<PAGE>

     CRL was formed in May 2004,  the  Company  formed CRL to provide  technical
     casino services to some of the Company's  foreign and offshore  operations.
     In July 2004 certain officers of the Company  exchanged their 3.5% minority
     ownership in CCA for a 3.5% minority  ownership in CRL of equal value.  CCI
     now owns 96.5% of CRL and CRL owns 100% of CCA.

     CCA owns CCAL which owns and operates The Caledon Hotel,  Spa & Casino near
     Cape Town,  South  Africa.  The resort has 290 slot  machines  and 9 gaming
     tables,  a  92-room  hotel,   mineral  hot  springs  and  spa  facility,  4
     restaurants,  2 bars, conference facilities and an equestrian center. In an
     application  to the  Western  Cape  Gambling  and  Racing  Board,  CCAL has
     requested an increase in the number of permitted slot machines to 300.

     CRI  serves as  concessionaire  of small  casinos  on eight  luxury  cruise
     vessels and provides  technical casino services to Casino  Millennium.  The
     Company  has  a  total  of  208  slot  machines  and  30  table  games,  or
     approximately 418 gaming positions on the eight combined  shipboard casinos
     currently in operation.  The cruise vessel Insignia  resumed  operations on
     March 29, 2004 after it was taken out of service  following  completion  of
     its cruise schedule to various destinations in the western Mediterranean as
     of September  26, 2003.  The Silver Cloud  returned to service on March 27,
     2004 following five months of periodic maintenance.  On April 10, 2004, the
     Company  opened a casino  aboard the  Nautica,  a cruise  ship  operated by
     Oceania  Cruises,  equipped with 42 slot machines and 3 gaming tables.  CRI
     owns 55% of CRA which was formed in conjunction  with an application  for a
     gaming license in Edmonton, Alberta, Canada.

     CMB acquired a 10% equity  interest in Casino  Millennium  located within a
     five-star  hotel in Prague,  Czech  Republic  through a $0.24  million cash
     contribution  in December 2002. In January 2004, CMB acquired an additional
     40% of Casino Millennium,  bringing its total ownership to 50%. The current
     period  earnings are reported as income from  unconsolidated  subsidiary in
     the Company's condensed consolidated statements of earnings and cash flows.
     The investment by the Company for the  incremental  40% stake totaled $0.60
     million and was paid by contributing  gaming  equipment.  Casino Millennium
     has 38 slot machines and 15 gaming tables.

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

          Johannesburg  - On  October  20,  2003,  the  Company  announced  that
     judgment had been handed down in the High Court of South Africa  compelling
     the Gauteng  Gambling Board ("GGB") to award a casino license to Silverstar
     Development   Limited   ("Silverstar")   for  the  western   periphery   of
     metropolitan  Johannesburg  in terms of its original 1997  application.  On
     November  11,  2003,  the  Company  announced  that  the  GGB's  subsequent
     application  for leave to appeal the October 20 judgment had been denied by
     the High Court.  On December 3, 2003,  the Company  announced  that the GGB
     served notice that it had  petitioned  the South  African  Supreme Court of
     Appeal  requesting a further appeal against the judgment of the High Court.
     On February 5, 2004, the Supreme Court of Appeal of South Africa overturned
     the ruling of the High Court and  granted  the GGB's  request  for leave to
     appeal.  Silverstar  informed  the  Company  that  it  does  not  have  any
     indication with regard to the timing of the appeals process.
<PAGE>

          CCA, through its majority-owned  subsidiary,  CCWR, remains contracted
     to Silverstar by a resort management  agreement and retains a right of long
     standing to take up a minority equity interest in the venture  although its
     final level of equity  interest  remains to be determined.  Pursuant to its
     1997  application,  the  Silverstar  project  provides for up to 1,350 slot
     machines and 50 gaming tables in a phased development that includes a hotel
     and other  entertainment,  dining and recreational  activities with a first
     phase of 950 slot machines and 30 gaming  tables.  The proposed 400 million
     Rand ($64.25 million)  hotel/casino  resort development would be located in
     the greater Johannesburg area of South Africa known as the West Rand.

          In January 2000, CCI entered into a brokerage agreement with Novomatic
     AG in which CCI received an option to purchase  seven eighths of the shares
     that Novomatic AG purchased in Silverstar.  The agreement was  subsequently
     amended in July 2003 giving Novomatic AG a put option under which Novomatic
     AG can require that CCI buy seven eighths of its shares in  Silverstar  and
     giving CCI a call option  under which CCI can require  Novomatic AG to sell
     seven  eighths of its shares in Silverstar to CCI. The price of the option,
     which  cannot be  quantified  at this time,  will be 75% of the fair market
     value as determined at the time of the  exercise.  Silverstar  has no value
     until a gaming license is issued.  If the transaction were to be completed,
     CCI would acquire a 7% interest in Silverstar from Novomatic AG.

          Edmonton  - In  September  2003,  the  CRI  subscribed  to  55% of the
     outstanding shares of CRA, formed in conjunction with its application for a
     gaming license in Edmonton,  Alberta,  Canada.  The proposed  project,  The
     Celebrations  Casino  and Hotel,  is planned to include a casino,  food and
     beverage  amenities,  a dinner theater and a 40-room hotel. CRA is owned by
     CRI and by the owners of the 7.25 acre  property and  existing  hotel which
     will be developed into the  Celebrations  project,  if a license is awarded
     and all other approvals and funding are obtained.  The Celebrations  Casino
     and Hotel  Project  proposed  by CRA is  estimated  to cost  16.50  million
     Canadian  dollars  ($12.3  million),  including  the 2.50 million  Canadian
     dollars ($1.9 million)  contribution  of the existing hotel and property by
     the owners of the existing hotel and an  approximately  3 million  Canadian
     dollar ($2.2 million) cash  contribution  by the Company.  CRI also entered
     into a  long-term  agreement  to manage the  casino if a gaming  license is
     awarded.  On  April  19,  2004,  the  Company  announced  that CRA had been
     selected as the only one of six  applicants  to move to step seven of eight
     steps of the casino licensing process in Edmonton, Alberta, Canada. This is
     not an approval or a  guarantee  that CRA will be issued a casino  facility
     license.  Step seven is the  "Investigation  stage of the  Casino  Facility
     Application Process" which is a thorough due diligence investigation of the
     applicant  and the key  persons  associated  with  the  selected  proposal.
     Although the Company cannot predict how long the due diligence process will
     take,  if step seven is  successfully  completed  the eighth step will be a
     recommendation  to the Board of the  Alberta  Gaming and Liquor  Commission
     ("AGLC"),  by the  commission,  regarding  issuance  of a  casino  facility
     license. There is no assurance that a license will be issued to CRA.

          Historical transactions that are denominated in a foreign currency are
     translated  and presented at the United  States  exchange rate in effect on
     the date of the transaction.  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
     reported periods. 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. The exchange rates
     used to  translate  balances  at the  end of the  reported  periods  are as
     follows:


<PAGE>
<TABLE>
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                            June 30, 2004   December 31, 2003    June 30, 2003

         South African Rand        6.2257              6.6858           7.5044

         Euros                     0.8210              0.7938           0.8693

         Czech Koruna             26.2100             25.6634              n/a

         Canadian Dollars          1.3404              1.2924              n/a

         Source: Pacific Exchange Rate Service

          Certain  reclassifications  have  been  made  to  the  2003  financial
     information in order to conform to the 2004 presentation.
</TABLE>

          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 ("US GAAP") for interim
     financial  reporting  and the  instructions  to Form 10-Q and Rule 10-01 of
     Regulation S-X. The accompanying  consolidated financial statements include
     the accounts of CCI and its  majority-owned  subsidiaries.  All significant
     intercompany transactions and balances have been eliminated.  The financial
     statements  of all  foreign  subsidiaries  consolidated  herein  have  been
     converted  to  US  GAAP  for  financial  statement  presentation  purposes.
     Accordingly,  the condensed consolidated financial statements are presented
     in accordance with US GAAP.  Certain  information and footnote  disclosures
     normally  included in financial  statements  prepared in accordance with US
     GAAP 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-K for the year ended  December 31, 2003.  The results of operations
     for the period ended June 30, 2004 are not  necessarily  indicative  of the
     operating results for the full year.

2.   STOCK BASED COMPENSATION

          The  Company has chosen to account for  stock-based  compensation  for
     employees  using  the  intrinsic  value  method  prescribed  in  Accounting
     Principles  Board Opinion No. 25 (APB 25),  "Accounting for Stock Issued to
     Employees", and related Interpretations. Accordingly, compensation cost for
     stock options is measured as the excess, if any, of the quoted market price
     of the Company's stock at the date of the grant over the amount an employee
     must pay to acquire that stock. The Company values stock-based compensation
     granted to non-employees at fair value.

          The Company's  stock-based employee compensation plan expired in April
     2004.

          All options  granted under the plan had an exercise price equal to the
     market value of the underlying  common stock on the date of the grant.  The
     following  table  illustrates  the effect on net  earnings and earnings per
     share if the Company had applied the fair value  recognition  provisions of
     SFAS No. 123,  "Accounting  for Stock-Based  Compensation",  to stock-based
     employee compensation.



<PAGE>


<TABLE>

<S>     <C>    <C>    <C>    <C>    <C>    <C>


                                                                            For the Three Months Ended June 30,
          Dollar amounts in thousands, except for share information                 2004         2003
                                                                                    ----         ----
          Net earnings, as reported                                            $   1,147     $    751

          Deduct: Total stock-based employee  compensation expense determined
              under fair value based  method for all  awards,  net of related
              tax effects                                                            269            1
                                                                                 --------      -------
          Pro forma net earnings                                               $     878     $    750
                                                                                 ========      =======
          Earnings per share
            Basic               As reported                                    $    0.08     $   0.06
                                Pro forma                                      $    0.06     $   0.06

            Diluted             As reported                                    $    0.07     $   0.05
                                Pro forma                                      $    0.06     $   0.05


                                                                            For the Six Months Ended June 30,
          Dollar amounts in thousands, except for share information                 2004         2003
                                                                                    ----         ----
          Net earnings, as reported                                            $   2,051     $  1,506

          Deduct: Total stock-based employee  compensation expense determined
              under fair value based  method for all  awards,  net of related
              tax effects                                                            539            2
                                                                                  -------     --------
          Pro forma net earnings                                               $   1,512     $  1,504
                                                                                  =======     ========

          Earnings per share
            Basic               As reported                                    $    0.15     $   0.11
                                Pro forma                                      $    0.11     $   0.11

            Diluted             As reported                                    $    0.13     $   0.10
                                Pro forma                                      $    0.10     $   0.10

</TABLE>


<PAGE>



3.   CHANGE IN ACCOUNTING PRINCIPLES AND RECENTLY ISSUED STANDARDS

          In December 2003, FASB revised  Interpretation No. 46,  "Consolidation
     of Variable Interest Entities". FIN 46(R) addresses consolidation issues by
     business  enterprises of variable  interest entities in which 1) the equity
     interest  at risk is not  sufficient  to  finance  its  activities  without
     additional subordinated financial support, 2) the equity investors lack one
     or more essential characteristics of a controlling financial interest or 3)
     the equity investors have voting rights that are not proportionate to their
     economic  interest.  The Company  adopted FIN 46(R) on January 1, 2004. The
     Company has determined  that CM (Note 8) is a variable  interest  entity as
     defined by FIN 46 (R). The Company has also  determined  that it is not the
     primary beneficiary as defined by FIN 46 (R) and has, therefore,  accounted
     for the  Company's  50%  interest  in CM on the  equity  basis.  A  primary
     beneficiary  is the party that absorbs a majority of the entity's  expected
     losses,  receives a majority of its expected returns, or both as defined in
     FIN  46(R).  Under  the  equity  method  of  accounting,  the  Company  has
     recognized the difference between the investment and the underlying cost of
     the equity as goodwill and reported its percentage of the earnings in CM as
     income from unconsolidated subsidiary.

          Additionally,  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.

4.   INCOME TAXES

          The income tax  provisions are based on estimated  full-year  earnings
     for financial reporting purposes adjusted for permanent differences.



<PAGE>


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


5.    EARNINGS PER SHARE
                  Basic and diluted earnings per share for the three and six
         months ended June 30, 2004 and 2003 were computed as follows:
                                                                       For the Three Months Ended June 30,
         Dollar amounts in thousands, except for share                    2004                    2003
            information                                                   ----                    ----

         Basic Earnings Per Share:
            Net earnings                                             $          1,147     $             751
                                                                      ================      ================
            Weighted average common shares                                 13,681,900            13,630,001
                                                                      ================      ================

            Basic earnings per share                                 $           0.08     $            0.06
                                                                      ================      ================

         Diluted Earnings Per Share:
            Net earnings, as reported                                $          1,147     $             751

                                                                      ================      ================
            Weighted average common shares                                 13,681,900            13,630,001
              Effect of dilutive securities:

                  Stock options and warrants                                2,152,253               987,474
                                                                      ----------------      ----------------
            Dilutive potential common shares                               15,834,153            14,617,475
                                                                      ================      ================

            Diluted earnings per share                               $           0.07     $            0.05
                                                                      ================      ================

            Excluded from computation of diluted earnings per share
                Due to antidilutive effect:
                  Options and warrants to purchase common shares                     -                15,000
                  Weighted average exercise price                     $              -     $            2.27


                                                                         For the Six Months Ended June 30,
         Dollar amounts in thousands, except for share information        2004                      2003
                                                                          ----                      ----

         Basic Earnings Per Share:
            Net earnings                                              $          2,051     $           1,506
                                                                       ================      ===============

            Weighted average common shares                                  13,681,669            13,604,706
                                                                       ================      ===============

            Basic earnings per share                                  $           0.15     $            0.11
                                                                       ================      ===============

         Diluted Earnings Per Share:
            Net earnings, as reported                                 $          2,051     $           1,506
                                                                       ================      ===============
            Weighted average common shares                                  13,681,669            13,604,706
              Effect of dilutive securities:

                  Stock options and warrants                                 1,730,343             1,059,644
                                                                       ----------------      ---------------
            Dilutive potential common shares                                15,412,012            14,664,350
                                                                       ================      ===============

            Diluted earnings per share                                $           0.13     $            0.10
                                                                       ================      ===============

            Excluded from computation of diluted earnings per share
                Due to antidilutive effect:
                  Options and warrants to purchase common shares                     -                15,000
                  Weighted average exercise price                     $              -     $            2.27


</TABLE>

<PAGE>



6.   CRIPPLE CREEK, COLORADO

          In April 2003, the Company  completed  construction  of a 6,022 square
     foot  expansion  and added a total of 5,000  square feet of gaming space to
     Womacks.  Having  spanned the alley behind the existing  property,  Womacks
     will  be able to  continue  building  out  the  casino  to the  rear of the
     property on a single level at a later date.  In January  2004,  the Company
     sold a purchase  option  agreement for a property  located in Cripple Creek
     across  Bennett Ave. from Womacks that it had held since 1999,  which would
     have  expired on March 30, 2004,  to an unrelated  party for a sum of $0.20
     million.  As a result of the transaction,  the Company recognized a pre-tax
     gain of $34.7 thousand in 2004, which is included in other income, net.

          Womacks  has  installed  a  limited  number  of  Ticket-in/Ticket  out
     ("TITO")  machines and is currently  conducting a required field trial with
     the  Division  of  Gaming  that  will  last  approximately  90  days.  Upon
     completion  of the field  trial,  Womacks  may  expand  the  number of TITO
     machines.

          In May 2004,  Womacks added an additional  restaurant,  the "Cut Above
     Buffet",  on the second floor of the casino.  The restaurant  operates on a
     limited  schedule  and  provides  an  alternative  menu for  patrons of the
     casino.

7.   CALEDON, SOUTH AFRICA

          In January  2003,  CCA  purchased  the remaining 35% interest in CCAL,
     becoming  the sole owner of all of the common  stock of CCAL.  The  Company
     paid 21.5 million Rand ($2.53  million).  In accordance with FASB Statement
     No. 141, "Business Combinations",  the cost of acquisition was allocated to
     the assets acquired and the liabilities assumed based on fair values at the
     date of acquisition. The assets and liabilities of CCAL, which were carried
     in  the  Company's   consolidated  financial  statements  at  the  date  of
     acquisition,  had fair values that approximated  their carrying value, with
     the exception of land to which $0.34 million of the  acquisition  price was
     allocated.   Simultaneous  with  the  transaction,   the  hotel  management
     agreement  between CCAL and Fortes King  Hospitality  (Pty) Limited ("FKH")
     was  cancelled and CCA assumed the  management of the hotel.  Financing for
     the  transaction  was  provided by the Wells Fargo Bank  revolving  line of
     credit.

          In  addition  to  the  casino  license,   hotel  and  spa,  CCAL  owns
     approximately 600 acres of land, which may be used for future expansion.

          In June 2004,  CCAL added a fourth  restaurant  to the already  varied
     selection. The most recent restaurant offers patrons an Italian cuisine.

8.   PRAGUE, CZECH REPUBLIC

          In January  1999,  the Company,  through  CCM,  entered into a 20-year
     agreement with Casino  Millennium  a.s., a Czech company  ("CM"),  and with
     B.H.  Centrum  a.s.,  a Czech  subsidiary  of Bau  Holding AG (now known as
     Strabag AG), to operate a casino in the five-star Marriott Hotel in Prague,
     Czech Republic.  The Company provided technical casino services in exchange
     for 10% of the casino's gross revenue,  and provided  gaming  equipment for
     45% of the casino's net profit. The hotel and casino opened in July 1999.
<PAGE>

          In December 2002, CMB acquired a 10% ownership interest in CM with the
     payment of $0.24 million in cash.  Effective January 3, 2004, CMB, acquired
     an additional 40% of CM by  contributing  gaming  equipment with a net book
     value of $0.60 million.  The  contribution of the gaming  equipment,  along
     with the cash contribution  which was previously  accounted for by CMB on a
     cost basis and had a value of $0.29 million on January 3, 2004, brought the
     Company's total  investment in CM to $0.89 million.  The Company  allocated
     $0.26 million to a shareholder loan acquired as part of the transaction. CM
     issued  additional  shares for the  contribution  of the  gaming  equipment
     towards the Company's  additional  40%  investment in CM. The difference of
     $0.57  million  between the cost and the equity in CM has been  recorded as
     goodwill. In addition to the 50% ownership,  the Company retains its rights
     under the 1999 casino services agreement which, as amended in October 2003,
     requires  CM to  make  monthly  payments  of  Euro  7,250  to  CRI.

          CM had  approximately  $2.4  million in assets as of June 30, 2004 and
     reported  earnings  for the three and six  months  ended  June 30,  2004 of
     approximately $68 thousand and $82 thousand,  respectively, after expensing
     casino services fees paid to the Company.

     The  Company's  estimated  maximum  exposure  to  losses  at June 30,  2004
     consists of the following (Amounts in thousands):
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                   Equity investment in Casino Millennium          $    101
                   Goodwill                                             543
                   Note receivable                                      249
                   Other receivables                                    199
                                                                 ----------
                   Total                                           $  1,092
                                                                 ==========
</TABLE>
              Casino  services  fee income for the three  months ended June 30,
          2004 and 2003 was $10 thousand and $8 thousand,  respectively  and for
          the six months  ended June 30, 2004 and 2003 was $37  thousand  and $8
          thousand, respectively.

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



9.   GOODWILL (Amounts in thousands):
     Balance as of December 31, 2003                               $  8,088
     Goodwill recorded in the acquisition of an
       additional 40% interest in Casino Millennium,
       as valued on January 3, 2004                                     565
     Effect of exchange rate on goodwill                                 41
                                                                 ----------
         Balance as of June 30, 2004                               $  8,694
                                                                 ==========
</TABLE>


10.  LONG-TERM DEBT

          The principal balance outstanding under the Wells Fargo Bank Revolving
     Line of Credit  Facility  ("RCF") as of June 30,  2004 was  $11.44  million
     compared to $11.76 million at December 31, 2003. The amount available under
     the RCF as of June 30, 2004 was $10.23 million,  net of amounts outstanding
     as of that date,  compared to $11.35 million at December 31, 2003. The loan
     agreement  includes  certain  restrictive  covenants on financial ratios of
     WMCK. The Company was in compliance with the covenants as of June 30, 2004.
     The interest rate at June 30, 2004 was 3.41% for $10.5 million  outstanding
     under LIBOR based
<PAGE>

     provisions of the loan agreement.  The remaining balance of the outstanding
     debt is subject to interest  under the prime based  provisions  of the loan
     agreement at a rate of 4.25%.

          The fair value of the Company's  interest rate swap  derivatives as of
     June 30, 2004 and  December  31, 2003 of $0.22  million and $0.37  million,
     respectively,  is  reported  as  an  other  non-current  liability  in  the
     condensed  consolidated  balance sheets.  The net gain on the interest rate
     swaps of $63.8  thousand,  net of  deferred  income  tax  expense  of $38.0
     thousand  for the  first  three  months  of  2004,  has  been  reported  in
     accumulated  other  comprehensive  earnings  in  the  shareholders'  equity
     section of the accompanying  June 30, 2004 condensed  consolidated  balance
     sheet.  The net gain on the interest rate swaps of $91.4  thousand,  net of
     deferred  income tax expense of $54.4  thousand for the first six months of
     2004, has been reported in accumulated other comprehensive  earnings in the
     shareholders'  equity section of the  accompanying  June 30, 2004 condensed
     consolidated  balance sheet. Net additional interest expense to the Company
     under the swap  agreements  was $69.2  thousand  and $0.15  million for the
     three months ended June 30, 2004 and 2003,  respectively  and $0.14 million
     and  $0.29  million  for the six  months  ended  June 30,  2004  and  2003,
     respectively. Including the impact of the swaps and the amortization of the
     deferred financing cost, the effective rate on the borrowings under the RCF
     was 6.53% and 9.02% for the  three  months  ended  June 30,  2004 and 2003,
     respectively,  and 6.20% and 8.49% for the six months  ended June 30,  2004
     and 2003, respectively.

          In April 2000,  CCAL entered into a loan agreement with PSG Investment
     Bank  Limited  ("PSGIB"),  which  was  subsequently  acquired  by ABSA Bank
     ("ABSA"),  which  provided  for a  principal  loan of  approximately  $6.20
     million  (based on an  exchange  rate of 7.6613 rand per dollar at the time
     the funds were advanced) to fund  development of the Caledon  project.  The
     outstanding  balances as of June 30, 2004 and  December 31, 2003 were $3.70
     million and $4.14 million,  respectively  and the interest rate was 17.05%.
     The outstanding  balances on the standby facility with PSGIB as of June 30,
     2004  and  December  31,  2003  were  $0.37  million  and  $0.41   million,
     respectively  and the  interest  rate was  15.1%.  The  agreement  requires
     quarterly  installments  over the remaining term of the loan. The agreement
     requires a minimum  deposit in the sinking  fund equal to four million Rand
     (approximately $0.64 million) at the end of each quarter. 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 was in  compliance  with the covenants as of June
     30, 2004.

          An  unsecured  note  payable,  in the  amount of $0.38  million,  to a
     founding  shareholder bears interest at 6%, payable  quarterly.  The entire
     outstanding principal was paid on April 1, 2004.  Accordingly,  the note is
     classified as current in the accompanying  condensed  consolidated  balance
     sheets as of December 31, 2003.

          An unsecured note payable, in the amount of $90 thousand,  to a former
     director  bears  interest  at 0%  and  is  classified  as  current  in  the
     accompanying  condensed consolidated balance sheet as of June 30, 2004.

          The remaining  amount of debt of $0.30  million,  as of June 30, 2004,
     consists of capital leases.

          The consolidated  weighted average interest rate on all borrowings was
     9.10%  and  10.54%  for the six  months  ended  June  30,  2004  and  2003,
     respectively.


<PAGE>



11.  SHAREHOLDERS' EQUITY

          During the first six months of 2004,  the Company did not purchase any
     shares of its common  stock on the open  market.  The Company  issued 1,400
     shares of treasury  stock in February 2004 for employee  option  exercises.
     Subsequent to June 30, 2004,  the Company has not  purchased  shares of its
     common stock on the open market.

          In January 2004,  60,000 options were issued to the Company's  outside
     directors with an exercise price of $3.26
..
          In March  2004,  1,352,710  options  were  granted by the  independent
     members of the Company's  Incentive  Plan  Committee to eight  officers and
     employees  of the Company  with an exercise  price of $2.93.  The  Employee
     Equity Incentive Plan expired in April 2004

          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,
     each of whom has one seat on the board of  directors  of CCAL,  neither  of
     whom are officers,  directors or affiliates of CCI. The  preference  shares
     are not cumulative,  nor are they redeemable. The preference shares entitle
     the  holders of the 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 CCAL 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 June 30,  2004,  no dividend  has been  declared  for the  preference
     shareholders.


<PAGE>



12.  SEGMENT INFORMATION

          The  Company is  managed in four  segments;  Colorado,  South  Africa,
     Cruise Ships and Corporate operations.

          The  operating  results  of the  Colorado  segment  are  those of WMCK
     Venture  Corp.  and  subsidiaries,  which  own  Womacks  Hotel  and  Casino
     ("Womacks") in Cripple Creek, Colorado.

          The  operating  results  of the  South  African  segment  are those of
     Century  Casinos  Africa  (Pty)  Limited  and its  subsidiaries,  primarily
     Century Casinos Caledon (Pty) Limited,  which own the Caledon Hotel,  Spa &
     Casino.

          Cruise  Ship  operations  include the revenue and expense of the eight
     combined  shipboard  operations for which the Company has casino concession
     agreements.

          Corporate  operations  include,  among  other  items,  the revenue and
     expense of  corporate  gaming  projects  for which the  Company has secured
     long-term service 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.  The gaming industry commonly
     uses  EBITDA  as a method of  arriving  at the  economic  value of a casino
     operation.  It is also used by our lending  institutions to gauge operating
     performance.  Management  uses  EBITDA to compare  the  relative  operating
     performance of separate operating units by eliminating the interest income,
     interest  expense,  income tax expense,  and  depreciation and amortization
     expense  associated  with the varying  levels of capital  expenditures  for
     infrastructure  required to generate revenue,  and the oftentimes high cost
     of acquiring existing operations.

          Reclassification  adjustments  for 2003 have been made to the Colorado
     and Corporate segment presentations for corporate bonuses that were charged
     to Colorado but are attributable to the consolidated results of operations,
     the  interest  on debt  incurred  to fund  the  purchase  of the  Company's
     acquisitions  and the  repurchase  of the Company's  common stock,  and the
     related tax effects. There is no effect on the consolidated results.


<PAGE>

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


Amounts in thousands                        Colorado              South Africa       Cruise Ships

    As of and for the Three Months
          Ended June 30,                2004       2003        2004        2003   2004       2003
 _________________________________
Net operating revenue                $  4,602   $  4,568    $  3,403    $  2,619  $  833   $   358
Operating expenses (excluding
  depreciation)                      $  2,732   $  2,563    $  2,325    $  1,862  $  535   $   270
Depreciation                         $    368   $    347    $    333    $    257  $   25   $    17
Income from unconsolidated
  subsidiary                         $      -   $      -    $      -    $      -  $    -   $     -
Earnings from operations             $  1,502   $  1,658    $    745    $    500  $  273   $    71
Interest  income                     $      4   $      4    $     41    $     54  $    -   $     -
Interest expense,
  including debt issuance cost (1)   $   (23)   $     12    $    202    $    231  $    -   $     -
Other income (expense), net          $      -   $      -    $      -    $      -  $    -   $     5
Non-operating income from
  unconsolidated subsidiary          $      -   $      -    $      -    $      -  $    -   $     -
Earnings (loss) before income taxes
  and minority interest              $  1,529   $  1,650    $    584    $    323  $  273   $    76
Income tax expense (benefit)         $    581   $    627    $    107    $    123       8   $    30
Minority interest expense            $      -   $      -    $      -    $      -  $    -   $     -
Net earnings (loss)                  $    948   $  1,023    $    477    $    200  $  265   $    46

Reconciliation to EBITDA:
Net earnings (loss) (US GAAP)        $    948   $  1,023    $    477    $    200  $  265   $    46
Interest income                      $    (4)   $    (4)    $   (41)    $   (54)  $    -   $     -
Interest expense (1)                 $   (23)   $     12    $    202    $    231  $    -   $     -
Income taxes                         $    581   $    627    $    107    $    123  $    8   $    30
Depreciation                         $    368   $    347    $    333    $    257  $   25   $    17
EBITDA                               $  1,870   $  2,005    $  1,078    $    757  $  298   $    93
..


     (1) The  Company  has not  repaid  the  funds  advanced  for the  Company's
     acquisitions or the repurchase of the Company's common stock, therefore the
     debt and  accumulated  interest  allocated to the Corporate & Other segment
     exceeded  the total  outstanding  borrowing  under the RCF in the  Colorado
     segment, resulting in the reported negative interest expense for 2004.
</TABLE>

<PAGE>



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

                                                               Inter-segment
Amounts in thousands                    Corporate and Other     Elimination           Consolidated

   As of and for the Three Months
            Ended June 30,                 2004       2003     2004     2003        2004        2003
 ________________________________
   Net operating revenue               $     10   $      8  $      -  $     -  $   8,848   $   7,553
   Operating expenses (excluding
     depreciation)                     $    706   $    528  $      -  $     -  $   6,298   $   5,223
   Depreciation                        $      5   $     42  $      -  $     -  $     731   $     663
   Income from unconsolidated
     subsidiary                        $     39   $      -  $      -  $     -  $      39   $       -
   Earnings from operations            $  (662)   $  (562)  $      -  $     -  $   1,858   $   1,667
   Interest  income                    $     86   $     86  $   (86)  $  (86)  $      45   $      58
   Interest expense,
     including debt issuance cost      $    297   $    368  $   (86)  $  (86)  $     390   $     525
   Other income, net                   $      -   $      8  $      -  $     -  $       -   $      13
   Non-operating items from
     unconsolidated subsidiary         $    (3)   $      -  $      -  $     -  $     (3)   $       -
   Earnings (loss) before income taxes
     and minority interest             $  (876)   $  (836)  $      -  $     -  $   1,510   $   1,213
   Income tax expense (benefit)        $  (349)   $  (318)  $      -  $     -  $     347   $     462
   Minority interest expense           $   (16)   $      -  $      -  $     -  $    (16)   $       -
   Net earnings (loss)                 $  (543)   $  (518)  $      -  $     -  $   1,147   $     751

   Reconciliation to EBITDA:
   Net earnings (loss) (US GAAP)       $  (543)   $  (518)  $      -  $     -  $   1,147   $     751
   Interest income                     $   (86)   $   (86)  $     86  $    86  $    (45)   $    (58)
   Interest expense                    $    297   $    368  $   (86)  $  (86)  $     390   $     525
   Income taxes                        $  (349)   $  (318)  $      -  $     -  $     347   $     462
   Depreciation                        $      5   $     42  $      -  $     -  $     731   $     663
   EBITDA                              $  (676)   $  (512)  $      -  $     -  $   2,570   $   2,343


</TABLE>

<PAGE>






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


Amounts in thousands                         Colorado              South Africa          Cruise Ships

     As of and for the Six Months
           Ended June 30,                 2004       2003        2004        2003       2004       2003
 ________________________________
Property and equipment, net           $ 23,785   $ 21,648    $ 14,937    $ 12,425    $   454    $   334
Total assets                          $ 33,265   $ 31,944    $ 21,331    $ 17,179    $ 1,120    $   895

Net operating revenue                 $  8,947   $  9,212    $  6,723    $  5,026    $ 1,271    $   688
Operating expenses (excluding
  depreciation)                       $  5,295   $  5,160    $  4,525    $  3,572    $   864    $   484
Depreciation                          $    673   $    699    $    654    $    496    $    42    $    32
Income from unconsolidated
  subsidiary                          $      -   $      -    $      -    $      -    $     -    $     -
Earnings from operations              $  2,979   $  3,353    $  1,544    $    958    $   365    $   172
Interest  income                      $      6   $      7    $     80    $    107    $     -    $     -
Interest expense,
  including debt issuance cost (1)    $   (55)   $     36    $    416    $    467    $     -    $     -
Other income, net                     $     35   $      -    $      -    $      -    $     -    $     5
Non-operating items from
  unconsolidated subsidiary           $      -   $      -    $      -    $      -    $     -    $     -
Earnings (loss) before income taxes
  and minority interest               $  3,075   $  3,324    $  1,208    $    598    $   365    $   177
Income tax expense (benefit)          $  1,168   $  1,263    $    315    $    234         11    $    68
Minority interest expense             $      -   $      -    $      -    $    (8)    $     -    $     -
Net earnings (loss)                   $  1,907   $  2,061    $    893    $    356    $   354    $   109

Reconciliation to EBITDA:
Net earnings (loss) (US GAAP)         $  1,907   $  2,061    $    893    $    356    $   354    $   109
Interest income                       $    (6)   $    (7)    $   (80)    $  (107)    $     -    $     -
Interest expense (1)                  $   (55)   $     36    $    416    $    467    $     -    $     -
Income taxes                          $  1,168   $  1,263    $    315    $    234    $    11    $    68
Depreciation                          $    673   $    699    $    654    $    496    $    42    $    32
EBITDA                                $  3,687   $  4,052    $  2,198    $  1,446    $   407    $   209

     (1) The  Company  has not  repaid  the  funds  advanced  for the  Company's
     acquisitions or the repurchase of the Company's common stock, therefore the
     debt and  accumulated  interest  allocated to the Corporate & Other segment
     exceeded  the total  outstanding  borrowing  under the RCF in the  Colorado
     segment, resulting in the reported negative interest expense in 2004.

</TABLE>

<PAGE>



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

                                                                   Inter-segment
Amounts in thousands                       Corporate and Other      Elimination            Consolidated

      As of and for the Six Months
             Ended June 30,                 2004        2003      2004      2003         2004         2003
 _________________________________
   Property and equipment, net         $     453   $   1,050   $     -  $      -   $   39,629   $   35,457
   Total assets                        $   2,100   $   2,215   $     -  $      -   $   57,816   $   52,233

   Net operating revenue               $      37   $       8   $     -  $      -   $   16,978   $   14,934
   Operating expenses (excluding
     depreciation)                     $   1,397   $   1,042   $     -  $      -   $   12,081   $   10,258
   Depreciation                        $      13   $      84   $     -  $      -   $    1,382   $    1,311
   Income from unconsolidated
     subsidiary                        $      51   $       -   $     -  $      -   $       51   $        -
   Earnings from operations            $ (1,322)   $ (1,118)   $     -  $      -   $    3,566   $    3,365
   Interest  income                    $     176   $     172   $ (171)  $  (171)   $       91   $      115
   Interest expense,
     including debt issuance cost      $     622   $     720   $ (171)  $  (171)   $      812   $    1,052
   Other income, net                   $       -   $       9   $     -  $      -   $       35   $       14
   Non-operating items from
     unconsolidated subsidiary         $     (8)   $       -   $     -  $      -   $      (8)   $        -
   Earnings (loss) before income taxes
     and minority interest             $ (1,776)   $ (1,657)   $     -  $      -   $    2,872   $    2,442
   Income tax expense (benefit)        $   (704)   $   (637)   $     -  $      -   $      790   $      928
   Minority interest expense           $    (31)   $       -   $     -  $      -   $     (31)   $      (8)
   Net earnings (loss)                 $ (1,103)   $ (1,020)   $     -  $      -   $    2,051   $    1,506

   Reconciliation to EBITDA:
   Net earnings (loss) (US GAAP)       $ (1,103)   $  (1,020)  $     -  $      -   $    2,051   $    1,506
   Interest income                     $   (176)   $    (172)  $   171  $    171   $     (91)   $    (115)
   Interest expense                    $     622   $      720  $ (171)  $  (171)   $      812   $    1,052
   Income taxes                        $   (704)   $    (637)  $     -  $      -   $      790   $      928
   Depreciation                        $      13   $       84  $     -  $      -   $    1,382   $    1,311
   EBITDA                              $ (1,348)   $  (1,025)  $     -  $      -   $    4,944   $    4,682

</TABLE>

<PAGE>


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


13.  OTHER INCOME, NET
     Other income, net, consists of the following:
                                            For the Three Months Ended June 30,
      Amounts in thousands                       2004               2003
                                                 ----               ----

      Interest income                       $        45     $         58
      Gain on disposition of assets                   -                6
      Foreign currency exchange gains                 -                7
                                               ---------       ----------
                                            $        45     $         71
                                               =========       ==========

                                            For the Six Months Ended June 30,
      Amounts in thousands                       2004               2003
                                                 ----               ----

      Interest income                       $        91     $        115
      Gain on disposition of assets                   -                6
      Gain on sale of real estate option (1)         35                -
      Foreign currency exchange gains                 -                8
                                               ---------       ----------
                                            $       126     $        129
                                               =========       ==========

     (1) In January  2004,  the Company sold a purchase  option  agreement for a
     property  located in Cripple Creek across Bennett Ave. from Womacks that it
     had held since 1999,  which  would have  expired on March 31,  2004,  to an
     unrelated party for a sum of $0.2 million.  As a result of the transaction,
     the Company recognized a pre-tax gain of $34.7 thousand in 2004.

</TABLE>


<PAGE>



14.  PROMOTIONAL ALLOWANCES

          Promotional   allowances  presented  in  the  condensed   consolidated
     statements of earnings for the period ended June 30, 2004 and June 30, 2003
     include the following:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                                                  For the Three Months Ended June 30,
        Amounts in thousands                              2004              2003
                                                          ----              ----
        Food & Beverage and Hotel Comps           $          352     $           307
        Free Plays or Coupons                                366                 418
        Player Points                                        314                 338
                                                    -------------       -------------
        Total Promotional Allowances              $        1,032     $         1,063
                                                    =============       =============

                                                    For the Six Months Ended June 30,
        Amounts in thousands                              2004              2003
                                                          ----              ----
        Food & Beverage and Hotel Comps           $          725     $           634
        Free Plays or Coupons                                745                 819
        Player Points                                        641                 691
                                                    -------------       ------------
        Total Promotional Allowances              $        2,111     $         2,144
                                                    =============       ============
</TABLE>

          We issue free play or coupons  for the  purpose of  generating  future
     revenue.  The coupons are valid for a limited number of days (generally not
     exceeding  7 days).  The net win from the coupons is expected to exceed the
     value of the coupons  issued.  The cost of the coupons  redeemed is applied
     against the revenue generated on the day of the redemption.

          Members of the casinos'  players  clubs earn points as a percentage of
     coin-in. The cost of the points is offset against the revenue in the period
     that  the  revenue  generated  the  points.  The  value  of the  unused  or
     unredeemed   points  is  included  in  the  accounts  payable  and  accrued
     liabilities on our condensed consolidated balance sheets.


<PAGE>




Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS


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  contain  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  condensed  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 and Caledon,  South Africa gaming markets,  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.


<PAGE>



Results of Operations

Three Months Ended June 30, 2004 vs. 2003

     The Company is managed in four  segments;  Colorado,  South Africa,  Cruise
Ships and Corporate operations.

     The  operating  results of the  Colorado  segment are those of WMCK Venture
Corp. and subsidiaries, which own Womacks in Cripple Creek, Colorado.

     The  operating  results of the South  African  segment are those of Century
Casinos Africa (Pty) Limited and its  subsidiaries,  primarily  Century  Casinos
Caledon (Pty) Limited which own the Caledon Hotel, Spa & Casino.

     Cruise  Ship  operations  include  the  revenue  and  expense  of the eight
combined  shipboard  operations  for which the  Company  has  casino  concession
agreements.

     Corporate operations include, among other items, the revenue and
expense of corporate gaming projects for which the Company has secured long-term
service contracts.

Consolidated Results of Operations

     The Company reported net operating revenue of $8.8 million and $7.6 million
for the three months ended June 30, 2004 and 2003, respectively.  Casino revenue
for the three months ended June 30, 2004 and 2003, was $8.8 million  compared to
$7.6 million, respectively. Casino expense was $3.4 million and $2.7 million for
the three  months  ended  June 30,  2004 and  2003,  respectively.  General  and
administrative expense was $2.2 million for the three months ended June 30, 2004
compared to $1.9 million for the three months ended June 30, 2003.  Depreciation
expense was $0.73  million and $0.66 million for the three months ended June 30,
2004 and 2003, respectively.

     Total Company  earnings from  operations were $1.9 million and $1.7 million
for the three months ended June 30, 2004 and 2003, respectively.

     Income tax  expense for the three  months  ended June 30, 2004 and 2003 was
$0.35 million, and $0.46 million, respectively.

     The  Company's  net  earnings for the three months ended June 30, 2004 were
$1.15 million,  or $0.08 per share,  and were $0.75 million,  or $0.06 per share
for the three months ended June 30, 2003, respectively.

     A discussion by business segment follows below.



<PAGE>



Colorado

     The  operating  results of the Colorado  segment are those of  WMCK-Venture
Corp. and subsidiaries,  which own Womacks in Cripple Creek, Colorado.  Womacks'
results of operations  for the three months ended June 30, 2004 and 2003 were as
follows:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                              For the three months ended June 30,  Increase       %
                                                                  (Decrease)   Change
Dollar amounts in thousands                     2004       2003
                                                ----       ----
Operating Revenue
     Casino                                  $  5,071  $   5,164   $  (93)      -1.8%
     Hotel, food and beverage                     380        283        97      34.3%
     Other (including promotional allowances)    (849)      (879)      -30      -3.4%
                                              --------  ---------
Net operating revenue                           4,602      4,568        34       0.7%
                                              --------  ---------
Costs and Expenses
     Casino                                     1,652      1,572        80       5.1%
     Hotel, food and beverage                     143         76        67      88.2%
     General and administrative                   937        915        22       2.4%
     Depreciation                                 368        347        21       6.1%
                                              --------  ---------
                                                3,100      2,910       190       6.5%
                                              --------  ---------
Earnings from operations                        1,502      1,658     (156)      -9.4%
Interest (expense)                                 23       (12)      (35)    -291.7%
Other income, net                                   4          4         -       0.0%
                                              --------  ---------
Earnings before income taxes                    1,529      1,650     (121)      -7.3%
Income tax expense                                581        627      (46)      -7.3%
                                              --------  ---------
Net Earnings                                 $    948  $   1,023   $  (75)      -7.3%
                                              ========  =========
</TABLE>

     Excluded from the above results are corporate  bonuses that were previously
charged to Womacks,  but which are attributable to the consolidated  resul`ts of
operations,  the interest on debt incurred to fund the purchase of the Company's
acquisitions  and the  repurchase of the Company's  common stock and related tax
effects.  Reclassifications have been made to the Colorado and Corporate & Other
segments  of the 2003  financial  information  in order to  conform  to the 2004
presentation.



<PAGE>



     Operating  results for Womacks were impacted by the casino results detailed
below.
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


 Market Data

     -------------------------------------------------------------------------
     For the three months ended June 30,                 2004        2003
                                                         ----        ----
     -------------------------------------------------------------------------
     Market share of the Cripple Creek market             13.81%       14.50%
     -------------------------------------------------------------------------
     Average number of slot machines                         639          601
     -------------------------------------------------------------------------
     Market share of Cripple Creek gaming devices          14.0%       14.40%
     -------------------------------------------------------------------------
     Average slot machine win per day                 87 dollars   93 dollars
     -------------------------------------------------------------------------
     Cripple Creek average slot machine win per day   88 dollars   92 dollars
     -------------------------------------------------------------------------
</TABLE>

     In June 2004 an  additional  casino opened in Cripple  Creek,  bringing the
total number of casino licenses to 19 compared to 17 at the same time last year.
In recent months, the Company has committed  approximately $3 million to upgrade
the product mix on the gaming  floor,  improve  the player  tracking  system and
introduce cashless gaming machines.  These ongoing  improvements are expected to
add to the customer experience and further improve customer service.

     During this period, the relative  percentage of personnel cost, device fees
and the cost of participation  machines to net operating revenue  contributed to
the erosion in earnings from operations.  Management  regularly  evaluates these
overhead  costs to maintain a good cost benefit  relationship.

     During the three months ended June 30, 2004,  Womacks leased  approximately
an  average  of  37  slot   machines   under   participation   agreements   from
manufacturers, on which it pays a fee calculated as a percentage of the net win.
All of the leases have short term commitment  periods not exceeding three months
and are classified as operating leases. The leases can be cancelled with no more
than 30 days written  notice.  On a portion of the leases,  the  manufacturer is
guaranteed  a minimum  fee per day that can range  from 15 dollars to 35 dollars
for the duration of the lease.  In most  instances,  the branded  games that are
being  introduced to the market are not  available  for purchase.  For financial
reporting purposes,  the net win on the slot machines is included in our revenue
and the amount due to the manufacturer is recorded as an expense,  in the period
during which the revenue is earned,  as casino operating cost.  Management makes
its decisions to introduce  these machines based on the consumer  demand for the
product.  The amount  paid  under  these  agreements  was $85  thousand  and $99
thousand for the three months ended June 30, 2004 and 2003, respectively.

     Management continues to focus on marketing the casino through its Gold Club
in which patrons can earn rewards,  that can be redeemed for  discounted or free
meals,  rooms,  cash and other prizes, as well as through increased TV and radio
advertising.  Management  continues  to refine the Womacks  product by upgrading
both the interior of the facilities, and modifying the slot machine mix.


<PAGE>



Hotel, Food and Beverage

     Hotel revenue,  included in hotel, food and beverage revenue,  increased by
26.3%,  as a result of an increase in the hotel  occupancy rate to 94.4% in 2004
from 78.6% in 2003,  respectively.  All of the  revenue  generated  by the hotel
operations  is  derived  from  comps to  better  players,  the value of which is
included in promotional allowances.

     In May  2004,  Womacks  added an  additional  restaurant,  the  "Cut  Above
Buffet", on the second floor of the casino. The restaurant operates on a limited
schedule  and  provides an  alternative  menu for patrons of the casino.  In the
three months ended June 30, 2004 food and beverage revenue  increased 36.3% when
compared to the same period in 2003.  The cost of food and beverage  promotional
allowances,  which are included in casino  costs,  increased to $0.29 million in
the three  months  ended June 30,  2004 from $0.21  million in the three  months
ended June 30, 2003.

Other

     The Company  allocated $0.30 million in interest expense to the Corporate &
Other segment during the three months ended June 30, 2004.  Interest  expense on
the amounts advanced, but not repaid, to fund the Company's acquisitions and the
repurchase of the Company's  common stock is calculated using the effective rate
on all  borrowings  under the RCF.  The  Company  reduces the  interest  expense
incurred  by WMCK  under the RCF by the  amount  of  interest  allocated  to the
Corporate & Other segment. The Company has not repaid the funds advanced for the
Company's  acquisitions  or the  repurchase of the Company's  common stock,  and
therefore the debt and accumulated  interest  allocated to the Corporate & Other
segment exceeded the total outstanding borrowing. As a result Womacks reported a
net of $23 thousand in interest  income and debt issuance cost.  During the same
period in 2003, Womacks reported interest expense and debt issuance cost, of $12
thousand,  net of $0.36 million in interest expense allocated to the Corporate &
Other  segment.   Such  decrease  is   attributable   to  the  decrease  in  the
weighted-average  interest  rate on the  borrowings  under  the  RCF,  including
effects of swap  agreements,  to 6.53% from 9.02% and a reduction in the average
outstanding  balance  under the RCF to $11.54  million  during the three  months
ended June 30, 2004 from $13.5  million  during the three  months ended June 30,
2003.

     The Colorado segment  recognized income tax expense of $0.58 million in the
three months ended June 30, 2004  compared to $0.63  million in the three months
ended June 30,  2003,  principally  the result of a decrease in earnings  before
income taxes.


<PAGE>



South Africa

     The  operating  results of the South  African  segment are those of Century
Casinos Africa (Pty) Limited and its  subsidiaries,  primarily  Century  Casinos
Caledon (Pty) Limited, which owns the Caledon Hotel, Spa & Casino.

     Improvement  in the Rand versus the dollar when  comparing  the first three
months of 2004 to the first three  months of 2003 has had a positive  impact
on the reported revenues and a negative impact on expenses.

     Operating  results in U.S. dollars for the three months ended June 30, 2004
and 2003 were as follows: (See next page for results in Rand)
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


CALEDON
                             For the three months ended June 30,  Increase     %
                                                                 (Decrease)  Change
Dollar amounts in thousands                2004        2003
                                           ----        ----
Operating Revenue
     Casino                         $     2,946        2,115   $    831       39.3%
     Hotel, food and beverage               585          534         51        9.6%
     Other (including promotional
            allowances)                   (124)         (29)       (95)     -327.6%
                                    ------------  -----------
Net operating revenue                     3,407        2,620        787       30.0%
                                    ------------  -----------

Costs and Expenses
     Casino                               1,234          878        356       40.5%
     Hotel, food and beverage               581          505         76       15.0%
     General and administrative             498          379        119       31.4%
     Depreciation                           333          257         76       29.6%
                                    ------------  -----------
                                          2,646        2,019        627       31.1%
                                    ------------  -----------
Earnings from operations                    761          601        160       26.6%
Interest expense                          (202)        (231)       (29)      -12.6%
Other income, net                            35           45       (10)      -22.2%
                                    ------------  -----------
Earnings before income taxes                594          415        179       43.1%
Income tax expense                          111          149       (38)       25.5%
                                    ------------  -----------
Net Earnings                        $       483          266   $    217       81.6%
                                    ============  ===========


</TABLE>
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


CENTURY CASINOS AFRICA

Costs and Expenses
    General and administrative      $            16  $       100   $   (84)      -84.0%
                                        ------------   ----------
(Income) Loss from operations                  (16)        (100)       (84)      -84.0%
Other income, net                                 6            8        (2)      -25.0%
                                        ------------   ----------
Loss before income taxes                       (10)         (92)       (82)      -89.1%
Income tax  benefit                               4           26       (22)      -84.6%
                                        ------------   ----------
Net Loss                            $           (6)  $      (66)   $   (60)      -90.9%
                                        ============   ==========

                                        ------------   ----------
SOUTH AFRICA NET EARNINGS           $           477  $       200   $    277      138.5%
                                        ============   ==========

-----------------------------------------------------------------------------------------
Average exchange rate (Rand/USD)               6.56         7.65                 -14.2%
-----------------------------------------------------------------------------------------
</TABLE>

Operating results in Rand for the three months ended June 30, 2004 and 2003 are
as follows:
<PAGE>
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


CALEDON
                                    For the three months ended June 30, Increase     %
                                                                        Decrease)  Change
Rand amounts in thousands                          2004          2003
                                                   ----          ----
Operating Revenue
     Casino                              R        19,326 R     16,175  R  3,151      19.5%
     Hotel, food and beverage                      3,844        4,084      (240)     -5.9%
     Other (including promotional
            allowances)                            (795)        (211)      (584)    276.8%
                                            -------------  -----------
Net operating revenue                             22,375       20,048      2,327     11.6%
                                            -------------  -----------

Costs and Expenses
     Casino                                        8,091        6,716      1,375     20.5%
     Hotel, food and beverage                      3,815        3,868       (53)     -1.4%
     General and administrative                    3,260        2,895        365     12.6%
     Depreciation                                  2,191        1,965        226     11.5%
                                            -------------  -----------
                                                  17,357       15,444      1,913     12.4%
                                            -------------  -----------
Earnings from operations                           5,018        4,604        414      9.0%
Interest expense                                 (1,326)      (1,769)      (443)    -25.0%
Other income, net                                    234          345      (111)    -32.2%
                                            -------------  -----------
Earnings before income taxes                       3,926        3,180        746     23.5%
Income tax expense                                   752        1,140      (388)    -34.0%
                                            -------------  -----------
Net Earnings                             R         3,174  R     2,040  R   1,134     55.6%
                                            =============  ===========


</TABLE>
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


CENTURY CASINOS AFRICA

Costs and Expenses
    General and administrative           R           119  R       768  R   (649)    -84.5%
                                            -------------  -----------
Loss from operations                               (119)        (768)      (649)    -84.5%
Other income, net                                     36           66       (30)    -45.5%
                                            -------------  -----------
Loss before income taxes                            (83)        (702)      (619)    -88.2%
Income tax  benefit                                   22          195      (173)    -88.7%
                                            -------------  -----------
Net Loss                                 R          (61)  R     (507)  R   (446)    -88.0%
                                            =============  ===========

                                            -------------  -----------
SOUTH AFRICA NET EARNINGS                R         3,113  R     1,533  R   1,580    103.1%
                                            =============  ===========

</TABLE>

<PAGE>


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


Casino Market Data (in Rand)
     -----------------------------------------------------------------------
     For the three months ended June 30,                 2004       2003
                                                         ----       ----
     ---------------------------------------------------------------------
     Market share of the Western Cape market *           5.8%        5.9%
     ---------------------------------------------------------------------
     Market share of Western Cape gaming devices *      11.4%       10.5%
     ---------------------------------------------------------------------
     Average number of slot machines                      290         268
     ---------------------------------------------------------------------
     Average slot machine win per day                647 Rand    606 Rand
     ---------------------------------------------------------------------
     Average number of tables                               9           8
     ---------------------------------------------------------------------
     Average table win per day                     2,482 Rand  1,947 Rand
     ---------------------------------------------------------------------
     * Market share results are reported for the two months ended May 31, 2004.
     ---------------------------------------------------------------------
</TABLE>

     The results  discussed  below are based on the Rand to eliminate the effect
of fluctuations in foreign currency exchange rates.

     The 19.5% increase in the casino revenue is  attributable to the successful
marketing  efforts that include the introduction of cash couponing,  an expanded
smoking  section and improved  employee  and  management  training.  The Company
markets an array of amenities at the resort to its guests as a complement to the
gaming experience.  These currently include a 92-room hotel, a variety of dining
experiences,  the historic mineral hot spring and spa, the outdoor experience (a
team building facility) and an equestrian center.

     The 0.58  million  Rand  change  in other  revenue  (including  promotional
allowances) is attributable to the  introduction of cash couponing in the second
quarter of 2003 and to the expanded use of player points to attract customers.

Hotel, Food and Beverage

     Conferences  and trade shows held at the resort play a significant  role in
the operation of the hotel. Management is attempting to gain additional exposure
in this  area  through  marketing  efforts.  A number  of  repairs  in the hotel
infrastructure,  including  electrical and plumbing,  were undertaken in 2003 in
order to increase the quality of the facility.  Management has taken measures to
offset the  inflationary  pressures  in South  Africa  which have driven up base
costs such as labor, supplies and utilities.

     Hotel  revenue  decreased  4.7% in the three  months  ended  June 30,  2004
compared to the three months ended June 30, 2003.  The average  hotel  occupancy
rate in the three months ended June 30, 2004 was 46.0%  compared to 56.0% in the
three months ended June 30, 2003.  Conference sales decreased 50%, while leisure
sales improved 1.4%.

     In June  2004,  CCAL  added  a  fourth  restaurant  to the  already  varied
selection.  The most recent restaurant  offers patrons an Italian cuisine.  Food
and  beverage  revenue  increased  19.1% in the three months ended June 30, 2004
compared to the three months  ended June 30, 2003,  primarily as a result of the
additional  food and beverage  facility,  plus changes in operating  hours and a
general price increase.



<PAGE>



Other

     Interest  expense,  including  debt issuance cost,  decreased  25.0% as the
principal  balance of the term loans and  capitalized  leases  are  repaid.  The
weighted-average  interest rate on the borrowings  under the ABSA loan agreement
was 16.9% in the three months  ended June 30, 2004 and 2003.  Income tax expense
for the  quarter  has  been  reduced  by 729  thousand  Rand as a  result  of an
adjustment to the prior years' tax liability.


<PAGE>



Cruise Ships

     Cruise  ships'  operating  results for the three months ended June 30, 2004
and 2003 were as follows:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                      For the three months ended June 30,    Increase     %
                                                            (Decrease)  Change

    Dollar amounts in thousands             2004       2003
                                            ----       ----
    Operating Revenue
         Casino                       $      791  $     346     445     128.6%
         Other (including promotional
                allowances)                   42         12      30     250.0%
                                       ----------  ---------
    Net operating revenue                    833        358     475     132.7%
                                       ----------  ---------

    Costs and Expenses
         Casino                              535        267     268     100.4%
         General and administrative            -          3     (3)    -100.0%
         Depreciation                         25         17       8      47.1%
                                       ----------  ---------
                                             560        287     273      95.1%
                                       ----------  ---------
    Earnings from operations                 273         71     202     284.5%
    Other income, net                          -          5     (5)    -100.0%
                                       ----------  ---------
    Earnings before income taxes             273         76     197     259.2%
    Income tax expense                         8         30    (22)     -73.3%
                                       ----------  ---------
    Net Earnings                      $      265  $      46     219     476.1%
                                       ==========  =========
</TABLE>

     In the three months ended June 30, 2004, the Company  operated casinos on a
total of eight ships: four on Silversea Cruises,  one on the World of ResidenSea
and three on Oceania Cruises, compared to a total of seven ships during the same
period in 2003.  On April 10,  2004,  the  Company  opened a casino  aboard  the
Nautica,  a cruise  ship  operated  by  Oceania  Cruises  equipped  with 42 slot
machines and three gaming tables.

     We experience  severe  fluctuations in the revenue generated on each cruise
depending  on the number and quality of the players  and  passengers.  This is a
condition that we do not control.

     Concession  fees  paid  to  the  ship  operators  in  accordance  with  the
agreements  accounted  for $0.31  million and $94  thousand of the total  casino
expenses  incurred  in  the  three  months  ended  June  30,  2004  and  2003,
respectively.

     The decrease in income tax expense is attributable to the assignment of the
concession agreements from CCI to CRI as of October 1, 2003. The income assigned
to CCI was taxed at a U.S.  effective  rate of  approximately  38%.  The  income
assigned to CRI, the Company's wholly owned subsidiary in Mauritius, is taxed at
the statutory  rate of 15%, less current tax credits of 12%,  resulting in a net
rate of 3%.


<PAGE>


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


Corporate & Other
                         For the three months ended June 30,   Increase  %Change
                                                               (Decrease)

    Dollar amounts in thousands                2004       2003
                                               ----       ----
    Operating Revenue
        Other                             $      10  $       8  $     2    25.0%
                                            --------   --------
    Net Operating Revenue                        10          8        2    25.0%

    Costs and Expenses
        General and administrative              706        528      178    33.7%
        Depreciation                              5         42     (37)   -88.1%
                                            --------   --------
                                                711        570      141    24.7%
                                            --------   --------
    Income from unconsolidated  subsidiary       39          -       39      n/a
                                            --------   --------
    Loss from operations                      (662)      (562)      100    17.8%
    Interest expense                          (297)      (368)     (71)   -19.3%
    Other income, net                            86         94      (8)    -8.5%
    Non-operating items from
    unconsolidated subsidiary                   (3)          -        3      n/a
                                            --------   --------
    Loss before income taxes and minority
    interest                                  (876)      (836)       40     4.8%
    Income tax benefit                        (349)      (318)       31     9.7%
    Minority interest expense                  (16)          -       16      n/a
                                            --------   --------
    Net Loss                              $   (543)  $   (518)  $    25     4.8%
                                            ========   ========
</TABLE>

     Included in the above  results are corporate  bonuses that were  previously
charged to Womacks,  but which are attributable to the  consolidated  results of
operations, the interest on debt incurred to fund the Company's acquisitions and
the  repurchase  of  the  Company's  common  stock,  and  related  tax  effects.
Reclassifications  have been made to the Colorado and Corporate & Other segments
of the 2003 financial  information in order to conform to the 2004 presentation.
Additionally, general and administrative expenses increased quarter over quarter
largely due to an increase in the current year  estimate for  corporate  bonuses
based on management's current estimate of annual results.

     The decrease in depreciation  expense is attributable to the acquisition of
50% of CM.  Effective  January 3, 2004 CMB acquired an  additional  40% of CM by
contributing gaming equipment, valued at approximately $0.60 million. The gaming
equipment,  previously  allocated to and  depreciated  in the  Corporate & Other
segment,   is  depreciated   by  CM  and  therefore   affects  the  income  from
unconsolidated  subsidiary (see Note 8 to the condensed  consolidated  financial
statements).

     Minority  interest  expense  is  comprised  of $16  thousand  for the  3.5%
minority interest in the earnings of CCA. Income from unconsolidated  subsidiary
is comprised of the Company's 50% interest in CM earnings.
<PAGE>

Results of Operations

Six Months Ended June 30, 2004 vs. 2003

Consolidated Results of Operations

     The  Company  reported  net  operating  revenue of $17.0  million and $14.9
million for the six months  ended June 30, 2004 and 2003,  respectively.  Casino
revenue  for the six months  ended  June 30,  2004 and 2003,  was $16.9  million
compared to $15.1  million,  respectively.  Casino  expense was $6.5 million and
$5.4  million  for the six months  ended June 30,  2004 and 2003,  respectively.
General and  administrative  expense was $4.2  million for the six months  ended
June 30, 2004  compared to $3.7  million for the six months ended June 30, 2003.
Depreciation  expense was $1.4 million and $1.3 million for the six months ended
June 30, 2004 and 2003, respectively.

     Total Company  earnings from  operations were $3.6 million and $3.4 million
for the six months ended June 30, 2004 and 2003, respectively.

     Tax  expense  for the six  months  ended  June 30,  2004 and 2003 was $0.79
million, and $0.93 million, respectively.

     The Company's net earnings for the six months ended June 30, 2004 were $2.1
million,  or $0.15 per share, and were $1.5 million,  or $0.11 per share for the
six months ended June 30, 2003.

     A discussion by business segment follows below.


<PAGE>



Colorado

     The  operating  results of the Colorado  segment are those of  WMCK-Venture
Corp. and subsidiaries,  which own Womacks in Cripple Creek, Colorado.  Womacks'
results of  operations  for the six months  ended June 30, 2004 and 2003 were as
follows:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                        For the six months ended June 30,  Increase       %
                                                          (Decrease)    Change
Dollar amounts in thousands              2004       2003
                                         ----       ----
Operating Revenue
     Casino                         $   9,946  $  10,457   $  (511)      -4.9%
     Hotel, food and beverage             704        579        125      21.6%
     Other (including promotional
           allowances)                (1,703)    (1,824)      (121)      -6.6%
                                     ---------   --------
Net operating revenue                   8,947      9,212      (265)      -2.9%
                                     ---------   --------

Costs and Expenses
     Casino                             3,278      3,213         65       2.0%
     Hotel, food and beverage             231        145         86      59.3%
     General and administrative         1,786      1,802       (16)      -0.9%
     Depreciation                         673        699       (26)      -3.7%
                                     ---------   --------
                                        5,968      5,859        109       1.9%
                                     ---------   --------
Earnings from operations                2,979      3,353      (374)     -11.2%
Interest (expense)                         55       (36)       (91)    -252.8%
Other income, net                          41          7         34     485.7%
                                     ---------   --------
Earnings before income taxes            3,075      3,324      (249)      -7.5%
Income tax expense                      1,168      1,263       (95)      -7.5%
                                     ---------   --------
Net Earnings                        $   1,907  $   2,061   $  (154)      -7.5%
                                     =========   ========
</TABLE>

     Excluded from the above results are corporate  bonuses that were previously
charged to Womacks,  but which are attributable to the  consolidated  results of
operations,  the interest on debt incurred to fund the purchase of the Company's
acquisitions  and the  repurchase of the Company's  common stock and related tax
effects.  Reclassifications have been made to the Colorado and Corporate & Other
segments  of the 2003  financial  information  in order to  conform  to the 2004
presentation.



<PAGE>



     Operating  results for Womacks were impacted by the casino results detailed
below.
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


 Market Data

    -------------------------------------------------------------------------
    For the six months ended June 30,                      2004        2003
                                                           ----        ----
    -------------------------------------------------------------------------
    Market share of the Cripple Creek market              14.1%        15.3%
    -------------------------------------------------------------------------
    Average number of slot machines                         632          634
    -------------------------------------------------------------------------
    Market share of Cripple Creek gaming devices          14.3%        15.0%
    -------------------------------------------------------------------------
    Average slot machine win per day                 86 dollars   90 dollars
    -------------------------------------------------------------------------
    Cripple Creek average slot machine win per day   86 dollars   88 dollars
    -------------------------------------------------------------------------
</TABLE>

     Womacks'  market share is 1.2  percentage  points lower than a year ago. In
June 2004 an  additional  casino  opened in Cripple  Creek,  bringing  the total
number of casino  licenses to 19  compared to 17 at the same time last year.  In
recent months, the Company has committed approximately $3 million to upgrade the
product  mix on the  gaming  floor,  improve  the  player  tracking  system  and
introduce cashless gaming machines.  These ongoing  improvements are expected to
add to the customer experience and further improve customer service.

     During this period, the relative  percentage of personnel cost, device fees
and the cost of participation  machines to net operating revenue  contributed to
the erosion in earnings from operations.  Management  regularly  evaluates these
overhead costs to maintain a good cost benefit relationship.

     During the six months ended June 30, 2004, Womacks leased  approximately an
average  of 40  slot  machines  from  manufacturers,  on  which  it  pays  a fee
calculated  as a  percentage  of the net win.  All of the leases have short term
commitment  periods not exceeding  three months and are  classified as operating
leases. The leases can be cancelled with no more than 30 days written notice. On
a portion of the leases,  the  manufacturer  is guaranteed a minimum fee per day
that can range from 15 dollars to 35 dollars for the  duration of the lease.  In
most  instances,  the branded games that are being  introduced to the market are
not available for purchase. For financial reporting purposes, the net win on the
slot machines is included in our revenue and the amount due to the  manufacturer
is recorded as an expense,  in the period during which the revenue is earned, as
casino  operating  cost.  Management  makes its  decisions  to  introduce  these
machines  based on the consumer  demand for the  product.  The amount paid under
these  agreements  was $0.19  million and $0.22 million for the six months ended
June 30, 2004 and 2003, respectively.

     Management continues to focus on marketing the casino through its Gold Club
in which  patrons can earn rewards that can be redeemed for  discounted  or free
meals,  rooms,  cash and other prizes, as well as through increased TV and radio
advertising.  Management  continues to refine the product by upgrading  both the
interior of the facilities, and modifying the slot machine mix.


<PAGE>


Hotel, Food and Beverage

     Hotel revenue,  included in hotel, food and beverage revenue,  increased by
16.5%,  as a result of an increase in the hotel  occupancy rate to 94.6% in 2004
from 84.3% in 2003,  respectively.  All of the  revenue  generated  by the hotel
operations  is  derived  from  comps to  better  players,  the value of which is
included in promotional allowances.

     In May  2004,  Womacks  added an  additional  restaurant,  the  "Cut  Above
Buffet", on the second floor of the casino. The restaurant operates on a limited
schedule and provides an alternative menu for patrons of the casino.  In the six
months  ended  June 30,  2004 food and  beverage  revenue  increased  22.9% when
compared to the same period in 2003. In the first quarter of 2003, the Gold Mine
restaurant  was closed and Bob's Grill was  expanded in order to provide  better
service  on the gaming  floor and  improve  accessibility.  The cost of food and
beverage promotional  allowances,  which are included in casino costs, increased
to $0.53 million in the first six months of 2004 from $0.43 million in the first
six months of 2003.

Other

     The Company  allocated $0.61 million in interest expense to the Corporate &
Other  segment  during  the first six  months of 2004.  Interest  expense on the
amounts  advanced,  but not repaid,  to fund the Company's  acquisitions and the
repurchase of the Company's  common stock is calculated using the effective rate
on all  borrowings  under the RCF.  The  Company  reduces the  interest  expense
incurred  by WMCK  under the RCF by the  amount  of  interest  allocated  to the
Corporate & Other segment. The Company has not repaid the funds advanced for the
Company's  acquisitions  or the  repurchase of the Company's  common stock,  and
therefore the debt and accumulated  interest  allocated to the Corporate & Other
segment exceeded the total outstanding borrowing. As a result Womacks reported a
net of $55 thousand in interest  income and debt issuance cost.  During the same
period in 2003, Womacks reported interest expense and debt issuance cost, of $36
thousand,  net of $0.71 million in interest expense allocated to the Corporate &
Other  segment.   Such  decrease  is   attributable   to  the  decrease  in  the
weighted-average  interest  rate on the  borrowings  under  the  RCF,  including
effects of swap  agreements,  to 6.20% from 8.49% and a reduction in the average
outstanding  balance  under the RCF to $11.4  million in the first six months of
2004 from $13.1 million in the first six months of 2003.

     In January 2004, the Company sold a purchase  option  agreement that it had
held since 1999,  which would have  expired on June 30,  2004,  to an  unrelated
party for a sum of $0.20 million.  As a result of the  transaction,  the Company
recognized a pre-tax gain of $34.7 thousand in 2004,  which is included in Other
income, net.

     The Colorado segment  recognized income tax expense of $1.17 million in the
first six months of 2004 versus  $1.26  million in the first six months of 2003,
principally the result of a decrease in earnings before income taxes.


<PAGE>



South Africa

     The  operating  results of the South  African  segment are those of Century
Casinos Africa (Pty) Limited and its  subsidiaries,  primarily  Century  Casinos
Caledon (Pty) Limited, which owns the Caledon Hotel, Spa & Casino.

     Improvement  in the Rand  versus the dollar  when  comparing  the first six
months of 2004 to the first six months of 2003 has had a positive  impact on
the reported revenues and a negative impact on expenses.

     Operating  results in U.S.  dollars for the six months  ended June 30, 2004
and 2003 were as follows: (See next page for results in Rand)
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


CALEDON
                            For the six months ended June 30,    Increase        %
                                                                (Decrease)    Change
Dollar amounts in thousands                2004          2003
                                           ----          ----
Operating Revenue
     Casino                           $      5,724  $     4,019   $  1,705     42.4%
     Hotel, food and beverage                1,235        1,059        176     16.6%
     Other (including promotional
            allowances)                      (232)         (51)        181    354.9%
                                         ---------     ---------
Net operating revenue                        6,727        5,027      1,700     33.8%
                                         ----------    ---------

Costs and Expenses
     Casino                                  2,335        1,672        663     39.7%
     Hotel, food and beverage                1,171        1,005        166     16.5%
     General and administrative                971          710        261     36.8%
     Depreciation                              654          496        158     31.9%
                                         ----------    ---------
                                             5,131        3,883      1,248     32.1%
                                         ----------    ---------
Earnings from operations                     1,596        1,144        452     39.5%
Interest expense                             (417)        (467)       (50)    -10.7%
Other income, net                               72           91       (19)    -20.9%
                                         ----------    ---------
Earnings before income taxes                 1,251          768        483     62.9%
Income tax expense                             327          281         46     16.4%
                                         ----------    ---------
Net Earnings                          $        924  $       487   $    437     89.7%
                                         ==========    =========
</TABLE>
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>



CENTURY CASINOS AFRICA

Costs and Expenses
    General and administrative        $         52   $      185   $  (133)    -71.9%
                                         ----------     --------
(Income) Loss from operations                 (52)        (185)      (133)    -71.9%
Other income, net                                9           15        (6)    -40.0%
                                         ----------     --------
Loss before income taxes                      (43)        (170)      (127)    -74.7%
Income tax  benefit                             12           47       (35)    -74.7%
                                         ----------     --------
Net Loss                              $       (31)   $    (123)   $   (92)    -74.8%
                                         ==========     ========

MINORITY INTEREST EXPENSE             $          -   $        8   $    (8)   -100.0%
                                         ----------     --------
SOUTH AFRICA NET EARNINGS             $        893   $      356   $    537    150.8%
                                         ==========     ========

-------------------------------------------------------------------------------------
Average exchange rate (Rand/USD)              6.64         7.96                16.5%
-------------------------------------------------------------------------------------
</TABLE>
<PAGE>

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


Operating results in Rand for the six months ended June 30, 2004 and 2003 are as
follows:

CALEDON
                               For the six months ended June 30,     Increase     %
                                                                    (Decrease)  Change
Rand amounts in thousands                     2004          2003
                                              ----          ----
Operating Revenue
     Casino                          R     37,998    R    31,899    R   6,099    19.1%
     Hotel, food and beverage               8,205          8,408        (203)    -2.4%
     Other (including promotional
            allowances)                   (1,533)          (392)      (1,141)   291.1%
                                        ----------     ----------
Net operating revenue                      44,670         39,915        4,755    11.9%
                                        ----------     ----------

Costs and Expenses
     Casino                                15,488         13,285        2,203    16.6%
     Hotel, food and beverage               7,782          8,003        (221)    -2.8%
     General and administrative             6,443          5,630          813    14.4%
     Depreciation                           4,346          3,939          407    10.3%
                                        ----------     ----------
                                           34,059         30,857        3,202    10.4%
                                        ----------     ----------
Earnings from operations                   10,611          9,058        1,553    17.1%
Interest expense                          (2,766)        (3,719)        (953)   -25.6%
Other income, net                             477            721        (244)   -33.8%
                                        ----------     ----------
Earnings before income taxes                8,322          6,060        2,262    37.3%
Income tax expense                          2,191          2,218         (27)    -1.2%
                                        ----------     ----------
Net Earnings                         R      6,131    R     3,842    R   2,289    59.6%
                                        ==========     ==========


</TABLE>
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


CENTURY CASINOS AFRICA

Costs and Expenses
    General and administrative       R        359    R     1,473    R (1,114)   -75.6%
                                        ----------     ----------
Loss from operations                        (359)        (1,473)      (1,114)   -75.6%
Other income, net                              58            132         (74)   -56.1%
                                        ----------     ----------
Loss before income taxes                    (301)        (1,341)      (1,040)   -77.6%
Income tax  benefit                            77            386        (309)   -80.1%
                                        ----------     ----------
Net Loss                             R      (224)    R     (955)    R   (731)   -76.5%
                                        ==========     ==========

MINORITY INTEREST EXPENSE BENEFIT    R          -    R        71    R    (71)  -100.0%
                                        ----------     ----------
SOUTH AFRICA NET EARNINGS            R      5,907    R     2,816    R   3,091   109.8%
                                        ==========     ==========

</TABLE>

<PAGE>


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


Casino Market Data (in Rand)

   -----------------------------------------------------------------------
   For the six months ended June 30,                 2004          2003
                                                     ----          ----
   -----------------------------------------------------------------------
   Market share of the Western Cape market *           5.8%          6.0%
   -----------------------------------------------------------------------
   Market share of Western Cape gaming devices *      11.1%         10.7%
   -----------------------------------------------------------------------
   Average number of slot machines                      281           271
   -----------------------------------------------------------------------
   Average slot machine win per day                674 Rand      596 Rand
   -----------------------------------------------------------------------
   Average number of tables                               8             8
   -----------------------------------------------------------------------
   Average table win per day                     2,045 Rand    1,826 Rand
   -----------------------------------------------------------------------
   * Market share results are reported for the five months ended May 31, 2004.
   -----------------------------------------------------------------------
</TABLE>

     The results  discussed  below are based on the Rand to eliminate the effect
of fluctuations in foreign currency exchange rates.

     The 19.1% increase in the casino revenue is  attributable to the successful
marketing  efforts  that include  introduction  of cash  couponing,  an expanded
smoking  section and improved  employee  and  management  training.  The Company
markets an array of amenities at the resort to its guests as a complement to the
gaming experience.  These currently include a 92-room hotel, a variety of dining
experiences,  the historic mineral hot spring and spa, the outdoor experience (a
team building facility) and an equestrian center.

     The 1.1  million  Rand  change  in  other  revenue  (including  promotional
allowances) is attributable to the  introduction of cash couponing in the second
quarter of 2003 and to the expanded use of player points to attract customers.

Hotel, Food and Beverage

     Conferences  and trade shows held at the resort play a significant  role in
the operation of the hotel. Management is attempting to gain additional exposure
in this  area  through  marketing  efforts.  A number  of  repairs  in the hotel
infrastructure,  including  electrical and plumbing,  were undertaken in 2003 in
order to increase the quality of the facility.  Management has taken measures to
offset the  inflationary  pressures  in South  Africa  which have driven up base
costs such as labor, supplies and utilities.

     Hotel revenue increased 1.8% in the first six of 2004 compared to the first
six months of 2003. The average hotel  occupancy rate in the first six months of
2004 was 50% compared to 57% in the first six months of 2003.  Conference  sales
decreased 50%, while leisure sales improved 7%.

     In June  2004,  CCAL  added  a  fourth  restaurant  to the  already  varied
selection.  The most recent restaurant  offers patrons an Italian cuisine.  Food
and beverage revenue increased 27.6% in the first six months of 2004 compared to
the first six months of 2003,  as a result of the  additional  food and beverage
facility, plus changes to operating hours and a general price increase.



<PAGE>



Other

     Interest  expense,  including  debt issuance cost,  decreased  25.6% as the
principal  balance of the term loans and  capitalized  leases  are  repaid.  The
weighted-average  interest rate on the borrowings  under the ABSA loan agreement
was 16.9% in the first six months of 2004 and 2003.  Income tax  expense for the
current year has been reduced by 729 thousand  Rand as a result of an adjustment
to the prior years' tax liability.


<PAGE>


Cruise Ships

     Cruise ships' operating  results for the six months ended June 30, 2004 and
2003 were as follows:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                      For the six months ended June 30,    Increase      %
                                                          (Decrease)  Change

    Dollar amounts in thousands           2004       2003
                                          ----       ----
    Operating Revenue
         Casino                       $  1,204  $     669     535      80.0%
         Other (including promotional
                allowances)                 67         19      48     252.6%
                                       --------   --------
    Net operating revenue                1,271        688     583      84.7%
                                       --------   --------

    Costs and Expenses
         Casino                            864        481     383      79.6%
         General and administrative          -          3     (3)    -100.0%
         Depreciation                       42         32      10      31.3%
                                       --------   --------
                                           906        516     390      75.6%
                                       --------   --------
    Earnings from operations               365        172     193     112.2%
    Other income, net                        -          5     (5)    -100.0%
                                       --------   --------
    Earnings before income taxes           365        177     188     106.2%
    Income tax expense                      11         68    (57)     -83.8%
                                       --------   --------
    Net Earnings                      $    354  $     109     245     224.8%
                                       ========   ========
</TABLE>

     In the first six months of 2004, the Company operated casinos on a total of
eight ships: four on Silversea  Cruises,  one on the World of ResidenSea and two
on Oceania Cruises, compared to a total of seven ships during the same period in
2003. Two ships, the Silver Cloud and the Insignia,  resumed  operations late in
the first quarter of 2004. The Silver Cloud, a cruise ship operated by Silversea
Cruises,  resumed  its  operations  on March 27, 2004  following  five months of
periodic  maintenance.  The Insignia, a cruise ship operated by Oceania Cruises,
resumed its  operations  on March 29, 2004  following its  five-month  inaugural
voyage,  which ended in September  2003. On April 10, 2004, the Company opened a
casino aboard the Nautica, a cruise ship operated by Oceania Cruises. The casino
is equipped with 42 slot machines and three gaming tables.

     We experience  severe  fluctuations in the revenue generated on each cruise
depending  on the number and quality of the players  and  passengers.  This is a
condition that we do not control.

     Concession  fees  paid  to  the  ship  operators  in  accordance  with  the
agreements  accounted  for $0.48  million and $0.21  million of the total casino
expenses  incurred  in the  first  six  months  ended  June 30,  2004 and  2003,
respectively.

     The decrease in income tax expense is attributable to the assignment of the
concession agreements from CCI to CRI as of October 1, 2003. The income assigned
to CCI was taxed at a U.S.  effective  rate of  approximately  38%.  The  income
assigned to CRI, the Company's  wholly owned  subsidiary in Mauritius,  is taxed
the statutory  rate of 15%, less current tax credits of 12%,  resulting in a net
rate of 3%.


<PAGE>

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



Corporate & Other
                             For the six months ended June 30,       Increase        %
                                                                    (Decrease)     Change

    Dollar amounts in thousands                  2004        2003
                                                 ----        ----
    Operating Revenue
        Other                              $       37  $         8  $     29       362.5%
                                             ---------   ----------
    Net Operating Revenue                          37            8        29       362.5%

    Costs and Expenses
        General and administrative              1,397        1,042       355        34.1%
        Depreciation                               13           84      (71)       -84.5%
                                             ---------   ----------
                                                1,410        1,126       284        25.2%
                                             ---------   ----------
    Income from unconsolidated
    subsidiary                                     51            -        51          n/a
                                             ---------   ----------
    Loss from operations                      (1,322)      (1,118)       204        18.2%
    Interest expense                            (622)        (720)      (98)       -13.6%
    Other income, net                             176          181       (5)        -2.8%
    Non-operating items from
    unconsolidated subsidiary                     (8)            -         8          n/a
                                             ---------   ----------
    Loss before income taxes and
    minority interest                         (1,776)      (1,657)       119         7.2%
    Income tax benefit                          (704)        (637)        67        10.5%
    Minority interest expense                    (31)            -      (31)          n/a
                                             ---------   ----------
    Net Loss                               $  (1,103)  $   (1,020)  $     83         8.1%
                                             =========   ==========
</TABLE>

     Included in the above  results are corporate  bonuses that were  previously
charged to Womacks,  but which are attributable to the  consolidated  results of
operations, the interest on debt incurred to fund the Company's acquisitions and
the  repurchase  of  the  Company's  common  stock,  and  related  tax  effects.
Reclassifications  have been made to the Colorado and Corporate & Other segments
of the 2003 financial  information in order to conform to the 2004 presentation.
Additionally,  general and  administrative  expenses increased year to date 2004
over year to date 2003 largely due to an increase in the current  year  estimate
for corporate bonuses based on management's current estimate of annual results.

     The decrease in depreciation  expense is attributable to the acquisition of
50% of CM.  Effective  January 3, 2004,  the Company  through  its  wholly-owned
subsidiary,  CMB,  acquired  an  additional  40%  of CM by  contributing  gaming
equipment,   valued  at  approximately  $0.60  million.  The  gaming  equipment,
previously  allocated to and  depreciated in the Corporate & Other  segment,  is
depreciated  by  CM  and  therefore  affects  the  income  from   unconsolidated
subsidiary (see Note 8 to the condensed consolidated financial statements).

     Minority  interest  expense  is  comprised  of $31  thousand  for the  3.5%
minority interest in the earnings of CCA. Income from unconsolidated  subsidiary
is comprised of the Company's 50% interest in CM earnings.
<PAGE>

Liquidity and Capital Resources

     Cash and cash  equivalents  totaled $4.1 million  plus  restricted  cash of
$0.64 million at June 30, 2004, and the Company had deficit  working  capital of
$1.78 million.  Additional liquidity may be provided by the Company's revolving
credit  facility  ("RCF")  with Wells Fargo Bank,  under which the Company had a
total commitment of $26 million ($21.67 million net of the quarterly  reduction)
and unused borrowing capacity of approximately  $10.23 million at June 30, 2004.
The maturity date of the borrowing  commitment is August 2007.  Funds  available
under the RCF are reduced by $0.7 million each quarter  beginning with the first
quarter of 2003.  The Company has the  flexibility  to use the funds for various
business projects and investments.

     For the six  months  ended  June  30,  2004,  cash  provided  by  operating
activities was $2.9 million compared with $1.7 million in the prior-year period.
Please  refer  to the  condensed  consolidated  statements  of  cash  flows  and
management's discussion of the results of operation by segment.

     Cash used in investing  activities of $2.3 million for the first six months
of 2004 include $0.2 million towards the upgrade of the slot accounting  system,
$1.2  million  towards new slot games,  $48 thousand for new slot stools and $24
thousand for restaurant  equipment at Womacks,  $0.6 million in  improvements to
the property in Caledon,  South Africa,  $0.17 million in expenditures to outfit
the cruise ships and $0.2 million in expenditures for other  long-lived  assets,
less $0.2  million in  proceeds  from the  disposition  of assets.  Cash used in
investing  activities of $2.2 million for the first six months of 2003 consisted
of: $0.5 million  towards the expansion of the Womacks casino at the rear of the
property that was completed in the second quarter of 2003,  providing additional
gaming  space;  $0.22  million for  additional  improvements  to the property in
Caledon,  South Africa,  including $61 thousand additional  capitalized building
costs related to the original construction; $1.3 million towards the purchase of
the  remaining  35% interest in Century  Casinos  Caledon  (Pty)  Limited,  $1.0
million of which was applied against the minority shareholder liability and $0.3
million of which  increased  the  carrying  value of the land in Caledon;  $0.15
million  principally for outfitting one of the two new casinos aboard the luxury
cruise ships  operated by Oceania and to finish  re-outfitting  the Silver Wind;
$0.15  million  due to  expenditures  for  other  long-lived  assets,  net of $7
thousand  in  proceeds  from the  disposition  of assets;  and a decrease of $38
thousand in restricted cash.

     Cash used in financing  activities of $1.4 million for the first six months
of 2004  consisted of net  repayments  of $0.32 million under the RCF with Wells
Fargo,  net  repayments  of $0.69 million  under the loan  agreement  with ABSA,
repayment  of a  $0.38  million  from a  founding  shareholder,  and  other  net
repayments  of $81  thousand,  less net  borrowing of $90 thousand from a former
director and $2 thousand in proceeds  from the exercise of stock  options.  Cash
used in financing  activities  of $0.34 million for the first six months of 2003
consisted of net  borrowings of $2.0 million under the RCF with Wells Fargo plus
$7 thousand in proceeds from the exercise of stock options,  less net repayments
of $0.56 million under the loan agreement  with ABSA,  $1.2 million to acquire a
loan to CCAL  held  by an  unaffiliated  minority  shareholder;  $0.13  million
towards the  repurchase  of  Company's  stock on the open  market at cost;  $.30
million  towards the  purchase of 132,184  shares of common  stock from a former
director,  at a per share  price of $2.26;  and  other net  repayments  of $0.16
million.

     In January 2000,  CCI entered into an agreement  with Novomatic AG in which
CCI received an option to purchase seven eighths of the shares that Novomatic AG
purchased  in  Silverstar  at a price equal to 85% of their fair market value at
the time of exercise. The agreement was subsequently amended in July 2003 giving
Novomatic  AG a put option  under which  Novomatic  AG can require  that CCI buy
seven  eighths of its shares in  Silverstar  and giving CCI a call option  under
which CCI can  require  Novomatic  AG to sell  seven  eighths  of its  shares in
Silverstar  to CCI. The price of the option,  which cannot be quantified at this
time,  will be 75% of the fair  market  value as  determined  at the time
<PAGE>

of the exercise. If the transaction were to be completed, CCI would acquire a 7%
interest in Silverstar from Novomatic AG.

     CRA  has  submitted  an  application  to  the  Alberta  Gaming  and  Liquor
Commission  ("AGLC") for an additional  casino  facility  license in the greater
Edmonton area.  The proposed  project,  The  Celebrations  Casino and Hotel,  is
planned to include a casino, food and beverage amenities, a dinner theater and a
40-room  hotel.  CRA is owned by CRI  (previously  named  CRL),  a wholly  owned
subsidiary of the Company and by 746306 Alberta Ltd, the owners of the 7.25 acre
property  and  existing  hotel  which will be  developed  into the  Celebrations
project,  if a license  is  awarded  and all other  approvals  and  funding  are
obtained. The Celebrations Casino and Hotel Project proposed by CRA is valued at
16.5 million Canadian dollars ($12.3 million), including the contribution of the
existing  hotel and  property,  valued at 2.5  million  Canadian  dollars  ($1.9
million)  by the owners of the  existing  hotel and an  approximately  3 million
Canadian dollar ($2.2 million) cash  contribution  by the Company.  On April 19,
2004,  the Company  announced  that CRA had been selected as the only one of six
applicants to move to step seven of eight steps of the casino licensing  process
in Edmonton,  Alberta,  Canada.  This is not an approval or a guarantee that the
CRA will be issued a casino facility license.  Step seven is the  "Investigation
stage of the  Casino  Facility  Application  Process"  which is a  thorough  due
diligence investigation of the applicant and the key persons associated with the
selected  proposal.  Although  the  Company  cannot  predict  how  long  the due
diligence  process will take,  once step seven is  successfully  completed,  the
eighth step will be a recommendation to the Board of the AGLC, by the evaluating
committee,  regarding  issuance  of a  casino  facility  license.  There  is  no
assurance that a license will be issued to CRA.

     In January 2004, the Company signed  commitments  for gaming  equipment and
upgrades to its slot accounting  system at Womacks totaling  approximately  $3.0
million.  As of June 30, 2004 the Company has  expended or accrued  $2.5 million
towards the commitments.

     The Company's  Board of Directors has approved a  discretionary  program to
repurchase up to $5 million of the Company's  outstanding  common stock.  During
the first six months of 2004,  the  Company did not  purchase  any shares of its
common  stock  on the open  market.  Through  June 30,  2004,  the  Company  had
repurchased   2,559,004   shares  of  its  common  stock  at  a  total  cost  of
approximately $3.8 million.

     Management believes that the Company's cash at June 30, 2004, together with
expected cash flows from  operations,  its borrowing  capacity under the RCF and
its ability to secure  additional  project financing with competitive terms 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.
<PAGE>

Consolidation - The accompanying  consolidated  financial statements include the
accounts  of  CCI  and  its   majority-owned   subsidiaries.   All   significant
intercompany  transactions  and balances  have been  eliminated.  The  financial
statements of all foreign  subsidiaries  consolidated herein have been converted
to US GAAP for  financial  statement  presentation  purposes.  Accordingly,  the
consolidated financial statements are presented in accordance with US GAAP.

In January 2004,  the Company  adopted FASB revised  Interpretation  46 ("FIN 46
(R)"),  "Consolidation  of  Variable  Interest  Entities".  FIN 46(R)  addresses
consolidation  issues by business  enterprises of variable  interest entities in
which 1) the equity interest at risk is not sufficient to finance its activities
without additional  subordinated financial support, 2) the equity investors lack
one or more essential  characteristics of a controlling financial interest or 3)
the equity  investors  have voting  rights that are not  proportionate  to their
economic  interest.  The Company has  determined  that CM (Note 8) is a variable
interest  entity as defined by FIN 46 (R). The Company has also  determined that
it is not the primary  beneficiary as defined by FIN 46 (R) and has,  therefore,
accounted for the Company's 50% interest in CM under the equity method.

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  jackpot is recorded as a liability and
a reduction of casino revenue in the period during which the progressive jackpot
increases.

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

SFAS No. 142 "Goodwill and Other Intangible  Assets"  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. Among other
things, the Company also evaluated the following criteria;  1) the high value of
the assets it has  placed in service  and the  significant  barrier  that a high
initial  investment poses to potential  competitors,  2) the future potential of
the resort property,  3) the unique  attraction of the resort  property,  4) the
dependence  of the hotel and other  amenities  of the resort  property  upon the
casino  operation,  and 5) the  intentions  of the Company to operate the casino
indefinitely. Based on its evaluation, the Company has deemed the casino license
costs to have an indefinite life.  Goodwill recognized in the acquisition of 40%
of the  outstanding  stock of CM,  which has been  accounted  for on the  equity
method,  was $0.57  million.  Included in assets at June 30, 2004 is unamortized
goodwill of approximately  $8.69 million and unamortized casino license costs of
approximately  $1.95 million.  The Company will continue to assess  goodwill and
other  intangibles  for  impairment  at  least  annually.   Management  has  not
identified  any  impairment  indicators  with  respect to the casino  license or
goodwill  during the three and six months  ended June 30,  2004.
<PAGE>

Impairment  of Long-Lived  Assets - The Company  reviews  long-lived  assets for
possible impairment whenever events or circumstances  indicate that the carrying
amount  of an  asset  may not be  recoverable.  If  there  is an  indication  of
impairment,   which  is  estimated  as  the   difference   between   anticipated
undiscounted  future cash flows and carrying  value,  the carrying amount of the
asset is written  down to its  estimated  fair value by a charge to  operations.
Fair value is  estimated  based on the present  value of  estimated  future cash
flows using a discount rate  commensurate  with the risk involved.  Estimates of
future cash flows are inherently  subjective and are based on management's  best
assessment  of  expected   future   conditions.

The carrying value of the non-operating  property held for sale in Wells Nevada,
is subject to periodic  evaluation.  The property has been listed for sale since
April  1998.  In  2001 we  attempted  to  reach  agreement  with  an  interested
third-party  that would have recouped our investment  through a long-term  lease
agreement  that contained a purchase  option,  which enabled us to conclude that
the carrying value was still reasonable. We could not reach an agreement and, as
the result of no further  activity,  reduced  the value of the  property  to its
estimated fair value in 2002. An appraisal of the property,  which was completed
on January 26,  2004,  continues  to support the net fair value of the assets as
recorded in the Consolidated Balance Sheet as of June 30, 2004.

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.



<PAGE>



Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

     We are  exposed to market risk  principally  related to changes in interest
rates and foreign  currency  exchange rates. To mitigate some of these risks, we
utilize derivative financial instruments to hedge these exposures. We do not use
derivative financial instruments for speculative or trading purposes. All of the
potential  changes  noted below are based on  information  available at June 30,
2004. Actual results may differ materially.

Interest Rate Sensitivity

     The Company is subject to interest rate risk on the  outstanding  borrowing
under the RCF with Wells Fargo Bank. Interest on the agreement is variable based
on the interest rate option selected by the Company, whereby the interest on the
outstanding debt is subject to fluctuations in the prime interest rate as set by
Wells Fargo, or LIBOR.

     In order to minimize the risk of increases in the prime rate or LIBOR,  the
Company  has one  remaining  interest-rate  swap  agreement  on a total  of $4.0
million  notional  amount of debt. In 1998, the Company entered into a five-year
interest  rate swap  agreement  that  matured on October 1, 2003 on $7.5 million
notional  amount of debt under the RCF,  whereby the Company paid a  LIBOR-based
fixed rate of 5.55% and received a  LIBOR-based  floating  rate reset  quarterly
based on a  three-month  rate.  In May 2000,  the Company  entered into a second
five-year  interest  rate swap  agreement  which matures on July 1, 2005 on $4.0
million  notional  amount of debt  under the RCF,  whereby  the  Company  pays a
LIBOR-based  fixed rate of 7.95% and receives a LIBOR-based  floating rate reset
quarterly  based on a  three-month  rate.  Generally,  the swap  arrangement  is
advantageous  to the Company to the extent that interest  rates  increase in the
future and  disadvantageous  to the extent  that they  decrease.  Therefore,  by
entering into the interest rate swap  agreements,  we have a cash flow risk when
interest  rates drop.  With the  expiration  of the swap  agreement  on the $7.5
million notional amount of debt on October 1, 2003, each  hypothetical 100 basis
point increase  results in an increased use of $40 thousand in cash on an annual
basis. In an environment of falling  interest rates, as we have seen in the last
two years, the swap agreements are disadvantageous.  Without the swap agreements
the  weighted-average  interest  rate on the RCF for the three months ended June
30, 2004 and 2003 would have been 4.13% and 4.63%,  respectively and for the six
months ended June 30, 2004 and 2003 would have been 4.34% and 4.70%. The Company
has not entered into any new swap agreements subsequent to June 30, 2004.

Foreign Currency Exchange Risk

     A total of 39.6% of our revenue for the six months  ended June 30, 2004 was
derived from our South African  operations and principally  denominated in South
African  Rand.  A total of 40% of our expenses for the six months ended June 30,
2004 were paid in  currencies  other than US dollars of which 39.1% were paid in
South  African  Rand and less  than 1% were  paid in  Euros.  Our US  operations
generate revenues  denominated in US dollars. If an arrangement  provides for us
to  receive  payments  in a  foreign  currency,  revenue  realized  from such an
arrangement  may be  lower  if the  value  of such  foreign  currency  declines.
Similarly,  if an  arrangement  provides  for us to make  payments  in a foreign
currency, cost of services and operating expenses for such an arrangement may be
higher if the value of such  foreign  currency  increases.  For  example,  a 10%
change in the relative value of such foreign  currency could cause a related 10%
change in our  previously  expected  revenue,  cost of services,  and  operating
expenses.  If the international  portion of our business continues to grow, more
revenue and expenses will be denominated in foreign currencies,  which increases
our exposure to  fluctuations  in currency  exchange  rates.  We have not hedged
against  foreign  currency  exchange rate changes  related to our  international
operations.

<PAGE>


Item 4. 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) as of the end of the period covered by this report. Based
on their  evaluation,  the Company's  principal  executive officer and principal
financial  officer  have  concluded  that  these  controls  and  procedures  are
effective.

     There were no significant  changes in the Company's internal controls or in
other factors that could  significantly  affect these controls subsequent to the
date of their  evaluation.  There were no significant  deficiencies  or material
weaknesses, and therefore there were no corrective actions taken.




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

<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 3. - None

Item 4. - Submission  of Matters to a Vote of Security  Holders The 2004 annual
          meeting of the  stockholders  of the Company was held on May 17, 2004.
          At the annual  meeting the two Class I directors to the Board,  Robert
          S. Eichberg and Dinah Corbaci were re-elected to the Board for a three
          year term. On this proposal to elect the Class I directors,  the votes
          were: Robert S. Eichberg, 9,950,464 for, and 2,566,705 withheld; Dinah
          Corbaci, 9,950,064 for and 2,567,105 withheld. No other proposals were
          brought for a vote of the stockholders.

Item 5. - None

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

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

     31.1  Certification  pursuant to Section 302 of the  Sarbanes-Oxley  Act of
           2002, Chairman of the Board and Chief Executive Officer.

     31.2  Certification  pursuant to Section 302 of the  Sarbanes-Oxley  Act of
           2002, Vice-Chairman and President.

     31.3  Certification  pursuant to Section 302 of the  Sarbanes-Oxley  Act of
           2002, Chief Accounting Officer.

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

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

     32.3  Certification  pursuant to Section 906 of the  Sarbanes-Oxley  Act of
           2002, Chief Accounting Officer

     (b) Reports on Form 8-K:

          On May 14, 2004,  the  Registrant  furnished a Current  Report on Form
          8-K,  reporting  Item 12, in which it  announced  it had posted to its
          website  a  presentation  of  the  review  of  financial   results  of
          operations  and  financial  condition  as of and for the period  ended
          March 31, 2004.



<PAGE>



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
Date: July 28, 2004