|   |  **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 March 31, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
|   | 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(State                or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 84-1271317(I.R.S.                Employer 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)                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|   |     Indicate                by                check mark whether the registrant (1) has filed all reports required                to be                filed by Section 13 or 15(d) of the Securities Exchange Act of 1934                during                the preceding 12 months (or for such shorter period that the registrant                was required to file such reports), and (2) has been subject to such                filing requirements for the past 90 days. Yes _X_ No ___   |   |
|   |     Indicate                by                check mark whether the registrant is a large accelerated filer, an                accelerated filer, or a non-accelerated filer. See definition of                “accelerated filer and large accelerated filer” in Rule 12b-2 of the                Exchange Act.        Large                accelerated filer __ Accelerated filer _X_ Non-accelerated filer                __                       |   |
|   |     Indicate                by                check mark whether the registrant is a shell company (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, 23,051,067 shares outstanding as of May 8,                2007                                                                                                                                                                                                                                                                                                                                                                                                |   |

----

**CENTURY      CASINOS, INC.**

**FORM      10-Q INDEX**

|                   |   |                                                                                                                                            | Page   |
|------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| PART                I  |   | FINANCIAL                INFORMATION                                                                                                            | Number |
|                   |   |                                                                                                                                            |   |
| Item                1. |   | Condensed                Consolidated Financial Statements (unaudited)                                                                          |   |
|                   |   | Condensed                Consolidated Balance Sheets as of March                31, 2007 and December 31, 2006                                  | 3      |
|                   |   | Condensed                Consolidated Statements of Earnings for the Three Months Ended March                31,                2007 and 2006   | 4      |
|                   |   | Condensed                Consolidated Statements of Comprehensive Earnings for the Three Months                Ended March 31, 2007 and 2006    | 5      |
|                   |   | Condensed                Consolidated Statements of Cash Flows for the Three Months Ended                March 31,                2007 and 2006 | 6      |
|                   |   | Notes                to Condensed Consolidated Financial Statements                                                                             | 9      |
| Item                2. |   | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                       | 14     |
| Item                3. |   | Quantitative                and Qualitative Disclosures About Market Risk                                                                       | 36     |
| Item                4. |   | Controls                and Procedures                                                                                                          | 36     |
|                   |   |                                                                                                                                            |   |
| PART                II |   | OTHER                INFORMATION                                                                                                                |   |
|                   |   |                                                                                                                                            |   |
| Item                6. |   | Exhibits                                                                                                                                        | 37     |
|                   |   | SIGNATURES                                                                                                                                      | 38     |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS (Unaudited)**

| *Amounts                in thousands, except for share information* | **March                31, 2007** |    | **December                31, 2006** |
|---------------------------------------------------------------------|-----------------------------------|---------|--------------------------------------|
| **ASSETS**                                                          |                              |    |                                 |   |   |
| **Current                Assets:**                                  |                              |    |                                 |   |   |
| Cash                and cash equivalents                            | $                                 | 16,809  |                                 | $ | 34,969 |
| Restricted                cash                                      |                              | 2,143   |                                 |   | 2,352 |
| Receivables,                net                                     |                              | 916     |                                 |   | 934 |
| Prepaid                expenses                                     |                              | 1,308   |                                 |   | 1,183 |
| Inventories                                                         |                              | 489     |                                 |   | 445 |
| Other                current assets                                 |                              | 542     |                                 |   | 1,091 |
| Deferred                income taxes - foreign                      |                              | 224     |                                 |   | 193 |
| Total                current assets                                 |                              | 22,431  |                                 |   | 41,167 |
|                                                                |                              |    |                                 |   |   |
| **Property                and Equipment, net**                      |                              | 123,865 |                                 |   | 124,638 |
| **Goodwill**                                                        |                              | 12,280  |                                 |   | 12,262 |
| **Investment                in Casinos Poland**                     |                              | 9,400   |                                 |   | - |
| **Casino                Licenses and Other Intangible Assets**      |                              | 10,120  |                                 |   | 9,341 |
| **Deferred                Income Taxes  - domestic**           |                              | 1,879   |                                 |   | 1,763 |
| **-                foreign**                                        |                              | 2,124   |                                 |   | 2,143 |
| **Note                Receivable (see Note 2)**                     |                              | -       |                                 |   | 5,170 |
| **Other                Assets**                                     |                              | 2,011   |                                 |   | 1,376 |
| **Total**                                                           | $                                 | 184,110 |                                 | $ | 197,860 |

| **LIABILITIES                AND SHAREHOLDERS’ EQUITY**                                                                                                                                                        |   |    |   |   |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|--------|--------|---------|
| **Current                Liabilities:**                                                                                                                                                                              |   |    |   |   |    |
| Current                portion of long-term debt                                                                                                                                                                     | $      | 9,419   |   | $      | 20,669  |
| Accounts                payable and accrued liabilities                                                                                                                                                              |   | 6,983   |   |   | 10,625  |
| Accrued                payroll                                                                                                                                                                                       |   | 1,790   |   |   | 2,172   |
| Taxes                payable                                                                                                                                                                                         |   | 3,974   |   |   | 2,509   |
| Deferred                income taxes - domestic                                                                                                                                                                      |   | 16      |   |   | 16      |
| Total                current liabilities                                                                                                                                                                             |   | 22,182  |   |   | 35,991  |
|                                                                                                                                                                                                                 |   |    |   |   |    |
| **Long-Term                Debt, less current portion**                                                                                                                                                              |   | 55,032  |   |   | 56,036  |
| **Other                Long-Term Accrued Liabilities**                                                                                                                                                               |   | 1,479   |   |   | -       |
| **Minority                Interest**                                                                                                                                                                                 |   | 4,913   |   |   | 5,406   |
|                                                                                                                                                                                                                 |   |    |   |   |    |
| **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; 23,168,443                  shares                  issued; 23,051,067 and 23,004,067 shares outstanding,                  respectively |   | 232     |   |   | 232     |
| Additional                paid-in capital                                                                                                                                                                            |   | 69,855  |   |   | 69,779  |
| Accumulated                other comprehensive earnings                                                                                                                                                              |   | 1,254   |   |   | 2,768   |
| Retained                earnings (see Note 5)                                                                                                                                                                        |   | 29,428  |   |   | 28,020  |
|                                                                                                                                                                                                                 |   | 100,769 |   |   | 100,799 |
| Treasury                stock - 117,376 and 164,376 shares at cost, respectively                                                                                                                                     |   | (265)   |   |   | (372)   |
| Total                shareholders’ equity                                                                                                                                                                      |   | 100,504 |   |   | 100,427 |
| **Total**                                                                                                                                                                                                            | $      | 184,110 |   | $      | 197,860 |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)**

|                                                                                                          |   |   |   | **For                  the three months****ended                  March 31,** |
|---------------------------------------------------------------------------------------------------------------|--------|--------|--------|-------------------------------------------------------------------------------|
| *Amounts                  in thousands, except for share information*                                         |   |   |   |                                                                          |   | **2007** |   | **2006** |
| **Operating                  revenue:**                                                                       |   |   |   |                                                                          |   |   |   |   |
| Casino                                                                                                        |   |   |   |                                                                          | $ | 19,972 | $ | 9,145 |
| Hotel,                  food and beverage                                                                     |   |   |   |                                                                          |   | 2,867 |   | 1,082 |
| Other                                                                                                         |   |   |   |                                                                          |   | 493 |   | 148 |
|                                                                                                          |   |   |   |                                                                          |   | 23,332 |   | 10,375 |
| Less                  promotional allowances                                                                  |   |   |   |                                                                          |   | 2,188 |   | 901 |
| Net                  operating revenue                                                                        |   |   |   |                                                                          |   | 21,144 |   | 9,474 |
|                                                                                                          |   |   |   |                                                                          |   |   |   |   |
| **Operating                  costs and expenses:**                                                            |   |   |   |                                                                          |   |   |   |   |
| Casino                                                                                                        |   |   |   |                                                                          |   | 8,374 |   | 3,513 |
| Hotel,                  food and beverage                                                                     |   |   |   |                                                                          |   | 2,350 |   | 614 |
| General                  and administrative                                                                   |   |   |   |                                                                          |   | 5,823 |   | 3,042 |
| Impairments                  and other write-offs, net of recoveries                                          |   |   |   |                                                                          |   | - |   | 7 |
| Depreciation                                                                                                  |   |   |   |                                                                          |   | 2,019 |   | 770 |
|                                                                                                          |   |   |   |                                                                          |   |   |   |   |
| Total                  operating costs and expenses                                                           |   |   |   |                                                                          |   | 18,566 |   | 7,946 |
|                                                                                                          |   |   |   |                                                                          |   |   |   |   |
| **Earnings                  from operations**                                                                 |   |   |   |                                                                          |   | 2,578 |   | 1,528 |
| **Non-operating                  income (expense):**                                                          |   |   |   |                                                                          |   |   |   |   |
| Interest                  income                                                                              |   |   |   |                                                                          |   | 274 |   | 279 |
| Interest                  expense                                                                             |   |   |   |                                                                          |   | (1,932) |   | (203) |
| Other                  income, net                                                                            |   |   |   |                                                                          |   | 828 |   | 90 |
| Non-operating                  (expense) income, net** **                                                |   |   |   |                                                                          |   | (830) |   | 166 |
| **Earnings                  before income taxes, minority interest and preferred                  dividends** |   |   |   |                                                                          |   | 1,748 |   | 1,694 |
| Provision                  for income taxes                                                                   |   |   |   |                                                                          |   | 324 |   | 356 |
| **Earnings                  before minority interest and preferred dividends**                                |   |   |   |                                                                          |   | 1,424 |   | 1,338 |
| Minority                  interest in subsidiary losses, net                                                  |   |   |   |                                                                          |   | 337 |   | 352 |
| Preferred                  dividends issued by subsidiary                                                     |   |   |   |                                                                          |   | (219) |   | - |
| **Net                  earnings**                                                                             |   |   |   |                                                                          | $ | 1,542 | $ | 1,690 |
|                                                                                                          |   |   |   |                                                                          |   |   |   |   |
| **Earnings                  per share:**                                                                      |   |   |   |                                                                          |   |   |   |   |
| Basic                                                                                                         |   |   |   |                                                                          | $ | 0.07 | $ | 0.08 |
| Diluted                                                                                                       |   |   |   |                                                                          | $ | 0.06 | $ | 0.07 |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited)**

|                                                      |   |   |   | **For                  the three months****ended                  March 31,** |
|-----------------------------------------------------------|--------|--------|--------|-------------------------------------------------------------------------------|
|                                                      |   |   |   |                                                                          |   |   |   |   |
| *Amounts                  in thousands*                   |   |   |   |                                                                          |   | **2007** |   | **2006** |
|                                                      |   |   |   |                                                                          |   |   |   |   |
| **Net****earnings**                                       |   |   |   |                                                                          | $ | 1,542 | $ | 1,690 |
| Foreign                  currency translation adjustments |   |   |   |                                                                          |   | (1,514) |   | 988 |
| **Comprehensive****earnings**                             |   |   |   |                                                                          | $ | 28 | $ | 2,678 |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

|                                                                                                              |   | **For                the three months****ended                March 31,** |
|-------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                                                                                                              |   |                                                                      |   |   |
| *Amounts                in thousands*                                                                             |   | **2007**                                                                  |   | **2006** |
|                                                                                                              |   |                                                                      |   |   |
| **Cash                Flows from Operating Activities:**                                                          |   |                                                                      |   |   |
| Net                earnings                                                                                       | $      | 1,542                                                                     | $ | 1,690 |
| Adjustments                to reconcile net earnings to net cash provided by operating                activities: |   |                                                                      |   |   |
| Depreciation                                                                                                      |   | 2,019                                                                     |   | 770 |
| Imputed                interest                                                                                   |   | 44                                                                        |   | - |
| Amortization                of share-based compensation                                                           |   | 14                                                                        |   | 101 |
| Amortization                of deferred financing costs                                                           |   | 110                                                                       |   | 14 |
| Deferred                tax expense                                                                               |   | (166)                                                                     |   | (95) |
| Minority                interest in subsidiary losses                                                             |   | (337)                                                                     |   | (352) |
| Loss                from unconsolidated subsidiary                                                                |   | -                                                                         |   | - |
| Other                                                                                                             |   |                                                                      |   | 6 |
| Excess                tax benefits from stock-based payment arrangements                                          |   | (62)                                                                      |   | - |
| Changes                in operating assets and liabilities:                                                       |   |                                                                      |   |   |
| Receivables                                                                                                       |   | 4                                                                         |   | (200) |
| Prepaid                expenses and other assets                                                                  |   | (1,235)                                                                   |   | 124 |
| Accounts                payable and accrued liabilities                                                           |   | (3,855)                                                                   |   | 4,267 |
| Accrued                payroll                                                                                    |   | (366)                                                                     |   | (321) |
| Taxes                payable                                                                                      |   | 1,555                                                                     |   | 404 |
|                                                                                                              |   |                                                                      |   |   |
| Net                cash (used in) provided by operating activities                                                |   | (733)                                                                     |   | 6,408 |
|                                                                                                              |   |                                                                      |   |   |
|                                                                                                              |   |                                                                      |   |   |
| **Cash                Flows from Investing Activities:**                                                          |   |                                                                      |   |   |
| Purchases                of property and equipment                                                                |   | (1,839)                                                                   |   | (13,925) |
| Acquisition                of remaining interest in Century Resorts Alberta, Inc.                                 |   | -                                                                         |   | (5,135) |
| Acquisition                of G5 Sp. z o.o.                                                                       |   | (2,016)                                                                   |   | - |
| Deposit                on Newcastle, South Africa purchase                                                        |   | -                                                                         |   | (6,574) |
|                                                                                                              |   |                                                                      |   |   |
| Net                cash used in investing activities                                                              |   | (3,855)                                                                   |   | (25,634) |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

|                                                                     |   | **For                the three months****ended                March 31,** |
|--------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*                                    |   | **2007**                                                                  |   | **2006** |
| **Cash                Flows from Financing Activities:**                 |   |                                                                      |   |   |
| Proceeds                from borrowings                                  | $      | 7,823                                                                     | $ | 16,123 |
| Principal                repayments                                      |   | (20,523)                                                                  |   | (6,478) |
| Excess                tax benefits from stock-based payment arrangements |   | 62                                                                        |   | - |
| Deferred                financing charges                                |   | (20)                                                                      |   | 34 |
| Decrease                in restricted cash                               |   | 218                                                                       |   | - |
| Proceeds                from exercise of options                         |   | 106                                                                       |   | - |
| Other                                                                    |   | -                                                                         |   | 6 |
|                                                                     |   |                                                                      |   |   |
| Net                cash (used in) provided by financing activities       |   | (12,334)                                                                  |   | 9,685 |
|                                                                     |   |                                                                      |   |   |
| **Effect                of Exchange Rate Changes on Cash**               |   | (1,238)                                                                   |   | 748 |
|                                                                     |   |                                                                      |   |   |
| **Decrease****in                Cash and Cash Equivalents**              |   | (18,160)                                                                  |   | (8,793) |
|                                                                     |   |                                                                      |   |   |
| **Cash                and Cash Equivalents at Beginning of Period**      |   | 34,969                                                                    |   | 37,167 |
|                                                                     |   |                                                                      |   |   |
| **Cash                and Cash Equivalents at End of Period**            | $      | 16,809                                                                    | $ | 28,374 |

**Supplemental      Disclosure of Non-cash Financing Activities:**

| *Amounts                in thousands*                   |   |    |
|---------------------------------------------------------|--------|---------|
| Fair                value of minority interest acquired | $      | 1,818   |
| Goodwill                                                |   | 4,342   |
| Long-term                debt                           |   | (1,025) |
| Cash                paid                                | $      | 5,135   |

| *Amounts                in thousands*                              |   |    |
|--------------------------------------------------------------------|--------|---------|
| Investment                in Casinos Poland Ltd.                   | $      | 8,944   |
| Accounts                payable and accrued liabilities            |   | (277)   |
| Long-term                debt, including intercompany debt assumed |   | (6,651) |
| Cash                paid                                           | $      | 2,016   |

----

**Supplemental      Disclosure of Cash Flow Information:**

| *Amounts                in Thousands* |   | **For                the three months****ended                March 31,** |
|---------------------------------------|--------|---------------------------------------------------------------------------|
|                                  |   | **2007**                                                                  |   | **2006** |
| Interest                paid          | $      | 1,703                                                                     | $ | 341 |
| Income                taxes paid      | $      | -                                                                         | $ | 1 |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS      (Unaudited)**

**1.**
**DESCRIPTION      OF BUSINESS AND BASIS OF PRESENTATION**

**Presentation      of Foreign Currency Amounts -**

----

|                                    | **March                31, 2007** | **December                31, 2006** | **March                31, 2006** |
|-----------------------------------------|-----------------------------------|--------------------------------------|-----------------------------------|
| Canadian                Dollars (CAD)   | 1.1529                            | 1.1653                               | 1.1671                            |
| Czech                Koruna (CZK)       | 20.9160                           | 20.8500                              | 23.4260                           |
| Euros                (€)          | 0.7478                            | 0.7578                               | 0.8237                            |
| Polish                Zloty (PLN)       | 2.8916                            | 2.9016                               | N/A                               |
| South                African Rand (ZAR) | 7.2968                            | 7.0496                               | 6.1556                            |

**2.**
**ACQUISITIONS**

*Century      Casino Newcastle:*

*G5      Sp. z o.o.:*

**3.**
**SHAREHOLDERS’      EQUITY**

***Subsidiary      Preference Shares -***
** **

----

**4.**
**PROMOTIONAL      ALLOWANCES**

|                                         |   | **For                the three months****ended                March 31,** |
|----------------------------------------------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*        |   |                                                                      |   | **2007** |   | **2006** |
| Food                & Beverage and Hotel |   |                                                                      |   |   | $ | 689 | $ | 287 |
| Free                Plays or Coupons         |   |                                                                      |   |   |   | 788 |   | 335 |
| Player                Points                 |   |                                                                      |   |   |   | 711 |   | 279 |
| Total                Promotional Allowances  |   |                                                                      |   |   | $ | 2,188 | $ | 901 |

**5.**
**INCOME      TAXES**

----

|                                              |   | **For                the three months****ended                March 31,** |
|---------------------------------------------------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*             |   |                                                                      |   |   |   | **2007** |   | **2006** |
| Provision                for federal income taxes |   |                                                                      |   |   | $ | (62) | $ | 31 |
| Provision                for state income taxes   |   |                                                                      |   |   |   | (9) |   | 4 |
| Provision                for foreign income taxes |   |                                                                      |   |   |   | 395 |   | 321 |
| Total                Provision for income taxes   |   |                                                                      |   |   | $ | 324 | $ | 356 |

|                                                     |   | **For                the three months****ended                March 31,** |
|----------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                                                     |   |                                                                      |   |   |   | **2007** |   | **2006** |
| Federal                income tax statutory rate         |   |                                                                      |   |   |   | 34.0% |   | 34.0% |
| Foreign                income taxes                      |   |                                                                      |   |   |   | (46.0%) |   | (40.8%) |
| State                income tax (net of federal benefit) |   |                                                                      |   |   |   | 3.0% |   | 2.2% |
| Losses                assigned to minority partner       |   |                                                                      |   |   |   | 9.2% |   | 8.0% |
| Permanent                and other items                 |   |                                                                      |   |   |   | 18.3% |   | 17.6% |
| Total                provision for income taxes          |   |                                                                      |   |   |   | 18.5% |   | 21.0% |

**6.**
**EARNINGS      PER SHARE**

|   | Basic                and diluted earnings per share for the three months ended March 31,                2007                and 2006 were computed as follows: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *Amounts                in thousands,**except                for share information* |   | **For                the three months****ended                March 31,** |
|-------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                                                                                |   |                                                                      | **2007** | **2006** |
| Basic                Earnings Per Share:                                            |   |                                                                      |   |   |   |   |   |   |
| Net                earnings                                                         |   |                                                                      |   |   | $ | 1,542 | $ | 1,690 |
| Weighted                average common shares                                       |   |                                                                      |   |   |   | 23,027,661 |   | 22,380,567 |
| Basic                earnings per share                                             |   |                                                                      |   |   | $ | 0.07 | $ | 0.08 |
|                                                                                |   |                                                                      |   |   |   |   |   |   |
| Diluted                Earnings Per Share:                                          |   |                                                                      |   |   |   |   |   |   |
| Net                earnings                                                         |   |                                                                      |   |   | $ | 1,542 | $ | 1,690 |
| Weighted                average common shares                                       |   |                                                                      |   |   |   | 23,027,661 |   | 22,380,567 |
| Effect                of dilutive securities:                                       |   |                                                                      |   |   |   |   |   |   |
| Stock                options and warrants                                           |   |                                                                      |   |   |   | 950,566 |   | 1,524,931 |
| Dilutive                potential common shares                                     |   |                                                                      |   |   |   | 23,978,227 |   | 23,905,498 |
| Diluted                earnings per share                                           |   |                                                                      |   |   | $ | 0.06 | $ | 0.07 |

----

**7.      **
**SEGMENT      INFORMATION**

|                                              | Long-Lived                Assets* | Total                Assets     |
|---------------------------------------------------|-----------------------------------|---------------------------------|
| *Amounts                in thousands*             | March                31,2007      | December                31,2006 | March                31,2007 | December                31,2006 |
| Cripple                Creek (Colorado, USA)      | $                                 | 29,073                          | $ | 29,324 | $ | 31,379 | $ | 31,465 |
| Central                City (Colorado, USA)       |                              | 43,478                          |   | 43,952 |   | 47,937 |   | 48,661 |
| Edmonton                (Alberta, Canada)         |                              | 32,439                          |   | 31,927 |   | 38,183 |   | 39,305 |
| Caledon                (South Africa)             |                              | 17,508                          |   | 17,188 |   | 20,067 |   | 19,134 |
| Newcastle                (South Africa)           |                              | 21,420                          |   | 21,499 |   | 23,492 |   | 24,535 |
| Other                operating:                   |                              |                            |   |   |   |   |   |   |
| Casino                Millennium (Czech Republic) |                              | 528                             |   | 496 |   | 2,239 |   | 2,166 |
| Cruise                Ships (International)       |                              | 965                             |   | 1,032 |   | 1,616 |   | 1,839 |
| Corporate                                         |                              | 854                             |   | 823 |   | 19,197 |   | 30,755 |
| **Total**                                         | $                                 | 146,265                         | $ | 146,241 | $ | 184,110 | $ | 197,860 |

|                                              | Net                Operating Revenue                              | Net                Earnings                                       |
|---------------------------------------------------|-------------------------------------------------------------------|-------------------------------------------------------------------|
| *Amounts                in thousands*             | For                the three monthsended                March 31, | For                the three monthsended                March 31, |
| 2007                                              | 2006                                                              | 2007                                                              | 2006 |
| Cripple                Creek (Colorado, USA)      | $                                                                 | 4,059                                                             | $ | 3,836 | $ | 554 | $ | 582 |
| Central                City (Colorado, USA)       |                                                              | 4,515                                                             |   | - |   | (126) |   | 278 |
| Edmonton                (Alberta, Canada)         |                                                              | 4,152                                                             |   | 1 |   | 292 |   | 11 |
| Caledon                (South Africa)             |                                                              | 4,384                                                             |   | 4,772 |   | 665 |   | 1,143 |
| Newcastle                (South Africa)           |                                                              | 2,653                                                             |   | - |   | 258 |   | - |
| Other                operating:                   |                                                              |                                                              |   |   |   |   |   |   |
| Casino                Millennium (Czech Republic) |                                                              | 669                                                               |   | - |   | 64 |   | - |
| Cruise                Ships (International)       |                                                              | 706                                                               |   | 857 |   | 81 |   | 167 |
| Corporate                                         |                                                              | 6                                                                 |   | 8 |   | (246) |   | (491) |
| **Total**                                         | $                                                                 | 21,144                                                            | $ | 9,474 | $ | 1,542 | $ | 1,690 |

**8.      **
**COMMITMENTS,      CONTINGENCIES AND OTHER MATTER**

----

**Item      2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION      AND**

**RESULTS      OF OPERATIONS**

**Forward-Looking      Statements, Business Environment and Risk Factors**

**AVAILABLE      INFORMATION**

**ADJUSTED      EBITDA**

----

|                                        |   |   |   | **For                the three months****ended                March 31,** |
|---------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*       |   |   |   |                                                                      |   | **2007** |   | **2006** |
| **Adjusted                EBITDA**          |   |   |   |                                                                      |   |   |   |   |
| Cripple                Creek, Colorado      |   |   |   |                                                                      | $ | 1,293 | $ | 1,432 |
| Central                City, Colorado       |   |   |   |                                                                      |   | 1,055 |   | (102) |
| Caledon,                South Africa        |   |   |   |                                                                      |   | 1,612 |   | 2,111 |
| Newcastle,                South Africa      |   |   |   |                                                                      |   | 887 |   | - |
| Edmonton,                Canada             |   |   |   |                                                                      |   | 983 |   | 9 |
| All                other operating segments |   |   |   |                                                                      |   | 258 |   | 228 |
| Corporate                                   |   |   |   |                                                                      |   | (882) |   | (1,290) |
| Total                Adjusted EBITDA        |   |   |   |                                                                      | $ | 5,206 | $ | 2,388 |

**OVERVIEW**

----

**CONSOLIDATED      RESULTS OF OPERATIONS**

----

**CRIPPLE      CREEK, COLORADO**

|                                                                             |   |   |   | **For                the three months****ended                March 31,** |
|----------------------------------------------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*                                            |   |   |   |                                                                      |   | **2007** |   | **2006** |
| **Operating                Revenue**                                             |   |   |   |                                                                      |   |   |   |   |
| Casino                                                                           |   |   |   |                                                                      | $ | 4,480 | $ | 4,271 |
| Hotel,                food and beverage                                          |   |   |   |                                                                      |   | 303 |   | 308 |
| Other                (net of promotional allowances)                             |   |   |   |                                                                      |   | (724) |   | (743) |
| Net                operating revenue                                             |   |   |   |                                                                      |   | 4,059 |   | 3,836 |
|                                                                             |   |   |   |                                                                      |   |   |   |   |
| **Costs                and Expenses**                                            |   |   |   |                                                                      |   |   |   |   |
| Casino                                                                           |   |   |   |                                                                      |   | 1,650 |   | 1,417 |
| Hotel,                food and beverage                                          |   |   |   |                                                                      |   | 127 |   | 109 |
| General                and administrative                                        |   |   |   |                                                                      |   | 989 |   | 878 |
| Depreciation                                                                     |   |   |   |                                                                      |   | 389 |   | 402 |
|                                                                             |   |   |   |                                                                      |   | 3,155 |   | 2,806 |
| **Earnings                from operations**                                      |   |   |   |                                                                      |   | **904** |   | **1,030** |
| Interest                income                                                   |   |   |   |                                                                      |   | 11 |   | 3 |
| Interest                (expense)                                                |   |   |   |                                                                      |   | (161) |   | (214) |
| Interest                expense on non-Cripple Creek debt allocated to Corporate |   |   |   |                                                                      |   | 137 |   | 120 |
| Other                (expense), net                                              |   |   |   |                                                                      |   | - |   | - |
| **Earnings                before income taxes**                                  |   |   |   |                                                                      |   | **891** |   | **939** |
| Income                tax expense                                                |   |   |   |                                                                      |   | 337 |   | 357 |
| **Net                Earnings**                                                  |   |   |   |                                                                      | **$** | **554** | **$** | **582** |
|                                                                             |   |   |   |                                                                      |   |   |   |   |
| **Reconciliation                to Adjusted EBITDA:**                            |   |   |   |                                                                      |   |   |   |   |
| Net                earnings                                                      |   |   |   |                                                                      | $ | 554 | $ | 582 |
| Minority                interest                                                 |   |   |   |                                                                      |   | - |   | - |
| Interest                income                                                   |   |   |   |                                                                      |   | (11) |   | (3) |
| Interest                expense (including amounts allocated to Corporate)       |   |   |   |                                                                      |   | 24 |   | 94 |
| Income                tax expense                                                |   |   |   |                                                                      |   | 337 |   | 357 |
| Depreciation                                                                     |   |   |   |                                                                      |   | 389 |   | 402 |
| **Adjusted                EBITDA**                                               |   |   |   |                                                                      | **$** | **1,293** | **$** | **1,432** |

----

**Casino      Market Data**

|                                                             |   | **For                the three months****ended                March 31,** |
|------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                                                             |   |                                                                      | **2007** | **2006** |
| Market                share of the Cripple Creek gaming revenue* |   |                                                                      |   |   |   | 12.0% |   | 11.6% |
| Average                number of slot machines                   |   |                                                                      |   |   |   | 592 |   | 585 |
| Market                share of Cripple Creek gaming devices*     |   |                                                                      |   |   |   | 12.6% |   | 12.3% |
| Average                slot machine win per day                  |   |                                                                      |   |   |   | $                81 |   | $                80 |
| Cripple                Creek average slot machine win per day*   |   |                                                                      |   |   |   | $                84 |   | $                84 |

**Source:      Colorado Division of Gaming*

----

**CENTRAL      CITY, COLORADO**

|                                                              |   |   |   | **For                the three months****ended                March 31,** |
|-------------------------------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*                             |   |   |   |                                                                      |   | **2007** |   | **2006** |
| **Operating                Revenue**                              |   |   |   |                                                                      |   |   |   |   |
| Casino                                                            |   |   |   |                                                                      | $ | 5,051 | $ | - |
| Hotel,                food and beverage                           |   |   |   |                                                                      |   | 566 |   | - |
| Other                (net of promotional allowances)              |   |   |   |                                                                      |   | (1,102) |   | - |
| Net                operating revenue                              |   |   |   |                                                                      |   | 4,515 |   | - |
|                                                              |   |   |   |                                                                      |   |   |   |   |
| **Costs                and Expenses**                             |   |   |   |                                                                      |   |   |   |   |
| Casino                                                            |   |   |   |                                                                      |   | 2,034 |   | - |
| Hotel,                food and beverage                           |   |   |   |                                                                      |   | 558 |   | - |
| General                and administrative                         |   |   |   |                                                                      |   | 868 |   | 102 |
| Depreciation                                                      |   |   |   |                                                                      |   | 690 |   | - |
|                                                              |   |   |   |                                                                      |   | 4,150 |   | 102 |
| **Earnings                (loss) from operations**                |   |   |   |                                                                      |   | **365** |   | **(102)** |
| Interest                income                                    |   |   |   |                                                                      |   | - |   | - |
| Interest                (expense)                                 |   |   |   |                                                                      |   | (1,041) |   | (17) |
| Other                income, net                                  |   |   |   |                                                                      |   | - |   | - |
| **Loss                before income taxes and minority interest** |   |   |   |                                                                      |   | **(676)** |   | **(119)** |
| Income                tax benefit                                 |   |   |   |                                                                      |   | (77) |   | - |
| **Loss                before minority interest**                  |   |   |   |                                                                      |   | **(599)** |   | **(119)** |
| Minority                Interest                                  |   |   |   |                                                                      |   | 473 |   | 397 |
| **Net                (Loss) Earnings**                            |   |   |   |                                                                      | **$** | **(126)** | **$** | **278** |
|                                                              |   |   |   |                                                                      |   |   |   |   |
| **Reconciliation                to Adjusted EBITDA:**             |   |   |   |                                                                      |   |   |   |   |
| Net                (loss) earnings                                |   |   |   |                                                                      | $ | (126) | $ | 278 |
| Minority                interest                                  |   |   |   |                                                                      |   | (473) |   | (397) |
| Interest                income                                    |   |   |   |                                                                      |   | - |   | - |
| Interest                expense                                   |   |   |   |                                                                      |   | 1,041 |   | 17 |
| Income                tax benefit                                 |   |   |   |                                                                      |   | (77) |   | - |
| Depreciation                                                      |   |   |   |                                                                      |   | 690 |   | - |
| **Adjusted                EBITDA**                                |   |   |   |                                                                      | **$** | **1,055** | **$** | **(102)** |

----

|                                                            | **For                the three months****ended                March 31, 2007** |
|-----------------------------------------------------------------|--------------------------------------------------------------------------------|
| Market                share of the Central City gaming revenue* |                                                                           | 26.8% |
| Average                number of slot machines                  |                                                                           | 566 |
| Market                share of Central City gaming devices*     |                                                                           | 25.8% |
| Average                slot machine win per day                 |                                                                           | $                97 |
| Central                City average slot machine win per day*   |                                                                           | $                93 |

**Source:      Colorado Division of Gaming*

----

**CALEDON,      SOUTH AFRICA**

|                                                                    |   |   |   | **For                the three months****ended                March 31,** |
|-------------------------------------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*                                   |   |   |   |                                                                      |   | **2007** |   | **2006** |
| **Operating                Revenue**                                    |   |   |   |                                                                      |   |   |   |   |
| Casino                                                                  |   |   |   |                                                                      | $ | 3,647 | $ | 4,070 |
| Hotel,                food and beverage                                 |   |   |   |                                                                      |   | 827 |   | 774 |
| Other                (net of promotional allowances)                    |   |   |   |                                                                      |   | (90) |   | (72) |
| Net                operating revenue                                    |   |   |   |                                                                      |   | 4,384 |   | 4,772 |
|                                                                    |   |   |   |                                                                      |   |   |   |   |
| **Costs                and Expenses**                                   |   |   |   |                                                                      |   |   |   |   |
| Casino                                                                  |   |   |   |                                                                      |   | 1,409 |   | 1,467 |
| Hotel,                food and beverage                                 |   |   |   |                                                                      |   | 512 |   | 505 |
| General                and administrative                               |   |   |   |                                                                      |   | 632 |   | 690 |
| Depreciation                                                            |   |   |   |                                                                      |   | 318 |   | 296 |
|                                                                    |   |   |   |                                                                      |   | 2,871 |   | 2,958 |
| **Earnings                from operations**                             |   |   |   |                                                                      |   | **1,513** |   | **1,814** |
| Interest                income                                          |   |   |   |                                                                      |   | 29 |   | 4 |
| Interest                (expense)                                       |   |   |   |                                                                      |   | (186) |   | (204) |
| Other                (expense), net                                     |   |   |   |                                                                      |   | - |   | 1 |
| **Earnings                before income taxes and preferred dividends** |   |   |   |                                                                      |   | **1,356** |   | **1,615** |
| Income                tax expense                                       |   |   |   |                                                                      |   | 472 |   | 472 |
| Preferred                dividends                                      |   |   |   |                                                                      |   | 219 |   | - |
| **Net                earnings**                                         |   |   |   |                                                                      | **$** | **665** | **$** | **1,143** |
|                                                                    |   |   |   |                                                                      |   |   |   |   |
| **Reconciliation                to Adjusted EBITDA:**                   |   |   |   |                                                                      |   |   |   |   |
| Net                earnings                                             |   |   |   |                                                                      | $ | 665 | $ | 1,143 |
| Minority                interest                                        |   |   |   |                                                                      |   | - |   | - |
| Interest                income                                          |   |   |   |                                                                      |   | (29) |   | (4) |
| Interest                expense                                         |   |   |   |                                                                      |   | 186 |   | 204 |
| Income                tax expense                                       |   |   |   |                                                                      |   | 472 |   | 472 |
| Depreciation                                                            |   |   |   |                                                                      |   | 318 |   | 296 |
| **Adjusted                EBITDA**                                      |   |   |   |                                                                      | **$** | **1,612** | **$** | **2,111** |

| **Average                exchange rate (ZAR/USD)** |   |   |   |   |   | **7.22** |   | **6.17** |
|----------------------------------------------------|--------|--------|--------|--------|--------|----------|--------|----------|

----

|                                                                    |   |   |   | **For                the three months****ended                March 31,** |
|-------------------------------------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*                                   |   |   |   |                                                                      |   | **2007** |   | **2006** |
| **Operating                Revenue**                                    |   |   |   |                                                                      |   |   |   |   |
| Casino                                                                  |   |   |   |                                                                      | ZAR | 26,337 | ZAR | 25,102 |
| Hotel,                food and beverage                                 |   |   |   |                                                                      |   | 5,972 |   | 4,776 |
| Other                (net of promotional allowances)                    |   |   |   |                                                                      |   | (650) |   | (447) |
| Net                operating revenue                                    |   |   |   |                                                                      |   | 31,659 |   | 29,431 |
|                                                                    |   |   |   |                                                                      |   |   |   |   |
| **Costs                and Expenses**                                   |   |   |   |                                                                      |   |   |   |   |
| Casino                                                                  |   |   |   |                                                                      |   | 10,174 |   | 9,030 |
| Hotel,                food and beverage                                 |   |   |   |                                                                      |   | 3,676 |   | 3,127 |
| General                and administrative                               |   |   |   |                                                                      |   | 4,568 |   | 4,220 |
| Depreciation                                                            |   |   |   |                                                                      |   | 2,297 |   | 1,826 |
|                                                                    |   |   |   |                                                                      |   | 20,715 |   | 18,203 |
| **Earnings                from operations**                             |   |   |   |                                                                      |   | **10,944** |   | **11,228** |
| Interest                income                                          |   |   |   |                                                                      |   | 213 |   | 23 |
| Interest                (expense)                                       |   |   |   |                                                                      |   | (1,346) |   | (1,260) |
| Other                (expense), net                                     |   |   |   |                                                                      |   | 2 |   | 8 |
| **Earnings                before income taxes and preferred dividends** |   |   |   |                                                                      |   | **9,813** |   | **9,999** |
| Income                tax expense                                       |   |   |   |                                                                      |   | 3,480 |   | 3,038 |
| Preferred                dividends issued by subsidiary                 |   |   |   |                                                                      |   | 1,592 |   | - |
| **Net                Earnings**                                         |   |   |   |                                                                      | **ZAR** | **4,741** | **ZAR** | **6,961** |
|                                                                    |   |   |   |                                                                      |   |   |   |   |
| **Reconciliation                to Adjusted EBITDA:**                   |   |   |   |                                                                      |   |   |   |   |
| Net                earnings                                             |   |   |   |                                                                      | ZAR | 4,741 | ZAR | 6,961 |
| Minority                interest                                        |   |   |   |                                                                      |   | - |   | - |
| Interest                income                                          |   |   |   |                                                                      |   | (213) |   | (23) |
| Interest                expense                                         |   |   |   |                                                                      |   | 1,346 |   | 1,260 |
| Income                tax expense                                       |   |   |   |                                                                      |   | 3,480 |   | 3,038 |
| Depreciation                                                            |   |   |   |                                                                      |   | 2,297 |   | 1,826 |
| **Adjusted                EBITDA**                                      |   |   |   |                                                                      | **ZAR** | **11,651** | **ZAR** | **13,062** |

**Casino      Market Data (in Rand)**

|                                                            |   | **For                the three months****ended                March 31,** |
|-----------------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                                                            |   |                                                                      | **2007** | **2006** |
| Market                share of the Western Cape gaming revenue* |   |                                                                      | 4.9% | 5.9% |
| Market                share of Western Cape gaming devices*     |   |                                                                      | 11.0% | 12.7% |
| Average                number of slot machines                  |   |                                                                      | 350 | 343 |
| Average                slot machine win per day                 |   |                                                                      | ZAR                778 | ZAR                753 |
| Average                number of tables                         |   |                                                                      | 6 | 8 |
| Average                table win per day                        |   |                                                                      | ZAR                3,366 | ZAR                2,587 |

**Source:      Western Cape Gambling and Racing Board*

----

----

**NEWCASTLE,      SOUTH AFRICA**

|                                                                  |   |   |   | **For                the three****months                ended****March                31, 2007** |
|-----------------------------------------------------------------------|--------|--------|--------|--------------------------------------------------------------------------------------------------|
| *Amounts                in thousands*                                 |   |   |   |                                                                                             |
| **Operating                Revenue**                                  |   |   |   |                                                                                             |
| Casino                                                                |   |   | $      | 2,354                                                                                            |
| Hotel,                food and beverage                               |   |   |   | 275                                                                                              |
| Other                (net of promotional allowances)                  |   |   |   | 24                                                                                               |
| Net                operating revenue                                  |   |   |   | 2,653                                                                                            |
|                                                                  |   |   |   |                                                                                             |
| **Costs                and Expenses**                                 |   |   |   |                                                                                             |
| Casino                                                                |   |   |   | 1,044                                                                                            |
| Hotel,                food and beverage                               |   |   |   | 237                                                                                              |
| General                and administrative                             |   |   |   | 485                                                                                              |
| Depreciation                                                          |   |   |   | 200                                                                                              |
|                                                                  |   |   |   | 1,966                                                                                            |
| **Earnings                from operations**                           |   |   |   | **687**                                                                                          |
| Interest                income                                        |   |   |   | 2                                                                                                |
| Interest                (expense)                                     |   |   |   | (184)                                                                                            |
| Other                (expense), net                                   |   |   |   | -                                                                                                |
| **Earnings                before income taxes and minority interest** |   |   |   | **505**                                                                                          |
| Income                tax expense                                     |   |   |   | 151                                                                                              |
| **Earnings                before minority interest**                  |   |   |   | **354**                                                                                          |
| Minority                Interest                                      |   |   |   | 96                                                                                               |
| **Net                Earnings**                                       |   |   | $      | **258**                                                                                          |
|                                                                  |   |   |   |                                                                                             |
| **Reconciliation                to Adjusted EBITDA:**                 |   |   |   |                                                                                             |
| Net                earnings                                           |   |   | $      | 258                                                                                              |
| Minority                interest                                      |   |   |   | 96                                                                                               |
| Interest                income                                        |   |   |   | (2)                                                                                              |
| Interest                expense                                       |   |   |   | 184                                                                                              |
| Income                tax expense                                     |   |   |   | 151                                                                                              |
| Depreciation                                                          |   |   |   | 200                                                                                              |
| **Adjusted                EBITDA**                                    |   |   | **$**  | **887**                                                                                          |

| **Average                exchange rate (ZAR/USD)** | **7.22** |
|----------------------------------------------------|----------|

----

|                                                                  |   | **For                the three****months                ended****March                31, 2007** |
|-----------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|
| *Amounts                in thousands*                                 |   |                                                                                             |   |   |
| **Operating                Revenue**                                  |   |                                                                                             |   |   |
| Casino                                                                |   |                                                                                             | ZAR | 17,010 |
| Hotel,                food and beverage                               |   |                                                                                             |   | 1,987 |
| Other                (net of promotional allowances)                  |   |                                                                                             |   | 176 |
| Net                operating revenue                                  |   |                                                                                             |   | 19,173 |
|                                                                  |   |                                                                                             |   |   |
| **Costs                and Expenses**                                 |   |                                                                                             |   |   |
| Casino                                                                |   |                                                                                             |   | 7,554 |
| Hotel,                food and beverage                               |   |                                                                                             |   | 1,707 |
| General                and administrative                             |   |                                                                                             |   | 3,503 |
| Depreciation                                                          |   |                                                                                             |   | 1,440 |
|                                                                  |   |                                                                                             |   | 14,204 |
| **Earnings                from operations**                           |   |                                                                                             |   | **4,969** |
| Interest                income                                        |   |                                                                                             |   | 18 |
| Interest                (expense)                                     |   |                                                                                             |   | (1,339) |
| Other                (expense), net                                   |   |                                                                                             |   | - |
| **Earnings                before income taxes and minority interest** |   |                                                                                             |   | **3,648** |
| Income                tax expense                                     |   |                                                                                             |   | 1,095 |
| **Earnings                before minority interest**                  |   |                                                                                             |   | **2,553** |
| Minority                Interest                                      |   |                                                                                             |   | 699 |
| **Net                Earnings**                                       |   |                                                                                             | ZAR | **1,854** |
|                                                                  |   |                                                                                             |   |   |
| **Reconciliation                to Adjusted EBITDA:**                 |   |                                                                                             |   |   |
| Net                earnings                                           |   |                                                                                             | ZAR | 1,854 |
| Minority                interest                                      |   |                                                                                             |   | 699 |
| Interest                income                                        |   |                                                                                             |   | (18) |
| Interest                expense                                       |   |                                                                                             |   | 1,339 |
| Income                tax expense                                     |   |                                                                                             |   | 1,095 |
| Depreciation                                                          |   |                                                                                             |   | 1,440 |
| **Adjusted                EBITDA**                                    |   |                                                                                             | **ZAR** | **6,409** |

----

**Casino      Market Data (in Rand)**

|                                                             |   | **For                the three****months                ended****March                31, 2007** |
|------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|
| Market                share of the KwaZulu-Natal gaming revenue* |   | 3.4%                                                                                             |
| Market                share of KwaZulu-Natal gaming devices*     |   | 7.7%                                                                                             |
| Average                number of slot machines                   |   | 250                                                                                              |
| Average                slot machine win per day                  |   | ZAR                682                                                                           |
| Average                number of tables                          |   | 7                                                                                                |
| Average                table win per day                         |   | ZAR                2,633                                                                         |

**Source:      KwaZulu-Natal Gambling Board*

----

**EDMONTON,      CANADA**

|                                                  |   |   |   | **For                the three months****ended                March 31,** |
|-------------------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*                 |   |   |   |                                                                      |   | **2007** |   | **2006** |
| **Operating                Revenue**                  |   |   |   |                                                                      |   |   |   |   |
| Casino                                                |   |   |   |                                                                      | $ | 3,133 | $ | - |
| Hotel,                food and beverage               |   |   |   |                                                                      |   | 890 |   | - |
| Other                (net of promotional allowances)  |   |   |   |                                                                      |   | 129 |   | 1 |
| Net                operating revenue                  |   |   |   |                                                                      |   | 4,152 |   | 1 |
|                                                  |   |   |   |                                                                      |   |   |   |   |
| **Costs                and Expenses**                 |   |   |   |                                                                      |   |   |   |   |
| Casino                                                |   |   |   |                                                                      |   | 1,245 |   | - |
| Hotel,                food and beverage               |   |   |   |                                                                      |   | 914 |   | - |
| General                and administrative             |   |   |   |                                                                      |   | 1,019 |   | 19 |
| Depreciation                                          |   |   |   |                                                                      |   | 271 |   | 4 |
|                                                  |   |   |   |                                                                      |   | 3,449 |   | 23 |
| **Earnings                (loss) from operations**    |   |   |   |                                                                      |   | **703** |   | **(22)** |
| Interest                income                        |   |   |   |                                                                      |   | 38 |   | 7 |
| Interest                (expense)                     |   |   |   |                                                                      |   | (333) |   | (9) |
| Other                income, net                      |   |   |   |                                                                      |   | 9 |   | 27 |
| **Earnings                before income taxes**       |   |   |   |                                                                      |   | **417** |   | **3** |
| Income                tax expense (benefit)           |   |   |   |                                                                      |   | 125 |   | (8) |
| **Net                Earnings**                       |   |   |   |                                                                      | **$** | **292** | **$** | **11** |
|                                                  |   |   |   |                                                                      |   |   |   |   |
| **Reconciliation                to Adjusted EBITDA:** |   |   |   |                                                                      |   |   |   |   |
| Net                earnings                           |   |   |   |                                                                      | $ | 292 | $ | 11 |
| Minority                interest                      |   |   |   |                                                                      |   | - |   | - |
| Interest                income                        |   |   |   |                                                                      |   | (38) |   | (7) |
| Interest                expense                       |   |   |   |                                                                      |   | 333 |   | 9 |
| Income                tax expense                     |   |   |   |                                                                      |   | 125 |   | (8) |
| Depreciation                                          |   |   |   |                                                                      |   | 271 |   | 4 |
| **Adjusted                EBITDA**                    |   |   |   |                                                                      | **$** | **983** | **$** | **9** |

| **Average                exchange rate (CAD/USD)** |   |   |   |   |   | **1.17** |   | **1.15** |
|----------------------------------------------------|--------|--------|--------|--------|--------|----------|--------|----------|

----

|                                                   |   |   |   | **For                the three months****ended                March 31,** |
|--------------------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*                  |   |   |   |                                                                      |   | **2007** |   | **2006** |
| **Operating                Revenue**                   |   |   |   |                                                                      |   |   |   |   |
| Casino                                                 |   |   |   |                                                                      | CAD | 3,570 | CAD | - |
| Hotel,                food and beverage                |   |   |   |                                                                      |   | 1,041 |   | - |
| Other                (net of promotional allowances)   |   |   |   |                                                                      |   | 151 |   | 2 |
| Net                operating revenue                   |   |   |   |                                                                      |   | 4,762 |   | 2 |
|                                                   |   |   |   |                                                                      |   |   |   |   |
| **Costs                and Expenses**                  |   |   |   |                                                                      |   |   |   |   |
| Casino                                                 |   |   |   |                                                                      |   | 1,454 |   | - |
| Hotel,                food and beverage                |   |   |   |                                                                      |   | 1,066 |   | - |
| General                and administrative              |   |   |   |                                                                      |   | 1,192 |   | 22 |
| Depreciation                                           |   |   |   |                                                                      |   | 307 |   | 5 |
|                                                   |   |   |   |                                                                      |   | 4,019 |   | 27 |
| **Earnings                (loss) from operations**     |   |   |   |                                                                      |   | **743** |   | **(25)** |
| Interest                income                         |   |   |   |                                                                      |   | 45 |   | 8 |
| Interest                (expense)                      |   |   |   |                                                                      |   | (388) |   | (10) |
| Other                (expense), net                    |   |   |   |                                                                      |   | 1 |   | - |
| **Earnings                (loss) before income taxes** |   |   |   |                                                                      |   | **401** |   | **(27)** |
| Income                tax expense (benefit)            |   |   |   |                                                                      |   | 145 |   | (9) |
| **Net                Earnings (Loss)**                 |   |   |   |                                                                      | **CAD** | **256** | **CAD** | **(18)** |
|                                                   |   |   |   |                                                                      |   |   |   |   |
| **Reconciliation                to Adjusted EBITDA:**  |   |   |   |                                                                      |   |   |   |   |
| Net                earnings (loss)                     |   |   |   |                                                                      | CAD | 256 | CAD | (18) |
| Minority                interest                       |   |   |   |                                                                      |   | - |   | - |
| Interest                income                         |   |   |   |                                                                      |   | (45) |   | (8) |
| Interest                expense                        |   |   |   |                                                                      |   | 388 |   | 10 |
| Income                tax expense (benefit)            |   |   |   |                                                                      |   | 145 |   | (9) |
| Depreciation                                           |   |   |   |                                                                      |   | 307 |   | 5 |
| **Adjusted                EBITDA**                     |   |   |   |                                                                      | **CAD** | **1,051** | **CAD** | **(20)** |

----

----

**ALL      OTHER OPERATING SEGMENTS**

|                                                  |   |   |   | **For                the three months****ended                March 31,** |
|-------------------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*                 |   |   |   |                                                                      |   | **2007** |   | **2006** |
| **Operating                Revenue**                  |   |   |   |                                                                      |   |   |   |   |
| Casino                                                |   |   |   |                                                                      | $ | 1,307 | $ | 804 |
| Hotel,                food and beverage               |   |   |   |                                                                      |   | 6 |   | - |
| Other                (net of promotional allowances)  |   |   |   |                                                                      |   | 62 |   | 53 |
| Net                operating revenue                  |   |   |   |                                                                      |   | 1,375 |   | 857 |
|                                                  |   |   |   |                                                                      |   |   |   |   |
| **Costs                and Expenses**                 |   |   |   |                                                                      |   |   |   |   |
| Casino                                                |   |   |   |                                                                      |   | 992 |   | 629 |
| Hotel,                food and beverage               |   |   |   |                                                                      |   | 2 |   | - |
| General                and administrative             |   |   |   |                                                                      |   | 122 |   | - |
| Depreciation                                          |   |   |   |                                                                      |   | 99 |   | 56 |
|                                                  |   |   |   |                                                                      |   | 1,215 |   | 685 |
| **Earnings                from operations**           |   |   |   |                                                                      |   | **160** |   | **172** |
| Interest                income                        |   |   |   |                                                                      |   | 8 |   | - |
| Interest                (expense)                     |   |   |   |                                                                      |   | (19) |   | - |
| Other                (expense), net                   |   |   |   |                                                                      |   | (1) |   | - |
| **Earnings                before income taxes**       |   |   |   |                                                                      |   | **148** |   | **172** |
| Income                tax expense                     |   |   |   |                                                                      |   | 3 |   | 5 |
| **Net                Earnings**                       |   |   |   |                                                                      | **$** | **145** | **$** | **167** |
|                                                  |   |   |   |                                                                      |   |   |   |   |
| **Reconciliation                to Adjusted EBITDA:** |   |   |   |                                                                      |   |   |   |   |
| Net                earnings                           |   |   |   |                                                                      | $ | 145 | $ | 167 |
| Minority                interest                      |   |   |   |                                                                      |   | - |   | - |
| Interest                income                        |   |   |   |                                                                      |   | (8) |   | - |
| Interest                expense                       |   |   |   |                                                                      |   | 19 |   | - |
| Income                tax expense                     |   |   |   |                                                                      |   | 3 |   | 5 |
| Depreciation                                          |   |   |   |                                                                      |   | 99 |   | 56 |
| **Adjusted                EBITDA**                    |   |   |   |                                                                      | **$** | **258** | **$** | **228** |

----

----

**CORPORATE      **

|                                                                             |   | **For                the three months****ended                March 31,** |
|----------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
| *Amounts                in thousands*                                            |   |                                                                      | **2007** | **2006** |
| **Operating                Revenue**                                             |   |                                                                      |   |   |   |   |   |   |
| Other                                                                            |   |                                                                      |   |   | $ | 6 | $ | 8 |
| Net                operating revenue                                             |   |                                                                      |   |   |   | 6 |   | 8 |
|                                                                             |   |                                                                      |   |   |   |   |   |   |
| **Costs                and Expenses**                                            |   |                                                                      |   |   |   |   |   |   |
| General                and administrative                                        |   |                                                                      |   |   |   | 1,708 |   | 1,353 |
| Impairments                and other write-offs, net of recoveries               |   |                                                                      |   |   |   | - |   | 7 |
| Depreciation                                                                     |   |                                                                      |   |   |   | 52 |   | 12 |
|                                                                             |   |                                                                      |   |   |   | 1,760 |   | 1,372 |
| Loss                from unconsolidated subsidiary                               |   |                                                                      |   |   |   | - |   | - |
| **Loss                from operations**                                          |   |                                                                      |   |   |   | **(1,754)** |   | **(1,364)** |
| Interest                income                                                   |   |                                                                      |   |   |   | 186 |   | 265 |
| Interest                (expense), net                                           |   |                                                                      |   |   |   | (8) |   | 241 |
| Interest                expense on non-Cripple Creek debt allocated to Corporate |   |                                                                      |   |   |   | (137) |   | (120) |
| Other                income (expense), net                                       |   |                                                                      |   |   |   | 820 |   | 62 |
| Non-operating                items from unconsolidated subsidiary                |   |                                                                      |   |   |   | - |   | - |
| **Loss                before income taxes and minority interest**                |   |                                                                      |   |   |   | **(893)** |   | **(916)** |
| Income                tax benefit                                                |   |                                                                      |   |   |   | (687) |   | (470) |
| Minority                interest                                                 |   |                                                                      |   |   |   | 40 |   | 45 |
| **Net                Loss**                                                      |   |                                                                      |   |   | **$** | **(246)** | **$** | **(491)** |
|                                                                             |   |                                                                      |   |   |   |   |   |   |
| **Reconciliation                to Adjusted EBITDA:**                            |   |                                                                      |   |   |   |   |   |   |
| Net                loss                                                          |   |                                                                      |   |   |   | (246) |   | (491) |
| Minority                interest                                                 |   |                                                                      |   |   |   | 40 |   | 45 |
| Interest                income                                                   |   |                                                                      |   |   |   | (186) |   | (265) |
| Interest                expense (including amounts allocated from Cripple Creek) |   |                                                                      |   |   |   | 145 |   | (121) |
| Income                tax benefit                                                |   |                                                                      |   |   |   | (687) |   | (470) |
| Depreciation                                                                     |   |                                                                      |   |   |   | 52 |   | 12 |
| **Adjusted                EBITDA**                                               |   |                                                                      |   |   | **$** | **(882)** | **$** | **(1,290)** |

----

----

**LIQUIDITY      AND CAPITAL RESOURCES**

*Cash      Flows*

*Common      Stock Repurchase Program*

----

*Sources      of Liquidity*

----

**Item      3.**
**QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Item      4.**
**CONTROLS      AND PROCEDURES**

***Evaluation      of Disclosure Controls and Procedures -***

***Changes      in Internal Control Over Financial Reporting -***

----

**PART      II - OTHER INFORMATION**

**Item      6. - Exhibits**

| 3.1  | Certificate                of Incorporation is hereby incorporated by reference to Century Casinos’                Proxy Statement in respect of the 1994 Annual Meeting of                Stockholders.                                                                                                                                                                                          |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2  | Amended                and Restated Bylaws of Century Casinos, Inc., is hereby incorporated                by                reference from Exhibit 11.14 to Century Casinos’ Quarterly Report on Form                10-Q for the quarterly period ended June 30, 2002.                                                                                                                          |
| 4.1  | Rights                Agreement, dated as of April 29, 1999, between the Company and the                American Securities Transfer & Trust, Inc., as Rights Agent, is hereby                incorporated by reference from Exhibit 1 to Century Casinos Form                8-A dated                May 7, 1999.                                                                                 |
| 4.2  | First                Supplement to Rights Agreement dated April 2000, between Century                Casinos,                Inc. and American Securities Transfer & Trust, Inc., as Rights Agent,                is hereby incorporated by reference from Exhibit A to Century Casinos’                Proxy Statement in respect of the 2000 Annual Meeting of                Stockholders. |
| 4.3  | Second                Supplement to Rights Agreement dated July 2002, between Century Casinos,                Inc. and Computershare Investor Services, Inc. as Rights Agent, is                hereby                incorporated by reference from Exhibit 11.13 to Century Casinos’ Quarterly                Report on Form 10-Q for the quarterly period ended June 30,                2002.  |
| 31.1 | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Co                Chief Executive Officer.                                                                                                                                                                                                                                                                      |
| 31.2 | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Co                Chief Executive Officer and President.                                                                                                                                                                                                                                                        |
| 31.3 | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Senior                Vice President.                                                                                                                                                                                                                                                                           |
| 31.4 | 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, Co                Chief Executive Officer.                                                                                                                                                                                                                                                                      |
| 32.2 | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Co                Chief Executive Officer and President.                                                                                                                                                                                                                                                        |
| 32.3 | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Senior                Vice President.                                                                                                                                                                                                                                                                           |
| 32.4 | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Chief                Accounting Officer.                                                                                                                                                                                                                                                                        |

----

**SIGNATURES:**

----

| **Exhibit                No.** | **Document**                                                                                                                                                                                                                                                                                                                                                                                            |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1                            | Certificate                of Incorporation is hereby incorporated by reference to Century Casinos’                Proxy Statement in respect of the 1994 Annual Meeting of                Stockholders.                                                                                                                                                                                          |
| 3.2                            | Amended                and Restated Bylaws of Century Casinos, Inc., is hereby incorporated                by                reference from Exhibit 11.14 to Century Casinos’ Quarterly Report on Form                10-Q for the quarterly period ended June 30, 2002.                                                                                                                          |
| 4.1                            | Rights                Agreement, dated as of April 29, 1999, between the Company and the                American Securities Transfer & Trust, Inc., as Rights Agent, is hereby                incorporated by reference from Exhibit 1 to Century Casinos Form                8-A dated                May 7, 1999.                                                                                 |
| 4.2                            | First                Supplement to Rights Agreement dated April 2000, between Century                Casinos,                Inc. and American Securities Transfer & Trust, Inc., as Rights Agent,                is hereby incorporated by reference from Exhibit A to Century Casinos’                Proxy Statement in respect of the 2000 Annual Meeting of                Stockholders. |
| 4.3                            | Second                Supplement to Rights Agreement dated July 2002, between Century Casinos,                Inc. and Computershare Investor Services, Inc. as Rights Agent, is                hereby                incorporated by reference from Exhibit 11.13 to Century Casinos’ Quarterly                Report on Form 10-Q for the quarterly period ended June 30,                2002.  |
| 31.1                           | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Co                Chief Executive Officer.                                                                                                                                                                                                                                                                      |
| 31.2                           | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of                2002, Co                Chief Executive Officer and President.                                                                                                                                                                                                                                    |
| 31.3                           | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Senior                Vice President.                                                                                                                                                                                                                                                                           |
| 31.4                           | 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, Co                Chief Executive Officer.                                                                                                                                                                                                                                                                      |
| 32.2                           | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Co                Chief Executive Officer and President.                                                                                                                                                                                                                                                        |
| 32.3                           | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Senior                Vice President.                                                                                                                                                                                                                                                                           |
| 32.4                           | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Chief                Accounting Officer.                                                                                                                                                                                                                                                                        |