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, 2003

                                    OR

   _______  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15  (d)  OF  THE
SECURITIES  EXCHANGE ACT OF 1934 For the transition  period from ____________ to
___________


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

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

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

               157 East Warren Ave., Cripple Creek, Colorado 80813
               ---------------------------------------------------
                    (Address of principal executive offices)
                                   (Zip Code)
                                 (719) 689-9100
                    (Registrant's telephone number, including
                                   area code)

     Indicate  by check  mark  whether  the  registrant  (1) filed  all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes_X_ No___

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

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

     Common stock, $0.01 par value,  13,540,264 shares outstanding as of May 06,
2003.

                                      -1-
                                     <PAGE>

                              CENTURY CASINOS, INC.
                                    FORM 10-Q
                                      INDEX

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                                                                                                Page Number
PART I    FINANCIAL INFORMATION

Item 1.   Condensed Consolidated Financial Statements (unaudited)
            Condensed Consolidated Balance Sheets as of March 31, 2003 and December 31, 2002           3
            Condensed Consolidated Statements of Earnings for the Three
            Months Ended March 31, 2003 and 2002                                                       4
            Condensed Consolidated Statements of Comprehensive Earnings for the Three Months
            Ended March 31, 2003 and 2002                                                              5
            Condensed Consolidated Statements of Cash Flows for the Three
            Months Ended March 31, 2003 and 2002                                                       6
            Notes to Condensed Consolidated Financial Statements                                       8
Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations        20
Item 3.   Quantitative and Qualitative Disclosures About Market Risk                                   34
Item 4.   Controls and Procedures                                                                      35

PART II   OTHER INFORMATION

Item 1.   Legal Proceedings                                                                            36
Item 6.   Exhibits and Reports on Form 8-K                                                             36

          SIGNATURES                                                                                   36
          SECURITIES EXCHANGE ACT RULE 13a-14 AND 15d-14 CERTIFICATIONS OF CEO, PRESIDENT AND
          CAO                                                                                          37

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                                      -2-
                                     <PAGE>


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

                                                                        March 31, 2003      December 31, 2002
                                                                        --------------      -----------------
    ASSETS
    Current Assets:
        Cash and cash equivalents                                         $      4,275      $      4,582
        Restricted cash                                                            546               491
        Accounts receivable                                                        120               133
        Prepaid expenses and other                                                 578               564
                                                                             ----------        ----------
           Total current assets                                                  5,519             5,770

    Property and Equipment, net                                                 35,016            33,965
    Goodwill, net                                                                7,957             7,899
    Casino License Costs, net                                                    1,410             1,298
    Deferred Taxes                                                               1,019             1,078
    Other Assets                                                                 1,130             1,133
                                                                            ----------        ----------
    Total                                                                 $     52,051      $     51,143
                                                                            ==========        ==========

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
        Current portion of long-term debt                                 $      1,700      $      1,664
        Accounts payable and accrued liabilities                                 2,067             2,309
        Accrued payroll                                                            404             1,098
        Taxes payable                                                            1,237               747
                                                                            ----------        ----------
           Total current liabilities                                             5,408             5,818

    Long-Term Debt, less current portion                                        17,483            16,531
    Other Non-current Liabilities                                                  738               788
    Minority Interest                                                               -                903
    Shareholders' Equity:
        Preferred stock; $.01 par value; 20,000,000 shares
           authorized; no shares issued or outstanding
       Common stock; $.01 par value; 50,000,000 shares authorized;
          14,485,776 shares issued;
          13,575,964 and 13,580,864 shares outstanding, respectively               145               145
       Additional paid-in capital                                               21,865            21,874
       Accumulated other comprehensive loss                                      (466)           (1,052)
       Retained earnings                                                         8,681             7,926
                                                                            ----------        ----------
                                                                                30,225            28,893
        Treasury stock - 909,812 and 904,912 shares at cost,
           respectively                                                        (1,803)           (1,790)
                                                                            ----------        ----------
           Total shareholders' equity                                           28,422            27,103
                                                                            ----------        ----------
    Total                                                                 $     52,051      $     51,143
                                                                            ==========        ==========
See notes to condensed consolidated financial statements.

</TABLE>

                                      -3-
                                     <PAGE>

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

                                                                       For The Three Months Ended March 31,
                                                                               2003              2002
                                                                               ----              ----

Operating Revenue:
   Casino                                                                 $      7,520      $      7,206
   Hotel, Food and beverage                                                        821               572
   Other                                                                           121               151
                                                                            ----------        ----------
                                                                                 8,462             7,929
   Less promotional allowances                                                   1,081             1,037
                                                                            ----------        ----------
           Net operating revenue                                                 7,381             6,892
                                                                            ----------        ----------

Operating Costs and Expenses:
   Casino                                                                        2,649             2,233
   Hotel, Food and beverage                                                        569               296
   General and administrative                                                    1,817             1,793
   Depreciation and amortization                                                   648               597
                                                                            ----------        ----------
       Total operating costs and expenses                                        5,683             4,919
                                                                            ----------        ----------

Earnings from Operations                                                         1,698             1,973
   Interest expense                                                              (527)             (461)
   Other income, net                                                                58                23
                                                                            ----------        ----------
Earnings before Income Taxes and Minority Interest                               1,229             1,535
   Provision for income taxes                                                      466               618
                                                                            ----------        ----------
Earnings before Minority Interest                                                  763               917
   Minority interest in subsidiary (earnings) losses                               (8)                 8
                                                                            ----------        ----------
Net Earnings                                                              $        755      $        925
                                                                            ==========        ==========


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

See notes to condensed consolidated financial statements.

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                                      -4-
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CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited)
(Dollar amounts in thousands)
-------------------------------------------------------------------------------------------------------------

                                                                       For The Three Months Ended March 31,
                                                                               2003              2002
                                                                               ----              ----



   Net Earnings                                                           $        755      $        925
   Foreign currency translation adjustments                                        555               289
   Change in fair value of interest rate swaps, net of income taxes                 31                86
                                                                            ----------        ----------
   Comprehensive Earnings                                                 $      1,341      $      1,300
                                                                            ==========        ==========


See notes to condensed consolidated financial statements.

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                                      -5-
                                     <PAGE>

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

                                                                        For The Three Months Ended March 31,
                                                                               2003             2002
                                                                               ----             ----

Cash Flows from Operating Activities:
    Net earnings                                                          $        755      $        925
    Adjustments to reconcile net earnings to net cash provided by
      operating activities
       Depreciation                                                                648               597
       Amortization of deferred financing costs                                     28                16
       Deferred tax expense                                                         16                 3
       Minority interest in subsidiary earnings (losses)                             8               (8)
       Other                                                                         3              (31)

       Changes in operating assets and liabilities
         Receivables                                                                16              (21)
         Prepaid expenses and other assets                                          19                47
         Accounts payable and accrued liabilities                                (442)             (338)
         Accrued payroll                                                         (710)                 -
         Taxes payable                                                             468                 -
                                                                             ---------         ---------
         Net cash provided by operating activities                                 809             1,190
                                                                             ---------         ---------
Cash Flows from Investing Activities:
    Purchases of property and equipment                                          (874)             (959)
    Acquisition of subsidiary, net of cash acquired                              (918)                 -
    Restricted cash (increase) decrease                                              3              (19)
                                                                             ---------         ---------


         Net cash used in investing activities                                 (1,789)             (978)
                                                                             ---------         ---------



                                   (continued)

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                                      -6-
                                     <PAGE>

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

                                                                       For the Three Months Ended March 31,
                                                                               2003                 2002
                                                                               ----                 ----
Cash Flows from Financing Activities:
   Proceeds from borrowings                                               $      6,999     $       3,425
   Principal repayments                                                        (6,424)           (3,544)
   Proceeds from exercise of options                                                 7                 -
   Purchases of treasury stock                                                    (31)                 -
   Other                                                                             2                 -
                                                                            ----------        ----------
         Net cash provided by (used in) financing activities                       553             (119)
                                                                            ----------        ----------

Effect of exchange rate changes on cash                                            120                38
                                                                            ----------        ----------
Increase (Decrease) in Cash and Cash Equivalents                                 (307)               131

Cash and Cash Equivalents at Beginning of Period                                 4,582             3,031
                                                                            ----------        ----------
Cash and Cash Equivalents at End of Period                                $      4,275     $       3,162
                                                                            ==========        ==========


Supplemental Disclosure of Cash Flow Information:

Interest paid, net of capitalized interest of $10 in 2003 and $15 in 2002 $        568      $        628
                                                                            ==========        ==========
Income taxes paid                                                         $          -      $          -
                                                                            ==========        ==========


See notes to condensed consolidated financial statements.

</TABLE>


                                      -7-
                                     <PAGE>



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

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

     Century  Casinos,  Inc. ("CCI",  the "Company") is an international  gaming
     company.   Wholly-owned   subsidiaries   of  CCI  include  Century  Casinos
     Management,  Inc. ("CCM"),  Century Casinos Nevada,  Inc. ("CCN", a dormant
     subsidiary),   Century   Management  u.   Beteiligungs   GmbH  ("CMB")  and
     WMCK-Venture  Corp.  ("WMCK").  Wholly-owned  subsidiaries  of WMCK include
     WMCK-Acquisition  Corp.  ("ACQ") and Century  Casinos  Cripple Creek,  Inc.
     ("CCC").   Century  Casinos  Africa  (Pty)  Ltd.  ("CCA"),  a  94.8%  owned
     subsidiary  of CCI,  owns  100%  of  Century  Casinos  Caledon  (Pty)  Ltd.
     ("CCAL"),  55% of Century Casinos West Rand (Pty) Ltd.  ("CCWR") and 50% of
     Rhino Resort Ltd.  ("RRL", a dormant  subsidiary).  The Company owns and/or
     manages  casino  operations in the United States,  South Africa,  the Czech
     Republic, and international waters as follows:

          WMCK  owns and  operates  Womacks  Casino  and  Hotel  ("Womacks"),  a
          limited-stakes  gaming casino in Cripple Creek,  Colorado.  Womacks is
          one of the largest gaming facilities in Cripple Creek and is currently
          the core operation of the Company. The facility has 604 slot machines,
          six limited stakes gaming tables, 21 hotel rooms and a restaurant.

          CCA owns and  operates  The  Caledon  Casino,  Hotel and Spa near Cape
          Town,  South  Africa and has a  management  contract  to  operate  the
          casino.  The resort has 275 slot machines and eight gaming  tables,  a
          92-room hotel, mineral hot springs and spa facility, 2 restaurants,  3
          bars, and conference facilities.

          CCM manages  Casino  Millennium  located  within a five-star  hotel in
          Prague,  Czech  Republic.  The Company  and  another  entity have each
          agreed to purchase a 50% ownership  interest in Casino Millennium a.s.
          In  December  2002,  the  Company  paid $236  towards a 10%  ownership
          interest,  which was subject to the  repayment of a CM loan by Strabag
          AG, the Company's  proposed  partner,  which was repaid in April 2003.
          The balance of the  acquisition is expected to be completed in 2003 by
          contributing  assets of the casino  currently owned by the Company and
          certain  pre-operating costs paid by the Company with a combined value
          of $852.

          CCI serves as  concessionaire  of small  casinos on five luxury cruise
          vessels, one of which is temporarily out of service. The Company has a
          total of  approximately  171  gaming  positions  on the four  combined
          shipboard  casinos  currently  in  operation.  On March  28,  2003 the
          Company  entered  into a  casino  concession  agreement  with  Oceania
          Cruises to operate  shipboard  casinos,  with  approximately 66 gaming
          positions  each, on two luxury cruise  ships.  On April 19, 2003,  the
          Company  successfully  opened its casino  aboard the  Insignia,  a 684
          passenger  luxury  cruise  ship  operated  by  Oceania.  The vessel is
          scheduled   to  cruise  to  various   destinations   in  the   western
          Mediterranean  until September 2003 and then resume  operations in May
          2004. The second cruise ship is scheduled to sail on its maiden voyage
          in the third quarter of 2003.

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

                                      -8-
                                     <PAGE>


     During  September  2001,  CCA  entered  into an  agreement  to secure a 50%
     ownership  interest  in Rhino  Resort  Ltd.  ("RRL"),  a  consortium  which
     includes  Silverstar  Development  Ltd.  ("Silverstar").  RRL  submitted an
     application for a proposed  hotel/casino  resort development in that region
     of the greater  Johannesburg area of South Africa known as the West Rand at
     a cost of approximately 400 million Rand ($50.7 million). In November 2001,
     RRL was  awarded  the sixth and final  casino  license  serving the Gauteng
     province in South Africa.  In February  2002,  Tsogo Sun Holdings (Pty) Ltd
     ("Tsogo"),  a  competing  casino,  filed a Review  Application  seeking  to
     overturn  the  license  award by the Gauteng  Gambling  Board  ("GGB").  In
     September  2002,  the High Court of South  Africa  overturned  the  license
     award. In November 2002, and upon the advice of legal counsel,  Silverstar,
     with the support and  agreement  of all other  parties to the  original two
     applications for the West Rand license,  including CCA, made representation
     to the GGB requesting  that the sole remaining  license for the province of
     Gauteng  now  be  awarded  to  Silverstar  pursuant  to its  original  1997
     application.  Notwithstanding  Silverstar's  belief  as to  the  legal  and
     public-policy  framework  that would now justify such an award,  the GGB in
     December 2002 denied Silverstar's  request.  In consequence,  Silverstar on
     March 4, 2003  initiated  legal action against the GGB in the High Court of
     South Africa seeking, inter alia, that the court now compel the authorities
     to award the license to Silverstar.  Due process in terms of such an action
     will likely  result in the matter not being heard by the High Court  before
     the third quarter of 2003.  CCA,  through its  majority-owned  subsidiary -
     Century Casinos West Rand (Pty) Ltd. - remains  contracted to Silverstar by
     a resort management agreement.  Under the circumstances,  the conditions to
     CCA's  previous  funding  commitment  of 50 million Rand to the project are
     rendered  incapable of fulfillment  without specific waiver by CCA, and the
     appropriateness  of any waiver of conditions  will be determined by CCA, at
     such time as CCA believes  sufficient  progress on Silverstar's  efforts is
     achieved.

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

     Certain  reclassifications have been made to the 2002 financial information
     in order to conform to the 2003 presentation.

     The accompanying  condensed  consolidated  financial statements and related
     notes have been prepared in accordance with accounting principles generally
     accepted in the United  States of America for interim  financial  reporting
     and the  instructions  to Form 10-Q and Rule 10-01 of  Regulation  S-X. The
     accompanying  consolidated financial statements include the accounts of CCI
     and  its   majority-owned   subsidiaries.   All  significant   intercompany
     transactions and balances have been eliminated. The financial statements of
     all foreign subsidiaries consolidated herein have been converted to US GAAP
     for financial statement presentation purposes. Accordingly the consolidated
     financial  statements  are  presented in accordance  with US GAAP.  Certain
     information  and  footnote   disclosures  normally  included  in  financial
     statements  prepared in accordance  with  accounting  principles  generally
     accepted in the United States of America,  have been  condensed or omitted.
     In the opinion of management,  all  adjustments  (consisting of only normal
     recurring accruals) considered necessary for fair presentation of financial
     position,  results of operations and cash flows have been  included.  These
     condensed  consolidated  financial statements should be read in conjunction
     with the financial  statements and notes thereto  included in the Company's
     Annual  Report on Form  10-K for the year  ended  December  31,  2002.  The
     results  of  operations  for  the  period  ended  March  31,  2003  are not
     necessarily indicative of the operating results for the full year.


                                      -9-
                                     <PAGE>
2. CHANGE IN ACCOUNTING PRINCIPLES AND RECENTLY ISSUED STANDARDS

     In 2002 the Company adopted Statement of Financial Accounting Standards No.
     148 (SFAS 148),  "Accounting  for Stock-Based  Compensation-Transition  and
     Disclosure"  which  amends the  disclosure  requirements  of  Statement  of
     Financial  Accounting  Standards  No.  123  (SFAS  123),   "Accounting  for
     Stock-Based  Compensation" to require  prominent  disclosure in both annual
     and  interim  financial  statements  about  the  method of  accounting  for
     stock-based  employee  compensation  and the effect of the  method  used on
     reported results.  SFAS 148 also provides alternative methods of transition
     for a voluntary change to fair value based methods of accounting which have
     not been adopted at this time.  SFAS 123  encourages,  but does not require
     companies to record compensation cost for stock-based employee compensation
     plans at fair value.  The  Company  has chosen to account  for  stock-based
     compensation  for employees using the intrinsic value method  prescribed in
     Accounting  Principles Board Opinion No. 25 (APB 25), "Accounting for Stock
     Issued   to   Employees",   and   related   Interpretations.   Accordingly,
     compensation  cost for stock options is measured as the excess,  if any, of
     the quoted  market  price of the  Company's  stock at the date of the grant
     over the amount an employee  must pay to acquire  that  stock.  The Company
     values stock-based compensation granted to non-employees at fair value.

     At March 31, 2003, the Company has one  stock-based  employee  compensation
     plan.  The  Company  accounts  for this  plan  under  the  recognition  and
     measurement  principles  of  Accounting  Principles  Board  Opinion No. 25,
     "Accounting for Stock Issued to Employees", and related interpretations. No
     stock-based  compensation cost is reflected in net earnings, as all options
     granted  under the plan had an exercise  price equal to the market value of
     the underlying  common stock on the date of the grant.  The following table
     illustrates  the  effect  on net  earnings  and  earnings  per share if the
     Company had applied the fair value recognition provisions of FASB Statement
     No. 123, "Accounting for Stock Based Compensation", to stock-based employee
     compensation.


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                                                                        For the three months ended March 31,
                                                                               2003              2002
                                                                               ----              ----

   Net earnings, as reported                                              $        755      $        925
   Deduct: Total stock-based employee  compensation expense
           determined under fair value based method for all
           awards,  net of related tax effects                                       1                 2
                                                                             ---------         ---------
    Pro forma net earnings                                                $        754      $        923
                                                                             =========         =========

   Earnings per share
     Basic               As reported                                      $       0.06      $       0.07
                         Pro forma                                        $       0.06      $       0.07

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



</TABLE>

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

                                      -10-
                                     <PAGE>


3. INCOME TAXES

     The income tax  provisions  are based on estimated  full-year  earnings for
     financial reporting purposes adjusted for permanent differences.  Effective
     with the adoption of SFAS No. 142 "Goodwill and Other Intangible Assets" on
     January 1, 2002, the Company no longer amortizes goodwill,  eliminating the
     majority of permanent differences.


4. EARNINGS PER SHARE

     Basic and diluted  earnings  per share for the three months ended March 31,
     2003 and 2002 were computed as follows:

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                                                                        For the Three Months Ended March 31,
                                                                               2003              2002
                                                                               ----              ----

 Basic Earnings Per Share:
    Net earnings                                                          $        755      $        925
                                                                            ==========        ==========
    Weighted average common shares                                          13,579,411        13,728,784
                                                                            ==========        ==========
    Basic earnings per share                                              $       0.06      $       0.07
                                                                            ==========        ==========
 Diluted Earnings Per Share:
    Net earnings, as reported                                             $        755      $        925
                                                                            ==========        ==========
    Weighted average common shares                                          13,579,411        13,728,784
      Effect of dilutive securities:
          Stock options and warrants                                         1,124,382         1,355,129
                                                                            ----------        ----------
    Dilutive potential common shares                                        14,703,793        15,083,913
                                                                            ==========        ==========
    Diluted earnings per share                                            $       0.05      $       0.06
                                                                            ==========        ==========
    Excluded from computation of diluted earnings per share
       Due to antidilutive effect:
          Options and warrants to purchase common shares                        15,000                 -
          Weighted average exercise price                                 $       2.27      $          -

</TABLE>

                                      -11-
                                     <PAGE>



5. CRIPPLE CREEK, COLORADO

     Womacks  is  nearing   completion  of  its  6,022  square  foot  expansion,
     approximately  half of which is providing  additional  space for gaming and
     the other  half  increasing  the "back of house"  area.  On April 19,  2003
     construction  was  completed  on the  gaming  space  added to  Womacks.  In
     conjunction with the expansion, the main floor of Womacks and the mezzanine
     section were  re-carpeted  and  significant  changes were made to the floor
     layout,  providing our customers  with an attractive  and more  comfortable
     area in which to play.  Altogether  we have added a total of  approximately
     3,000 square feet of gaming area since September of 2002. Most importantly,
     having spanned the alley behind the existing property, Womacks will be able
     to continue building out the casino to the rear of the property on a single
     level at a later date.

     The total construction cost, excluding new slot machines, is expected to be
     $2.0  million,  of which $1.7  million has been spent as of March 31, 2003.
     The project is expected to be completed in the second quarter of 2003.


6. CALEDON, SOUTH AFRICA

     The casino  opened on October  11,  2000 and  currently  operates  275 slot
     machines and 8 gaming tables. In addition to the casino license,  hotel and
     spa,  CCAL  owns  approximately  600  acres of land,  which may be used for
     future expansion.

     In January 2003, CCA purchased the remaining 35% interest in CCAL, becoming
     the sole owner of all of the common  stock of CCAL.  The Company  paid 21.5
     million Rand or $2.6 million,  based on the conversion  rate at January 10,
     2003. In accordance with FASB Statement No. 141,  "Business  Combinations",
     the cost of  acquisition  was  allocated  to the  assets  acquired  and the
     liabilities  assumed based on fair values at the date of  acquisition.  The
     assets  and  liabilities  of CCAL,  which  were  carried  in the  Company's
     consolidated  financial  statements  at the date of  acquisition,  had fair
     values which  approximated their carrying value, with the exception of land
     to which $341 of the acquisition price was allocated. Simultaneous with the
     transaction,  the Hotel Management  Agreement  between CCAL and Fortes King
     Hospitality  (Pty)  Limited  ("FKH")  was  cancelled  and CCA  assumed  the
     management of the hotel.  Financing for the transaction was provided by the
     RCF.

7. PRAGUE, CZECH REPUBLIC

     In January  2000,  the Company  entered into a  memorandum  of agreement to
     either  acquire  a 50%  ownership  interest  in CM or to  form a new  joint
     venture with B.H.  Centrum  a.s.,  which joint venture would acquire all of
     the assets of CM. The Company and Strabag AG have each agreed to purchase a
     50% ownership  interest.  The  documentation  for this transaction has been
     submitted,  as required,  to the Ministry of Finance of the Czech  Republic
     for approval,  which has been  obtained.  The first step in acquiring a 50%
     ownership  interest was taken in December  2002 with the payment of $236 in
     cash. This payment will allow the Company a 10% ownership in CM, subject to
     the  repayment  of a CM loan by Strabag AG,  which has been repaid in April
     2003.  As of March 31, 2003 and December 31, 2002,  the initial  payment of
     $236 is classified in other assets on the  Company's  consolidated  balance
     sheet.  The Company will carry the  investment at cost until such time that
     its  investment  is at least 20%,  but not more that 50%, at which time the
     Company will include its percentage of the equity earnings or loss in CM in
     its  consolidated  balance  sheet,  consolidated  statement of earnings


                                      -12-
                                     <PAGE>

     and consolidated statement of cash flows. The balance of the acquisition is
     expected to be completed in 2003 by  contributing  assets  leased to CM and
     certain  pre-operating  costs paid by the Company with a combined  value of
     $852. Should we acquire a 51% or greater interest in CM, we would expect to
     consolidate  the financial  statements of the subsidiary.  In addition,  we
     will  evaluate the  professional  literature on this matter at the time our
     investment  reaches a 50%  interest,  including  the  requirements  of FASB
     Interpretation No. 46, "Consolidation of Variable Interest Entities".

     In August 2002,  Prague,  Czech  Republic  experienced a devastating  flood
     throughout  the city.  Although  the  Casino  Millennium  property  was not
     damaged,  public  access  to the city in the  vicinity  of the  casino  was
     severely  limited and has negatively  affected and will likely  continue to
     negatively  affect  the  casino  operation.  Effective  September  1, 2002,
     management fees and interest due to the Company will not be accrued until a
     certainty of cash flow is attained for Casino  Millennium.  Management  fee
     income for the three  months  ended March 31, 2003 and 2002 was $0 and $60,
     respectively.


8. LONG-TERM DEBT

     The principal balance outstanding under the Wells Fargo Bank Revolving Line
     of Credit  Facility  ("RCF") as of March 31, 2003 was  $13,702  compared to
     $11,500 at December  31,  2002.  The amount  available  under the RCF as of
     March 31, 2003 was  $11,575,  net of amounts  outstanding  as of that date,
     compared to $14,500 at  December  31,  2002.  The loan  agreement  includes
     certain  restrictive  covenants on financial ratios of WMCK. The Company is
     in compliance  with the covenants as of March 31, 2003.  Interest  rates at
     March 31,  2003  were  4.25%  for  $2,202  outstanding  under  prime  based
     provisions of the loan  agreement and 3.59% for $11,500  outstanding  under
     LIBOR based provisions of the loan agreement.

     The fair value of the Company's  interest rate swap derivatives as of March
     31, 2003 and December 31, 2002 of $738 and $788, respectively,  is reported
     as a liability  in the  consolidated  balance  sheets.  The net gain on the
     interest  rate swaps of $31, net of deferred  income tax expense of $19 for
     the first  three  months of 2003 has been  reported  in  accumulated  other
     comprehensive loss in the shareholders'  equity section of the accompanying
     March  31,  2003  condensed  consolidated  balance  sheet.  Net  additional
     interest expense to the Company under the swap agreements was $142 and $128
     for the three months ended March 31, 2003 and 2002, respectively. Including
     the  impact of the swaps and the  amortization  of the  deferred  financing
     cost,  the  effective  rate on the  borrowings  under the RCF was 9.13% and
     9.56% for the three months ended March 31, 2003 and 2002, respectively.

                                      -13-
                                     <PAGE>


     In April 2000,  CCAL entered into a loan agreement with PSG Investment Bank
     Limited  ("PSGIB"),  which provided for a principal  loan of  approximately
     $6,016 to fund development of the Caledon project.  The outstanding balance
     and interest rate as of March 31, 2003 and December 31, 2002 was $4,294 and
     $4,179 (based on the exchange  rate as of December 31, 2002),  respectively
     and 17.05% in both years. The outstanding  balance and interest rate on the
     standby  facility with PSGIB as of March 31, 2003 and December 31, 2002 was
     $429 and  $418  (based  on the  exchange  rate as of  December  31,  2002),
     respectively  and  15.1% in both  years.  Under the  original  terms of the
     agreement CCAL made its first principal  payment in December 2001, based on
     a repayment schedule that required semi-annual installments continuing over
     a  five-year  period.  On March 26,  2002 CCAL and  PSGIB  entered  into an
     amended agreement that changed the repayment  schedule to require quarterly
     installments  beginning on March 31, 2002 and continuing over the remaining
     term of the original  five-year  agreement.  The amendment also changed the
     requirements for the sinking fund. The original  agreement required CCAL to
     have  on  deposit  a  "sinking  fund"  in the  amount  equal  to  the  next
     semi-annual  principal and interest payment.  The amended agreement changes
     the periodic  payments from semi-annual to quarterly and requires a minimum
     deposit in the  sinking  fund  equal to four  million  Rand  (approximately
     $507). In addition,  one third of the next quarterly principal and interest
     payment  must be  deposited on the last day of each month into the fund and
     used for the  next  quarterly  installment.  The  loan  agreement  includes
     certain  restrictive  covenants for CCAL.  CCAL is in  compliance  with the
     covenants  as of March 31, 2003.  PSGIB was recently  acquired by ABSA Bank
     (ABSA).  There  have  been no  changes  in the terms or  conditions  of the
     current loan, as amended, with PSGIB.

     An unsecured note payable, in the amount of $380, to a founding shareholder
     bears interest at 6%, payable  quarterly.  The note holder,  at his option,
     may elect to receive any or all of the unpaid principal by notifying CCI on
     or before April 1 of any year. Payment of the principal amount so specified
     would be required by the  Company on or before  January 1 of the  following
     year.  The entire  outstanding  principal is  otherwise  due and payable on
     April 1, 2004.  Accordingly,  the note is  classified  as noncurrent in the
     accompanying condensed consolidated balance sheets as of March 31, 2003 and
     December 31, 2002.

     The  remaining  amount  of $378 in debt,  as of March  31,  2003,  consists
     primarily of capital leases totaling $374.

     The  consolidated  weighted  average  interest rate on all  borrowings  was
     10.63% and  10.23%  for the three  months  ended  March 31,  2003 and 2002,
     respectively.

9. SHAREHOLDERS' EQUITY

     During the first quarter of 2003, the Company  repurchased 14,900 shares of
     its common stock on the open market at an average per share price of $2.09.
     The Company  re-issued 10,000 shares of treasury stock in January 2003 when
     one of its outside directors  exercised his options.  As of March 31, 2003,
     the Company held 909,812  shares in treasury at an average  price per share
     of $1.98.  Subsequent  to March 31,  2003,  the  Company  purchased  35,700
     additional  shares of its common stock on the open market at an average per
     share price of $2.28.

                                      -14-
                                     <PAGE>


     Subsequent to March 31, 2003, in conjunction with his resignation (see Item
     6.(b) Reports on Form 8-K) and in accordance with the Company's  Employees'
     Equity Incentive Plan ("EEIP"),  a director elected to exercise all 618,000
     of his  outstanding  options,  carrying an average  strike price of $1.306,
     such shares to be issued out of  treasury,  and will pay for the options by
     transferring  357,080 shares of  outstanding  stock that he has owned since
     1994 to the Company at a per share price of $2.26  established at the close
     of the market on April 16, 2003. Additionally,  the Company has accepted an
     offer to repurchase 132,184 shares from the director at the per share price
     of $2.26. The net effect of these  transactions  will be to reduce treasury
     shares by 128,736 and increase the outstanding shares by 128,736.

     In connection  with the granting of a gaming license to CCAL by the Western
     Cape  Gambling and Racing  Board in April 2000,  CCAL issued a total of 200
     preference  shares,  100 shares each to two minority  shareholders  each of
     whom have one seat on the board of directors  of CCAL,  neither of whom are
     officers,  directors or affiliates of Century Casinos,  Inc. The preference
     shares are not cumulative,  nor are they redeemable.  The preference shares
     entitle  the holders of said shares to  dividends  of 20% of the  after-tax
     profits  directly  attributable  to the CCAL  casino  business  subject  to
     working  capital  and  capital  expenditure   requirements  and  CCAL  loan
     obligations and liabilities as determined by the directors of CCAL.  Should
     the  casino  business  be  sold  or  otherwise  dissolved,  the  preference
     shareholders  are entitled to 20% of any surplus  directly  attributable to
     the CCAL casino business,  net of all liabilities  attributable to the CCAL
     casino  business.  As of March 31, 2003,  no dividend has been declared for
     the preference shareholders.



                                      -15-
                                     <PAGE>


10. SEGMENT INFORMATION

     The Company has adopted FASB Statement No. 131 " Disclosures about Segments
     of an Enterprise and Related  Information".  The Company is managed in four
     segments;  Colorado,  South Africa, Cruise Ships, and Corporate operations.
     The  operating  results of the Colorado  segment are those of  WMCK-Venture
     Corp. and  subsidiaries  which own Womacks Hotel and Casino  ("Womacks") in
     Cripple Creek, Colorado. The operating results of the South African segment
     are those of Century  Casinos  Africa (Pty)  Limited and its  subsidiaries,
     primarily  Century  Casinos  Caledon  (Pty)  Limited which owns the Caledon
     Casino, Hotel and Spa.

     Corporate  operations  include the revenue and expense of certain corporate
     gaming  projects  for which the Company has  secured  long term  management
     contracts.

     Earnings before interest,  taxes, depreciation and amortization (EBITDA) is
     not  considered  a  measure  of  performance  recognized  as an  accounting
     principle  generally  accepted in the United States of America.  Management
     believes  that  EBITDA is a valuable  measure of the  relative  performance
     amongst its operating segments. The gaming industry commonly uses EBITDA as
     a method of arriving at the  economic  value of a casino  operation.  It is
     also  used by our  lending  institutions  to gauge  operating  performance.
     Management  uses EBITDA to compare the relative  operating  performance  of
     separate  operating units by eliminating the interest  expense,  income tax
     expense,  and  depreciation and  amortization  expense  associated with the
     varying  levels of capital  expenditures  for  infrastructure  required  to
     generate  revenue,  and the  oftentimes  high  cost of  acquiring  existing
     operations.

     Segment  information  as of, and for the three  months ended March 31, 2003
     and 2002 is presented below.

                                      -16-
                                     <PAGE>
<TABLE>

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

================================ ========================== =========================== =============================
                                         Colorado                  South Africa                 Cruise Ships
================================ ========================== =========================== =============================
As of and for the Three Months       2003         2002          2003          2002          2003           2002
        Ended March 31,
================================ ============= ============ ============= ============= ============== ==============
Property and equipment, net        $   21,671   $   19,556   $    11,977   $     8,705   $        212   $        235
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Total assets                       $   32,448   $   30,419   $    16,459   $    11,864   $        418   $        416
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Operating revenue                  $    5,614   $    6,123   $     2,518   $     1,641   $        330   $        105
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Promotional allowances             $    (970)   $    (930)   $     (111)   $     (107)   $          -   $          -
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Net operating revenue              $    4,644   $    5,193   $     2,407   $     1,534   $        330   $        105
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Operating expenses (excluding
depreciation and amortization)     $    2,775   $    2,825   $     1,710   $     1,100   $        214   $         96
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Depreciation & amortization        $      352   $      343   $       239   $       187   $         15   $         13
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Earnings from operations           $    1,517   $    2,025   $       458   $       247   $        101   $        (4)
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Interest  income                   $        3   $        4   $        53   $        16   $          -   $          -
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Interest expense,
including debt issuance cost       $      370   $      344   $       236   $       196   $          -   $          -
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Other income, net                  $        -   $        -   $         -   $         -   $          -   $          -
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Earnings (loss) before income
taxes and minority interest        $    1,150   $    1,685   $       275   $        67   $        101   $        (4)
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Income tax expense(benefit)        $      437   $      775   $       111   $        50             30   $        (1)
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Minority interest expense
(benefit)                          $        -   $        -   $         8   $       (8)   $          -   $          -
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Net earnings (loss)                $      713   $      910   $       156   $        25   $         71   $        (3)
=====================================================================================================================



=====================================================================================================================
Reconciliation to EBITDA:
================================ ==== ===============================================================================
Net earnings (loss) (US GAAP)      $      713   $      910   $       156   $        25   $         71   $        (3)
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Interest income                    $      (3)   $      (4)   $      (53)   $      (16)   $          -   $          -
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Interest expense                   $      370   $      344   $       236   $       196   $          -   $          -
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Income taxes                       $      437   $      775   $       111   $        50   $         30   $        (1)
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Depreciation & amortization        $      352   $      343   $       239   $       187   $         15   $         13
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
EBITDA                             $    1,869   $    2,368   $       689   $       442   $        116   $          9
=====================================================================================================================

</TABLE>

                                      -17-
                                     <PAGE>



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

================================ ========================== =========================== =============================
                                    Corporate and Other     Inter-segment Elimination           Consolidated
================================ ========================== =========================== =============================
As of and for the Three Months       2003         2002          2003          2002          2003           2002
        Ended March 31,
================================ ============= ============ ============= ============= ============== ==============
Property and equipment, net        $    1,156   $    1,708   $         -   $         -   $     35,016   $     30,204
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Total assets                       $    2,726   $    3,065   $         -   $         -   $     52,051   $     45,764
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Operating revenue                  $        -   $       60   $         -   $         -   $      8,462   $      7,929
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Promotional allowances             $        -   $        -   $         -   $         -   $    (1,081)   $    (1,037)
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Net operating revenue              $        -   $       60   $         -   $         -   $      7,381   $      6,892
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Operating expenses (excluding
depreciation and amortization)     $      336   $      301   $         -   $         -   $      5,035   $      4,322
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Depreciation & amortization        $       42   $       54   $         -   $         -   $        648   $        597
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Earnings from operations           $    (378)   $    (295)   $         -   $         -   $      1,698   $      1,973
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Interest  income                   $       86   $       88   $      (85)   $      (85)   $         57   $         23
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Interest expense,
including debt issuance cost       $        6   $        6   $      (85)   $      (85)   $        527   $        461
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Other income, net                  $        1   $        -   $         -   $         -   $          1   $          -
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Earnings (loss) before income
taxes and minority interest        $    (297)   $    (213)   $         -   $         -   $      1,229   $      1,535
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Income tax expense(benefit)        $    (112)   $    (206)   $         -   $         -   $        466   $        618
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Minority interest expense
(benefit)                          $        -   $        -   $         -   $         -   $          8            (8)
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Net earnings (loss)                $    (185)   $      (7)   $         -   $         -   $        755   $        925
=====================================================================================================================



=====================================================================================================================
Reconciliation to EBITDA
================================ ==== ===============================================================================
Net earnings (loss) (USGAAP)       $    (185)   $      (7)   $         -   $         -   $        755   $        925
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Interest income                    $     (86)   $     (88)   $        85   $        85   $       (57)   $       (23)
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Interest expense                   $        6   $        6   $      (85)   $      (85)   $        527   $        461
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Income taxes                       $    (112)   $    (206)   $         -   $         -   $        466   $        618
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
Depreciation & amortization        $       42   $       54   $         -   $         -   $        648   $        597
================================ ==== ======== === ======== === ========= === ========= === ========== === ==========
EBITDA                             $    (335)   $    (241)   $         -   $         -   $      2,339   $      2,578
=====================================================================================================================
</TABLE>


                                      -18-
                                     <PAGE>



11. OTHER INCOME, NET

     Other income, net, consists of the following:

                                            For the Three Months Ended March 31,
                                                     2003            2002
                                                     ----            ----

        Interest income                      $         57     $         23
        Foreign currency exchange gains                 1                -
                                                ----------       ----------
                                             $         58     $         23
                                                ==========       ==========

12. PROMOTIONAL ALLOWANCES


     Promotional allowances presented in the condensed consolidated statement of
     earnings for the period ended March 31, 2003 and March 31, 2002 include the
     following:


                                            For the Three Months Ended March 31,
                                                   2003              2002
                                                   ----              ----

        Food & Beverage and Hotel Comps      $        327     $        325
        Free Plays or Coupons                         401     $        382
        Player Points                                 353     $        330
                                                ----------        ---------
        Total Promotional Allowances         $      1,081     $      1,037
                                                ==========      ===========

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

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


                                      -19-
                                     <PAGE>



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

Forward-Looking Statements, Business Environment and Risk Factors

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

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

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

                                      -20-
                                     <PAGE>


Results of Operations

Three Months Ended March 31, 2003 vs. 2002

Colorado

The operating  results of the Colorado  segment are those of WMCK-Venture  Corp.
and  subsidiaries  which own  Womacks  Hotel and Casino  ("Womacks")  in Cripple
Creek, Colorado. Womacks' results of operations for the quarters ended March 31,
2003 and 2002 are as follows:

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

                                                    For the three months ended March 31,     Increase     % of
                                                                                            (Decrease)      Change
                                                       2003                 2002
                                                       ----                 ----
Operating Revenue
     Casino                                      $            5,293  $             5,825   $       (532)       -9.1%
     Hotel, food and beverage                                   296                  269              27       10.0%
     Other                                                       25                   29             (4)      -13.8%
                                                    ----------------    -----------------
                                                              5,614                6,123
Less promotional allowances                                   (970)                (930)              40        4.3%
                                                    ----------------    -----------------
Net operating revenue                                         4,644                5,193           (549)      -10.6%
                                                    ----------------    -----------------

Costs and Expenses
     Casino                                                   1,641                1,644             (3)       -0.2%
     Hotel, food and beverage                                    69                   57              12       21.1%
     General and administrative                               1,065                1,124            (59)       -5.2%
     Depreciation and amortization                              352                  343               9        2.6%
                                                    ----------------    -----------------
                                                              3,127                3,168
                                                    ----------------    -----------------
Earnings from operations                                      1,517                2,025           (508)      -25.1%
Interest expense                                              (370)                (344)            (26)        7.6%
Other income, net                                                 3                    4              -1      -25.0%
                                                    ----------------    -----------------
Earnings before income taxes                                  1,150                1,685           (535)      -31.8%
Income tax expense                                              437                  775           (338)      -43.6%
                                                    ----------------    -----------------
Net Earnings                                     $              713  $               910   $       (197)      -21.6%
                                                    ================    =================

</TABLE>

Overall operating results were impacted by the casino results detailed below.

                                      -21-
                                     <PAGE>



Casino Margin and Market Data

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

     ------------------------------------------------------ ------------------- -------------------- ------------
     For the three months ended March 31,                          2003                2002           % Change
     ------------------------------------------------------ ------------------- -------------------- ------------
     Casino revenue                                            $         5,293     $          5,825        -9.1%
     Casino promotional allowances                             $           713     $            688         3.6%
     Casino revenue, net                                       $         4,580     $          5,137       -10.8%
     Casino expense                                            $         1,641     $          1,644        -0.2%
     Casino margin                                             $         2,939     $          3,493       -15.9%
     Casino margin as a % of casino revenue, net                         64.2%                68.0%
     Market share of the Cripple Creek  market                          16.14%               17.47%
     Average number of slot machines                                       666                  612
     Market share of Cripple Creek gaming devices                       15.70%               14.76%
     Average slot machine win per day                               87 dollars          104 dollars
     Cripple Creek average slot machine win per day                 85 dollars           87 dollars

</TABLE>

     When comparing 2003 to 2002, continued distractions from major construction
     in the casino, limited access to the casino from the adjoining parking lot,
     and poor weather  conditions,  particularly  in March 2003,  had an adverse
     effect on casino revenue and overall operating results.  The casino is also
     feeling the impact of the covered  parking  garages  provided by two of its
     competitors,  even more so in conjunction with the inclement weather. There
     is not enough  history at this time for  management to determine the impact
     of these garages on the casino over the course of a full year.

     Subsequent to March 31, 2003,  Womacks has made significant  changes to the
     casino floor layout and reduced the number of slot machines to 604.

     During the three months ended March 31, 2003, Womacks leased  approximately
     48 slot machines from  manufacturers on which it pays a fee calculated as a
     percentage  of the net win.  All of the leases  have short term  commitment
     periods not exceeding three months and are classified as operating  leases.
     The leases can be cancelled with no more than 30 days written notice.  On a
     portion of the leases, the manufacturer is guaranteed a minimum fee per day
     that can range from 15 dollars to 35 dollars for the duration of the lease.
     In most  instances,  the  branded  games that are being  introduced  to the
     market are not available for purchase.  For financial  reporting  purposes,
     the net win on the slot  machines is included in our revenue and the amount
     due to the  manufacturer  is recorded as an expense,  in the period  during
     which the revenue is earned, as casino operating cost. Management makes its
     decisions to introduce  these machines based on the consumer demand for the
     product.  The amount paid under these  agreements  was $117 and $48 for the
     quarters ended March 31, 2003 and 2002 respectively.

     Management  continues to focus on the  marketing of the casino  through the
     expansion  of the  successful  Gold  Club.  Management  continues  to place
     emphasis on further  refining the product mix,  upgrading both the interior
     of the facilities, as well as the slot machine mix.

                                      -22-
                                     <PAGE>


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

Hotel, Food and Beverage Margin

     -------------------------------------------------------- ------------------- -------------------- ------------
     For the three months ended March 31,                             2003                2002           % Change
     -------------------------------------------------------- ------------------- -------------------- ------------
     Hotel, food and beverage revenue                            $           296     $            269        10.0%
     Hotel, food and beverage expense                            $            69     $             57        21.1%
     Hotel, food and beverage margin                             $           227     $            212         7.1%
     Hotel, food and beverage margin as % of hotel, food
     and beverage revenue                                                  76.7%                78.8%

</TABLE>

     Hotel revenue,  included in Hotel, food and beverage revenue,  increased by
     16.4%,  as a result of introducing 3 additional  luxury rooms at the end of
     the  first  quarter  of 2002.  All of the  revenue  generated  by the hotel
     operations  is derived  from comps to better  players  and is  included  in
     promotional allowances.

     In the first quarter of 2003, the Gold Mine restaurant was closed and Bob's
     Grill was expanded in order to provide  better  service on the gaming floor
     and  improve  accessibility.  The  cost of food  and  beverage  promotional
     allowances,  which are included in casino costs,  decreased to $217 in 2003
     from $224 in 2002.

Other

     Interest expense,  including debt issuance cost,  increased to $370 in 2003
     from  $344 in 2002.  Since  the  second  quarter  of 2000 the  Company  has
     borrowed a total of $9.5 million under the RCF to fund its  investments  in
     South Africa.  The interest on the  investments has resulted in a charge of
     approximately  $256 and $180 to the Company's  Colorado  operations for the
     first  three  months  of  the  years  2003  and  2002,  respectively.   The
     weighted-average  interest rate on the borrowings under the RCF,  including
     effects of the swap agreements,  has marginally  decreased to 9.13% in 2003
     from 9.56% in 2002.

     The Colorado segment  recognized  income tax expense of $437 in 2003 versus
     $775 in 2002,  principally  the result of a  decrease  in  earnings  before
     income taxes.


                                      -23-
                                     <PAGE>



South Africa

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

     Improvement  in the Rand versus the dollar when comparing the first quarter
     of last year to the current year has had a positive  impact on the reported
     revenues and a negative impact on expenses.

     Operational results in US dollars for the three months ended March 31, 2003
     and 2002 are as follows: (See next page for results in Rand)

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

                                                    For the three months ended March 31,      Increase         % of
                                                                                             (Decrease)       Change
                                                      2003                  2002
                                                      ----                  ----
Operating Revenue
     Casino                                      $            1,904  $             1,281   $         623       48.6%
     Hotel, food and beverage                                   525                  303             222       73.3%
     Other                                                       89                   57              32       56.1%
                                                    ----------------    -----------------
                                                              2,518                1,641
Less promotional allowances                                   (111)                (107)               4        3.7%
                                                    ----------------    -----------------
Net operating revenue                                         2,407                1,534             873       56.9%
                                                    ----------------    -----------------

Costs and Expenses
     Casino                                                     794                  493             301       61.1%
     Hotel, food and beverage                                   500                  239             261      109.2%
     General and administrative                                 416                  368              48       13.0%
     Depreciation and amortization                              239                  187              52       27.8%
                                                    ----------------    -----------------
                                                              1,949                1,287
                                                    ----------------    -----------------
Earnings from operations                                        458                  247             211       85.4%
Interest expense                                              (236)                (196)            (40)       20.4%
Other income, net                                                53                   16              37      231.3%
                                                    ----------------    -----------------
Earnings before income taxes                                    275                   67             208      310.4%
Income tax expense                                              111                   50              61      122.0%
Minority interest expense (benefit)                               8                  (8)              16      200.0%
                                                    ----------------    -----------------
Net Earnings                                     $              156  $                25   $         131      524.0%
                                                    ================    =================

Average exchange rate (Rand/USD)                               8.26                11.49                      -28.1%
                                                    ================    =================

  Net Earnings for South Africa                  $              156  $                25
  Non-CCAL (income) expense:
    General & administrative expenses                            86                   35
    Interest Income                                             (8)                  (1)
    Income tax benefit                                         (21)                  (4)
    Minority interest expense (benefit)                           8                  (8)
                                                    ----------------    -----------------
                                                                 65                   22
                                                    ----------------    -----------------
  CCAL Net Earnings                              $              221  $                47
                                                    ================    =================
</TABLE>

                                      -24-
                                     <PAGE>



Operational  results in Rand for the three  months ended March 31, 2003 and 2002
are as follows:

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

                                                    For the three months ended March 31,     Increase         % of
                                                                                            (Decrease)        Change
                                                       2003                 2002
                                                       ----                 ----
Operating Revenue
     Casino                                      R           15,723  R            14,721   R       1,002        6.8%
     Hotel, food and beverage                                 4,324                3,482             842       24.2%
     Other                                                      737                  651              86       13.2%
                                                    ----------------    -----------------
                                                             20,784               18,854
Less promotional allowances                                   (918)              (1,233)           (315)      -25.5%
                                                    ----------------    -----------------
Net operating revenue                                        19,866               17,621           2,245       12.7%
                                                    ----------------    -----------------
Costs and Expenses
     Casino                                                   6,569                5,677             892       15.7%
     Hotel, food and beverage                                 4,135                2,748           1,387       50.5%
     General and administrative                               3,439                4,221           (782)      -18.5%
     Depreciation and amortization                            1,974                2,142           (168)       -7.8%
                                                    ----------------    -----------------
                                                             16,117               14,788
                                                    ----------------    -----------------
 Earnings from operations                                     3,749                2,833             916       32.3%
Interest expense                                            (1,950)              (2,259)           (309)      -13.7%
Other income, net                                               442                  195             247      126.7%
                                                    ----------------    -----------------
 Earnings before income taxes                                 2,241                  769           1,472      191.4%
Income tax expense                                              887                  567             320       56.4%
Minority interest expense (benefit)                              71                 (87)             158      181.6%
                                                    ----------------    -----------------
Net Earnings                                     R            1,283  R               289   R         994      343.9%
                                                    ================    =================


  Net Earnings for South Africa                R              1,283  R               289
  Non-CCAL (income) expense:
    General & administrative expenses                           705                  406
    Interest income                                            (66)                  (7)
    Income tax benefit                                        (191)                 (49)
    Minority interest expense (benefit)                          71                 (87)
                                                    ----------------    -----------------
                                                                519                  263
                                                    ----------------    -----------------
  CCAL Net Earnings                              R            1,802  R               552
                                                    ================    =================

</TABLE>



<PAGE>



Casino Margin (in USD)
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

     ------------------------------------------------------ -------------------- -------------------- ------------
     For the three months ended March 31,                          2003                 2002           % Change
     ------------------------------------------------------ ----- -------------- ----- -------------- ------------
     Casino revenue                                            $          1,904     $          1,281        48.6%
     Casino promotional allowances                             $             41     $             24        70.8%
     Casino revenue, net                                       $          1,863     $          1,257        48.2%
     Casino expense                                            $            794     $            493        61.1%
     Casino margin                                             $          1,069     $            764        39.9%


Casino Margin and Market Data (in Rand)

     ------------------------------------------------------ -------------------- -------------------- ------------
     For the three months ended March 31,                          2003                 2002           % Change
     ------------------------------------------------------ -------------------- -------------------- ------------
     Casino revenue                                            R         15,723     R         14,721         6.8%
     Casino promotional allowances                             R            339     R            276        22.8%
     Casino revenue, net                                       R         15,384     R         14,445         6.5%
     Casino expense                                            R          6,569     R          5,677        15.7%
     Casino margin                                             R          8,815     R          8,768         0.5%
     Casino margin as a % of casino revenue, net                          57.3%                60.7%
     Market share of the Western Cape market                              6.07%                6.93%
     Market share of Western Cape gaming devices                          10.5%                12.3%
     Average number of slot machines                                        275                  250
     Average slot machine win per day                                  597 Rand             576 Rand         3.6%
     Average number of tables                                                 8                   14
     Average table win per day                                       1,702 Rand           1,533 Rand        11.0%

</TABLE>

     The 6.8% increase in the casino  revenue is  attributable  to the increased
     traffic  generated  by an  increasing  number  of  conferences  and the 10%
     increase  in the  number of slots  which  increased  the  potential  of the
     casino.  Subsequent  to the purchase of the remaining 35% interest in CCAL,
     the  Company  is  focused on  marketing  the resort as a unified  property,
     offering  its  guests an array of  amenities  that  complement  the  gaming
     experience. These include a 92-room hotel, a variety of dining experiences,
     and the historic  mineral hot spring & spa.  Operating  costs of the resort
     are now fully  allocated to the various  departments,  giving  management a
     clear picture of each cost center within the resort.


                                      -26-
                                     <PAGE>

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


Hotel, Food and Beverage Margin (in USD)

     -------------------------------------------------------- ------------------- -------------------- ------------
     For the three months ended March 31,                            2003                2002           % Change
          -------------------------------------------------------- ------------------- -------------------- -------
     Hotel, food and beverage revenue                            $           525     $            303        73.3%
     Hotel, food and beverage expense                            $           500     $            239       109.2%
     Hotel, food and beverage margin                             $            25     $             64       -60.9%

     Average exchange rate (Rand/USD)                                       8.26                11.49       -28.1%



Hotel, Food and Beverage Margin (in Rand)

     --------------------------------------------------------- ------------------- -------------------- ------------
     For the three months ended March 31,                             2003                2002           % Change
     --------------------------------------------------------- ------------------- -------------------- ------------
     Hotel, food and beverage revenue                             R         4,324     R          3,482        24.2%
     Hotel, food and beverage expense                             R         4,135     R          2,748        50.5%
     Hotel, food and beverage margin                              R           189     R            734       -74.3%
     Hotel, food and beverage margin as % of food and
     beverage revenue                                                        4.4%                21.1%


</TABLE>

     Food and beverage revenue has increased partially as a result of increasing
     meal  prices  by  approximately  12.5%.  More  focus  has  been  placed  on
     increasing  the number of  conferences  and trade shows held at the resort.
     Accordingly,  marketing has been more focused in this area in an attempt to
     gain additional exposure. A number of repairs in the hotel  infrastructure,
     including  electrical and plumbing,  were undertaken in order to maintain a
     first-rate facility.  Additionally,  inflationary pressures in South Africa
     have driven up base costs such as labor, supplies and utilities. Subsequent
     to  purchase  of the  remaining  35% of CCAL by the  Company on January 10,
     2003,  management  re-evaluated  the  distribution of various shared costs,
     formerly accounted for as general and administrative expense, and concluded
     that  allocating  the costs to the  casino,  hotel,  and food and  beverage
     operations  allowed  management  to better  compare the relative  operating
     performance of the distinct operating units within the resort.


Other

     Interest expense,  including debt issuance cost,  increased to $236 in 2003
     from $196 in 2002 as a result of changes  in the  Rand/USD  exchange  rate.
     Excluding  the effect of changes in the  exchange  rate,  interest  expense
     decreased by 13.7%.  The  weighted-average  interest rate on the borrowings
     under the ABSA loan  agreement  is 16.9% in the first three  months of 2003
     and 2002.  Excluding  the  effect of  fluctuations  in the  exchange  rate,
     interest  expense has  decreased by 13.7% as the  principal  balance of the
     term loans and capitalized leases is repaid.

                                      -27-
                                     <PAGE>



Cruise Ships


     Cruise ships' operational results for the periods ending March 31, 2003 and
     2002 are as follows:

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

                                                 For the three months ended March 31,        Increase     % Change
                                                    2003                 2002               (Decrease)
                                                    ----                 ----
    Operating Revenue
         Casino                               $              323  $               100               223       223.0%
         Other                                                 7                    5                 2        40.0%
                                                 ----------------    -----------------
                                                              330                  105
    Less promotional allowances                                -                    -
                                                 ----------------    -----------------
     Net operating revenue                                    330                  105               225      214.3%
                                                 ----------------    -----------------

    Costs and Expenses
         Casino                                              214                   96               118       122.9%
         Depreciation and amortization                        15                   13                 2        15.4%
                                                 ----------------    -----------------
                                                              229                  109
                                                 ----------------    -----------------
    Earnings (Loss) from operations                           101                  (4)               105     2625.0%
    Other income, net                                          -                    -
                                                 ----------------    -----------------
    Earnings (Loss) before income taxes                      101                  (4)               105      2625.0%
    Income tax expense (benefit)                              30                  (1)                31      3100.0%
                                                 ----------------    -----------------
    Net Earnings (Loss)                       $               71  $               (3)                74      2466.7%
                                                 ================    =================
</TABLE>

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

Casino Margin

     --------------------------------------------------------- ------------------- -------------------- ------------
     For the three months ended March 31,                             2003                2002           % Change
     --------------------------------------------------------- ------------------- -------------------- ------------
     Casino revenues                                              $           323     $            100         223%
     Casino expenses                                              $           214     $             96       122.9%
     Casino margin                                                $           109     $              4      2625.0%
     Casino margin as a % of casino revenue, net                            33.7%                 4.0%

</TABLE>


     In the first quarter of 2003 we operated  casinos on a total of four ships,
     three from  Silverseas  and one on the World of  ResidenSea  compared  to a
     total of three  ships in 2002.  The  casino on the  ResidenSea  opened  for
     business on March 28, 2002.

     Travel on the  cruise  vessels  has  increased  since the  initial  decline
     experienced  following  the  tragic  events  at the World  Trade  Center on
     September 11, 2001. In addition,  we experience severe  fluctuations in the
     revenue  generated on each cruise  depending on the quality of the players.
     This is a condition that we do not control.

     Concession  fees  paid  to  the  ship  operators  in  accordance  with  the
     agreements  accounted for $118 and $6 of the total casino expenses incurred
     in first three months ended March 31, 2003 and 2002, respectively.

                                      -28-
                                     <PAGE>

Corporate & Other

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

                                                 For the three months ended March 31,          Increase   % Change
                                                                                             (Decrease)
                                                    2003                 2002
                                                    ----                 ----
    Operating Revenue
         Other                                                 -                   60              (60)      -100.0%
                                                 ----------------    -----------------
                                                               -                   60
    Less promotional allowances                                -                    -
                                                 ----------------    -----------------
    Net operating revenue                                      -                   60              (60)      -100.0%
                                                 ----------------    -----------------

    Costs and Expenses
        General and administrative                           336                  301                35        11.6%
        Depreciation and amortization                         42                   54              (12)       -22.2%
                                                 ----------------    -----------------
                                                             378                  355
                                                 ----------------    -----------------
    Loss from operations                                   (378)                (295)              (83)       -28.1%
    Interest expense                                         (6)                  (6)                 -           -%
    Other income, net                                         87                   88               (1)        -1.1%
                                                 ----------------    -----------------
    Loss before income taxes                               (297)                (213)              (84)       -39.4%
    Income tax benefit                                     (112)                (206)              (94)       -45.6%
                                                 ----------------    -----------------
    Net Loss                                  $            (185)  $               (7)             (178)     -2542.9%
                                                 ================    =================
</TABLE>

     Net operating  revenues  consisted of management fees earned from operating
     Casino  Millennium  in Prague,  Czech  Republic  and were $0 and $60 in the
     first quarter of 2003 and 2002, respectively.

     Effective  September  1,  2002,  management  fees and  interest  due to the
     Company  from CM will not be  accrued  until a  certainty  of cash  flow is
     attained for Casino Millennium.



                                      -29-
                                     <PAGE>


Liquidity and Capital Resources

     Cash and cash  equivalents  totaled $4,275 plus  restricted cash of $546 at
     March 31,  2003,  and the Company had working  capital of $111.  Additional
     liquidity  may be  provided  by the  Company's  revolving  credit  facility
     ("RCF")  with  Wells  Fargo  Bank,  under  which  the  Company  had a total
     commitment of $26,000  ($25,278 net of the quarterly  reduction) and unused
     borrowing capacity of approximately $11,575 at March 31, 2003.

     For the three  months  ended March 31,  2003,  cash  provided by  operating
     activities was $809 compared with $1,190 in the prior-year  period.  Please
     refer to management's discussion of the results of operation.

     Cash used in investing  activities  of $1,789 for the first three months of
     2003, consisted of: $193 towards the expansion of the Womacks casino at the
     rear of the property that is expected to be completed in the second quarter
     of 2003,  which will provide  additional  gaming space;  $95 for additional
     improvements  to  the  property  in  Caledon,  South  Africa,   principally
     additional capitalized building costs related to the original construction;
     $1,259  towards  the  purchase  of the  remaining  35%  interest in Century
     Casinos  Caledon  (Pty)  Limited,  $918 of which was  applied  against  the
     minority  shareholder  liability  and $341 of which  increased the carrying
     value of the land in Caledon; $79 principally for outfitting one of the two
     new casinos  aboard the luxury  cruise ships  operated by Oceania;  and the
     balance of $163 due to expenditures for other long lived assets.  Cash used
     in  investing  activities  of $978  for the  first  three  months  of 2002,
     consisted  of: a $332 towards the  expansion  of the Womacks  casino at the
     rear of the property;  $67 for additional  improvements  to the property in
     Caledon,  South Africa;  $411  primarily for land  purchased by CCA for the
     proposed casino development in Johannesburg,  South Africa; and the balance
     of $168 due to expenditures for other long lived assets.

     Cash from  financing  activities of $553 for the first three months of 2003
     consisted of net  borrowings of $2.2 million under the RCF with Wells Fargo
     plus $7 in proceeds from the exercise of stock options, less net repayments
     of $274 under the loan agreement with ABSA,  $1.2 million to acquire a loan
     to CCAL held by the minority shareholder, the repurchase of company's stock
     on the open market,  with a cost of $31, and other net  repayments of $149.
     Cash  used in  financing  activities  for the  first  three  months of 2002
     consisted of net  repayments  of $159 under the loan  agreement  with ABSA,
     other net  repayments of $32, less net borrowings of $72 under the RCF with
     Wells Fargo.

     The  Company  entered  into an amended  RCF with Wells Fargo Bank in August
     2002 which provides us with a total commitment of $26,000.  Under the terms
     of the  agreement,  the  maturity  date  of the  borrowing  commitment  was
     extended to August 2007 and the funds  available  under the RCF are reduced
     by $722 each quarter  beginning with the first quarter of 2003. The Company
     has the  flexibility  to use the funds for various  business  projects  and
     investments.

     The Company has a 20-year  agreement with Casino  Millennium  a.s., a Czech
     company,  to operate a casino in the five-star  Marriott  Hotel, in Prague,
     Czech  Republic which began in January 1999. The hotel and casino opened in
     July 1999.  In January  2000,  the Company  entered  into a  memorandum  of
     agreement  with B. H.  Centrum,  a Czech  company  which owns the hotel and
     casino facility,  to acquire the operations of the casino by either a joint
     acquisition  of Casino  Millennium  a.s.  or the  formation  of a new joint
     venture. The transaction, when completed, will result in the Company having
     a 50% equity interest in Casino Millennium.  In December 2002, the Company,
     through  CMB,  paid $236  towards an initial  equity  investment  of 10% in
     Casino Millennium, subject to the repayment of a CM loan to a Czech bank by
     Strabag AG, which has been repaid. The Company expects to contribute gaming
     equipment and certain  pre-operating costs, valued at $852, in exchange for
     the additional 40%

                                      -30-
                                     <PAGE>


     interest in Casino  Millennium.  The balance of the transaction is expected
     to be  completed  in 2003,  subject to certain  contingencies  and contract
     conditions.

     The Company's  Board of Directors has approved a  discretionary  program to
     repurchase up to $5,000 of the  Company's  outstanding  common  stock.  The
     Board  believes  that the  Company's  stock is  undervalued  in the trading
     market in relation to both its present operations and its future prospects.
     During the first  three  months of 2003,  the  Company  repurchased  14,900
     shares of its common stock on the open market.  Through March 31, 2003, the
     Company had  repurchased  2,382,620  shares of its common  stock at a total
     cost of approximately $3,404.  Management expects to continue to review the
     market price of the Company's  stock and repurchase  shares as appropriate,
     with funds coming from existing liquidity or borrowings under the RCF.

     Subsequent to March 31, 2003, in conjunction with his resignation (see Item
     6.(b)  Reports on Form 8-K) and in accordance  with the  Company's  EEIP, a
     director  elected  to  exercise  all  618,000 of his  outstanding  options,
     carrying an average strike price of $1.306, such shares to be issued out of
     treasury,  and will pay for the options by  transferring  357,080 shares of
     outstanding  stock  that he has owned  since  1994 to the  Company at a per
     share  price of $2.26  established  at the close of the market on April 16,
     2003. Additionally, the Company has accepted an offer to repurchase 132,184
     shares from the director at the per share price of $2.26.

     During  September  2001,  CCA  entered  into an  agreement  to secure a 50%
     ownership  interest  in Rhino  Resort  Ltd.  ("RRL"),  a  consortium  which
     includes  Silverstar  Development  Ltd.  ("Silverstar").  RRL  submitted an
     application for a proposed  hotel/casino  resort development in that region
     of the greater  Johannesburg area of South Africa known as the West Rand at
     a cost of approximately 400 million Rand ($50.7 million). In November 2001,
     RRL was  awarded  the sixth and final  casino  license  serving the Gauteng
     province in South Africa.  In February  2002,  Tsogo Sun Holdings (Pty) Ltd
     ("Tsogo"),  a  competing  casino,  filed a Review  Application  seeking  to
     overturn  the  license  award by the Gauteng  Gambling  Board  ("GGB").  In
     September  2002,  the High Court of South  Africa  overturned  the  license
     award.  As a result of these  developments,  the  Company  recorded  a $377
     write-off in September  2002 for all advances  made,  and  pre-construction
     cost incurred,  in conjunction with the Johannesburg  project.  In November
     2002,  and upon the advice of legal counsel,  Silverstar,  with the support
     and agreement of all other parties to the original two applications for the
     West Rand license, including CCA, made representation to the GGB requesting
     that the sole remaining  license for the province of Gauteng now be awarded
     to Silverstar  pursuant to its original 1997  application.  Notwithstanding
     Silverstar's belief as to the legal and public-policy  framework that would
     now justify  such an award,  the GGB in December  2002 denied  Silverstar's
     request. In consequence, Silverstar on March 4, 2003 initiated legal action
     against the GGB in the High Court of South Africa seeking, inter alia, that
     the court now compel the  authorities  to award the license to  Silverstar.
     Due process in terms of such an action will likely result in the matter not
     being  heard by the High  Court  before  the third  quarter  of 2003.  CCA,
     through its  majority-owned  subsidiary  - Century  Casinos West Rand (Pty)
     Ltd. - remains  contracted to Silverstar by a resort management  agreement.
     Under  the   circumstances,   the  conditions  to  CCA's  previous  funding
     commitment  of 50 million  Rand to the project are  rendered  incapable  of
     fulfillment  without specific waiver by CCA, and the appropriateness of any
     waiver  of  conditions  will  be  determined  by CCA,  at such  time as CCA
     believes sufficient progress on Silverstar's efforts is achieved.

                                      -31-
                                     <PAGE>

     In the fourth quarter of 2001, Womacks began a 6,022 square foot expansion.
     Approximately half of the space will provide additional gaming space on the
     street level.  The other half will  increase the "back of house" area.  The
     total  construction  cost is  expected  to be $2.0  million,  of which $1.7
     million has been spent through  March 31, 2003.  The project is expected to
     be completed in the second quarter of 2003.

     In April of 2003 the  Company  signed a  concession  agreement  to  operate
     casinos  aboard  two  luxury  cruises  vessels  operated  by  Oceania.   In
     conjunction  with  the  agreement  the  Company  is  expected  to  disburse
     approximately  $121 in the second quarter of 2003 to finish  outfitting the
     casinos  aboard  the ships  and  provide  the  necessary  working  capital.
     Additionally  the  Company  expects to  disburse  approximately  $31 in the
     second quarter of 2003, $25 in working  capital and $6 in slot machines for
     the casino on the Silverwind which will resume operation in May 2003.

     Management  believes  that the Company's  cash at March 31, 2003,  together
     with expected cash flows from  operations and borrowing  capacity under the
     RCF,  will be  sufficient  to fund its  anticipated  capital  expenditures,
     pursue additional business growth opportunities for the foreseeable future,
     and satisfy its debt repayment obligations.

Critical Accounting Policies

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

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

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

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

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

     SFAS No. 142  addresses  the methods  used to  capitalize,  amortize and to
     assess impairment of intangible  assets,  including goodwill resulting from
     business  combinations  accounted for under the purchase method.  Effective
     with the adoption of SFAS No. 142, the Company no longer amortizes goodwill
     and other  intangible  assets with  indefinite  useful  lives,  principally
     deferred  casino  license costs.  In evaluating  the Company's  capitalized
     casino license cost related to CCAL, which comprises


                                      -32-
                                     <PAGE>

     principally all of its other intangible assets,  management  considered all
     of the criteria set forth in SFAS No. 142 in  determining  its useful life.
     Of particular  significance in that evaluation was the existing  regulatory
     provision for annual renewal of the license at minimal cost and the current
     practice  of the  Western  Cape  Gambling  and Racing  Board  ("Board")  of
     granting such renewals as long as all applicable laws are complied with, as
     well as  compliance  with the original  conditions  of the casino  operator
     license as set forth by the Board.  Among other  things,  the Company  also
     evaluated the following criteria; 1) the high value of the
     assets it has placed in service  and the  significant  barrier  that a high
     initial investment poses to potential competitors,  2) the future potential
     of the resort property, 3) the unique attraction of the resort property, 4)
     the dependence of the hotel and other amenities of the resort property upon
     the casino  operation,  and 5) the intentions of the Company to operate the
     casino indefinitely.  Based on that evaluation,  the Company has deemed the
     casino  license  costs to have an  indefinite  life as of  January 1, 2002.
     Included  in  assets  at  March  31,  2003  is   unamortized   goodwill  of
     approximately  $7,957 and unamortized casino license costs of approximately
     $1,410.  The Company will continue to assess goodwill and other intangibles
     for impairment at least annually.

     Impairment of Long-Lived Assets - The Company reviews long-lived assets for
     possible  impairment  whenever  events or  circumstances  indicate that the
     carrying  amount  of an  asset  may  not be  recoverable.  If  there  is an
     indication  of  impairment,  which is estimated as the  difference  between
     anticipated undiscounted future cash flows and carrying value, the carrying
     amount of the asset is written down to its estimated fair value by a charge
     to  operations.  Fair  value is  estimated  based on the  present  value of
     estimated  future cash flows using a discount  rate  commensurate  with the
     risk involved. Estimates of future cash flows are inherently subjective and
     are based on management's  best  assessment of expected future  conditions.
     During 2001 FASB issued SFAS No. 144,  "Accounting  for the  Impairment  or
     Disposal  of  Long-Lived  Assets"  which  is  effective  for  fiscal  years
     beginning  after December 15, 2001.  SFAS No. 144  supersedes  SFAS No. 121
     "Accounting  for the  Impairment  of Long-Lived  Assets and for  Long-Lived
     Assets  to Be  Disposed  Of".  While  SFAS  No.  144  retains  many  of the
     provisions of SFAS No. 121 it provides  guidance on estimating  future cash
     flows to test recoverability,  among other things. The adoption of SFAS No.
     144 did not have a material impact on the Company's financial statements.

     The carrying  value of the  non-operating  property  held for sale in Wells
     Nevada, is subject to periodic evaluation. The property has been listed for
     sale since April 1998.  In 2001 we  attempted  to reach  agreement  with an
     interested  third-party  that would have recouped our investment  through a
     long-term lease agreement that contained a purchase  option,  which enabled
     us to conclude that the carrying value was still  reasonable.  We could not
     reach an agreement and, as the result of no further  activity,  reduced the
     value of the property to its estimated fair value in 2002, which heretofore
     was supported by an independent appraisal performed in January 2000.

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


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


                                      -33-
                                     <PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

     We are  exposed to market risk  principally  related to changes in interest
     rates and foreign currency exchange rates. To mitigate some of these risks,
     we utilize derivative financial instruments to hedge these exposures. We do
     not  use  derivative  financial  instruments  for  speculative  or  trading
     purposes. All of the potential changes noted below are based on information
     available at March 31, 2003. Actual results may differ materially.

Interest Rate Sensitivity

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

     In order to minimize  the risk of  increases in the prime rate or LIBOR the
     Company has entered into two  interest-rate  swap  agreements on a total of
     $11.5 million  notional amount of debt. In 1998, the Company entered into a
     five-year  interest rate swap agreement which matures on October 1, 2003 on
     $7.5  million  notional  amount of debt under the RCF,  whereby the Company
     pays a LIBOR-based fixed rate of 5.55% and receives a LIBOR-based  floating
     rate reset quarterly based on a three-month  rate. In May 2000, the Company
     entered into a second five-year  interest rate swap agreement which matures
     on July 1, 2005 on $4.0  million  notional  amount  of debt  under the RCF,
     whereby the Company pays a  LIBOR-based  fixed rate of 7.95% and receives a
     LIBOR-based  floating rate reset  quarterly  based on a  three-month  rate.
     Generally,  the swap  arrangement  is  advantageous  to the  Company to the
     extent that interest  rates increase in the future and  disadvantageous  to
     the extent that they  decrease.  Therefore,  by entering  into the interest
     rate swap  agreements,  we have a cash flow risk when interest  rates drop.
     For example,  for each  hypothetical 100 basis points decrease in the three
     month  LIBOR  rate  below  the  fixed  rate  paid by the  Company  less the
     applicable  margin results in an increased use of $115 in cash on an annual
     basis.

Foreign Currency Exchange Risk

     The majority of our revenue, expense, and capital purchasing activities are
     transacted in U.S. dollars.  However, since a portion of our operations are
     conducted  outside  of the  U.S.,  we  enter  into  transactions  in  other
     currencies, primarily the South African Rand.

     Fluctuations  in the Rand affect the value of the  Company's  investment in
     The Caledon Casino, Hotel and Spa. A hypothetical devaluation of 10% in the
     dollar vs. the Rand based on the  exchange  rate as of March 31, 2003 would
     reduce the value of the Company's investment by approximately $1.3 million.



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

                                      -34-
                                     <PAGE>






CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 4. CONTROLS AND PROCEDURES
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

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

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



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

                                      -35-
                                     <PAGE>


                                     PART II
OTHER INFORMATION

Item 1. - Legal Proceedings

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

Items 2 to 5 - None

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

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

          10.127 Waiver and Release  Agreement by and between  Century  Casinos,
               Inc. and James D. Forbes (director) dated May 01, 2003.

          10.128 Agreement of Termination of Management Agreement  Incorporating
               New Consulting  Agreement by and between  Century Casinos Inc and
               Respond Limited dated May 01, 2003.

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

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

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

     (b)  Reports on Form 8-K:

               On April 30,  2003,  the  Registrant  filed a Report on Form 8-K,
               reporting that PriceWaterhouseCoopers Inc replaced Grant Thornton
               Kessel Feinsten, a member firm of Grant Thornton,  International,
               as  the   independent   accountant  for  Century  Casinos  Africa
               (Proprietary) Limited.

               On May 01,  2003,  the  Registrant  filed a Report  on Form  8-K,
               reporting that James D. Forbes  resigned as a director of Century
               Casinos Inc., without disagreement, effective May 1, 2003.

               On May 08,  2003 the  Registrant  filed a Current  Report on Form
               8-K/A in which it amended the  disclosures  on Item 4 of Form 8-K
               filed on April 30, 2003.

SIGNATURES:

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

CENTURY CASINOS, INC.

/s/  Larry Hannappel
---------------------------
Larry Hannappel
Chief Accounting Officer and duly authorized officer
Date: May 9, 2003

                                      -36-
                                     <PAGE>



                                  CERTIFICATION

I, Erwin Haitzmann,  Chief Executive  Officer of Century  Casinos,  Inc. certify
that:

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

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

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

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

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

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

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

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

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

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

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


Date: May 9, 2003
/s/  Erwin Haitzmann
---------------------
Erwin Haitzmann
Chairman of the Board and Chief Executive Officer

                                      -37-
                                     <PAGE>



                                  CERTIFICATION

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

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

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

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

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

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

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

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

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

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

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

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

Date: May 9, 2003
/s/  Peter Hoetzinger
---------------------
Peter Hoetzinger
Vice-Chairman and President


                                      -38-
                                     <PAGE>


                                  CERTIFICATION

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

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

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

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

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

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

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

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

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

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

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

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

Date: May 9, 2003

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


                                      -39-
                                     <PAGE>