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

          ___X___ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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,  13,660,500  shares  outstanding as of August 4,
2003.

                                       1
                                     <PAGE>



                              CENTURY CASINOS, INC.
                                    FORM 10-Q
                                      INDEX
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                                                                                     Page
PART I   FINANCIAL INFORMATION                                                      Number

Item 1.  Condensed Consolidated Financial Statements (unaudited)
           Condensed Consolidated Balance Sheets as of June 30, 2003
           and December 31, 2002                                                      3

           Condensed Consolidated Statements of Earnings
           for the Three Months Ended June 30, 2003 and 2002                          4

           Condensed Consolidated Statements of Earnings
           for the Six Months Ended June 30, 2003 and 2002                            5

           Condensed Consolidated Statements of Comprehensive
           Earnings for the Three Months Ended June 30, 2003 and 2002                 6

           Condensed Consolidated Statements of Comprehensive
           Earnings for the Six Months Ended June 30, 2003 and 2002                   6

           Condensed Consolidated Statements of Cash Flows
           for the Six Months Ended June 30, 2003 and 2002                            7

           Notes to Condensed Consolidated Financial Statements                       9

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                                   25

Item 3.  Quantitative and Qualitative Disclosures About Market Risk                  47

Item 4.  Controls and Procedures                                                     48

PART II  OTHER INFORMATION                                                           49

Item 1.  Legal Proceedings                                                           49

Item 6.  Exhibits and Reports on Form 8-K                                            49

         SIGNATURES                                                                  49
</TABLE>

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

                                                                                       June 30, 2003         December 31, 2002
                                                                                       -------------         -----------------
    ASSETS
    Current Assets:
      Cash and cash equivalents                                                      $       3,854             $       4,582
      Restricted cash                                                                          533                       491
      Accounts receivable                                                                      209                       133
      Prepaid expenses and other                                                               574                       564
      Deferred taxes                                                                            76                         -
                                                                                     -------------             -------------
          Total current assets                                                               5,246                     5,770

    Property and Equipment, net                                                             35,457                    33,965
    Goodwill, net                                                                            7,994                     7,899
    Casino License Costs, net                                                                1,483                     1,298
    Deferred Taxes                                                                             920                     1,078
    Other Assets                                                                             1,133                     1,133
                                                                                     -------------             -------------
    Total                                                                            $      52,233             $      51,143
                                                                                     =============             =============

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
      Current portion of long-term debt                                              $       1,821             $       1,664
      Accounts payable and accrued liabilities                                               1,704                     2,309
      Accrued payroll                                                                          870                     1,098
      Taxes payable                                                                            559                       747
                                                                                     -------------             -------------
        Total current liabilities                                                            4,954                     5,818

    Long-Term Debt, less current portion                                                    17,064                    16,531
    Other Non-current Liabilities                                                              601                       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;
        13,660,500 and 13,580,864 shares outstanding, respectively                             145                      145
      Additional paid-in capital                                                            21,537                   21,874
      Accumulated other comprehensive loss                                                     375                  (1,052)
      Retained earnings                                                                      9,432                    7,926
                                                                                     -------------             -------------
                                                                                            31,489                   28,893
      Treasury stock - 825,276 and 904,912 shares at cost,
        respectively                                                                       (1,875)                  (1,790)
                                                                                     -------------             -------------
     Total shareholders' equity                                                             29,614                   27,103
                                                                                     -------------             -------------
     Total                                                                          $       52,233             $     51,143
                                                                                     =============             =============
     See notes to condensed consolidated financial statements.
</TABLE>
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<TABLE>
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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 June 30,
                                                                                          2003                     2002
                                                                                          ----                     ----
Operating Revenue:
      Casino                                                                         $       7,625             $       7,816
      Hotel, food and beverage                                                                 817                       590
      Other                                                                                    174                       142
                                                                                     -------------             -------------
                                                                                             8,616                     8,548
      Less promotional allowances                                                            1,063                     1,119
                                                                                     -------------             -------------
        Net operating revenue                                                                7,553                     7,429
                                                                                     -------------             -------------

Operating Costs and Expenses:
      Casino                                                                                 2,717                     2,386
      Hotel, food and beverage                                                                 581                       350
      General and administrative                                                             1,925                     1,985
      Depreciation                                                                             663                       553
                                                                                     -------------             -------------
        Total operating costs and expenses                                                   5,886                     5,274
                                                                                     -------------             -------------

Earnings from Operations                                                                     1,667                     2,155
      Interest expense                                                                       (525)                     (468)
      Other income, net                                                                         71                        35
                                                                                     -------------             -------------
Earnings before Income Taxes and Minority Interest                                           1,213                     1,722
      Provision for income taxes                                                               462                       613
                                                                                     -------------             -------------
Earnings before Minority Interest                                                              751                     1,109
      Minority interest in subsidiary earnings                                                   -                       (6)
                                                                                     -------------             -------------
Net Earnings                                                                         $         751             $       1,103
                                                                                     =============             =============
Earnings Per Share:
      Basic                                                                          $        0.06             $        0.08
                                                                                     =============             =============
      Diluted                                                                        $        0.05             $        0.07
                                                                                     =============             =============
See notes to condensed consolidated financial statements.
</TABLE>
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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 Six Months Ended June 30,
                                                                                         2003                        2002
                                                                                         ----                        ----
Operating Revenue:
   Casino                                                                            $      15,145             $      15,022
   Hotel, food and beverage                                                                  1,638                     1,162
   Other                                                                                       295                       293
                                                                                     -------------             -------------
                                                                                            17,078                    16,477
   Less promotional allowances                                                               2,144                     2,156
                                                                                     -------------             -------------
        Net operating revenue                                                               14,934                    14,321
                                                                                     -------------             -------------

Operating Costs and Expenses:

   Casino                                                                                    5,366                     4,673
   Hotel, food and beverage                                                                  1,150                       646
   General and administrative                                                                3,742                     3,724
   Depreciation                                                                              1,311                     1,150
                                                                                     -------------             -------------
       Total operating costs and expenses                                                   11,569                    10,193
                                                                                     -------------             -------------

Earnings from Operations                                                                     3,365                     4,128
   Interest expense                                                                        (1,052)                     (929)
   Other income, net                                                                           129                        58
                                                                                     -------------             -------------
Earnings before Income Taxes and Minority Interest                                           2,442                     3,257
   Provision for income taxes                                                                  928                     1,231
                                                                                     -------------             -------------
Earnings before Minority Interest                                                            1,514                     2,026
   Minority interest in subsidiary (earnings) losses                                           (8)                         2
                                                                                     -------------             -------------
Net Earnings                                                                         $       1,506             $       2,028
                                                                                     =============             =============


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

See notes to condensed consolidated financial statements.

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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 June 30,
                                                                                          2003                     2002
                                                                                          ----                     ----

   Net Earnings                                                                      $         751             $       1,103
   Foreign currency translation adjustments                                                    755                       494
   Change in fair value of interest rate swaps, net of income taxes                             86                      (93)
                                                                                     -------------             -------------
   Comprehensive Earnings                                                            $       1,592             $       1,504
                                                                                     =============             =============




                                                                                       For The Six Months Ended June 30,
                                                                                          2003                      2002
                                                                                          ----                      ----


   Net Earnings                                                                      $       1,506             $       2,028
   Foreign currency translation adjustments                                                  1,310                       783
   Change in fair value of interest rate swaps, net of income taxes                            117                       (7)
                                                                                     -------------             -------------
   Comprehensive Earnings                                                            $       2,933             $       2,804
                                                                                     =============             =============




  See notes to condensed consolidated financial statements.

</TABLE>

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


                                                                                         For The Six Months Ended June 30,
                                                                                           2003                     2002
                                                                                           ----                     ----

Cash Flows from Operating Activities:
   Net earnings                                                                      $       1,506             $       2,028

   Adjustments to reconcile net earnings to net cash provided by
         operating activities
       Depreciation                                                                          1,311                     1,150
       Amortization of deferred financing costs                                                 56                        43
       Gain on disposition of assets                                                    (6)                       (2)
       Deferred tax expense                                                                     66                        93
       Minority interest in subsidiary earnings (losses)                                         8                       (2)
       Other                                                                                  (43)                      (12)

       Changes in operating assets and liabilities
         Receivables                                                                          (66)                     (103)
         Prepaid expenses and other assets                                                    (58)                        46
         Accounts payable and accrued liabilities                                            (637)                     (390)
         Accrued payroll                                                                     (255)                        36
         Taxes payable                                                                       (226)                     (557)
                                                                                     -------------             -------------
         Net cash provided by operating activities                                           1,656                     2,330
                                                                                     -------------             -------------

Cash Flows from Investing Activities:
   Purchases of property and equipment                                                     (1,370)                   (2,911)
   Acquisition of subsidiary, net of $1,259 in cash acquired                                 (918)                         -
   Restricted cash decrease                                                                     38                         3
   Proceeds received from disposition of assets                                                  7                         2
                                                                                     -------------             -------------
         Net cash used in investing activities                                             (2,243)                   (2,906)
                                                                                     -------------             -------------

                                                             (continued)

                                       7
                                     <PAGE>


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

                                                                                        For the Six Months Ended June 30,
                                                                                          2003                        2002
                                                                                          ----                        ----
Cash Flows from Financing Activities:
   Proceeds from borrowings                                                          $      14,523             $      10,968
   Principal repayments                                                                   (14,440)                  (10,530)
   Proceeds from exercise of options                                                             8                         -
   Purchases of treasury stock                                                               (431)                      (44)
   Deferred financing costs                                                                      -                      (19)
                                                                                     -------------             -------------
         Net cash provided by (used in) financing activities                                 (340)                       375
                                                                                     -------------             -------------

Effect of exchange rate changes on cash                                                        199                        50
                                                                                     -------------             -------------
Decrease in Cash and Cash Equivalents                                                        (728)                     (151)
Cash and Cash Equivalents at Beginning of Period                                             4,582                     3,031
                                                                                     -------------             -------------
Cash and Cash Equivalents at End of Period                                           $       3,854             $       2,880
                                                                                     =============             =============

</TABLE>


Supplemental Disclosure of Noncash Financing Activities:

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

In the second  quarter of 2003,  James  Forbes,  a director of the  Company,  in
accordance  with  the  Company's  Employee's  Equity  Incentive  Plan  ("EEIP"),
exercised all 618,000 of his  outstanding  options,  carrying an average  strike
price of $1.306.  The shares were  issued out of treasury  stock and payment for
the options was made by  transferring  357,080  shares of common  stock that the
director  has owned  since  1994 to the  Company  at a per share  price of $2.26
established at the close of market on April 16, 2003.

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Supplemental Disclosure of Cash Flow Information:

Interest paid, net of capitalized interest of $26 in 2003 and $40 in 2002            $       1,055             $         976
                                                                                     =============             =============
Income taxes paid                                                                    $         580             $       1,235
                                                                                     =============             =============
</TABLE>


See notes to condensed consolidated financial statements.

                                       8
                                     <PAGE>



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

1.   DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

     Century  Casinos,  Inc. ("CCI",  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  96.5%  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 600 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.  The resort has 275 slot machines and eight gaming
          tables,  a 92-room  hotel,  mineral hot springs  and spa  facility,  3
          restaurants, 2 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 $823.

          CCI serves as  concessionaire  of small casinos on seven luxury cruise
          vessels. The Company has a total of approximately 345 gaming positions
          on the seven 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 Silver Wind, a cruise ship operated by Silverseas, which was
          taken out of service  following  the  events of  September  11,  2001,
          resumed  operations  on May 23, 2003.  On June 26,  2003,  the Company
          successfully  opened  its  casino  aboard  the  Regatta,  another  684
          passenger luxury cruise ship operated by Oceania.

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

                                       9
                                     <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 ($53.3 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
     (and not RRL),  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.

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

     Historical  transactions  that are  denominated  in a foreign  currency are
     translated  and presented at the United  States  exchange rate in effect on
     the date of the transaction.  Commitments that are denominated in a foreign
     currency and all balance sheet accounts other than shareholders' equity are
     translated  and  presented  based  on the  exchange  rate at the end of the
     reported periods. The exchange rates used to translate balances at the end
     of the reported periods are as follows:

                                June 30, 2003        December 31, 2002
     South African Rand              7.5044                8.5755
     Euros                           0.8693                0.9536

     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

                                       10
                                     <PAGE>


     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 June 30, 2003 are not  necessarily  indicative  of the
     operating results for the full year.

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 June 30, 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.

                                       11
                                     <PAGE>



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

                                                                                       For the three months ended June 30,
                                                                                           2003                     2002


         Net earnings, as reported                                                   $         751             $       1,103
         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                                                      $         750             $       1,101
                                                                                     =============             =============

         Earnings per share
          Basic               As reported                                            $        0.06             $        0.08
                              Pro forma                                              $        0.06             $        0.08

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



                                                                                        For the six months ended June 30,
                                                                                          2003                     2002
                                                                                          ----                     ----

         Net earnings, as reported                                                   $       1,506             $       2,028
         Deduct: Total stock-based employee  compensation expense determined
             under fair value based  method for all  awards,  net of related
             tax effects                                                                         2                         4
                                                                                     -------------             -------------
         Pro forma net earnings                                                      $       1,504             $       2,024
                                                                                     =============             =============

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

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


</TABLE>
     On April 30, 2003, the Financial  Accounting  Standards Board (FASB) issued
     SFAS No. 149  "Amendment  of Statement 133 on  Derivative  Instruments  and
     Hedging Activities". SFAS No. 149, among other things, clarifies under what
     circumstances  a  contract  with  an  initial  net  investment   meets  the
     characteristic  of a derivative and when a derivative  contains a financing
     component that warrants special reporting in the statement of cash flows.

     On May 15,  2003 FASB  issued  Statement  No. 150  "Accounting  for Certain
     Financial Instruments with Characteristics of both Liabilities and Equity".
     SFAS No. 150 requires certain financial instruments,  including mandatorily
     redeemable preferred and common stocks, to be

                                       12
                                     <PAGE>



     presented as liabilities.  The Company does not believe either SFAS No. 149
     or No. 150 will have an effect on the Company's financial statements.

     Additionally,  the  Company  has  reviewed  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.

3.   INCOME TAXES

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


4.   EARNINGS PER SHARE

     Basic and diluted  earnings  per share for the three  months ended June 30,
     2003 and 2002 were computed as follows:

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

                                                                                       For the Three Months Ended June 30,
                                                                                        2003                       2002
                                                                                        ----                       ----

         Basic Earnings Per Share:
            Net earnings                                                             $         751             $       1,103
                                                                                     =============             =============
            Weighted average common shares                                              13,630,001                13,727,865
                                                                                     =============             =============
            Basic earnings per share                                                 $        0.06             $        0.08
                                                                                     =============             =============

         Diluted Earnings Per Share:
            Net earnings, as reported                                                $         751             $       1,103
                                                                                     =============             =============
            Weighted average common shares                                              13,630,001                13,727,865
              Effect of dilutive securities:
                Stock options and warrants                                                 987,474                 1,699,599
                                                                                     -------------             -------------
            Dilutive potential common shares                                            14,617,475                15,427,464
                                                                                     =============             =============
            Diluted earnings per share                                               $        0.05             $        0.07
                                                                                     =============             =============

            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>

                                       13
                                     <PAGE>



     Basic and diluted earnings per share for the six months ended June 30, 2003
     and 2002 were computed as follows:
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                         For the Six Months Ended June 30,
                                                                                          2003                      2002
                                                                                          ----                      ----
         Basic Earnings Per Share:
            Net earnings                                                             $       1,506             $       2,028
                                                                                     =============             =============
            Weighted average common shares                                              13,604,706                13,728,325
                                                                                     =============             =============
            Basic earnings per share                                                 $        0.11             $        0.15
                                                                                     =============             =============

         Diluted Earnings Per Share:
            Net earnings, as reported                                                $       1,506             $       2,028
                                                                                     =============             =============

            Weighted average common shares                                              13,604,706                13,728,325
              Effect of dilutive securities:
                Stock options and warrants                                               1,059,644                 1,546,804
                                                                                     -------------             -------------
            Dilutive potential common shares                                            14,664,350                15,275,129
                                                                                     =============             =============
            Diluted earnings per share                                               $       0.10              $       0.13
                                                                                     =============             =============

            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>


                                       14
                                     <PAGE>


5.   CRIPPLE CREEK, COLORADO

     Womacks has completed 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. In the most recent quarter, construction was focused
     on a new  entrance  leading to parking  at the back of the  property  which
     opened for the July 4th weekend and on the "back of house" area.

     The total construction cost, excluding new slot machines, was approximately
     $2.0 million, of which $1.9 million has been disbursed as of June 30, 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 (Note 8).

     Caledon has begun a number of capital  improvement  projects.  They include
     inprovements to the landscaping, converting an existing bar to a restaurant
     to provide alternate food choices and 24 hour service,  enlarging the hotel
     restaurant facilities to accommodate the increasing conference demands, and
     updating several of the hotel rooms.


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 was repaid in April 2003.
     As of June 30, 2003 and December 31, 2002,the initial payment of $236

                                       15

                                     <PAGE>



     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 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
     $823. 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   effected  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.  In  April  2003,  Casino  Millennium  remitted  $8  in
     management fees.  Management fee income for the three months ended June 30,
     2003 and 2002 was $8 and $47,  respectively.  Management fee income for the
     six months ended June 30, 2003 and 2002 was $8 and $107, respectively.


8.   LONG-TERM DEBT

     The principal balance outstanding under the Wells Fargo Bank Revolving Line
     of Credit  Facility  ("RCF") as of June 30,  2003 was  $13,468  compared to
     $11,500 at December 31, 2002. The amount available under the RCF as of June
     30, 2003 was $11,087,  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 June 30, 2003.  Interest rates at June
     30, 2003 were 4.0% for $1,968  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 June
     30, 2003 and December 31, 2002 of $601 and $788, respectively,  is reported
     as a liability in the consolidated  balance sheets.  The net gain (loss) on
     the  interest  rate  swaps of $86 and  ($93),  net of  deferred  income tax
     expense (benefit) of $51 and ($55) for the three months ended June 30, 2003
     and 2002 has been reported in accumulated other  comprehensive  loss in the
     shareholders' equity section of the accompanying June 30, 2003 and December
     31, 2002 condensed consolidated balance sheets, respectively.  The net gain
     (loss) on the interest rate swaps of $117 and ($7), net of deferred  income
     tax expense  (benefit) of $70 and ($4) for the first six months of 2003 and
     2002,  has been reported in  accumulated  other  comprehensive  loss in the
     shareholders'  equity  sections  of the  accompanying  June  30,  2003  and
     December 31, 2002 condensed consolidated balance sheets, respectively.  Net
     additional  interest  expense to the Company under the swap  agreements was
     $148  and  $127  for the  three  months  ended  June  30,  2003  and  2002,
     respectively,  and $290 and $255 for the six months ended June 30, 2003 and
     2002.  Including  the  impact  of the  swaps  and the  amortization  of the
     deferred financing cost, the effective rate on the borrowings under the RCF
     was  9.12%  and  9.41% for the six  months  ended  June 30,  2003 and 2002,
     respectively.

                                       16
                                     <PAGE>


     In April 2000,  CCAL entered into a loan agreement with PSG Investment Bank
     Limited  ("PSGIB"),  which provided for a principal  loan of  approximately
     $6,200, based on an exchange rate of 7.6613 rand per dollar at the time the
     funds were advanced,  to finance  development of the Caledon  project.  The
     outstanding  balance and interest rate as of June 30, 2003 and December 31,
     2002 was $4,251 and $4,179, respectively and 17.05% in both years. In April
     2001,  CCAL entered  into an addendum to the loan  agreement in which PSGIB
     provided CCAL with a standby facility in the amount of approximately  $560,
     based on an  exchange  rate of 8.0315  rand per  dollar  at the  time.  The
     outstanding balance and interest rate on the standby facility with PSGIB as
     of June 30, 2003 and December 31, 2002 was $424 and $418,  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 $533). 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 June 30, 2003.  PSGIB
     was acquired by ABSA Bank (ABSA) in March 2003.  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  current  in the
     accompanying  condensed  consolidated balance sheet as of June 30, 2003 and
     December 31, 2002.

     The  remaining  amount of $362 in debt,  as of June 30,  2003,  consists of
     capital leases for various equipment.

     The  consolidated  weighted  average  interest rate on all  borrowings  was
     10.54%  and  9.84%  for the six  months  ended  June  30,  2003  and  2002,
     respectively.

9.   SHAREHOLDERS' EQUITY

     During the first half of 2003, the Company repurchased 59,100 shares of its
     common stock on the open market at an average per share price of $2.24.

     The Company  re-issued 10,000 shares of treasury stock in January 2003 when
     one of its directors exercised his options.

     On April 16, 2003,  in  accordance  with the  Company's  Employees'  Equity
     Incentive Plan ("EEIP"),  then-director,  James Forbes, elected to exercise
     all 618,000 of his outstanding options, carrying an average strike price of
     $1.306.  The shares were issued out of treasury and payment for the options
     was made by  transferring  357,080 shares of common stock that the director
     has  owned  since  1994  to the  Company  at a per  share  price  of  $2.26
     established

                                       17
                                     <PAGE>


     at the close of the market on April 16, 2003. Additionally, on June 9, 2003
     the Company  repurchased  132,184 shares from the director at the per share
     price of $2.26,  established  at the close of market on April 16, 2003. The
     net effect of these  transactions  reduced  treasury  shares by 128,736 and
     increased the outstanding shares by 128,736.

     As of June 30,  2003,  the Company  held  825,276  shares in treasury at an
     average price per share of $2.27.  Subsequent to June 30, 2003, the Company
     has not  purchased  any  additional  shares of its common stock on the open
     market.

     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 June 30, 2003, no dividend has been declared for the
     preference shareholders.

     In June 2003,  the  Company's  EEIP was  amended to permit the  exchange of
     non-statutory  options for restricted  stock awards ("RSA's) at the rate of
     one RSA for one  non-statutory  option.  As of June 30, 2003, no RSA's have
     been awarded.


10.  SEGMENT INFORMATION

     The Company is managed in four  segments;  Colorado,  South Africa,  Cruise
     Ships,  and Corporate  operations.  The  operating  results of the Colorado
     segment are those of WMCK-Venture  Corp. and subsidiaries which own Womacks
     Hotel and Casino  ("Womacks")  in Cripple  Creek,  Colorado.  The operating
     results of the South African  segment are those of Century  Casinos  Africa
     (Pty) Limited and its subsidiaries, primarily Century Casinos Caledon (Pty)
     Limited which owns the Caledon Casino, Hotel and Spa.

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

     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  income,  interest
     expense,  income tax expense,  and depreciation  and  amortization  expense
     associated   with  the   varying   levels  of  capital   expenditures   for
     infrastructure  required to generate revenue,  and the oftentimes high cost
     of acquiring existing operations.

                                       18
                                     <PAGE>


Segment information as of, and for the three months ended June 30, 2003 and 2002
is presented below.
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

================================ =========================== ========================== =============================
                                          Colorado                 South Africa                 Cruise Ships
================================ =========================== ========================== =============================
  For the Three Months Ended            2003          2002         2003          2002          2003           2002
           June 30,
================================ ============= ============= ============ ============= ============== ==============
Operating revenue                  $    5,474   $     6,513  $     2,776   $     1,788   $        358   $        200
Promotional allowances             $    (906)   $   (1,007)  $     (157)   $     (112)   $          -   $          -
Net operating revenue              $    4,568   $     5,506  $     2,619   $     1,676   $        358   $        200
Operating expenses (excluding
depreciation)                      $    2,696   $     2,915  $     1,862   $     1,232   $        270   $        112
Depreciation                       $      347   $       324  $       257   $       160   $         17   $         15
Earnings (loss) from operations    $    1,525   $     2,267  $       500   $       284   $         71   $         73
Interest  income                   $        4   $         4  $        54   $        26   $          -   $          -
Interest expense,
including debt issuance cost       $      374   $       347  $       231   $       201   $          -   $          -
Other income, net                  $        -   $         2  $         -   $         -   $          5   $          -
Earnings (loss) before income
taxes and minority interest        $    1,155   $     1,926  $       323   $       109   $         76   $         73
Income tax expense(benefit)        $      439   $       886  $       123   $        35   $         29   $         27
Minority interest expense
(benefit)                          $        -   $         -  $         -   $       (6)   $          -   $          -
Net earnings (loss)                $      716   $     1,040  $       200   $        68   $         47   $         46
=====================================================================================================================

=====================================================================================================================
Reconciliation to EBITDA:
Net earnings (loss) (US GAAP)      $      716   $     1,040  $       200   $        68   $         47   $         46
Interest income                    $      (4)   $       (4)  $      (54)   $      (26)   $          -   $          -
Interest expense                   $      374   $       347  $       231   $       201   $          -   $          -
Income taxes                       $      439   $       886  $       123   $        35   $         29   $         27
Depreciation                       $      347   $       324  $       257   $       160   $         17   $         15
EBITDA                             $    1,872   $     2,593  $       757   $       438   $         93   $         88
=====================================================================================================================
</TABLE>


                                       19
                                     <PAGE>


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

================================ ========================== =========================== =============================
                                    Corporate and Other     Inter-segment Elimination           Consolidated
================================ ========================== =========================== =============================
      For the Three Months
         Ended June 30,                 2003        2002          2003        2002            2003           2002
================================ ============= ============ ============= ============= ============== ==============
Operating revenue                  $        8   $       47   $         -   $         -   $      8,616   $      8,548
Promotional allowances             $        -   $        -   $         -   $         -   $    (1,063)   $    (1,119)
Net operating revenue              $        8   $       47   $         -   $         -   $      7,553   $      7,429
Operating expenses (excluding
depreciation)                      $      395   $      462   $         -   $         -   $      5,223   $      4,721
Depreciation                       $       42   $       54   $         -   $         -   $        663   $        553
Earnings (loss) from operations    $    (429)   $    (469)   $         -   $         -   $      1,667   $      2,155
Interest  income                   $       86   $       90   $      (86)   $      (86)   $         58   $         34
Interest expense,
including debt issuance cost       $        6   $        6   $      (86)   $      (86)   $        525   $        468
Other income, net                  $        8   $      (1)   $         -   $         -   $         13   $          1
Earnings (loss) before income
taxes and minority interest        $    (341)   $    (386)   $         -   $         -   $      1,213   $      1,722
Income tax expense(benefit)        $    (129)   $    (335)   $         -   $         -   $        462   $        613
Minority interest expense
(benefit)                          $        -   $        -   $         -   $         -   $          -   $        (6)
Net earnings (loss)                $    (212)   $     (51)   $         -   $         -   $        751   $      1,103
=====================================================================================================================

=====================================================================================================================
Reconciliation to EBITDA
Net earnings (loss) (USGAAP)       $    (212)   $     (51)   $         -   $         -   $        751   $      1,103
Interest income                    $     (86)   $     (90)   $        86   $        86   $       (58)   $       (34)
Interest expense                   $        6   $        6   $      (86)   $      (86)   $        525   $        468
Income taxes                       $    (129)   $    (335)   $         -   $         -   $        462   $        613
Depreciation                       $       42   $       54   $         -   $         -   $        663   $        553
EBITDA                             $    (379)   $    (416)   $         -   $         -   $      2,343   $      2,703
=====================================================================================================================

</TABLE>


                                       20
                                     <PAGE>


Segment  information  as of, and for the six months ended June 30, 2003 and 2002
is presented below.

<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
================================ =========================== ========================== =============================
                                          Colorado                 South Africa                 Cruise Ships
================================ =========================== ========================== =============================
 As of and for the Six Months          2003          2002         2003          2002          2003           2002
        Ended June 30,
================================ ============== ============ ============ ============= ============== ==============
Property and equipment, net        $    21,648  $    20,905  $    12,425   $     9,653   $        334   $        221
Total assets                       $    31,944  $    31,499  $    17,179   $    13,004   $        895   $        438
=====================================================================================================================

====================================================================================================================
Operating revenue                  $    11,088  $    12,636  $     5,294   $     3,429   $        688   $        305
Promotional allowances             $   (1,876)  $   (1,937)  $     (268)   $     (219)   $          -   $          -
Net operating revenue              $     9,212  $    10,699  $     5,026   $     3,210   $        688   $        305
Operating expenses (excluding
depreciation)                      $     5,471  $     5,740  $     3,572   $     2,332   $        484   $        208
Depreciation                       $       699  $       667  $       496   $       347   $         32   $         28
Earnings (loss) from operations    $     3,042  $     4,292  $       958   $       531   $        172   $         69
Interest  income                   $         7  $         8  $       107   $        42   $          -   $          -
Interest expense,
including debt issuance cost       $       744  $       691  $       467   $       397   $          -   $          -
Other income, net                  $         -  $         2  $         -   $         -   $          5   $          -
Earnings (loss) before income
taxes and minority interest        $     2,305  $     3,611  $       598   $       176   $        177   $         69
Income tax expense(benefit)        $       876  $     1,661  $       234   $        85   $         67   $         26
Minority interest expense
(benefit)                          $         -  $         -  $       (8)   $         2   $          -   $          -
Net earnings (loss)                $     1,429  $     1,950  $       356   $        93   $        110   $         43
=====================================================================================================================

=====================================================================================================================
Reconciliation to EBITDA:
Net earnings (loss) (US GAAP)      $     1,429  $     1,950  $       356   $        93   $        110   $         43
Interest income                    $       (7)  $       (8)  $     (107)   $      (42)   $          -   $          -
Interest expense                   $       744  $       691  $       467   $       397   $          -   $          -
Income taxes                       $       876  $     1,661  $       234   $        85   $         67   $         26
Depreciation                       $       699  $       667  $       496   $       347   $         32   $         28
EBITDA                             $     3,741  $     4,961  $     1,446   $       880   $        209   $         97
=====================================================================================================================
</TABLE>

                                       21
                                     <PAGE>
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

================================ ========================== =========================== =============================
                                    Corporate and Other      Inter-segment Elimination           Consolidated
================================ ========================== =========================== =============================
 As of and for the Six Months         2003         2002          2003          2002          2003           2002
     Ended June 30,
================================ ============= ============ ============= ============= ============== ==============
Property and equipment, net        $    1,050   $    1,658   $         -   $         -   $     35,457   $     32,437
Total assets                       $    2,215   $    3,253   $         -   $         -   $     52,233   $     48,194
=====================================================================================================================

=====================================================================================================================
Operating revenue                  $        8   $      107   $         -   $         -   $     17,078   $     16,477
Promotional allowances             $        -   $        -   $         -   $         -   $    (2,144)   $    (2,156)
Net operating revenue              $        8   $      107   $         -   $         -   $     14,934   $     14,321
Operating expenses (excluding
depreciation)                      $      731   $      763   $         -   $         -   $     10,258   $      9,043
Depreciation                       $       84   $      108   $         -   $         -   $      1,311   $      1,150
Earnings (loss) from operations    $    (807)   $    (764)   $         -   $         -   $      3,365   $      4,128
Interest  income                   $      172   $      178   $     (171)   $     (171)   $        115   $         57
Interest expense,
including debt issuance cost       $       12   $       12   $     (171)   $     (171)   $      1,052   $        929
Other income, net                  $        9   $      (1)   $         -   $         -   $         14   $          1
Earnings (loss) before income
taxes and minority interest        $    (638)   $    (599)   $         -   $         -   $      2,442   $      3,257
Income tax expense(benefit)        $    (249)   $    (541)   $         -   $         -   $        928   $      1,231
Minority interest expense
(benefit)                          $        -   $        -   $         -   $         -   $        (8)   $          2
Net earnings (loss)                $    (389)   $     (58)   $         -   $         -   $      1,506   $      2,028
=====================================================================================================================

=====================================================================================================================
Reconciliation to EBITDA
Net earnings (loss) (USGAAP)       $    (389)   $     (58)   $         -   $         -   $      1,506   $      2,028
Interest income                    $    (172)   $    (178)   $       171   $       171   $      (115)   $       (57)
Interest expense                   $       12   $       12   $     (171)   $     (171)   $      1,052   $        929
Income taxes                       $    (249)   $    (541)   $         -   $         -   $        928   $      1,231
Depreciation                       $       84   $      108   $         -   $         -   $      1,311   $      1,150
EBITDA                             $    (714)   $    (657)   $         -   $         -   $      4,682   $      5,281
=====================================================================================================================

</TABLE>

                                       22
                                     <PAGE>

11.  OTHER INCOME, NET

     Other income, net, consists of the following:

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


                                               For the Three Months Ended June 30,
                                                 2003                      2002
                                                 ----                      ----

   Interest income                           $          58             $          34
   Gain on disposition of assets                         6                         2
   Foreign currency exchange gains                       7                         -
   Other                                                 -                       (1)
                                             -------------             -------------
                                             $          71             $          35
                                             =============             =============


                                                For the Six Months Ended June 30,
                                                  2003                     2002
                                                  ----                     ----

   Interest income                           $         115             $          57
   Gain on disposition of assets                         6                         2
   Foreign currency exchange gains                       8                         -
   Other                                                 -                       (1)
                                             -------------             -------------
                                             $         129             $          58
                                             =============             =============

</TABLE>



12.  PROMOTIONAL ALLOWANCES

     Promotional allowances presented in the condensed consolidated statement of
     earnings for the three months ended June 30, 2003 and June 30, 2002 include
     the following:

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

                                              For the Three Months Ended June 30,
                                                  2003                      2002
                                                  ----                      ----
     Food & Beverage and Hotel Comps         $       307              $         307
     Free Plays or Coupons                           418                        423
     Player Points                                   338                        389
                                             -------------             -------------
     Total Promotional Allowances            $     1,063              $       1,119
                                             =============             =============

</TABLE>

                                       23
                                     <PAGE>


     Promotional allowances presented in the condensed consolidated statement of
     earnings  for the six months  ended June 30, 2003 and June 30, 2002 include
     the following:

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


                                                          For the Six Months Ended June 30,
                                                           2003                       2002
                                                           ----                       ----
        Food & Beverage and Hotel Comps               $         634             $         632
        Free Plays or Coupons                                   819                       805
        Player Points                                           691                       719
                                                      -------------             -------------
        Total Promotional Allowances                  $       2,144             $       2,156
                                                      =============             =============

</TABLE>

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

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

13. TRANSACTIONS WITH RELATED PARTIES

     Effective May 1, 2003,  James Forbes  resigned as a member of the Company's
     Board of Directors, but will continue as a member of the Board of Directors
     of  Century  Casinos  Caledon  Proprietary  Limited,  and  will  focus  his
     attention on the project in Johannesburg,  in the Gauteng province of South
     Africa,  pursuant to the terms of a consulting  agreement  between  Century
     Casinos Inc. and Respond Limited,  a management company controlled by James
     Forbes.  Under the terms of the  Agreement  of  Termination  of  Management
     Agreement Incorporating New Consulting Agreement ("Agreement") dated May 1,
     2003, the Company's  obligation to make monthly  payments of $10 to Respond
     Limited ceases on December 31, 2003. In the event that the Company  becomes
     a party to the  project in  Johannesburg,  Respond  Limited  could  receive
     additional  payments  in  accordance  with  sections  2.f  and  2.g  of the
     Agreement,  filed as Exhibit 10.128 in the Registrant's filing on Form 10-Q
     for the period  ended March 31, 2003.  In  addition,  the Company and James
     Forbes completed a series of stock  transactions  which are fully described
     in Note 9.

                                       24
                                     <PAGE>



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

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

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.


                                       25
                                     <PAGE>



Results of Operations

Three Months Ended June 30, 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 June 30,
2003 and 2002 are as follows:

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


                                                    For the three months ended June 30,

                                                        2003             2002           Increase           %
                                                        ----              ----         (Decrease)        Change
Operating Revenue
     Casino                                        $      5,164     $      6,211     $     (1,047)       -16.9%
     Hotel, food and beverage                               283              273                10         3.7%
     Other                                                   27               29               (2)        -6.9%
                                                   ------------     ------------
                                                          5,474            6,513
Less promotional allowances                                 906            1,007             (101)       -10.0%
                                                   ------------     ------------
Net operating revenue                                     4,568            5,506             (938)       -17.0%
                                                   ------------     ------------

Costs and Expenses
     Casino                                               1,572            1,712             (140)        -8.2%
     Hotel, food and beverage                                76               61                15        24.6%
     General and administrative                           1,048            1,142              (94)        -8.2%
     Depreciation                                           347              324                23         7.1%
                                                   ------------     ------------
                                                          3,043            3,239
                                                   ------------     ------------
Earnings from operations                                  1,525            2,267             (742)       -32.7%
Interest expense                                          (374)            (347)                27         7.8%
Other income, net                                             4                6               (2)       -33.3%
                                                   ------------     ------------
Earnings before income taxes                              1,155            1,926             (771)       -40.0%
Income tax expense                                          439              886             (447)       -50.5%
                                                   ------------     ------------
Net Earnings                                       $        716     $      1,040     $       (324)       -31.2%
                                                   ============     ============

</TABLE>

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

                                       26
                                     <PAGE>



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


Casino Margin and Market Data

     For the three months ended June 30,                        2003               2002        % Change
                                                                ----               ----
     Casino revenue                                         $      5,164     $       6,211       -16.9%
     Casino promotional allowances                          $        673     $         764       -11.9%
     Casino revenue, net                                    $      4,491     $       5,447       -17.6%
     Casino expense                                         $      1,572     $       1,712        -8.2%
     Casino margin                                          $      2,919     $       3,735       -21.8%
     Casino margin as a % of casino revenue, net                   65.0%             68.6%
     Market share of the Cripple Creek  AGP                        14.5%             17.7%
     Average number of slot machines                                 601               614
     Market share of Cripple Creek gaming devices                  14.4%             14.8%
     Average slot machine win per day                         93 dollars       110 dollars
     Cripple Creek average slot machine win per day           92 dollars        91 dollars

</TABLE>

     When comparing 2003 to 2002, there was a 1.6% increase in the Cripple Creek
     market.  The casino has expanded the use of both radio and TV  advertising,
     in its efforts to compete for the limited  pool of  entertainment  dollars.
     However,  the covered  parking  garages  provided by two of its competitors
     have provided them with a large amount of close proximity  parking. A large
     amount of close  proximity  parking  is an  advantage,  heretofore  held by
     Womacks.  Both  competitors  also  have a larger  number  of  hotel  rooms,
     providing them with an advantage  especially  during inclement  weather and
     the peak  tourist  season.  The  combined  net impact of these  factors has
     contributed  to the net decrease in Womacks'  revenues for the period.  The
     Company has not yet decided on the next phase of expansion, but owns all of
     the vacant  property  adjacent  to the casino and is able to expand once it
     feels  comfortable  that the additional  cost of the expansion will improve
     net  earnings.  In the second  quarter of 2003,  Womacks  made  significant
     changes to the casino floor layout and reduced the number of slot  machines
     to its current level.

     Even though every  attempt has been made to control cost during a period in
     which the casino has seen a decline in revenue,  the relative percentage of
     personnel  cost  and  device  fees  to  net  casino   revenue   contributed
     significantly to the erosion in the casino margin.

     During the three months ended June 30, 2003,  Womacks leased  approximately
     40 slot machines,  compared to 38 in three months ended June 30, 2002, 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 $100 and $104 for the quarters
     ended June 30, 2003 and 2002, respectively.


                                       27
                                     <PAGE>


Management  continues  to focus  on the  marketing  of the  casino  through  the
expansion of the successful Gold Club.

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

     Hotel, Food and Beverage Margin
                                                                             2003          2002          % Change
                                                                             ----          ----
           For the three months ended June 30,
           Hotel, food and beverage revenue                         $        283     $         273         3.7%
           Hotel, food and beverage expense                         $         76     $          61        24.6%
           Hotel, food and beverage margin                          $        207     $         212        -2.4%
           Hotel, food and beverage margin as % of hotel, food
           and beverage revenue                                            73.1%             77.7%
</TABLE>

     Relocation of the  restaurant to the first floor in July 2002 has increased
     its  visibility  and is  reflected  in the  increase in volume.  All of the
     revenue  generated by the hotel  operations is derived from comps to better
     players and is  included  in  promotional  allowances  for the casino.  The
     increase in expenses and corresponding decrease in margins is primarily the
     result of increases in the cost of beer, wine & liquor.

Other

     The increase in interest expense,  including debt issuance cost, to $374 in
     2003 from $347 in 2002,  is  attributable  to the  increase  in the average
     balance  of the RCF to $13.5  million  in the  second  quarter of 2003 from
     $12.3  million in the  second  quarter  of 2002.  The major  factor for the
     increase in the average balance of the RCF is the $2.6 million  borrowed in
     January 2003 to fund the purchase of the  remaining 35% interest in CCAL by
     the  Company.  Since the second  quarter of 2000 the Company has borrowed a
     total of $9.5 million  under the RCF to fund its projects in South  Africa.
     The interest on this amount has resulted in a charge of approximately  $265
     and $192 to the Company's  Colorado  operations  for the second  quarter of
     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 9.02% in 2003 from 9.28% in 2002.

     The increase in depreciation is attributable to the recent expansion of the
     facility  and due to the  investment  in new slot  equipment.

     The Colorado segment  recognized  income tax expense of $439 in 2003 versus
     $886 in 2002,  principally  the result of a  decrease  in  earnings  before
     income taxes.

                                       28
                                     <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 second 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 June 30, 2003
     and 2002 are as follows: (See next page for results in Rand)

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

                                                  For the three months ended June 30,      Increase        %
                                                                                          (Decrease)     Change
                                                        2003              2002
                                                        ----              ----
Operating Revenue
     Casino                                        $      2,115     $      1,426     $         689        48.3%
     Hotel, food and beverage                               534              317               217        68.5%
     Other                                                  127               45                82       182.2%
                                                   ------------     ------------
                                                          2,776            1,788
Less promotional allowances                                 157              112                45        40.2%
                                                   ------------     ------------
Net operating revenue                                     2,619            1,676               943        56.3%
                                                   ------------     ------------

Costs and Expenses
     Casino                                                 878              562               316        56.2%
     Hotel, food and beverage                               505              289               216        74.7%
     General and administrative                             479              381                98        25.7%
     Depreciation                                           257              160                97        60.6%
                                                   ------------     ------------
                                                          2,119            1,392
                                                   ------------     ------------
Earnings from operations                                    500              284               216        76.1%
Interest expense                                          (231)            (201)                30        14.9%
Other income, net                                            54               26                28       107.7%
                                                   ------------     ------------
Earnings before income taxes                                323              109               214       196.3%
Income tax expense                                          123               35                88       251.4%
Minority interest expense (benefit)                           -              (6)               (6)      -100.0%
                                                   ------------     ------------
Net Earnings                                       $        200     $         68     $         132       194.1%
                                                   ============     ============

  Net Earnings for South Africa                    $        200     $         68
  Non-CCAL (income) expense:
    General & administrative expenses                       100               58
    Interest Income                                         (8)              (3)
    Income tax benefit                                     (26)              (4)
    Minority interest expense (benefit)                       -                6
                                                   ------------     ------------
                                                             66               57
                                                   ------------     ------------
  CCAL Net Earnings                                $        266     $        125
                                                   ============     ============

--------------------------------------------------------------------------------------------------------------
  Average exchange rate (Rand/USD)                         7.65             10.41                        -26.5%
--------------------------------------------------------------------------------------------------------------
</TABLE>

                                       29
                                     <PAGE>


     Operational  results in Rand for the three  months  ended June 30, 2003 and
     2002 are as follows:

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

                                                 For the three months ended June 30,       Increase         %
                                                                                          (Decrease)      Change
                                                        2003               2002
                                                        ----               ----
Operating Revenue
     Casino                                        R     16,176     R     14,832     R       1,344         9.1%
     Hotel, food and beverage                             4,084            3,288               796        24.2%
     Other                                                  984              472               512       108.5%
                                                   ------------     ------------
                                                         21,244           18,592
Less promotional allowances                               1,200            1,164                36         3.1%
                                                   ------------     ------------
 Net operating revenue                                   20,044           17,428             2,616        15.0%
                                                   ------------     ------------

Costs and Expenses
     Casino                                               6,716            5,839               877        15.0%
     Hotel, food and beverage                             3,868            2,981               887        29.8%
     General and administrative                           3,659            3,960             (301)        -7.6%
     Depreciation                                         1,965            1,653               312        18.9%
                                                   ------------     ------------
                                                         16,208           14,433
                                                   ------------     ------------
Earnings from operations                                  3,836            2,995               841        28.1%
Interest expense                                        (1,769)          (2,081)             (312)       -15.0%
Other income, net                                           411              260               151        58.1%
                                                   ------------     ------------
Earnings before income taxes                              2,478            1,174             1,304       111.1%
Income tax expense                                          945              366               579       158.2%
Minority interest expense (benefit)                           -             (69)                69      -100.0%
                                                   ------------     ------------
Net Earnings                                       R      1,533     R        739     R         794       107.4%
                                                   ============     ============

  Net Earnings for South Africa                    R      1,533     R        739
  Non-CCAL (income) expense:
    General & administrative expenses                       768              601
    Interest income                                        (66)             (35)
    Income tax benefit                                    (195)             (38)
    Minority interest expense (benefit)                       -               68
                                                   ------------     ------------
                                                            507              596
                                                   ------------     ------------
  CCAL Net Earnings                                R      2,040     R      1,335
                                                   ============     ============
</TABLE>



                                       30
                                     <PAGE>


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



         Casino Margin (in USD)

           For the three months ended June 30,         2003              2002             % Change
                                                       ----              ----
           Casino revenue                          $      2,115     $      1,426             48.3%
           Casino promotional allowances           $         83     $         48             72.9%
           Casino revenue, net                     $      2,032     $      1,378             47.5%
           Casino expense                          $        878     $        562             56.2%
           Casino margin                           $      1,154     $        816             41.4%
           ---------------------------------------------------------------------------------------
           Average exchange rate (Rand/USD)                7.65            10.41            -26.5%
           ---------------------------------------------------------------------------------------

         Casino Margin and Market Data (in Rand)

           For the three months ended June 30,          2003               2002            % Change
                                                        ----               ----
           Casino revenue                          R     16,176     R         14,832          9.1%
           Casino promotional allowances           R        639     R            483         32.3%
           Casino revenue, net                     R     15,537     R         14,349          8.3%
           Casino expense                          R      6,716     R          5,839         15.0%
           Casino margin                           R      8,821     R          8,510          3.7%
           Casino margin as a % of casino
           revenue, net                                   56.8%                59.3%
           Market share of the Western Cape AGP            5.9%                 6.0%
           Market share of Western Cape
            gaming devices                                10.5%                11.1%
           Average number of slot machines                  268                  250
           Average slot machine win per day            606 Rand             593 Rand          2.2%
           Average number of tables                           8                    8
           Average table win per day                 1,947 Rand           1,850 Rand          5.2%

</TABLE>

     The  8.3%  increase  in the  casino  revenue,  net is  attributable  to the
     increased  traffic  generated by an increasing  number of conferences,  the
     introduction  of  cash  couponing,  and  the  use  of  targeted  marketing.
     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.  The  increase  in casino  expenses in
     excess  of  the  increase  in  the   corresponding   revenue  is  primarily
     attributable to the effect of inflation.  Operating costs of the resort are
     now fully allocated to the various  departments,  giving management a clear
     picture of each profit  center within the resort.  CCAL competes  against a
     much larger competitor located in a more populous area of the Western Cape.

                                       31
                                     <PAGE>


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

         Hotel, Food and Beverage Margin (in USD)

           For the three months ended June 30,                   2003                2002           % Change
                                                                 ----                ----
           Hotel, food and beverage revenue                $           534     $            317        68.5%
           Hotel, food and beverage expense                $           505     $            289        74.7%
           Hotel, food and beverage margin                 $            29     $             28         3.6%

           --------------------------------------------------------------------------------------------------------------
           Average exchange rate (Rand/USD)                           7.65                10.41       -26.5%
           --------------------------------------------------------------------------------------------------------------

         Hotel, Food and Beverage Margin (in Rand)

          For the three months ended June 30,                    2003              2002              % Change
                                                                 ----              ----
          Hotel, food and beverage revenue                 R        4,084      R      3,288             24.2%
          Hotel, food and beverage expense                 R        3,868      R      2,981             29.8%
          Hotel, food and beverage margin                  R          216      R        307            -29.6%
          Hotel, food and beverage margin as
           % of hotel food and beverage revenue                      5.3%              9.3%

</TABLE>

     The majority of the increase in revenues occurred during May and June which
     corresponds  to the peak  period for  conference  business in the first six
     months of the year. The  conferences  helped  increase the hotel  occupancy
     rate to 55% from 49% for the three  months  ended  June 30,  2003 and 2002,
     respectively.  The 12% increase in occupancy  was  partially  offset by the
     reduced group rates offered to conference  attendees  that accounted for an
     average  of 48% of the  guests  in May and June  2003.  Food  and  beverage
     revenue has increased  significantly due to a number of factors.  Since the
     first  quarter of 2002,  meal prices have been  increased by  approximately
     12.5%.  The increase in  conferences  held at the resort has resulted in an
     increase in the number of theme dinners and banquets.

     CCAL continues to make a number of repairs and  improvements  to the resort
     on an ongoing  basis (see Note 6).  Additionally,  continuing  inflationary
     pressures in South Africa have driven up base costs such as labor, supplies
     and utilities.

     Other

The  weighted-average  interest  rate on the  borrowings  under  the  ABSA  loan
agreement is 16.9% in the second quarter of 2003 and 2002.  Excluding the effect
of fluctuations in the exchange rate, interest expense has decreased by 15.0% as
the principal balance of the term loans and capitalized leases are repaid. Other
revenue  principally  consists of revenue generated from the resort's  ancillary
services,  which include the adventure center,  spa center,  and conference room
rental.  An insurance  claim  submitted by the casino for loss of revenue due to
water damage to a number of slot machines  accounted for R472 of the increase in
other revenue.

                                       32
                                     <PAGE>


     Cruise Ships

     Cruise ships' operational  results for the periods ending June 30, 2003 and
     2002 are as follows:

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

                                                   For the three months ended June 30,   Increase     % Change
                                                                                        (Decrease)
                                                        2003                2002
                                                        ----                ----
    Operating Revenue
         Casino                                    $        346     $        179     $         167        93.3%
         Other                                               12               21               (9)       -42.9%
                                                   ------------     ------------
                                                            358              200               158        79.0%
    Less promotional allowances                               -                -
                                                   ------------     ------------
    Net operating revenue                                   358              200
                                                   ------------     ------------
    Costs and Expenses
         Casino                                             267              112               155       138.4%
         General and administrative                           3                -                 3          N/A
         Depreciation                                        17               15                 2        13.3%
                                                   ------------     ------------
                                                            287              127
                                                   ------------     ------------
    Earnings from operations                                 71               73               (2)        -2.7%
    Other income, net                                         5                -                 5          N/A
                                                   ------------     ------------
    Earnings before income taxes                             76               73                 3         4.1%
    Income tax expense                                       29               27                 2         7.4%
                                                   ------------     ------------
    Net Earnings                                   $         47     $         46     $           1         2.2%
                                                   ============     ============



     Casino Margin

     For the three months ended June 30,                2003            2002              % Change
                                                        ----            ----
     Casino revenues                               $        346     $        179             93.3%
     Casino expenses                               $        267     $        112            138.4%
     Casino margin                                 $         79     $         67             17.9%
     Casino margin as a % of casino revenue, net          22.8%            37.4%


</TABLE>

     In the second  quarter  of 2003,  we  operated  casinos on a total of seven
     ships:  four from  Silverseas,  one on the World of  ResidenSea  and two on
     Oceania  Cruises.  On April 19, 2003, the Company  successfully  opened its
     casino aboard the Insignia,  a 684 passenger luxury cruise ship operated by
     Oceania  Cruises.  The Silver Wind, a cruise ship  operated by  Silverseas,
     which was taken out of service  following  the events of the  September 11,
     2001,  resumed  operations on May 23, 2003.  The casino aboard the Regatta,
     another 684 passenger luxury cruise ship operated by Oceania  Cruises,  was
     opened on June 26, 2003. In the second quarter of 2002 we operated  casinos
     on four ships: three on Silverseas and one on the World of ResidenSea.

     We anticipate we will  repeatedly  experience  severe  fluctuations  in the
     revenue  generated on each cruise  depending on the quality of the players.
     This is a condition that is beyond the control of the Company.


                                       33
                                     <PAGE>


     An increase in casino operating expenses is mainly attributable to start up
     costs of casinos aboard Oceania  cruise ships,  i.e.  travel and additional
     staff cost, plus the cost to re-establish the casino on the Silver Wind.

     Concession  fees  paid  to  the  ship  operators  in  accordance  with  the
     agreements  accounted for $94 and $22 of the total casino expenses incurred
     in the three month periods ended June 30, 2003 and 2002, respectively.



     Corporate & Other

<TABLE>
<CAPTION>
<S>                                                                               <C>
                                                 For the three months ended June 30,     Increase      % Change
                                                                                        (Decrease)
                                                       2003             2002
                                                       ----             ----
    Operating Revenue
         Other                                     $          8               47     $        (39)       -83.0%
                                                   ------------     ------------
                                                              8               47              (39)       -83.0%
    Less promotional allowances                               -                -
                                                   ------------     ------------
    Net operating revenue                                     8               47
                                                   ------------     ------------

    Costs and Expenses
        General and administrative                          395              462              (67)       -14.5%
        Depreciation                                         42               54              (12)       -22.2%
                                                   ------------     ------------
                                                            437              516
                                                   ------------     ------------
    Loss from operations                                  (429)            (469)              (40)        -8.5%
    Interest expense                                        (6)              (6)                 -         0.0%
    Other income, net                                        94               89                 5         5.6%
                                                   ------------     ------------
    Loss before income taxes                              (341)            (386)              (45)       -11.7%
    Income tax benefit                                    (129)            (335)               206        61.5%
                                                   ------------     ------------
    Net Loss                                       $      (212)     $       (51)               161       315.7%
                                                   ============     ============

</TABLE>

     Net operating  revenues  consisted of management fees earned from operating
     Casino  Millennium  in Prague,  Czech  Republic  and were $8 and $47 in the
     second 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,  but instead will be recorded as received.
     In April 2003, Casino Millennium remitted $8 in management fees.


                                       34

                                     <PAGE>


Results of Operations

Six Months Ended June 30, 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 six months ended June
30, 2003 and 2002 are as follows:

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

                                                   For the six months ended June 30,    Increase           %
                                                                                       (Decrease)        Change
                                                       2003                 2002
                                                       ----                 ----
Operating Revenue
     Casino                                        $     10,457     $     12,036     $     (1,579)       -13.1%
     Hotel, food and beverage                               579              542                37         6.8%
     Other                                                   52               58               (6)       -10.3%
                                                   ------------     ------------
                                                         11,088           12,636
Less promotional allowances                               1,876            1,937              (61)        -3.1%
                                                   ------------     ------------
Net operating revenue                                     9,212           10,699           (1,487)       -13.9%
                                                   ------------     ------------

Costs and Expenses
     Casino                                               3,213            3,356             (143)        -4.3%
     Hotel, food and beverage                               145              118                27        22.9%
     General and administrative                           2,113            2,266             (153)        -6.8%
     Depreciation                                           699              667                32         4.8%
                                                   ------------     ------------
                                                          6,170            6,407
                                                   ------------     ------------
Earnings from operations                                  3,042            4,292           (1,250)       -29.1%
Interest expense                                          (744)            (691)                53         7.7%
Other income, net                                             7               10               (3)       -30.0%
                                                   ------------     ------------
Earnings before income taxes                              2,305            3,611           (1,306)       -36.2%
Income tax expense                                          876            1,661             (785)       -47.3%
                                                   ------------     ------------
Net Earnings                                       $      1,429     $      1,950     $       (521)       -26.7%
                                                   ============     ============
</TABLE>

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

                                       35
                                     <PAGE>


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

     Casino Margin and Market Data

        For the six months ended June 30,                          2003              2002         % Change
                                                                    ----             ----
        Casino revenue                                         $     10,457     $      12,036       -13.1%
        Casino promotional allowances                          $      1,386     $       1,453        -4.6%
        Casino revenue, net                                    $      9,071     $      10,583       -14.3%
        Casino expense                                         $      3,213     $       3,356        -4.3%
        Casino margin                                          $      5,858     $       7,227       -18.9%
        Casino margin as a % of casino revenue, net                   64.6%             68.3%
        Market share of the Cripple Creek  AGP                        15.3%             17.6%
        Average number of slot machines                                 634               613
        Market share of Cripple Creek gaming devices                  15.0%             14.8%
        Average slot machine win per day                         90 dollars       107 dollars
        Cripple Creek average slot machine win per day           88 dollars        89 dollars

</TABLE>

     Growth in the  Cripple  Creek  market  during  the first six months of 2003
     compared  to 2002  was  limited  to  0.4%.  When  comparing  2003 to  2002,
     distractions from major  construction in the casino,  limited access to the
     casino from the  adjoining  parking lot during the first four months of the
     year, and poor weather  conditions,  particularly  in March and April 2003,
     had an adverse effect on casino revenue and overall operating results.  The
     covered  parking garages  provided by two of our competitors  have impacted
     the casino,  particularly during inclement weather and provides both with a
     significant   number  of  close  proximity  parking  places,  an  advantage
     previously held by Womacks.  Both  competitors  also have a large number of
     hotel rooms,  providing them with an advantage during inclement weather and
     the peak tourist season.  The Company has not yet decided on the next phase
     of expansion,  but owns all of the vacant  property  adjacent to the casino
     and is able to expand once it feels comfortable that the additional cost of
     the  expansion  will improve net earnings.  In the second  quarter of 2003,
     Womacks made significant changes to the casino floor layout and reduced the
     number of slot machines to its current level.

     Even though every  attempt has been made to control cost during a period in
     which we have  seen a  decline  in  revenue,  the  relative  percentage  of
     personnel  cost  and  device  fees  to  net  casino   revenue   contributed
     significantly to the erosion in the casino margin.

     During the first two quarters Womacks has made  significant  changes to the
     casino floor layout and reduced the number of slot machines to 600.  During
     the six months  ended June 30, 2003,  Womacks  leased an average of 46 slot
     machines,  compared to 34 during the first six months  ended June 30, 2002,
     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 six 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


                                       36
                                     <PAGE>


     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 $217 and $152 for the six months
     ended June 30, 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 slot machine mix.

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

     Hotel, Food and Beverage Margin

                                                                     2003             2002         % Change
                                                                     ----             ----
       For the six months ended June 30,

       Hotel, food and beverage revenue                         $        579     $         542         6.8%
       Hotel, food and beverage expense                         $        145     $         118        22.9%
       Hotel, food and beverage margin                          $        434     $         424         2.4%
       Hotel, food and beverage margin as % of hotel, food
           and beverage revenue                                        75.0%             78.2%

</TABLE>

     Hotel revenue,  included in Hotel, food and beverage revenue,  increased by
     0.8%, 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 for the casino.

     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.

     Other

     The increase in interest expense,  including debt issuance cost, to $744 in
     2003 from  $691 in 2002 is  attributable  to the  increase  in the  average
     balance  of the RCF to $13.1  million  in the first half of 2003 from $11.9
     million in the first half of 2002. The major factor for the increase in the
     average balance of the RCF is the $2.6 million  borrowed in January 2003 to
     fund the  purchase of the  remaining  35%  interest in CCAL by the Company.
     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  $522 and $372
     to the Company's Colorado  operations for the first six 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 9.12% in 2003 from 9.41% in 2002.

     The increase in depreciation is attributable to the recent expansion and to
     the investment in new slot equipment.

     The Colorado segment  recognized  income tax expense of $876 in 2003 versus
     $1,661 in 2002,  principally  the result of a decrease in  earnings  before
     income taxes.

                                       37
                                     <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 six
     months 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 six months  ended June 30, 2003
     and 2002 are as follows: (See next page for results in Rand)
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                  For the six months ended June 30,       Increase         %
                                                                                         (Decrease)     Change
                                                        2003               2002
                                                        ----               ----
Operating Revenue
  Casino                                           $      4,019     $      2,707     $       1,312        48.5%
  Hotel, food and beverage                                1,059              620               439        70.8%
  Other                                                     216              102               114       111.8%
                                                   ------------     ------------
                                                          5,294            3,429
Less promotional allowances                                 268              219                49        22.4%
                                                   ------------     ------------
Net operating revenue                                     5,026            3,210             1,816        56.6%
                                                   ------------     ------------
Costs and Expenses
  Casino                                                  1,672            1,109               563        50.8%
  Hotel, food and beverage                                1,005              528               477        90.3%
  General and administrative                                895              695               200        28.8%
  Depreciation                                              496              347               149        42.9%
                                                   ------------     ------------
                                                          4,068            2,679
                                                   ------------     ------------
Earnings from operations                                    958              531               427        80.4%
Interest expense                                          (467)            (397)                70        17.6%
Other income, net                                           107               42                65       154.8%
                                                   ------------     ------------
Earnings before income taxes                                598              176               422       239.8%
Income tax expense                                          234               85               149       175.3%
Minority interest expense (benefit)                         (8)                2                10       500.0%
                                                   ------------     ------------
Net Earnings                                       $        356     $         93     $         263       282.8%
                                                   ============     ============

  Net Earnings for South Africa                    $        356     $         93
  Non-CCAL (income) expense:
  General & administrative expenses                         186               93
  Interest Income                                          (16)              (4)
  Income tax benefit                                       (47)              (8)
  Minority interest expense (benefit)                         8              (2)
                                                   ------------      ------------
                                                            131               79
                                                   ------------      ------------
  CCAL Net Earnings                                $        487     $        172
                                                   ============      ============
----------------------------------------------------------------------------------------------------------------
Average exchange rate (Rand/USD)                           7.96            10.95                         -27.3%
----------------------------------------------------------------------------------------------------------------

</TABLE>

                                       38
                                     <PAGE>


Operational  results in Rand for the six months ended June 30, 2003 and 2002 are
as follows:

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

                                                 For the six months ended June 30,      Increase           %
                                                                                       (Decrease)        Change
                                                        2003               2002
                                                        ----               ----
Operating Revenue
     Casino                                        R     31,899     R     29,553     R       2,346         7.9%
     Hotel, food and beverage                             8,408            6,770             1,638        24.2%
     Other                                                1,721            1,123               598        53.3%
                                                   ------------     ------------
                                                         42,028           37,446
Less promotional allowances                               2,118            2,397             (279)       -11.6%
                                                   ------------     ------------
Net operating revenue                                    39,910           35,049             4,861        13.9%
                                                   ------------     ------------

Costs and Expenses
     Casino                                              13,285           12,131             1,154         9.5%
     Hotel, food and beverage                             8,003            5,729             2,274        39.7%
     General and administrative                           7,098            7,566             (468)        -6.2%
     Depreciation                                         3,939            3,795               144         3.8%
                                                   ------------     ------------
                                                         32,325           29,221
                                                   ------------     ------------
Earnings from operations                                  7,585            5,828             1,757        30.1%
Interest expense                                        (3,719)          (4,340)             (621)       -14.3%
Other income, net                                           853              455               398        87.5%
                                                   ------------     ------------
Earnings before income taxes                              4,719            1,943             2,776       142.9%
Income tax expense                                        1,832              933               899        96.4%
Minority interest expense (benefit)                        (71)               18              (89)      -494.4%
                                                   ------------     ------------
Net Earnings                                       R      2,816     R      1,028     R       1,788       173.9%
                                                   ============     ============

  Net Earnings for South Africa                    R      2,816     R      1,028
  Non-CCAL (income) expense:
    General & administrative expenses                     1,473            1,007
    Interest income                                       (132)             (42)
    Income tax benefit                                    (386)             (88)
    Minority interest expense (benefit)                      71             (18)
                                                   ------------     ------------
                                                          1,026              859
                                                   ------------     ------------
  CCAL Net Earnings                                R      3,842     R      1,887
                                                   ============     ============
</TABLE>



                                       39
                                     <PAGE>


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


     Casino Margin (in USD)

             For the six months ended June 30,                          2003              2002         % Change
                                                                        ----              ----
             Casino revenue                                         $      4,019     $       2,707        48.5%
             Casino promotional allowances                          $        124     $          71        74.6%
             Casino revenue, net                                    $      3,895     $       2,636        47.8%
             Casino expense                                         $      1,672     $       1,109        50.8%
             Casino margin                                          $      2,223     $       1,527        45.6%
             --------------------------------------------------------------------------------------------------
             Average exchange rate (Rand/USD)                               7.96             10.95       -27.3%
             --------------------------------------------------------------------------------------------------

     Casino Margin and Market Data (in Rand)

             For the six months ended June 30,                           2003             2002          % Change
                                                                         ----             ----
             Casino revenue                                         R     31,899     R      29,553         7.9%
             Casino promotional allowances                          R        979     R         759        29.0%
             Casino revenue, net                                    R     30,920     R      28,794         7.4%
             Casino expense                                         R     13,285     R      12,131         9.5%
             Casino margin                                          R     17,635     R      16,663         5.8%
             Casino margin as a % of casino revenue, net                   57.0%             57.9%
             Market share of the Western Cape AGP                           6.0%              6.2%
             Market share of Western Cape gaming devices                   10.7%             11.2%
             Average number of slot machines                                 271               250
             Average slot machine win per day                           596 Rand          579 Rand
             Average number of tables                                          8                11
             Average table win per day                                1,826 Rand        1,676 Rand

</TABLE>

     The  7.4%  increase  in the  casino  revenue,  net is  attributable  to the
     increased  traffic  generated by an increasing  number of conferences,  the
     introduction  of cash  couponing in the second  quarter of 2003 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  profit  center  within the  resort.  CCAL  competes
     against a much larger  competitor  located in a more  populous  area of the
     Western Cape.

                                       40
                                     <PAGE>


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

     Hotel, Food and Beverage Margin (in USD)


           For the six months ended June 30,                            2003             2002          % Change
                                                                        ----             ----
           Hotel, food and beverage revenue                         $      1,059     $         620        70.8%
           Hotel, food and beverage expense                         $      1,005     $         528        90.3%
           Hotel, food and beverage margin                          $         54     $          92       -41.3%

           ----------------------------------------------------------------------------------------------------
           Average exchange rate (Rand/USD)                                 7.96             10.95       -27.3%
           ----------------------------------------------------------------------------------------------------


     Hotel, Food and Beverage Margin (in Rand)

          For the six months ended June 30,                             2003             2002          % Change
                                                                        ----             ----
          Hotel, food and beverage revenue                          R      8,408     R       6,770        24.2%
          Hotel, food and beverage expense                          R      8,003     R       5,729        39.7%
          Hotel, food and beverage margin                           R        405     R       1,041       -61.1%
          Hotel, food and beverage margin as % of hotel food
          and beverage revenue                                              4.8%             15.4%

</TABLE>

     An increase in the number of  business  conferences  held at the resort has
     been a major factor in the significant  increase in hotel,  food & beverage
     revenue.  The conferences had a positive impact on the hotel occupancy rate
     which  increased  to 56% in the first six  months of 2003  compared  to 53%
     during  the same  period  in 2002.  Accordingly,  marketing  has been  more
     focused  in this  area in an  attempt  to gain  additional  exposure.  CCAL
     continues to make a number of repairs and  improvements to the resort on an
     ongoing basis (see Note 6). Additionally, continuing inflationary pressures
     in South  Africa  have  driven up base  costs such as labor,  supplies  and
     utilities.  Finally,  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.

     Food and beverage  revenue has increased  significantly  due to a number of
     factors.  Since the first quarter of 2002,  meal prices have been increased
     by approximately 12.5%. Furthermore,  dinner and breakfast are now included
     with all rooms.  The meals included in the hotel bill are allocated to food
     and beverage  revenue.  Finally,  there has also been a notable increase in
     business  conferences  held at the resort,  resulting in an increase in the
     number of theme dinners and banquets.

     Other

     The  weighted-average  interest rate on the borrowings  under the ABSA loan
     agreement is 16.9% in the first six months of 2003 and 2002.  Excluding the
     effect of fluctuations in the exchange rate, interest expense has decreased
     by 14.3% as the principal balance of the term loans and capitalized  leases
     are repaid.  Other revenue  principally  consists of revenue generated from
     the resort's  ancillary  services which include the adventure  center,  spa
     center,  and conference  room rental.  An insurance  claim submitted by the
     casino for loss of revenue

                                       41
                                     <PAGE>


     due to water damage to a number of slot machines  accounted for R472 of the
     increase in other revenue.

Cruise Ships

Cruise ships' operational  results for the periods ending June 30, 2003 and 2002
are as follows:

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

                                                  For the six months ended June 30,        Increase    % Change
                                                                                          (Decrease)
                                                        2003                2002
                                                        ----                ----
    Operating Revenue
         Casino                                  $          669     $        279     $         390       139.8%
         Other                                               19               26               (7)       -26.9%
                                                   ------------     ------------
                                                            688              305
    Less promotional allowances                               -                -
                                                   ------------     ------------
    Net operating revenue                                   688              305               383       125.6%
                                                   ------------     ------------

    Costs and Expenses
         Casino                                             481              208               273       131.3%
         General and administrative                           3                -                 3          N/A
         Depreciation                                        32               28                 4        14.3%
                                                   ------------     ------------
                                                            516              236
                                                   ------------     ------------
    Earnings from operations                                172               69               103       149.3%
    Other income, net                                         5                -                 5          N/A
                                                   ------------     ------------
    Earnings before income taxes                            177               69               108       156.5%
    Income tax expense                                       67               26                41       157.7%
                                                   ------------     ------------
    Net Earnings                                 $          110  $            43     $          67       155.8%
                                                   ============     ============

     Casino Margin

     For the six months ended June 30,                  2003            2002              % Change
                                                        ----            ----
     Casino revenues                               $        669     $        279            139.8%
     Casino expenses                               $        481     $        208            131.3%
     Casino margin                                 $        188     $         71            164.8%
     Casino margin as a % of casino revenue, net          28.1%            25.4%

</TABLE>

     In the first half of 2003,  we operated  casinos on a total of seven ships:
     four from  Silverseas,  one on the World of  ResidenSea  and two on Oceania
     Cruises.  On April 19,  2003,  the Company  successfully  opened its casino
     aboard the Insignia, a 684 passenger luxury cruise ship operated by Oceania
     Cruises.  The Silver Wind, a cruise ship operated by Silverseas,  which was
     taken out of  service  following  the  events of September  11,  2001,
     resumed operations on May 23, 2003. The casino aboard the Regatta,  another
     684 passenger luxury cruise ship operated by Oceania Cruises, was opened on
     June 26, 2003.

     In the first  half of 2002 we  operated  casinos  on four  ships:  three on
     Silverseas and one on the World of ResidenSea. The casino on the ResidenSea
     opened for business on March 28, 2002.

                                       42
                                     <PAGE>


     We anticipate we will  repeatedly  experience  severe  fluctuations  in the
     revenue  generated on each cruise  depending on the quality of the players.
     This is a condition that is beyond the control of the Company.

     The increase in casino operating expenses relates to the increase in number
     of casinos operated on cruise ships and to start up costs of casinos aboard
     two Oceania cruise ships,  i.e. travel and additional  staff cost, plus the
     cost to re-establish the casino on the Silver Wind.

     Concession  fees  paid  to  the  ship  operators  in  accordance  with  the
     agreements accounted for $212 and $28 of the total casino expenses incurred
     in first six months ended June 30, 2003 and 2002, respectively.


Corporate & Other

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

                                                   For the six months ended June 30,
                                                                                      Increase       %
                                                    2003                 2002        (Decrease)    Change
                                                    ----                 ----
    Operating Revenue
         Other                                     $          8     $        107     $   (99)       -92.5%
                                                     ----------       ----------
                                                              8              107
    Less promotional allowances                               -                -
                                                     ----------       ----------
    Net operating revenue                                     8              107         (99)       -92.5%
                                                     ----------       ----------

    Costs and Expenses
        General and administrative                          731              763         (32)        -4.2%
        Depreciation                                         84              108         (24)       -22.2%
                                                     ----------       ----------
                                                            815              871
                                                     ----------       ----------
    Loss from operations                                  (807)            (764)           43         5.6%
    Interest expense                                       (12)             (12)            -         0.0%
    Other income, net                                       181              177            4         2.3%
                                                     ----------       ----------
    Loss before income taxes                              (638)            (599)           39         6.5%
    Income tax benefit                                    (249)            (541)        (292)       -54.0%
                                                     ----------       ----------
    Net Loss                                     $        (389)   $         (58)     $  (331)      -570.7%
                                                     ==========       ==========

</TABLE>

     Net operating  revenues  consisted of management fees earned from operating
     Casino  Millennium  in Prague,  Czech  Republic and were $8 and $107 in the
     first half 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,  but instead will be recorded as received.
     In April 2003, Casino Millennium remitted $8 in management fees.


                                       43
                                     <PAGE>


Liquidity and Capital Resources

     Cash and cash  equivalents  totaled $3,854 plus  restricted cash of $533 at
     June 30, 2003, and the Company had net working capital of $292.  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  ($24,556 net of the quarterly  reduction) and unused
     borrowing capacity of $11,087 at June 30, 2003.

     For the six  months  ended  June  30,  2003,  cash  provided  by  operating
     activities was $1,656 compared with $2,330 in the prior-year period. Please
     refer to management's discussion of the results of operations.

     Cash used in  investing  activities  of $2,243  for the first six months of
     2003, consisted of: $504 towards the expansion of the Womacks casino at the
     rear of the  property  that was  completed  in the second  quarter of 2003,
     providing additional gaming space; $219 for additional  improvements to the
     property in Caledon,  South Africa,  including $61  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;  $153 principally for outfitting one of the two new casinos aboard
     the luxury cruise ships operated by Oceania and to finish re-outfitting the
     Silver Wind; $153 due to expenditures for other long-lived  assets,  net of
     $7 in proceeds  from the  disposition  of assets;  and a decrease of $38 in
     restricted cash. Cash used in investing  activities of $2,906 for the first
     six months of 2002,  consisted  of: $1.3  million  towards the purchase and
     improvements  of the Palace Hotel and property;  $544 towards the expansion
     of the Womacks  casino at the rear of the  property,  providing  additional
     gaming space;  $110 towards the construction of a restaurant & grill on the
     first floor of Womacks  casino;  $298 for  additional  improvements  to the
     property in Caledon,  South Africa;  $460, primarily for land purchased for
     the proposed  casino  development in  Johannesburg,  South Africa;  and the
     balance  of $194 is  primarily  due to  expenditures  for other  long-lived
     assets.

     Cash used in financing  activities of $340 for the first six months of 2003
     consisted of net  borrowings of $2.0 million under the RCF with Wells Fargo
     plus $7 in proceeds from the exercise of stock options, less net repayments
     of $556 under the loan agreement with ABSA,  $1.2 million to acquire a loan
     to CCAL held by the  minority  shareholder,  Caledon  Overberg  Investments
     (Proprietary)  Limited  ("COIL");  $132 towards the repurchase of Company's
     stock on the open  market at cost;  $299  towards  the  purchase of 132,184
     shares of common stock from a director,  James Forbes, at a per share price
     of $2.26;  and other net  repayments  of $160.  Cash  provided by financing
     activities  of $375 for the  first  six  months  of 2002  consisted  of net
     borrowings of $835 under the RCF with Wells Fargo,  less net  repayments of
     $354 under the loan  agreement  with ABSA,  additional  deferred  financing
     charges  incurred by the Caledon  Casino,  Hotel & Spa, with a cost of $19,
     the repurchase of company's  stock, on the open market,  with a cost of $44
     and other net repayments of $43.

     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

                                       44
                                     <PAGE>


     Czech bank by Strabag AG,  which has been  repaid.  The Company  expects to
     contribute  gaming  equipment and certain  pre-operating  costs,  valued at
     $823, in exchange for the additional 40% interest in Casino Millennium. The
     balance of the transaction is expected to be completed in 2003,  subject to
     certain contingencies and contract conditions.

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

     A proposed  ballot issue has been  submitted in Colorado that would approve
     the installation of at least 500 video lottery terminals "VLT's" at each of
     the five  racetracks  throughout  Colorado,  two of which  are  located  in
     Colorado  Springs and Pueblo,  the dominant  markets for Cripple Creek. The
     VLT's are almost  identical to slot machines.  The Colorado gaming industry
     has  organized  to  oppose  the  introduction  of VLT's at the  racetracks.
     Management  is unable to speculate on the outcome of the proposed  November
     2003 ballot  issue which,  if approved by the voters,  could be expected to
     have a negative impact on the Company's Cripple Creek gaming revenues.

     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 six months of 2003, the Company  repurchased 59,100 shares
     of its common stock on the open market,  excluding 489,264 shares purchased
     from  one  of its  directors.  Through  June  30,  2003,  the  Company  had
     repurchased  2,559,004  shares  of its  common  stock  at a  total  cost of
     approximately $3,768.


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".
                                       45
                                     <PAGE>


     SFAS No. 142  addresses  the methods  used to  capitalize,  amortize and to
     assess impairment of intangible  assets,  including goodwill resulting from
     business  combinations  accounted for under the purchase method.  Effective
     with the adoption of SFAS No. 142, the Company no longer amortizes goodwill
     and other  intangible  assets with  indefinite  useful  lives,  principally
     deferred  casino  license costs.  In evaluating  the Company's  capitalized
     casino license cost related to CCAL, which comprises principally all of its
     other  intangible  assets,  management  considered  all of the criteria set
     forth in SFAS  No.  142 in  determining  its  useful  life.  Of  particular
     significance in that evaluation was the existing  regulatory  provision for
     annual  renewal of the license at minimal cost and the current  practice of
     the Western  Cape  Gambling and Racing  Board  ("Board")  of granting  such
     renewals  as long as all  applicable  laws are  complied  with,  as well as
     compliance with the original  conditions of the casino operator  license as
     set forth by the Board.  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
     June  30,  2003  is  unamortized   goodwill  of  approximately  $7,994  and
     unamortized casino license costs of approximately  $1,483. The Company will
     continue to assess  goodwill and other  intangibles for impairment at least
     annually.  Management has not identified  any  impairment  indicators  with
     respect to the casino  license or goodwill  during the three and six months
     ended June 30, 2003.

     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.

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

                                       46
                                     <PAGE>


Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     We are  exposed to market risk  principally  related to changes in interest
     rates and foreign currency exchange rates. To mitigate some of these risks,
     we utilize derivative financial instruments to hedge these exposures. We do
     not  use  derivative  financial  instruments  for  speculative  or  trading
     purposes. All of the potential changes noted below are based on information
     available at June 30, 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, 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 June 30,  2003  would  reduce the value of the
     Company's investment by approximately $1.8 million.

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

                                       47
                                     <PAGE>


Item 4. CONTROLS AND PROCEDURES

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


                     * * * * * * * * * * * * * * * * * * * *
                                       48
                                     <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:
           10.129    Fifth Amendment to Restated Employees' Equity Incentive
                     Plan, dated June 4, 2003.
           10.130    Brokerage  Agreement  between  Novomatic AG and Century
                     Casinos,  Inc. dated January 4, 2000 an Amendment No. 1 to
                     Brokerage Agreement dated July 24, 2003.
             31.1    Certification Pursuant to Securities Exchange Act Rule
                     13a-15(f) and 15d-15(f), Chairman of the Board and Chief
                     Executive Officer.
             31.2    Certification Pursuant to Securities Exchange Act Rule
                     13a-15(f) and 15d-15(f), Vice-Chairman and President.
             31.3    Certification Pursuant to Securities Exchange Act Rule
                     13a-15(f) and 15d-15(f), Chief Accounting Officer.
             32.1    Certification Pursuant to Section 906 of the Sarbanes-Oxley
                     Act of 2002, Chairman of the Board and Chief Executive
                     Officer.
             32.2    Certification Pursuant to Section 906 of the Sarbanes-Oxley
                     Act of 2002, Vice-Chairman and President.
             32.3    Certification Pursuant to Section 906 of the Sarbanes-Oxley
                      Act of 2002, Chief Accounting Officer.


      (b) Reports on Form 8-K:

          On May 13, 2003 the  Registrant  filed a Current Report on Form 8-K in
          which it announced it had posted to its website a presentation  of the
          Review of Financial  Results of Operations and Financial  Condition as
          of and for the  quarter  ended  March  31,  2003,  as a  complementary
          presentation of its First Quarter 2003 Form 10-Q and Earnings Release.

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: August 13, 2003