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 September 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 October
24, 2003.

                                      -1-
                                     <PAGE>




                              CENTURY CASINOS, INC.
                                    FORM 10-Q
                                      INDEX
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                              Page Number
PART I    FINANCIAL INFORMATION
Item 1.   Condensed Consolidated Financial Statements (unaudited)
            Condensed Consolidated Balance Sheets as of September 30, 2003 and December 31, 2002     3
            Condensed Consolidated Statements of Earnings for the Three Months Ended
            September 30, 2003 and 2002                                                              4
            Condensed Consolidated Statements of Earnings for the Nine Months Ended
            September 30, 2003 and 2002                                                              5
            Condensed Consolidated Statements of Comprehensive Earnings for the Three Months Ended
            September 30, 2003 and 2002                                                              6
            Condensed Consolidated Statements of Comprehensive Earnings for the Nine Months Ended
            September 30, 2003 and 2002                                                              6
            Condensed Consolidated Statements of Cash Flows for the Nine Months Ended
            September 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      27
Item 3.   Quantitative and Qualitative Disclosures About Market Risk                                 51
Item 4.   Controls and Procedures                                                                    52
PART II   OTHER INFORMATION                                                                          53
Item 1.   Legal Proceedings                                                                          53
Item 6.   Exhibits and Reports on Form 8-K                                                           53
          SIGNATURES                                                                                 53

</TABLE>

                                      -2-
                                     <PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S>                                                                                        <C> <C>                  <C> <C>
                                                                          September 30, 2003   December 31, 2002
    ASSETS
    Current Assets:
        Cash and cash equivalents                                            $       3,893       $       4,582
        Restricted cash                                                                575                 491
        Accounts receivable                                                            335                 133
        Prepaid expenses and other                                                     729                 516
        Deferred taxes                                                                  42                  48
                                                                              ------------        ------------
           Total current assets                                                      5,574               5,770

    Property and Equipment, net                                                     36,243              33,965
    Goodwill, net                                                                    8,051               7,899
    Casino License Costs, net                                                        1,601               1,298
    Deferred Taxes                                                                     839               1,078
    Other Assets                                                                     1,160               1,133
                                                                              ------------        ------------
    Total                                                                    $      53,468       $      51,143
                                                                              ============        ============


    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
       Current portion of long-term debt                                     $       2,001       $       1,664
       Accounts payable and accrued liabilities                                      2,022               2,309
       Accrued payroll                                                               1,008               1,098
       Taxes payable                                                                 1,049                 747
                                                                              ------------        ------------
           Total current liabilities                                                 6,080               5,818
    Long-Term Debt, less current portion                                            15,365              16,531
    Other Non-current Liabilities                                                      446                 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 income (loss)                                 1,424             (1,052)
       Retained earnings                                                            10,346               7,926
                                                                              ------------        ------------
                                                                                    33,452              28,893
        Treasury stock - 825,276 and 904,912 shares at cost,
           respectively                                                            (1,875)             (1,790)
                                                                              ------------        ------------
            Total shareholders' equity                                              31,577              27,103
                                                                              ------------        ------------
    Total                                                                    $      53,468       $      51,143
                                                                              ============        ============
See notes to condensed consolidated financial statements.
</TABLE>

                                      -3-
                                     <PAGE>



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

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

                                                                         For The Three Months Ended September 30,

                                                                                  2003                2002

Operating Revenue:
   Casino                                                                    $       8,525       $       8,235
   Hotel, food and beverage                                                            932                 722
   Other                                                                               106                 122
                                                                              ------------        ------------
                                                                                     9,563               9,079
   Less promotional allowances                                                       1,285               1,194
                                                                              ------------        ------------
       Net operating revenue                                                         8,278               7,885
                                                                              ------------        ------------

Operating Costs and Expenses:
   Casino                                                                            3,132               2,633
   Hotel, food and beverage                                                            691                 409
   General and administrative                                                        2,004               1,824
   Property write-down and other write-offs                                              -               1,122
   Depreciation                                                                        675                 616
                                                                              ------------        ------------
       Total operating costs and expenses                                            6,502               6,604
                                                                              ------------        ------------

Earnings from Operations                                                             1,776               1,281
   Interest expense                                                                  (512)               (480)
   Other income, net                                                                   113                  32
                                                                              ------------        ------------
Earnings before Income Taxes and Minority Interest                                   1,377                 833
   Provision for income taxes                                                          463                 317
                                                                              ------------        ------------
Earnings before Minority Interest                                                      914                 516
   Minority interest in subsidiary earnings                                              -                (63)
                                                                              ------------        ------------
Net Earnings                                                                 $         914       $         453
                                                                              ============        ============


Earnings Per Share:
   Basic                                                                     $        0.07       $        0.03
                                                                              ============        ============
   Diluted                                                                   $        0.06       $        0.03
                                                                              ============        ============

See notes to condensed consolidated financial statements.

</TABLE>

                                      -4-
                                     <PAGE>



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

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

                                                                        For The Nine Months Ended September 30,

                                                                                  2003                2002

Operating Revenue:
   Casino                                                                    $      23,670       $      23,257
   Hotel, food and beverage                                                          2,570               1,884
   Other                                                                               401                 415
                                                                              ------------        ------------
                                                                                    26,641              25,556
   Less promotional allowances                                                       3,429               3,350
                                                                              ------------        ------------
       Net operating revenue                                                        23,212              22,206
                                                                              ------------        ------------

Operating Costs and Expenses:
   Casino                                                                            8,498               7,306
   Hotel, food and beverage                                                          1,841               1,055
   General and administrative                                                        5,746               5,548
   Property write-down and other write-offs                                              -               1,122
   Depreciation                                                                      1,986               1,766
                                                                              ------------        ------------
       Total operating costs and expenses                                           18,071              16,797
                                                                              ------------        ------------

Earnings from Operations                                                             5,141               5,409
   Interest expense                                                                (1,564)             (1,409)
   Other income, net                                                                   242                  90
                                                                              ------------        ------------
Earnings before Income Taxes and Minority Interest                                   3,819               4,090
   Provision for income taxes                                                        1,391               1,548
                                                                              ------------        ------------
Earnings before Minority Interest                                                    2,428               2,542
   Minority interest in subsidiary earnings                                            (8)                (61)
                                                                              ------------        ------------
Net Earnings                                                                 $       2,420       $       2,481
                                                                              ============        ============


Earnings Per Share:
   Basic                                                                     $        0.18       $        0.18
                                                                              ============        ============
   Diluted                                                                   $        0.16       $        0.16
                                                                              ============        ============

See notes to condensed consolidated financial statements.

</TABLE>



                                      -5-
                                     <PAGE>



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

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

                                                                         For The Three Months Ended September 30,

                                                                                  2003                2002


   Net Earnings                                                              $         914       $         453
   Foreign currency translation adjustments                                            951                (94)
   Change in fair value of interest rate swaps, net of income taxes                     97                   8
                                                                              ------------        ------------
   Comprehensive Earnings                                                    $       1,962       $         367
                                                                              ============        ============



                                                                         For The Nine Months Ended September 30,

                                                                                  2003                2002


   Net Earnings                                                              $       2,420       $       2,481
   Foreign currency translation adjustments                                          2,261                 689
   Change in fair value of interest rate swaps, net of income taxes                    215                   1
                                                                              ------------        ------------
   Comprehensive Earnings                                                    $       4,896       $       3,171
                                                                              ============        ============



See notes to condensed consolidated financial statements.

</TABLE>

                                      -6-
                                     <PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                                                                         For The Nine Months Ended September 30,

                                                                                 2003              2002

Cash Flows from Operating Activities:
   Net earnings                                                              $       2,420       $       2,481

   Adjustments to reconcile net earnings to net cash provided by
    operating activities
      Write-down of nonoperating casino and land
        held for sale                                                                    -                 447
      Write-off of receivables and advances, including interest                          -                 702
      Depreciation                                                                   1,986               1,766
      Amortization of deferred financing costs                                          84                  67
      Gain on disposition of assets                                                   (59)                (27)
      Deferred tax expense (benefit)                                                   126                (58)
      Minority interest in subsidiary earnings                                           8                  61
      Other                                                                            (8)                 (9)

      Changes in operating assets and liabilities
        Receivables                                                                  (185)               (302)
        Prepaid expenses and other assets                                            (236)               (106)
        Accounts payable and accrued liabilities                                     (341)                  23
        Accrued payroll                                                              (138)                 262
        Taxes payable                                                                  205               (316)
                                                                              ------------        ------------
         Net cash provided by operating activities                                   3,862               4,991
                                                                              ------------        ------------

Cash Flows from Investing Activities:
    Purchases of property and equipment                                            (1,769)             (3,770)
    Acquisition of subsidiary, net of $664 in cash acquired                        (1,259)                   -
    Restricted cash (increase) decrease                                                 49                (10)
    Proceeds received from disposition of assets                                       258                 176
                                                                              ------------        ------------
         Net cash used in investing activities                                     (2,721)             (3,604)
                                                                              ------------        ------------

                                                           (continued)

                                      -7-
                                     <PAGE>

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

                                                                         For The Nine Months Ended September 30,

                                                                                  2003                2002

Cash Flows from Financing Activities:
   Proceeds from borrowings                                                  $      21,710       $      15,439
   Principal repayments                                                           (23,442)            (16,459)
   Proceeds from exercise of options                                                     8                   -
   Purchases of treasury stock                                                       (431)               (205)
   Deferred financing costs                                                              -               (112)
                                                                              ------------        ------------
         Net cash used in financing activities                                     (2,155)             (1,337)

Effect of exchange rate changes on cash                                                325                  48
                                                                              ------------        ------------
Increase (Decrease) in Cash and Cash Equivalents                                     (689)                  98
Cash and Cash Equivalents at Beginning of Period                                     4,582               3,031
                                                                              ------------        ------------
Cash and Cash Equivalents at End of Period                                   $       3,893       $       3,129
                                                                              ============        ============


</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, Caledon Overberg Investments (Proprietary) Limited ("COIL"), 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.

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

Supplemental Disclosure of Cash Flow Information:

Interest paid, net of capitalized interest of $46 in 2003 and $57 in 2002    $       1,544       $       1,434
                                                                              ============        ============
Income taxes paid                                                            $         700       $       1,725
                                                                              ============        ============
</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
Resorts Limited ("CRL"),  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").
CRL owns 55% of Century  Resorts  Alberta Inc.  ("CRA").  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 614 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  ("CM") 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 $827.

     CCI  serves as  concessionaire  of small  casinos  on seven  luxury  cruise
     vessels.  The Company has a total of approximately  283 gaming positions on
     the six 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  70  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 was taken out of service after
     it completed  its cruise  schedule to various  destinations  in the western
     Mediterranean  as of  September  26th,  2003  and  is  expected  to  resume
     operations  in May  2004.  The  Silver  Wind,  a cruise  ship  operated  by
     Silversea  Cruises,  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>


On October 20, 2003 the Company  announced that judgment had been handed down in
the High Court of South Africa  compelling the Gauteng Gambling Board to award a
casino license to Silverstar  Development Limited ("Silverstar") for the western
periphery  of   metropolitan   Johannesburg   in  terms  of  its  original  1997
application.  CCA, through its majority-owned  subsidiary,  Century Casinos West
Rand  (Pty)  Ltd.,  remains  contracted  to  Silverstar  by a resort  management
agreement  and  retains a right of long  standing  to take up a minority  equity
interest in the venture  although its final level of equity interest  remains to
be determined. Pursuant to its 1997 application, the Silverstar project provides
for up to 1,350 slot machines and 50 gaming tables in a phased  development that
includes a hotel and other  entertainment,  dining, and recreational  activities
with a first phase of 950 slot machines and 30 gaming  tables.  The proposed 400
million Rand ($57.5 million)  hotel/casino  resort development is located in the
greater  Johannesburg  area of South  Africa  known as the West Rand.

In January 2000,  CCI entered into a brokerage  agreement  with  Novomatic AG in
which CCI  received  an option to  purchase  seven  eighths of the  shares  that
Novomatic AG purchased in Silverstar.  The agreement was subsequently amended in
July 2003 giving  Novomatic AG a put option under which Novomatic AG can require
that CCI buy seven  eighths  of its shares in  Silverstar  and giving CCI a call
option  under which CCI can require  Novomatic  AG to sell seven  eighths of its
shares in Silverstar to CCI. The price of the option, which cannot be quantified
at this time,  will be 75% of the fair market value as determined at the time of
the exercise.  If the transaction  were to be completed,  CCI would acquire a 7%
interest in Silverstar from Novomatic AG.

On September 25, 2003 the Company  formed CRL for the purpose of managing all of
the Company's  foreign and offshore  operations.  CRL will  maintain  offices in
Mauritius,  an independent island republic in the western Indian Ocean.  Forming
the management  company in Mauritius will provide  favorable tax benefits to the
Company.  Taxable  income,  mostly  management  fees and interest  earned by the
Mauritius  company  would be taxed at an effective rate of 3%.

On September 30, 2003, the Company  subscribed to 55% of the outstanding  shares
of  Century  Resorts  Alberta  Inc.  ("CRA"),  formed  in  conjunction  with its
application for a gaming license in Edmonton,  Alberta,  Canada, at a price of 1
Canadian  dollar  per  share.  A total of 100 shares  have been  authorized  and
issued. The proposed project,  The Celebrations  Casino and Hotel, is planned to
include a casino, food and beverage amenities,  a dinner theater,  and a 40-room
hotel. CRA is owned by CRL, a wholly owned  subsidiary of Century Casinos,  Inc.
and by 746306  Alberta  Ltd,  the owners of the 7.25 acre  property and existing
hotel which will be developed into the Celebrations project, should a license be
awarded and all other approvals and funding be obtained. The Celebrations Casino
and Hotel  Project  proposed by CRA is valued at 16.5 million  Canadian  dollars
($12.2 million),  including the contribution of the existing hotel and property,
valued at 2.5 million Canadian  dollars ($1.9 million).  CRL also entered into a
long term  agreement  to manage the casino if a gaming  license is awarded.  The
Celebrations  Casino and Hotel project is one of six  applications  submitted to
the Alberta  Gaming and Liquor  Commission  ("AGLC")  for an  additional  casino
facility license in the greater Edmonton area.

                                      -10-
                                     <PAGE>

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:

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

                                        September 30, 2003        December 31, 2002         September 30, 2002
         South African Rand                         6.9537                   8.5755                    10.5230
         Euros                                      0.8583                   0.9536                     1.0123

</TABLE>

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

The accompanying  condensed  consolidated financial statements and related notes
have been prepared in accordance with accounting  principles  generally accepted
in the  United  States  of  America  for  interim  financial  reporting  and the
instructions  to Form 10-Q and Rule 10-01 of  Regulation  S-X. The  accompanying
consolidated   financial   statements  include  the  accounts  of  CCI  and  its
majority-owned  subsidiaries.  All  significant  intercompany  transactions  and
balances  have  been  eliminated.   The  financial  statements  of  all  foreign
subsidiaries  consolidated  herein have been  converted to US GAAP for financial
statement   presentation   purposes.   Accordingly  the  consolidated  financial
statements are presented in accordance  with US GAAP.  Certain  information  and
footnote  disclosures  normally  included in  financial  statements  prepared in
accordance with accounting principles generally accepted in the United States of
America,  have been  condensed  or omitted.  In the opinion of  management,  all
adjustments  (consisting of only normal recurring accruals) considered necessary
for fair  presentation  of financial  position,  results of operations  and cash
flows have been included.  These  condensed  consolidated  financial  statements
should be read in  conjunction  with the financial  statements and notes thereto
included in the Company's Annual Report on Form 10-K for the year ended December
31, 2002. The results of operations for the period ended  September 30, 2003 are
not necessarily indicative of the operating results for the full year.


                                      -11-
                                     <PAGE>



2.   CHANGE IN ACCOUNTING PRINCIPLES AND RECENTLY ISSUED STANDARDS

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

At September 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.



                                      -12-
                                     <PAGE>


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


                                                                         For the three months ended September 30,

                                                                                  2003               2002


  Net earnings, as reported                                                  $         914       $         453
  Deduct: Total stock-based employee  compensation expense determined
      under fair value based  method for all  awards,  net of related
      tax effects                                                                        1                   3
                                                                              ------------        ------------
  Pro forma net earnings                                                     $         913       $         450
                                                                              ============        ============

  Earnings per share
    Basic               As reported                                          $        0.07       $        0.03
                        Pro forma                                            $        0.07       $        0.03

    Diluted             As reported                                          $        0.06       $        0.03
                        Pro forma                                            $        0.06       $        0.03



                                                                         For the nine months ended September 30,

                                                                                   2003               2002


  Net earnings, as reported                                                  $       2,420       $       2,481
  Deduct: Total stock-based employee  compensation expense determined
      under fair value based  method for all  awards,  net of related
      tax effects                                                                        3                   7
                                                                              ------------        ------------
  Pro forma net earnings                                                     $       2,417       $       2,474
                                                                              ============        ============

  Earnings per share
    Basic               As reported                                          $        0.18       $        0.18
                        Pro forma                                            $        0.18       $        0.18

    Diluted             As reported                                          $        0.16       $        0.16
                        Pro forma                                            $        0.16       $        0.16


</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.


                                      -13-
                                     <PAGE>


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 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  September  30,
2003 and 2002 were computed as follows:

<TABLE>
<CAPTION>
<S>                                                                                                           <C>
                                                                         For the Three Months Ended September 30,

                                                                                  2003               2002

  Basic Earnings Per Share:
     Net earnings                                                            $         914       $         453
                                                                              ============        ============
     Weighted average common shares                                             13,660,500          13,664,605
                                                                              ============        ============
     Basic earnings per share                                                $        0.07       $        0.03
                                                                              ============        ============

  Diluted Earnings Per Share:
     Net earnings, as reported                                               $         914       $         453
                                                                              ============        ============
       Weighted average common shares                                           13,660,500          13,664,605
       Effect of dilutive securities:
           Stock options and warrants                                            1,050,117           1,435,047
                                                                              ------------        ------------
     Dilutive potential common shares                                           14,710,617          15,099,652
                                                                              ============        ============
     Diluted earnings per share                                              $        0.06       $       0.03
                                                                              ============        ============

</TABLE>

There were no exclusions from the computation of diluted earnings per share.


                                      -14-
                                     <PAGE>



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

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

                                                                         For the Nine Months Ended September 30,

                                                                                   2003               2002

  Basic Earnings Per Share:
     Net earnings                                                            $       2,420       $       2,481
                                                                              ============        ============
     Weighted average common shares                                             13,623,304          13,707,085
                                                                              ============        ============
     Basic earnings per share                                                $        0.18       $        0.18
                                                                              ============        ============

  Diluted Earnings Per Share:
     Net earnings, as reported                                               $       2,420       $       2,481
                                                                              ============        ============
     Weighted average common shares                                             13,623,304          13,707,085
       Effect of dilutive securities:
           Stock options and warrants                                            1,062,136           1,511,765
                                                                              ------------        ------------
     Dilutive potential common shares                                           14,685,440          15,218,850
                                                                              ============        ============

     Diluted earnings per share                                              $        0.16       $        0.16
                                                                              ============        ============

     Excluded from computation of diluted earnings per share
      due to antidilutive effect:
        Options and warrants to purchase common shares                              10,000                   -
        Weighted average exercise price                                      $        2.28       $           -


</TABLE>


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. The total  construction  cost,  excluding new slot
machines, was approximately $2.1 million.


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,  hotel  and spa,  CCAL owns
approximately 600 acres of land, which may be used for future expansion.

                                      -15-
                                     <PAGE>


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  completed a number of capital  improvement  projects.  They include
improvements  to the  landscaping and converting an existing bar to a restaurant
to provide  alternative food choices and 24 hour service.  In the fourth quarter
of 2003,  the  Company  expects to  complete an  approximate  6,000  square foot
equestrian  center and  finish  enlarging  the hotel  restaurant  facilities  to
accommodate the increasing conference demands, and updating  approximately 68 of
the current 92 hotel rooms. The Company also expects to complete the enlargement
of the smoking area in the casino in 2003 by  approximately  800 square feet due
to market demand. This will result in a corresponding reduction in the amount of
space allocated to non-smoking.

Subsequent to September 30, 2003 Caledon introduced a prive ("private") area for
high rollers that is expected to have a positive impact on future revenues.


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,  giving the Company a 10%  ownership in CM. As
of September  30, 2003 and December  31,  2002,  the initial  payment of $236 is
classified  in other assets on the Company's  consolidated  balance  sheet.  The
Company will carry the investment at cost until such time that its investment is
at least 20%,  but not more than 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 $827.  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  continue  to  evaluate  the  professional
literature on this matter in the event our ownership percentage or other factors
change, 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,  but instead will be


                                      -16-
                                     <PAGE>

recorded as received. In April 2003, Casino Millennium remitted $8 in management
fees.  Management  fee income for the three months ended  September 30, 2003 and
2002 was $0 and $31,  respectively.  Management  fee income for the nine  months
ended September 30, 2003 and 2002 was $8 and $138, respectively.


8.   LONG-TERM DEBT

The principal  balance  outstanding under the Wells Fargo Bank Revolving Line of
Credit Facility ("RCF") as of September 30, 2003 was $11,914 compared to $11,500
at December 31, 2002.  The amount  available  under the RCF as of September  30,
2003 was  $11,919,  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 September  30, 2003.  Interest  rates at September 30, 2003 were
4.0% for $414 outstanding under prime based provisions of the loan agreement and
3.41%  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 September
30, 2003 and December 31, 2002 of $446 and $788, respectively,  is reported as a
liability in the consolidated  balance sheets. The net gain on the interest rate
swaps of $97 and $8, net of  deferred  income tax  expense of $58 and $5 for the
three months ended  September 30, 2003 and 2002 has been reported in accumulated
other  comprehensive  income (loss) in the  shareholders'  equity section of the
accompanying  September  30, 2003 and December 31, 2002  condensed  consolidated
balance  sheets,  respectively.  The net gain on the interest rate swaps of $215
and $1, net of  deferred  income  tax  expense of $127 and $0 for the first nine
months of 2003 and 2002,  has been reported in accumulated  other  comprehensive
income (loss) in the shareholders' equity sections of the accompanying September
30,  2003  and  December  31,  2002  condensed   consolidated   balance  sheets,
respectively.  Net  additional  interest  expense to the Company  under the swap
agreements  was $155 and $133 for the three months ended  September 30, 2003 and
2002,  respectively,  and $445 and $388 for the nine months ended  September 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
9.21%  and  9.53%  for the nine  months  ended  September  30,  2003  and  2002,
respectively.

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 September 30, 2003 and December 31, 2002 was $4,290 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 September 30, 2003 and December 31, 2002
was $427 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


                                      -17-
                                     <PAGE>


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 $575). 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
September 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 September 30, 2003 and December 31, 2002.

In January 2003 CCA  purchased  the  remaining 35% interest in CCAL and paid off
the  outstanding  note  agreement  with its  former  minority  partner,  Caledon
Overberg  Investments  (Proprietary)  Limited  ("COIL"),  valued at $1,280 as of
December 31, 2002.

The  remaining  amount of $355 and $438 in debt,  as of  September  30, 2003 and
December  31,  2002,  respectively,  consists  of  capital  leases  for  various
equipment.

The consolidated weighted average interest rate on all borrowings was 10.55% and
9.95% for the nine months ended September 30, 2003 and 2002, respectively.


9.   SHAREHOLDERS' EQUITY

During the first nine months 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 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  September  30, 2003,  the Company  held 825,276  shares in treasury at an
average price per share of $2.27.  Subsequent to September 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

                                      -18-
                                     <PAGE>

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  September  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 September 30, 2003, no RSA's have been
issued.


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,  among other  items,  the revenue and expense of
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.

                                      -19-
                                     <PAGE>



Segment information as of, and for the three months ended September 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
         September 30,
================================ ============== ============= ============ ============= ============== ==============
Operating revenue                  $     6,100   $     6,909  $     2,866   $     1,846   $        597   $        293
Promotional allowances             $   (1,066)   $   (1,091)  $     (219)   $     (103)   $          -   $          -
Net operating revenue              $     5,034   $     5,818  $     2,647   $     1,743   $        597   $        293
Operating expenses (excluding
property write-downs, other
write-offs and depreciation)       $     3,117   $     3,169  $     1,962   $     1,133   $        365   $        176
Property write-downs and other
write-offs                         $         -   $         -  $         -   $       377   $          -   $          -
Depreciation                       $       334   $       332  $       275   $       228   $         24   $         14
Earnings (loss) from operations    $     1,583   $     2,317  $       410   $         5   $        208   $        103
Interest  income                   $         3   $         4  $        46   $        27   $          -   $          -
Interest expense,
including debt issuance cost       $       364   $       358  $       228   $       202   $          -   $          -
Other income (expense), net        $        55   $         -  $       (2)   $        25   $         10   $          -
Earnings (loss) before income
taxes and minority interest        $     1,277   $     1,963  $       226   $     (145)   $        218   $        103
Income tax expense(benefit)        $       486   $       903  $        84   $      (47)   $         83   $         38
Minority interest expense          $         -   $         -  $         -   $        63   $          -   $          -

Net earnings (loss)                $       791   $     1,060  $       142   $     (161)   $        135   $         65
======================================================================================================================


Reconciliation to EBITDA:
======================================================================================================================
Net earnings (loss)                $       791   $     1,060  $       142   $     (161)   $        135   $         65
Interest income                    $       (3)   $       (4)  $      (46)   $      (27)   $          -   $          -
Interest expense                   $       364   $       358  $       228   $       202   $          -   $          -
Income taxes                       $       486   $       903  $        84   $      (47)   $         83   $         38
Depreciation                       $       334   $       332  $       275   $       228   $         24   $         14

EBITDA                             $     1,972   $     2,649  $       683   $       195   $        242   $        117
================================ ==== ================================================================================

</TABLE>

                                      -20-
                                     <PAGE>


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


================================ =========================== ========================== =============================
                                    Corporate and Other      Inter-segment Elimination          Consolidated
================================ =========================== ========================== =============================
  For the Three Months Ended           2003         2002         2003          2002          2003           2002
         September 30,
================================ ============= ============= ============ ============= ============== ==============
Operating revenue                  $        -   $        31  $         -   $         -   $      9,563   $      9,079
Promotional allowances             $        -   $         -  $         -   $         -   $    (1,285)   $    (1,194)
Net operating revenue              $        -   $        31  $         -   $         -   $      8,278   $      7,885
Operating expenses (excluding
property write-downs, other
write-offs and depreciation)       $      383   $       388  $         -   $         -   $      5,827   $      4,866
Property write-downs and other
write-offs                         $        -   $       745  $         -   $         -   $          -   $      1,122
Depreciation                       $       42   $        42  $         -   $         -   $        675   $        616
Earnings (loss) from operations    $    (425)   $   (1,144)  $         -   $         -   $      1,776   $      1,281
Interest  income                   $       85   $        61  $      (85)   $      (85)   $         49   $          7
Interest expense,
including debt issuance cost       $        5   $         5  $      (85)   $      (85)   $        512   $        480
Other income, net                  $        1   $         -  $         -   $         -   $         64   $         25
Earnings (loss) before income
taxes and minority interest        $    (344)   $   (1,088)  $         -   $         -   $      1,377   $        833
Income tax expense(benefit)        $    (190)   $     (577)  $         -   $         -   $        463   $        317
Minority interest expense          $        -   $         -  $         -   $         -   $          -   $         63

Net earnings (loss)                $    (154)   $     (511)  $         -   $         -   $        914   $        453
=====================================================================================================================


Reconciliation to EBITDA:
=====================================================================================================================
Net earnings (loss)                $    (154)   $     (511)  $         -   $         -   $        914   $        453
Interest income                    $     (85)   $      (61)  $        85   $        85   $       (49)   $        (7)
Interest expense                   $        5   $         5  $      (85)   $      (85)   $        512   $        480
Income taxes                       $    (190)   $     (577)  $         -   $         -   $        463   $        317
Depreciation                       $       42   $        42  $         -   $         -   $        675   $        616

EBITDA                             $    (382)   $   (1,102)  $         -   $         -   $      2,515   $      1,859
=====================================================================================================================

</TABLE>


                                      -21-
                                     <PAGE>



Segment  information as of, and for the nine months ended September 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 Nine Months        2003          2002         2003          2002          2003           2002
      Ended September 30,
================================ ============== ============ ============ ============= ============== ==============
Property and equipment, net        $    21,402  $    21,373  $    13,451   $     9,203   $        336   $        215
Total assets                       $    31,600  $    32,366  $    18,551   $    12,446   $        873   $        446
=====================================================================================================================

=====================================================================================================================
Operating revenue                  $    17,188  $    19,545  $     8,160   $     5,275   $      1,285   $        598
Promotional allowances             $   (2,942)  $   (3,028)  $     (487)   $     (322)   $          -   $          -
Net operating revenue              $    14,246  $    16,517  $     7,673   $     4,953   $      1,285   $        598
Operating expenses (excluding
property write-downs, other
write-offs and depreciation)       $     8,588  $     8,909  $     5,534   $     3,465   $        849   $        384
Property write-downs and other
write-offs                         $         -  $         -  $         -   $       377   $          -   $          -
Depreciation                       $     1,033  $       999  $       771   $       575   $         56   $         42
Earnings from operations           $     4,625  $     6,609  $     1,368   $       536   $        380   $        172
Interest  income                   $        10  $        12  $       153   $        69   $          -   $          -
Interest expense,
including debt issuance cost       $     1,108  $     1,049  $       695   $       599   $          -   $          -
Other income (expense), net        $        55  $         2  $       (2)   $        25   $         15   $          -
Earnings before income taxes
and minority interest              $     3,582  $     5,574  $       824   $        31   $        395   $        172
Income tax expense(benefit)        $     1,362  $     2,564  $       318   $        38   $        150   $         64
Minority interest benefit          $         -  $         -  $       (8)   $      (61)   $          -   $          -

Net earnings (loss)                $     2,220  $     3,010  $       498   $      (68)   $        245   $        108
=====================================================================================================================


Reconciliation to EBITDA:
=====================================================================================================================
Net earnings (loss)                $     2,220  $     3,010  $       498   $      (68)   $        245   $        108
Interest income                    $      (10)  $      (12)  $     (153)   $      (69)   $          -   $          -
Interest expense                   $     1,108  $     1,049  $       695   $       599   $          -   $          -
Income taxes                       $     1,362  $     2,564  $       318   $        38   $        150   $         64
Depreciation                       $     1,033  $       999  $       771   $       575   $         56   $         42

EBITDA                             $     5,713  $     7,610  $     2,129   $     1,075   $        451   $        214
=====================================================================================================================

</TABLE>


                                      -22-
                                     <PAGE>

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

================================ ============================ ========================== ============================
                                     Corporate and Other      Inter-segment Elimination          Consolidated
================================ ============================ ========================== ============================
As of and for the Nine Months        2003           2002         2003          2002          2003           2002
     Ended September 30,
================================ ============== ============= ============ ============= ============== =============
Property and equipment, net        $     1,054   $     1,171  $         -   $         -    $    36,243   $     31,962
Total assets                       $     2,444   $     2,325  $         -   $         -    $    53,468   $     47,583
=====================================================================================================================

=====================================================================================================================
Operating revenue                  $         8   $       138  $         -   $         -    $    26,641   $     25,556
Promotional allowances             $         -   $         -  $         -   $         -    $   (3,429)   $    (3,350)
Net operating revenue              $         8   $       138  $         -   $         -    $    23,212   $     22,206
Operating expenses (excluding
property write-downs, other
write-offs and depreciation)       $     1,114   $     1,151  $         -   $         -    $    16,085   $     13,909
Property write-downs and other
write-offs                         $         -   $       745  $         -   $         -    $         -   $      1,122
Depreciation                       $       126   $       150  $         -   $         -    $     1,986   $      1,766
Earnings (loss) from operations    $   (1,232)   $   (1,908)  $         -   $         -    $     5,141   $      5,409
Interest  income                   $       257   $       239  $     (256)   $     (256)    $       164   $         64
Interest expense,
including debt issuance cost       $        17   $        17  $     (256)   $     (256)    $     1,564   $      1,409
Other income (expense), net        $        10   $       (1)  $         -   $         -    $        78   $         26
Earnings (loss) before income
taxes and minority interest        $     (982)   $   (1,687)  $         -   $         -    $     3,819   $      4,090
Income tax expense(benefit)        $     (439)   $   (1,118)  $         -   $         -    $     1,391   $      1,548
Minority interest benefit          $         -   $         -  $         -   $         -    $       (8)   $       (61)

Net earnings (loss)                $     (543)   $     (569)  $         -   $         -    $     2,420   $      2,481
=====================================================================================================================


Reconciliation to EBITDA:
=====================================================================================================================
Net earnings (loss)                $     (543)   $     (569)  $         -   $         -    $     2,420   $      2,481
Interest income                    $     (257)   $     (239)  $       256   $       256    $     (164)   $       (64)
Interest expense                   $        17   $        17  $     (256)   $     (256)    $     1,564   $      1,409
Income taxes                       $     (439)   $   (1,118)  $         -   $         -    $     1,391   $      1,548
Depreciation                       $       126   $       150  $         -   $         -    $     1,986   $      1,766

EBITDA                             $   (1,096)   $   (1,759)  $         -   $         -    $     7,197   $      7,140
=====================================================================================================================

</TABLE>



                                      -23-
                                     <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 September 30,

                                                                                2003                  2002

        Interest income                                                      $          49       $           7
        Gain on disposition of assets                                                   53                  25
        Foreign currency exchange gains                                                 11                   -
                                                                              ------------        ------------
                                                                             $         113       $          32
                                                                              ============        ============



                                                                         For the Nine Months Ended September 30,

                                                                                2003                   2002

        Interest income                                                      $         164       $          64
        Gain on disposition of assets                                                   59                  27
        Foreign currency exchange gains                                                 19                  -
        Other                                                                            -                 (1)
                                                                              ------------        ------------
                                                                             $         242       $          90
                                                                              ==============      ============

</TABLE>

                                      -24-
                                     <PAGE>




12.  PROPERTY WRITE-DOWN AND OTHER WRITE-OFFS

Property write-down and other write-offs consist of the following:

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

                                                                         For the Three Months Ended September 30,

                                                                                2003                 2002

        Write down non-operating  casino property and land held for
        sale in Nevada                                                       $           -       $         447
        Write off receivables and advances related to a casino
        acquisition project and casino properties under management                       -                 675
                                                                              ------------        ------------
                                                                             $           -       $       1,122
                                                                              ============        ============



                                                                         For the Nine Months Ended September 30,

                                                                                2003                 2002

        Write down non-operating  casino property and land held for
        sale in Nevada                                                       $           -       $         447
        Write off receivables and advances related to a casino
        acquisition project and casino properties under management                       -                 675
                                                                              ------------        ------------
                                                                             $           -       $       1,122
                                                                              ============        ============
</TABLE>

13.  PROMOTIONAL ALLOWANCES


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


<TABLE>

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

                                                                         For the Three Months Ended September 30,

                                                                                2003                  2002

        Food & Beverage and Hotel Comps                                      $         379       $         345
        Free Plays or Coupons                                                          537                 447
        Player Points                                                                  369                 402
                                                                              ------------        ------------
        Total Promotional Allowances                                         $       1,285       $       1,194
                                                                              ============        ============

</TABLE>


                                      -25-
                                     <PAGE>


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

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

                                                                         For the Nine Months Ended September 30,

                                                                                2003                2002

        Food & Beverage and Hotel Comps                                      $       1,013       $         977
        Free Plays or Coupons                                                        1,356               1,252
        Player Points                                                                1,060               1,121
                                                                              ------------        ------------
            Total Promotional Allowances                                     $       3,429       $       3,350
                                                                              ============        ============

</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.

14.  TRANSACTIONS WITH RELATED PARTIES

The Company has entered into compensation agreements with certain members of the
Board  of  Directors.  Specifically,  the  Company  has  entered  into  separate
management  agreements with Flyfish Casino  Consulting AG, a management  company
controlled by Erwin Haitzmann and with Focus Casino  Consulting AG, a management
company controlled by Peter Hoetzinger, to secure the services of each director,
respectively.

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.

                                      -26-
                                     <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.


                                      -27-
                                     <PAGE>



Results of Operations
Three Months Ended September 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 three  months ended
September 30, 2003 and 2002 are as follows:

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


                                                For the three months ended September 30,     Increase      % Change
                                                                                            (Decrease)
                                                       2003                 2002

Operating Revenue
     Casino                                      $            5,694  $             6,531   $       (837)       -12.8%
     Hotel, food and beverage                                   375                  345              30         8.7%
     Other                                                       31                   33             (2)        -6.1%
                                                    ----------------    -----------------
                                                              6,100                6,909           (809)       -11.7%
Less promotional allowances                                   1,066                1,091            (25)        -2.3%
                                                    ----------------    -----------------
Net operating revenue                                         5,034                5,818           (784)       -13.5%
                                                    ----------------    -----------------

Costs and Expenses
     Casino                                                   1,830                1,924            (94)        -4.9%
     Hotel, food and beverage                                   118                   94              24        25.5%
     General and administrative                               1,169                1,151              18         1.6%
     Depreciation                                               334                  332               2         0.6%
                                                    ----------------    -----------------
                                                              3,451                3,501            (50)        -1.4%
                                                    ----------------    -----------------
Earnings from operations                                      1,583                2,317           (734)       -31.7%
Interest expense                                              (364)                (358)               6         1.7%
Other income, net                                                58                    4              54      1350.0%
                                                    ----------------    -----------------
Earnings before income taxes                                  1,277                1,963           (686)       -34.9%
Income tax expense                                              486                  903           (417)       -46.2%
                                                    ----------------    -----------------
Net Earnings                                     $              791  $             1,060   $       (269)       -25.4%
                                                    ================    =================

</TABLE>

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

                                      -28-
                                     <PAGE>

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

Casino Margin and Market Data

             For the three months ended September 30,                             2003                2002        % Change

             Casino revenue                                                  $       5,694       $       6,531       -12.8%
             Casino promotional allowances                                   $         779       $         798        -2.4%
             Casino revenue, net                                             $       4,915       $       5,733       -14.3%
             Casino expense                                                  $       1,830       $       1,924        -4.9%
             Casino margin                                                   $       3,085       $       3,809       -19.0%
             Casino margin as a % of casino revenue, net                             62.8%               66.4%
             Market share of the Cripple Creek  AGP                                  14.3%               16.2%
             Average number of slot machines                                           610                 642
             Market share of Cripple Creek gaming devices                            14.5%               15.3%
             Average slot machine win per day                                   99 dollars         108 dollars
             Cripple Creek average slot machine win per day                    101 dollars         102 dollars
</TABLE>

     When  comparing  2003 to 2002,  there was a 0.61%  decrease  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.

     Womacks charges a portion of the food and beverage expense allocable to the
     customer comps to casino expense,  thereby  increasing the hotel,  food and
     beverage  margin and  decreasing  the casino  margin.  For the three months
     ended  September 30, 2003 and 2002,  the amount  charged was $243 and $262,
     respectively.

     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,  device fees and the cost of participation  machines to net
     casino  revenue  contributed  significantly  to the  erosion  in the casino
     margin.

     During  the  three  months  ended   September  30,  2003,   Womacks  leased
     approximately  37 slot  machines,  compared to 42 in the three months ended
     September 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
     $102  and  $99  for  the  quarters  ended  September  30,  2003  and  2002,
     respectively.

                                      -29-
                                     <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

           For the three months ended September 30,                               2003                2002           % Change

           Hotel, food and beverage revenue                                  $         375       $         345         8.7%
           Hotel, food and beverage expense                                  $         118       $          94        25.5%
           Hotel, food and beverage margin                                   $         257       $         251         2.4%
           Hotel, food and beverage margin as a % of hotel, food
           and beverage revenue                                                      68.5%               72.8%

</TABLE>

     In the third  quarter of 2002 Womacks  introduced  Bob's Grill on the first
     floor of the  casino and  operated  the Gold Mine  restaurant  on a limited
     schedule.  Relocation of the  restaurant  to the first floor  increased its
     visibility.  In February  2003,  we doubled the capacity of Bob's Grill and
     limited the use of the former Gold Mine restaurant, which is located on the
     second floor, to weekend and holiday buffets.

     Womacks charges a portion of the food and beverage expense allocable to the
     customer comps to casino expense,  thereby  increasing the hotel,  food and
     beverage  margin and decreasing  the casino margin.  When the restaurant is
     more  efficient,  as it was in the most recent  quarter,  the amount of the
     allocated  expense will decrease  even if the amount of the customer  comps
     were to remain the same. For the three months ended  September 30, 2003 and
     2002, the amount charged was $243 and $262, respectively.

     All of the revenue  generated by the hotel operations is derived from comps
     to better players.

Other

     Reductions in general and administrative costs have been offset by Womacks'
     contributions  to the campaign  organized  by  Colorado's  gaming  industry
     against the proposed introduction of video lottery terminals  ("VLT's")(see
     "Liquidity and Capital Resources").  Womacks'  contribution to the campaign
     totaled $76 in the third quarter of 2003.

     The increase in interest expense,  including debt issuance cost, to $364 in
     2003 from $358 in 2002,  is  attributable  to the  increase  in the average
     balance of the RCF to $12.7 million in the third quarter of 2003 from $11.9
     million in the third 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  $272 and $198 to the
     Company's  Colorado  operations  for the  third  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 9.29% in 2003 from 9.60% in 2002.

     The Colorado segment  recognized  income tax expense of $486 in 2003 versus
     $903 in 2002,  principally  the result of a  decrease  in  earnings  before
     income taxes.

                                      -30-
                                     <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.  Inter-company
transactions,  including management & incentive fees, shareholder's interest and
their  related tax effects have been  excluded  from the Caledon and CCA results
within the South African segment.

Improvement  in the Rand versus the dollar when  comparing  the third 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 September 30, 2003
and 2002 are as follows: (See next page for results in Rand)

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

CALEDON                                         For the three months ended September 30,        Increase     % Change
                                                                                               (Decrease)
                                                          2003                  2002

Operating Revenue
     Casino                                      $            2,256  $             1,419   $         837       59.0%
     Hotel, food and beverage                                   557                  377             180       47.7%
     Other                                                       53                   50               3        6.0%
                                                    ----------------    -----------------
                                                              2,866                1,846           1,020       55.3%
Less promotional allowances                                     219                  103             116      112.6%
                                                    ----------------    -----------------
Net operating revenue                                         2,647                1,743             904       51.9%
                                                    ----------------    -----------------

Costs and Expenses
     Casino                                                     937                  534             403       75.5%
     Hotel, food and beverage                                   573                  315             258       81.9%
     General and administrative                                 369                  324              45       13.9%
     Depreciation                                               275                  228              47       20.6%
                                                    ----------------    -----------------
                                                              2,154                1,401             753       53.7%
                                                    ----------------    -----------------
Earnings from operations                                        493                  342             151       44.2%
Interest expense                                              (228)                (202)              26       12.9%
Other income, net                                                37                   52            (15)      -28.8%
                                                    ----------------    -----------------
Earnings before income taxes                                    302                  192             110       57.3%
Income tax expense                                              106                   73              33       45.2%
                                                    ----------------    -----------------
Net Earnings                                     $              196  $               119   $          77       64.7%
                                                    ================    =================


CENTURY CASINOS AFRICA

Costs and Expenses
     General and administrative                  $               83  $              (40)   $         123      307.5%
     Write off of advances                                        -                  377           (377)     -100.0%
                                                    ----------------    -----------------
                                                                 83                  337           (254)      -75.4%
                                                    ----------------    -----------------
Loss from operations                                           (83)                (337)             254       75.4%
Other income, net                                                 7                    -               7
                                                    ----------------    -----------------
Loss before income taxes                                       (76)                (337)             261       77.4%
Income tax benefit                                             (22)                (120)            (98)      -81.7%
                                                    ----------------    -----------------
Net Loss                                         $             (54)  $             (217)   $         163       75.1%
                                                    ================    =================

MINORITY INTEREST EXPENSE                        $                -  $                63   $        (63)     -100.0%
                                                    ----------------    -----------------
SOUTH AFRICA NET EARNINGS (LOSS)                 $              142  $             (161)   $         303      188.2%
                                                    ================    =================


  Average exchange rate (Rand/USD)                             7.31                10.38                      29.6%

</TABLE>


                                      -31-
                                     <PAGE>


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


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

CALEDON                                         For the three months ended September 30,      Increase       % Change
                                                                                             (Decrease)
                                                       2003                 2002

Operating Revenue
     Casino                                      R           16,501  R            14,726   R       1,775          12.1%
     Hotel, food and beverage                                 4,077                3,912             165           4.2%
     Other                                                      386                  519           (133)         -25.6%
                                                    ----------------    -----------------
                                                             20,964               19,157           1,807           9.4%
Less promotional allowances                                   1,603                1,071             532          49.7%
                                                    ----------------    -----------------
Net operating revenue                                        19,361               18,086           1,275           7.0%
                                                    ----------------    -----------------
Costs and Expenses
     Casino                                                   6,860                5,530           1,330          24.1%
     Hotel, food and beverage                                 4,188                3,282             906          27.6%
     General and administrative                               2,696                3,363           (667)         -19.8%
     Depreciation                                             2,011                2,365           (354)         -15.0%
                                                    ----------------    -----------------
                                                             15,755               14,540           1,215           8.4%
                                                    ----------------    -----------------
Earnings from operations                                      3,606                3,546              60           1.7%
Interest expense                                            (1,666)              (2,094)           (428)         -20.4%
Other income, net                                               270                  540           (270)         -50.0%
                                                    ----------------    -----------------
Earnings before income taxes                                  2,210                1,992             218          10.9%
Income tax expense                                              779                  758              21           2.8%
                                                    ----------------    -----------------
Net Earnings                                     R            1,431  R             1,234   R         197          16.0%
                                                    ================    =================


CENTURY CASINOS AFRICA

Costs and Expenses
     General and administrative                  R              611  R             (445)   R       1,056         237.3%
     Write off of advances                                        -                3,984         (3,984)        -100.0%
                                                    ----------------    -----------------
                                                                611                3,539         (2,928)         -82.7%
                                                    ----------------    -----------------
Loss from operations                                          (611)              (3,539)           2,928          82.7%
Other income, net                                                53                    2              51        2550.0%
                                                    ----------------    -----------------
Loss before income taxes                                      (558)              (3,537)           2,979          84.2%
Income tax benefit                                            (163)              (1,262)         (1,099)         -87.1%
                                                    ----------------    -----------------
Net Loss                                         R            (395)  R           (2,275)   R       1,880          82.6%
                                                    ================    =================



MINORITY INTEREST EXPENSE                        R                -  R               670   R       (670)        -100.0%
                                                    ----------------    -----------------
SOUTH AFRICA NET EARNINGS (LOSS)                 R            1,036  R           (1,711)   R       2,747         160.5%
                                                    ================    =================

</TABLE>


                                      -32-
                                     <PAGE>


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


Casino Margin (in USD)

             For the three months ended September 30,                           2003                 2002           % Change

             Casino revenue                                                  $       2,256       $       1,419        59.0%
             Casino promotional allowances                                   $         127       $          51       149.0%
             Casino revenue, net                                             $       2,129       $       1,368        55.6%
             Casino expense                                                  $         937       $         534        75.5%
             Casino margin                                                   $       1,192       $         834        42.9%

             Average exchange rate (Rand/USD)                                         7.31               10.38        29.6%



Casino Margin and Market Data (in Rand)

             For the three months ended September 30,                           2003                 2002           % Change

             Casino revenue                                                  R      16,501       R      14,726        12.1%
             Casino promotional allowances                                   R         926       R         534        73.4%
             Casino revenue, net                                             R      15,575       R      14,192         9.7%
             Casino expense                                                  R       6,860       R       5,530        24.1%
             Casino margin                                                   R       8,715       R       8,662         0.6%
             Casino margin as a % of casino revenue, net                             56.0%               61.0%
             Market share of the Western Cape AGP                                    6.02%               5.99%
             Market share of Western Cape gaming devices                             10.9%               11.1%
             Average number of slot machines                                           275                 250
             Average slot machine win per day                                     598 Rand            601 Rand
             Average number of tables                                                    8                   8
             Average table win per day                                          1,502 Rand          1,409 Rand


</TABLE>

     The 9.7% increase in the casino revenue, net is attributable to a number of
     factors  including  an  increase  in  the  number  of  slot  machines,  the
     introduction of cash couponing and other successful  marketing efforts. The
     introduction of the cash couponing,  which is intended to increase customer
     traffic and loyalty,  accounts for the significant  increase in promotional
     allowance.  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 attributable to
     the increased  cost of marketing the casino,  period cost  associated  with
     updating  the  property,  and to the  effect of  inflation.  CCAL  competes
     against a much larger  competitor  located in a more  populous  area of the
     Western Cape.


                                      -33-
                                     <PAGE>


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

Hotel, Food and Beverage Margin (in USD)

           For the three months ended September 30,                             2003                2002           % Change

           Hotel, food and beverage revenue                                  $         557       $         377        47.7%
           Hotel, food and beverage expense                                  $         573       $         315        81.9%
           Hotel, food and beverage margin                                   $        (16)       $          62      -125.8%

           Average exchange rate (Rand/USD)                                           7.31               10.38        29.6%

Hotel, Food and Beverage Margin (in Rand)

          For the three months ended September 30,                              2003                2002           % Change

          Hotel, food and beverage revenue                                   R       4,077       R       3,912         4.2%
          Hotel, food and beverage expense                                   R       4,188       R       3,282        27.6%
          Hotel, food and beverage margin                                    R       (111)       R         630      -117.6%
          Hotel, food and beverage margin as a % of hotel, food
          and beverage revenue                                                       -2.7%                16.1%


</TABLE>

     Hotel occupancy was 57% in the third quarter of 2003 compared to 65% in the
     same period in 2002.  Conference  and leisure sales  accounted for 4.4% and
     3.5% of the change,  respectively.  Food and beverage revenue has increased
     by 18%,  primarily  due to the 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 and
     supplies.  Repair  cost  increased  by  146%,  accounting  for  R206 of the
     increase in expenses.  Labor cost, including health insurance,  laundry and
     uniforms,  in the quarter has increased by 34%,  accounting for R426 of the
     increase in  expenses.  Supply cost in the  quarter has  increased  by 36%,
     accounting for R139 of the increase in expenses.

Other

     Other revenue  principally  consists of revenue generated from the resort's
     ancillary  services,  which include the adventure center,  spa center,  and
     conference room rental.  Administrative  support for South Africa which was
     paid by  Caledon  and CCI in 2002  has  been  transferred  to CCA in  2003,
     accounting  for a portion of the  decrease  in  Caledon's  and  Corporate's
     general and administrative expenses and the corresponding increase in CCA's
     administrative  expenses.  The negative general and administrative  expense
     for CCA in 2002 is the result of  reclassifying  R678 of expenses that were
     directly related to the  Johannesburg  project to write-offs along with all
     of  the   receivables   and   advances   related   to  the   project.   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 20.4%, as the principal balance of the term loans and capitalized leases
     are repaid.

                                      -34-
                                     <PAGE>



Cruise Ships

Cruise ships' operational  results for the three months ended September 30, 2003
and 2002 are as follows:


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

                                                For the three months ended September 30,       Increase
                                                                                              (Decrease)      % Change
                                                        2003                2002

    Operating Revenue
         Casino                                  $              575  $                285  $          290       101.8%
         Other                                                   22                     8              14       175.0%
                                                    ----------------    ------------------
                                                                597                   293             304       103.8%
    Less promotional allowances                                   -                     -               -            -
                                                    ----------------    ------------------
    Net operating revenue                                       597                   293             304       103.8%
                                                    ----------------    ------------------

    Costs and Expenses
         Casino                                                 365                   175             190       108.6%
         General and administrative                               -                     1             (1)       100.0%
         Depreciation                                            24                    14              10        71.4%
                                                    ----------------    ------------------
                                                                389                   190             199       104.7%
                                                    ----------------    ------------------
    Earnings from operations                                    208                   103             105       101.9%
    Other income, net                                            10                     -              10            -
                                                    ----------------    ------------------
    Earnings before income taxes                                218                   103             115       111.7%
    Income tax expense                                           83                    38              45       118.4%
                                                    ----------------    ------------------
    Net Earnings                                 $              135  $                 65  $           70       107.7%
                                                    ================    ==================

</TABLE>


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

Casino Margin
     For the three months ended September 30,                                   2003                2002           % Change

     Casino revenues                                                         $         575       $         285        101.8%
     Casino expenses                                                         $         365       $         175        108.6%
     Casino margin                                                           $         210       $         110         90.9%
     Casino margin as a % of casino revenue, net                                     36.5%               38.6%

</TABLE>

     In the third  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.  In the third 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 number of passengers and
     the quality of the players.  This is a condition that is beyond the control
     of the Company.

     Concession  fees  paid  to  the  ship  operators  in  accordance  with  the
     agreements accounted for $202 and $59 of the total casino expenses incurred
     in the three month periods ended September 30, 2003 and 2002, respectively.


                                      -35-
                                     <PAGE>


     The ability to successfully  leverage the ship operations is evident by the
     reduction in casino expenses, excluding concession fees, as a percentage of
     casino  revenue.  When comparing the third quarter of 2003 to 2002,  casino
     expenses,  excluding  concession  fees,  dropped to 28.3% of casino revenue
     compared to 40.7%.


Corporate & Other

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

                                             For the three months ended September 30,      Increase
                                                                                          (Decrease)      % Change
                                                    2003                 2002

    Operating Revenue
         Other                                $                -  $                31  $           (31)      -100.0%
                                                 ----------------    -----------------
                                                               -                   31              (31)      -100.0%
    Less promotional allowances                                -                    -                 -            -
                                                 ----------------    -----------------
    Net operating revenue                                      -                   31              (31)      -100.0%
                                                 ----------------    -----------------


    Costs and Expenses
        General and administrative                           383                  388               (5)        -1.3%
        Property write-down and
            other  write offs                                  -                  745             (745)      -100.0%
        Depreciation                                          42                   42                 -         0.0%
                                                 ----------------    -----------------
                                                             425                1,175             (750)       -63.8%
                                                 ----------------    -----------------
    Loss from operations                                   (425)              (1,144)             (719)       -62.8%
    Interest expense                                         (5)                  (5)                 -         0.0%
    Other income, net                                         86                   61                25        41.0%
                                                 ----------------    -----------------
    Loss before income taxes                               (344)              (1,088)             (744)       -68.4%
    Income tax benefit                                     (190)                (577)             (387)       -67.1%
                                                 ----------------    -----------------
    Net Loss                                  $            (154)  $             (511)  $          (357)       -69.9%
                                                 ================    =================

</TABLE>

     Net operating  revenues  consisted of management fees earned from operating
     Casino  Millennium  in Prague,  Czech  Republic  and were $0 and $31 in the
     third 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.

     Other  income,  net is  primarily  derived from  interest  earned on a $5.7
     million note between  WMCK-Venture  Corp.  and CCI. The interest  income is
     eliminated in consolidation.

     Included in the income tax benefit for 2003,  is $59  obtained by adjusting
     estimated tax provision for year end 2002 to the returns as filed.


                                      -36-
                                     <PAGE>



Results of Operations
Nine Months Ended September 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 nine  months  ended
September 30, 2003 and 2002 are as follows:


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


                                                 For the nine months ended September 30,     Increase      % Change
                                                                                            (Decrease)
                                                       2003                 2002

Operating Revenue
     Casino                                      $           16,151  $            18,567   $     (2,416)      -13.0%
     Hotel, food and beverage                                   954                  887              67        7.6%
     Other                                                       83                   91             (8)       -8.8%
                                                    ----------------    -----------------
                                                             17,188               19,545         (2,357)      -12.1%
Less promotional allowances                                 (2,942)              (3,028)            (86)       -2.8%
                                                    ----------------    -----------------
Net operating revenue                                        14,246               16,517         (2,271)      -13.7%
                                                    ----------------    -----------------

Costs and Expenses
     Casino                                                   5,043                5,280           (237)       -4.5%
     Hotel, food and beverage                                   263                  212              51       24.1%
     General and administrative                               3,282                3,417           (135)       -4.0%
     Depreciation                                             1,033                  999              34        3.4%
                                                    ----------------    -----------------
                                                              9,621                9,908           (287)       -2.9%
                                                    ----------------    -----------------
Earnings from operations                                      4,625                6,609         (1,984)      -30.0%
Interest expense                                            (1,108)              (1,049)              59        5.6%
Other income, net                                                65                   14              51      364.3%
                                                    ----------------    -----------------
Earnings before income taxes                                  3,582                5,574         (1,992)      -35.7%
Income tax expense                                            1,362                2,564         (1,202)      -46.9%
                                                    ----------------    -----------------
Net Earnings                                     $            2,220  $             3,010   $       (790)      -26.2%
                                                    ================    =================


</TABLE>

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

                                      -37-
                                     <PAGE>





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

Casino Margin and Market Data


             For the nine months ended September 30,                            2003                2002           % Change

             Casino revenue                                                  $      16,151       $      18,567       -13.0%
             Casino promotional allowances                                   $       2,165       $       2,251        -3.8%
             Casino revenue, net                                             $      13,986       $      16,316       -14.3%
             Casino expense                                                  $       5,043       $       5,280        -4.5%
             Casino margin                                                   $       8,943       $      11,036       -19.0%
             Casino margin as a % of casino revenue, net                             63.9%               67.6%
             Market share of the Cripple Creek  AGP                                  14.9%               17.1%
             Average number of slot machines                                           625                 623
             Market share of Cripple Creek gaming devices                            14.8%               14.9%
             Average slot machine win per day                                   93 dollars         107 dollars
             Cripple Creek average slot machine win per day                     92 dollars          94 dollars

</TABLE>

     Growth in the  Cripple  Creek  market  during the first nine months of 2003
     compared  to 2002  was  limited  to  0.01%.  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, from an average of 691 in the
     fourth quarter of 2002 and an average of 666 in the first quarter of 2003.

     Womacks charges a portion of the food and beverage expense allocable to the
     customer comps to casino expense,  thereby  increasing the hotel,  food and
     beverage margin and decreasing the casino margin. For the nine months ended
     September  30,  2003 and  2002,  the  amount  charged  was  $670 and  $716,
     respectively.

     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,  device fees and  participation  fees to net casino revenue
     contributed significantly to the erosion in the casino margin.

     During the nine months ended September 30, 2003,  Womacks leased an average
     of 44 slot  machines,  compared  to 36 during the first nine  months  ended
     September 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  nine  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


                                      -38-
                                     <PAGE>


     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
     $318 and $251  for the nine  months  ended  September  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


             For the nine months ended September 30,                            2003                 2002        % Change

             Hotel, food and beverage revenue                                $         954       $         887      7.6%
             Hotel, food and beverage expense                                $         263       $         212     24.1%
             Hotel, food and beverage margin                                 $         691       $         675      2.4%
             Hotel, food and beverage margin as a % of hotel, food
             and beverage revenue                                                    72.4%               76.1%

</TABLE>


     Hotel revenue,  included in Hotel, food and beverage revenue,  decreased by
     2.2%, as a result of lower than expected hotel occupancy  rates,  operating
     at 82% in 2003 compared to 87% in 2002. All of the revenue generated by the
     hotel operations is derived from comps to better players.

     Food and beverage revenue  increased by 10.1% as a result of the visibility
     obtained by opening Bob's Grill on the gaming  floor.  The former Gold Mine
     restaurant,  which  Womacks  operated  on a  full-time  basis  prior to the
     opening of the grill,  and is still  currently used for buffets and special
     events, is located on the second floor of the casino.

     Womacks charges a portion of the food and beverage expense allocable to the
     customer comps to casino expense,  thereby  increasing the hotel,  food and
     beverage  margin and decreasing  the casino margin.  When the restaurant is
     more efficient,  as it has been so far in 2003, the amount of the allocated
     expense  will  decrease  even if the amount of the  customer  comps were to
     remain the same. For the nine months ended September 30, 2003 and 2002, the
     amount charged was $670 and $716, respectively.

Other

     In the first nine  months of 2003  Womacks  contributed  $107,  included in
     general and  administrative  costs,  towards the campaign  against VLT's in
     Colorado.

     The increase in interest  expense,  including debt issuance cost, to $1,108
     in 2003 from $1,049 in 2002 is  attributable to the increase in the average
     balance of the RCF to $13.0  million in the first nine  months of 2003 from
     $11.9  million in the first nine months 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  $795 and $570 to the Company's  Colorado  operations for the
     first  nine  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 decreased to 9.21% in 2003 from 9.53%
     in 2002.


                                      -39-
                                     <PAGE>


     The Colorado segment recognized income tax expense of $1,362 in 2003 versus
     $2,564 in 2002,  principally  the result of a decrease in  earnings  before
     income taxes.


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.  Inter-company
transactions,  including management & incentive fees, shareholder's interest and
their  related tax effects have been  excluded  from the Caledon and CCA results
within the South African segment.

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


                                      -40-
                                     <PAGE>



Operational  results in US dollars for the nine months ended  September 30, 2003
and 2002 are as follows: (See next page for results in Rand)


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

CALEDON                                          For the nine months ended September 30,      Increase        % Change
                                                                                             (Decrease)
                                                          2003                  2002

Operating Revenue
     Casino                                      $            6,275  $             4,126   $       2,149       52.1%
     Hotel, food and beverage                                 1,616                  997             619       62.1%
     Other                                                      269                  152             117       77.0%
                                                    ----------------    -----------------
                                                              8,160                5,275           2,885       54.7%
Less promotional allowances                                     487                  322             165       51.2%
                                                    ----------------    -----------------
Net operating revenue                                         7,673                4,953           2,720       54.9%
                                                    ----------------    -----------------

Costs and Expenses
     Casino                                                   2,609                1,643             966       58.8%
     Hotel, food and beverage                                 1,578                  843             735       87.2%
     General and administrative                               1,077                  926             151       16.3%
     Depreciation                                               771                  575             196       34.1%
                                                    ----------------    -----------------
                                                              6,035                3,987           2,048       51.4%
                                                    ----------------    -----------------
Earnings from operations                                      1,638                  966             672       69.6%
Interest expense                                              (695)                (599)              96       16.0%
Other income, net                                               127                   90              37       41.1%
                                                    ----------------    -----------------
Earnings before income taxes                                  1,070                  457             613      134.1%
Income tax expense                                              387                  166             221      133.1%
                                                    ----------------    -----------------
Net Earnings                                     $              683  $               291   $         392      134.7%
                                                    ================    =================



CENTURY CASINOS AFRICA

Costs and Expenses
     General and administrative                  $              270  $                53   $         217      409.4%
     Write off of advances                                        -                  377           (377)     -100.0%
                                                    ----------------    -----------------
                                                                270                  430           (160)      -37.2%
                                                    ----------------    -----------------
Loss from operations                                          (270)                (430)             160       37.2%
Other income, net                                                24                    4              20      500.0%
                                                    ----------------    -----------------
Loss before income taxes                                      (246)                (426)             180       42.3%
Income tax benefit                                             (69)                (128)            (59)      -46.1%
                                                    ----------------    -----------------
Net Loss                                         $            (177)  $             (298)   $         121       40.6%

                                                 ================    =================

MINORITY INTEREST EXPENSE                        $                8  $                61   $        (53)      -86.9%
                                                    ----------------    -----------------
SOUTH AFRICA NET EARNINGS (LOSS)                 $              498  $              (68)   $         566      832.4%
                                                    ================    =================


Average exchange rate (Rand/USD)                               7.75                10.76                       28.0%

</TABLE>

                                      -41-
                                     <PAGE>



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

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

CALEDON                                         For the nine months ended September 30,           Increase        % Change
                                                                                                 (Decrease)
                                                          2003                  2002

Operating Revenue
     Casino                                      R           48,400   R             44,279   R        4,121           9.3%
     Hotel, food and beverage                                12,485                 10,682            1,803          16.9%
     Other                                                    2,107                  1,642              465          28.3%
                                                    ----------------     ------------------
                                                             62,992                 56,603            6,389          11.3%
Less promotional allowances                                   3,721                  3,468              253           7.3%
                                                    ----------------     ------------------
Net operating revenue                                        59,271                 53,135            6,136          11.5%
                                                    ----------------     ------------------

Costs and Expenses
     Casino                                                  20,145                 17,661            2,484          14.1%
     Hotel, food and beverage                                12,191                  9,011            3,180          35.3%
     General and administrative                               8,322                  9,922          (1,600)         -16.1%
     Depreciation                                             5,950                  6,160            (210)          -3.4%
                                                    ----------------     ------------------
                                                             46,608                 42,754            3,854           9.0%
                                                    ----------------     ------------------
Earnings from operations                                     12,663                 10,381            2,282          22.0%
Interest expense                                            (5,385)                (6,434)          (1,049)         -16.3%
Other income, net                                               991                    953               38           4.0%
                                                    ----------------     ------------------
Earnings before income taxes                                  8,269                  4,900            3,369          68.8%
Income tax expense                                            2,997                  1,779            1,218          68.5%
                                                    ----------------     ------------------
Net Earnings                                     R            5,272   R              3,121   R        2,151          68.9%
                                                    ================     ==================


CENTURY CASINOS AFRICA

Costs and Expenses
     General and administrative                  R            2,083   R                562   R        1,521         270.6%
     Write off of advances                                        -                  3,984          (3,984)        -100.0%
                                                    ----------------     ------------------
                                                              2,083                  4,546          (2,463)         -54.2%
                                                    ----------------     ------------------
Loss from operations                                        (2,083)                (4,546)            2,463          54.2%
Other income, net                                               185                     44              141         320.5%
                                                    ----------------     ------------------
Loss before income taxes                                    (1,898)                (4,502)            2,604          57.8%
Income tax benefit                                            (549)                (1,350)            (801)         -59.3%
                                                    ----------------     ------------------
Net Loss                                         R          (1,349)   R            (3,152)   R        1,803          57.2%
                                                    ================     ==================



MINORITY INTEREST EXPENSE                        R               71   R                652   R        (581)         -89.1%
                                                    ----------------     ------------------
SOUTH AFRICA NET EARNINGS (LOSS)                 R            3,852   R              (683)   R        4,535         664.0%
                                                    ================     ==================


</TABLE>


                                      -42-
                                     <PAGE>


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

Casino Margin (in USD)

             For the nine months ended September 30,                            2003                 2002          % Change

             Casino revenue                                                  $       6,275       $       4,126        52.1%
             Casino promotional allowances                                   $         251       $         122       105.7%
             Casino revenue, net                                             $       6,024       $       4,004        50.4%
             Casino expense                                                  $       2,609       $       1,643        58.8%
             Casino margin                                                   $       3,415       $       2,361        44.6%

             Average exchange rate (Rand/USD)                                         7.75               10.76        28.0%


Casino Margin and Market Data (in Rand)

             For the nine months ended September 30,                            2003                 2002          % Change

             Casino revenue                                                  R      48,400       R      44,279         9.3%
             Casino promotional allowances                                   R       1,905       R       1,293        47.3%
             Casino revenue, net                                             R      46,495       R      42,986         8.2%
             Casino expense                                                  R      20,145       R      17,661        14.1%
             Casino margin                                                   R      26,350       R      25,325         4.0%
             Casino margin as a % of casino revenue, net                             56.7%               58.9%
             Market share of the Western Cape AGP                                     6.0%                6.1%
             Market share of Western Cape gaming devices                             10.9%               11.1%
             Average number of slot machines                                           275                 250
             Average slot machine win per day                                     589 Rand            586 Rand
             Average number of tables                                                    8                  10
             Average table win per day                                          1,716 Rand          1,310 Rand

</TABLE>

     The  8.2%  increase  in the  casino  revenue,  net is  attributable  to the
     increased  traffic  generated by the  increase in the number of  conference
     attendees, 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. The introduction of the cash couponing, which is intended to
     increase  customer  traffic  and  loyalty,  accounts  for  the  significant
     increase in promotional allowances.

     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 attributable to the
     increased  cost of  marketing  the  casino,  period  cost  associated  with
     updating  the  property,  and to the  effect of  inflation.  CCAL  competes
     against a much larger  competitor  located in a more  populous  area of the
     Western Cape.

                                      -43-
                                     <PAGE>


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

Hotel, Food and Beverage Margin (in USD)


           For the nine months ended September 30,                              2003                 2002           % Change

           Hotel, food and beverage revenue                                  $       1,616       $         997        62.1%
           Hotel, food and beverage expense                                  $       1,578       $         843        87.2%
           Hotel, food and beverage margin                                   $          38       $         154       -75.3%

           Average exchange rate (Rand/USD)                                           7.75               10.76        28.0%


Hotel, Food and Beverage Margin (in Rand)

          For the nine months ended September 30,                                2003                2002           % Change

          Hotel, food and beverage revenue                                   R      12,485       R      10,682        16.9%
          Hotel, food and beverage expense                                   R      12,191       R       9,011        35.3%
          Hotel, food and beverage margin                                    R         294       R       1,671       -82.4%
          Hotel, food and beverage margin as a % of hotel, food
          and beverage revenue                                                        2.4%               15.6%

</TABLE>

     A 42%  increase  in the number of  business  conferences  attendees  at the
     resort has been a major factor in the significant increase in hotel, food &
     beverage revenue. Food and beverage revenue has increased by 31%, primarily
     due to the increase in the number of theme dinners and banquets  associated
     with the  conferences.  On a year to date basis,  the hotel  occupancy rate
     remained flat at 57% in both 2003 and 2002.  In 2002,  Caledon saw a larger
     portion  of its  conference  business  in the  second  quarter of the year.
     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 and supplies.  Repair cost has increased by 121%,  accounting
     for R52 of the increase in expenses.  Labor cost  allocated to hotel,  food
     and beverage,  including  health  insurance,  laundry and uniforms,  in the
     quarter  has  increased  by 26%,  accounting  for R934 of the  increase  in
     expenses.  Supply cost has  increased  by 25%,  accounting  for R247 of the
     increase in expenses.

Other

     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.  Administrative  support for South Africa which was paid by
     Caledon and CCI in 2002 has been transferred to CCA in 2003, accounting for
     a  portion  of the  decrease  in  Caledon's  and  Corporate's  general  and
     administrative   expenses   and  the   corresponding   increase   in  CCA's
     administrative   expenses.  The  weighted-average   interest  rate  on  the
     borrowings  under the ABSA loan agreement is 16.9% in the first nine months
     of 2003 and 2002.  Excluding  the effect of  fluctuations  in the  exchange
     rate,  interest expense has decreased by 16.3% 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.


                                      -44-
                                     <PAGE>



Cruise Ships

     Cruise ships'  operational  results for the nine months ended September 30,
     2003 and 2002 are as follows:

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

                                                 For the nine months ended September 30,     Increase
                                                                                            (Decrease)      % Change
                                                         2003                 2002

    Operating Revenue
         Casino                                  $            1,244  $                564  $          680       120.6%
         Other                                                   41                    34               7        20.6%
                                                    ----------------    ------------------
                                                              1,285                   598             687       114.9%
    Less promotional allowances                                   -                     -               -            -
                                                    ----------------    ------------------
    Net operating revenue                                     1,285                   598             687       114.9%
                                                    ----------------    ------------------

    Costs and Expenses
         Casino                                                 846                   383             463       120.9%
         General and administrative                               3                     1               2       200.0%
         Depreciation                                            56                    42              14        33.3%
                                                    ----------------    ------------------
                                                                905                   426             479       112.4%
                                                    ----------------    ------------------
    Earnings from operations                                    380                   172             208       120.9%
    Other income, net                                            15                     -              15            -
                                                    ----------------    ------------------
    Earnings before income taxes                                395                   172             223       129.7%
    Income tax expense                                          150                    64              86       134.4%
                                                    ----------------    ------------------
    Net Earnings                                 $              245  $                108  $          137       126.9%
                                                    ================    ==================

</TABLE>


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

Casino Margin


     For the nine months ended September 30,                                    2003                2002           % Change

     Casino revenues                                                         $       1,244       $         564        120.6%
     Casino expenses                                                         $         846       $         383        120.9%
     Casino margin                                                           $         398       $         181        119.9%
     Casino margin as a % of casino revenue, net                                     32.0%               32.1%

</TABLE>

     In the first nine months of 2003,  we operated  casinos on a total of seven
     ships: four from Silversea Cruises,  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  Silversea
     Cruises,  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 nine months of 2002 we operated  casinos on four ships:  three
     on Silversea Cruises and one on the World of ResidenSea.  The casino on the
     ResidenSea opened for business on March 28, 2002.

                                      -45-
                                     <PAGE>


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

     Concession  fees  paid  to  the  ship  operators  in  accordance  with  the
     agreements accounted for $414 and $87 of the total casino expenses incurred
     in first nine months ended September 30, 2003 and 2002, respectively.

     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.  Notwithstanding  these
     costs,  casino  expenses,  excluding the concession  fees,  have dropped to
     34.7% of casino revenue in 2003, compared to 52.5% in 2002, indicating that
     the Company is able to  successfully  leverage its ship  resources at their
     current levels.


Corporate & Other

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

                                                For the nine months ended September 30,      Increase
                                                                                            (Decrease)      % Change
                                                       2003                 2002

    Operating Revenue
         Other                                $                8  $               138  $          (130)       -94.2%
                                                 ----------------    -----------------
                                                               8                  138             (130)       -94.2%
    Less promotional allowances                                -                    -                 -            -
                                                 ----------------    -----------------
    Net operating revenue                                      8                  138             (130)       -94.2%
                                                 ----------------    -----------------

    Costs and Expenses
        General and administrative                         1,114                1,151              (37)        -3.2%
        Property write-down and
            other  write offs                                  -                  745             (745)      -100.0%
        Depreciation                                         126                  150              (24)       -16.0%
                                                 ----------------    -----------------
                                                           1,240                2,046             (806)       -39.4%
                                                 ----------------    -----------------
    Loss from operations                                 (1,232)              (1,908)             (676)        35.4%
    Interest expense                                        (17)                 (17)                 -         0.0%
    Other income, net                                        267                  238                29        12.2%
                                                 ----------------    -----------------
    Loss before income taxes                               (982)              (1,687)             (705)       -41.8%
    Income tax benefit                                     (439)              (1,118)             (679)       -60.7%
                                                 ----------------    -----------------
    Net Loss                                  $            (543)  $             (569)  $           (26)        -4.6%
                                                 ================    =================


</TABLE>

     Net operating  revenue  consisted of management  fees earned from operating
     Casino  Millennium  in Prague,  Czech  Republic and were $8 and $138 in the
     first nine months 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.

     Other income is primarily  derived from  interest  earned on a $5.7 million
     note between  WMCK-Venture Corp. and CCI. The interest income is eliminated
     in consolidation.

     Included in the income tax benefit for 2003,  is $59  obtained by adjusting
     estimated tax provision for year end 2002 to the returns as filed.


                                      -46-
                                     <PAGE>



Liquidity and Capital Resources

Cash  and  cash  equivalents  totaled  $3,893  plus  restricted  cash of $575 at
September  30,  2003,  and the  Company  had  deficit  working  capital of $506.
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 ($23,833 net of the quarterly  reduction) and unused borrowing  capacity
of $11,919 at September 30, 2003.

For the nine months  ended  September  30,  2003,  cash  provided  by  operating
activities  was $3,862  compared with $4,991 in the  prior-year  period.  Please
refer to management's discussion of the results of operations.

Cash used in investing  activities  of $2,721 for the first nine months of 2003,
consisted  of: $674 towards the  expansion of the Womacks  casino at the rear of
the  property  that was  completed  in the second  quarter of 2003,  providing a
larger,  more player friendly gaming space and the ability to increase  Womacks'
slot  machine  capacity;  $488 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;  $179  principally  for
outfitting  the two new  casinos  aboard the luxury  cruise  ships  operated  by
Oceania and to finish  re-outfitting  the Silver Wind;  $428 due to expenditures
for other  long-lived  assets,  less $258 in proceeds  from the  disposition  of
assets;  and a  decrease  of $49 in  restricted  cash.  Cash  used in  investing
activities  of $3,604 for the first  nine  months of 2002,  consisted  of $1,400
towards the purchase and  improvements  of the Palace Hotel and  property,  $842
towards the expansion of the Womacks casino at the rear of the property that was
recently  completed and now provides  additional  gaming space, $135 towards the
construction of a restaurant & grill on the first floor of Womacks casino,  $390
for  additional  improvements  to the property in Caledon,  South Africa,  $460,
primarily  for  land   purchased  for  the  proposed   casino   development   in
Johannesburg,  South Africa,  $10 towards an increase in restricted cash and the
balance of $367 due to expenditures for other long-lived assets.

Cash used in  financing  activities  of $2,155 for the first nine months of 2003
consisted  of net  borrowings  of $414 under the RCF with Wells Fargo plus $8 in
proceeds from the exercise of stock  options,  less net repayments of $880 under
the loan  agreement  with  ABSA,  $1,259  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 $7. Cash used in financing  activities of $1,337 for the first nine months of
2002  consisted of net  repayments of $263 under the RCF with Wells Fargo,  plus
net repayments of $712 under the loan agreement with ABSA,  additional  deferred
financing charges incurred by the Caledon Casino,  Hotel and Spa, with a cost of
$19,  additional deferred financing charges incurred by the Company to amend the
RCF, with a cost of $88, the repurchase of company's  stock, on the open market,
with a cost of $205 and other net repayments of $50.

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

                                      -47-
                                     <PAGE>



new joint venture. The transaction,  when completed,  will result in the Company
having a 50%  equity  interest  in Casino  Millennium.  In  December  2002,  the
Company,  through CMB, paid $236 towards an initial equity  investment of 10% in
Casino  Millennium,  subject  to the  repayment  of a CM loan to a Czech bank by
Strabag AG,  which has been repaid.  The Company  expects to  contribute  gaming
equipment and certain  pre-operating  costs, valued at $827, 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 exercise.  The agreement was subsequently amended in
July 2003 giving  Novomatic AG a put option under which Novomatic AG can require
that CCI buy seven  eighths  of its shares in  Silverstar  and giving CCI a call
option  under which CCI can require  Novomatic  AG to sell seven  eighths of its
shares in Silverstar to CCI. The price of the option, which cannot be quantified
at this time,  will be 75% of the fair market value as determined at the time of
the exercise.  If the transaction  were to be completed,  CCI would acquire a 7%
interest in Silverstar from Novomatic AG.

CRA has submitted an  application  to the Alberta  Gaming and Liquor  Commission
("AGLC") for an additional casino facility license in the greater Edmonton area.
The proposed project, The Celebrations Casino and Hotel, is planned to include a
casino, food and beverage amenities,  a dinner theater, and a 40-room hotel. CRA
is owned by CRL, a wholly  owned  subsidiary  of Century  Casinos,  Inc.  and by
746306  Alberta  Ltd, the owners of the 7.25 acre  property  and existing  hotel
which  will be  developed  into the  Celebrations  project,  should a license be
awarded and all other approvals and funding be obtained. The Celebrations Casino
and Hotel  Project  proposed by CRA is valued at 16.5 million  Canadian  dollars
($12.2 million),  including the contribution of the existing hotel and property,
valued at 2.5 million Canadian dollars ($1.9 million).

A  November  2003  ballot  issue in  Colorado,  if  approved,  would  permit 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 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 nine 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  September 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.


                                      -48-
                                     <PAGE>

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

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

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

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

SFAS No. 142  addresses the methods used to  capitalize,  amortize and to assess
impairment of intangible  assets,  including  goodwill  resulting  from business
combinations  accounted  for  under  the  purchase  method.  Effective  with the
adoption of SFAS No. 142,  the Company no longer  amortizes  goodwill  and other
intangible  assets with  indefinite  useful lives,  principally  deferred casino
license  costs.  In evaluating  the Company's  capitalized  casino  license cost
related to CCAL, which comprises 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 September 30, 2003
is unamortized  goodwill of approximately  $8,051 and unamortized casino license
costs of approximately  $1,601. 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 nine months ended September 30, 2003.



                                      -49-
                                     <PAGE>

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



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

                                      -50-
                                     <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 September
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 matured 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.  With the expiration of the swap  agreement on the $7.5 million  notional
amount of debt on  October  1,  2003,  the same  hypothetical  100  basis  point
increase  results in an  increased  use of $40 in cash on an annual  basis.  The
Company has not entered into any new swap  agreements  subsequent  to October 1,
2003.

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  September  30, 2003 would reduce
the value of the Company's investment by approximately $1.4 million.


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

                                      -51-
                                     <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.



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


                                      -52-
                                     <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:

               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 August 14, 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 period ended June 30, 2003,
               as a  complementary  presentation of its Second 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: October 29, 2003