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

___X___  QUARTERLY  REPORT  PURSUANT  TO SECTION 13 OR 15 (d) OF THE  SECURITIES
                              EXCHANGE ACT OF 1934

For the  quarterly  period ended March 31, 2004

                                       OR

_______  TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15 (d) OF THE  SECURITIES
                              EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

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

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

        DELAWARE                                             84-1271317

(State or other jurisdiction of incorporation              (I.R.S.  Employer

                 or organization)                           Identification No.)

              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,  13,681,900 shares  outstanding as of April
30, 2004.


                                      -1-
<PAGE>

                              CENTURY CASINOS, INC.
                                    FORM 10-Q
                                      INDEX


<TABLE>
<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 March 31,                3
                2004 and December, 2003

                Condensed Consolidated Statements of Earnings for the Three
                Months Ended March 31, 2004 and 2003                                 4

                Condensed Consolidated Statements of Comprehensive Earnings
                for the Three Months Ended March 31, 2004 and 2003                   5

                Condensed Consolidated Statements of Cash Flows
                for the Three Months Ended March 31, 2004 and 2003                   6

                Notes to Condensed Consolidated Financial Statements                 8

Item 2.       Management's Discussion and Analysis of Financial Condition            22
              and Results of Operations

Item 3.       Quantitative and Qualitative Disclosures About Market Risk             36

Item 4.       Controls and Procedures                                                37

PART II       OTHER INFORMATION

Item 1.       Legal Proceedings                                                      38

Item 6.       Exhibits and Reports on Form 8-K                                       38


              SIGNATURES                                                             38


</TABLE>
                                      -2-

<PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
--------------------------------------------------------------------------------
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

   Dollar amounts in thousands, except for share information              March 31, 2004     December 31, 2003
                                                                          ---------------    -----------------
                                                                            (Unaudited)
    ASSETS
    Current Assets:
        Cash and cash equivalents                                      $           4,034     $           4,729
        Restricted cash                                                              634                   598
        Receivables, net                                                             284                   269
        Prepaid expenses                                                             399                   441
        Inventories                                                                  110                   131
        Other current assets                                                          28                    28
        Deferred income taxes                                                         74                   111
                                                                         ---------------       ---------------
           Total current assets                                                    5,563                 6,307

    Property and Equipment, net                                                   38,820                36,796
    Goodwill, net                                                                  8,687                 8,088
    Casino License Acquisition Costs, net                                          1,859                 1,760
    Deferred Income Taxes                                                            718                   666
    Equity Investment in Casino Millennium                                            65                     -
    Other Assets                                                                   1,058                 1,200
                                                                         ---------------       ---------------
    Total                                                              $          56,770     $          54,817
                                                                         ===============       ===============

   LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
        Current portion of long-term debt                              $           2,403     $           2,136
        Accounts payable and accrued liabilities                                   3,511                 1,979
        Accrued payroll                                                              796                 1,268
        Taxes payable                                                              1,417                 1,088
                                                                         ---------------       ---------------
           Total current liabilities                                               8,127                 6,471

    Long-Term Debt, less current portion                                          13,511                14,913
    Other Non-current Liabilities                                                    327                   371
    Minority Interest                                                                 29                    14
    Commitments and Contingencies                                                      -                     -
    Shareholders' Equity:
        Preferred stock; $.01 par value; 20,000,000 shares
           authorized; no shares issued or outstanding                                 -                     -
        Common stock; $.01 par value; 50,000,000 shares authorized;
          14,485,776 shares issued;
          13,681,900 and 13,680,500 shares outstanding, respectively                 145                   145
       Additional paid-in capital                                                 21,528                21,529
       Accumulated other comprehensive earnings                                    2,856                 2,034
       Retained earnings                                                          12,076                11,172
                                                                         ---------------       ---------------
                                                                                  36,605                34,880
        Treasury stock - 803,876 and 805,276 shares at cost,
           respectively                                                          (1,829)               (1,832)
                                                                         ---------------       ---------------
           Total shareholders' equity                                             34,776                33,048
                                                                         ---------------       ---------------
    Total                                                              $          56,770     $          54,817
                                                                         ===============       ===============
See notes to condensed consolidated financial statements.

</TABLE>
                                      -3-

<PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                       For The Three Months Ended March 31,
Dollar amounts in thousands, except for share information                 2004                   2003
                                                                          ----                   ----

Operating Revenue:
   Casino                                                           $          8,066        $         7,520
   Hotel, food and beverage                                                      974                    821
   Other                                                                         169                    121
                                                                      -----------------      -----------------
                                                                               9,209                  8,462
   Less promotional allowances                                                 1,079                  1,081
                                                                      -----------------      -----------------
       Net operating revenue                                                   8,130                  7,381
                                                                      -----------------      -----------------

Operating Costs and Expenses:
   Casino                                                                      3,056                  2,649
   Hotel, food and beverage                                                      678                    569
   General and administrative                                                  2,049                  1,817
   Depreciation                                                                  651                    648
                                                                      -----------------      -----------------

       Total operating costs and expenses                                      6,434                  5,683
                                                                      -----------------      -----------------

Earnings from Operations                                                       1,696                  1,698
Non-operating Income (expense)
   Interest expense                                                             (422)                  (527)
   Other income, net                                                              81                     58
                                                                      -----------------      -----------------
       Non-operating income (expense), net                                      (341)                  (469)
                                                                      -----------------      -----------------
Earnings before Income Taxes and Minority Interest                             1,355                  1,229
   Provision for income taxes                                                    443                    466
                                                                      -----------------      -----------------

Earnings before Minority Interest                                                912                    763
   Minority interest in subsidiary earnings                                      (15)                    (8)
   Equity in earnings of unconsolidated subsidiaries                               7                      -
                                                                      =================      =================
Net Earnings                                                        $            904        $           755
                                                                      =================      =================

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

   Diluted                                                          $           0.06        $          0.05
                                                                      =================      =================

       See notes to condensed consolidated financial statements.

</TABLE>
                                      -4-
<PAGE>

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

<TABLE>
<S>                                                                                                            <C>
                                                                           For The Three Months Ended March 31,

Dollar amounts in thousands                                                   2004                  2003
                                                                              ----                  ----
   Net Earnings                                                         $            904       $           755

   Foreign currency translation adjustments                                          795                   555

   Change in fair value of interest rate swaps, net of income taxes                   27                    31
                                                                         ------------------    ------------------
   Comprehensive Earnings                                               $          1,726       $         1,341
                                                                         ==================    ==================



       See notes to condensed consolidated financial statements.

</TABLE>
                                      -5-
<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
--------------------------------------------------------------------------------
<TABLE>

<S>                                                                                                               <C>
                                                                      For The Three Months Ended March 31,

Dollar amounts in thousands                                              2004                  2003
                                                                         ----                  ----
Cash Flows from Operating Activities:

   Net earnings                                                    $            904       $           755

   Adjustments to reconcile net earnings to net cash provided by
   operating activities
       Depreciation                                                             651                   648
       Amortization of deferred financing costs                                  29                    28
       Deferred tax expense (benefit)                                           (23)                   16
       Minority interest in subsidiary earnings                                  15                     8
       Equity earnings in unconsolidated subsidiary earnings                     (7)                    -
       Gain of disposition of real estate option                                (35)                    -
       Other                                                                     (4)                   (3)

   Changes in operating assets and liabilities
       Receivables                                                              (11)                   16
       Prepaid expenses and other assets                                          -                    19
       Accounts payable and accrued liabilities                                 (48)                 (442)
       Accrued payroll                                                         (487)                 (710)
       Taxes payable                                                            273                   468
                                                                    ------------------    ------------------
         Net cash provided by operating activities                            1,257                   809
                                                                    ------------------    ------------------
Cash Flows from Investing Activities:
    Purchases of property and equipment                                        (940)                 (533)
    Acquisition of subsidiary, net of $664 in cash acquired                       -                (1,259)
    Restricted cash decrease                                                      -                     3
    Proceeds from disposition of assets                                         202                     -
                                                                    ------------------    ------------------
         Net cash used in investing activities                                 (738)               (1,789)
                                                                    ------------------    ------------------




</TABLE>


                                                                  (continued)
                                      -6-

<PAGE>



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

<TABLE>
<S>                                                                                                               <C>
                                                                                      For the Three Months Ended March 31,

Dollar amounts in thousands                                                           2004                        2003
                                                                                      ----                        ----
Cash Flows from Financing Activities:
   Proceeds from borrowings                                                     $          6,380             $         6,999
   Principal repayments                                                                   (7,711)                     (6,424)
   Proceeds from exercise of options                                                           2                           7
   Purchases of treasury stock                                                                 -                         (31)
   Other                                                                                       -                           2
                                                                                 ------------------          ------------------
         Net cash (used in) provided by financing activities                              (1,329)                        553
                                                                                 ------------------          ------------------
Effect of exchange rate changes on cash                                                      115                         120
                                                                                 ------------------          ------------------
Decrease in Cash and Cash Equivalents                                                       (695)                       (307)

Cash and Cash Equivalents at Beginning of Period                                           4,729                       4,582
                                                                                 ------------------          ------------------
Cash and Cash Equivalents at End of Period                                      $          4,034             $         4,275
                                                                                 ==================          ==================
</TABLE>

Supplemental Disclosure of Noncash Financing Activities:

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

In January  2003,  the  Company,  through its  majority  owned  subsidiary  CCA,
purchased the  remaining  35% interest in CCAL for a total of $2.6  million,  of
which  $1.3  million  was used to  purchase  a loan from the  previous  minority
shareholder, Caledon Overberg Investments (Proprietary) Limited ("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 January 2004, the Company,  through its wholly owned Austrian subsidiary CMB,
purchased an additional 40% interest in CM,  bringing its total interest to 50%,
by  contributing  gaming  equipment  with a net book  value of $0.60  million in
exchange for 2,400 additional  shares. The contribution of the gaming equipment,
along with a cash  contribution made in December 2002 which was accounted for by
CMB on a cost basis in Euro and had a value of $0.29 million on January 3, 2004,
brought the Company's  total  investment in CM to $0.89 million,  of which $0.26
million was allocated to a shareholder loan acquired as part of the transaction.
The difference between the cost and the equity of CM, of $0.57 million, has been
recorded as goodwill.

Supplemental Disclosure of Cash Flow Information:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

Interest paid, net of capitalized interest of $0 in 2004 and $10 in 2003           $            400             $           568
                                                                                    ==================          ==================
Income taxes paid                                                                  $              -             $             -
                                                                                    ==================          ==================


See notes to condensed consolidated financial statements.

</TABLE>
                                      -7-
<PAGE>



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

1.   DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

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

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

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

</TABLE>
                                      -8-
<PAGE>

               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 625
               slot machines, 6 limited stakes gaming tables, 21 hotel rooms and
               1 restaurant.

               CCA owns and operates The Caledon  Hotel,  Spa & Casino near Cape
               Town, South Africa. The resort has 275 slot machines and 8 gaming
               tables, a 92-room hotel,  mineral hot springs and spa facility, 3
               restaurants, 2 bars, conference facilities and equestrian center.

               CMB acquired a 10% equity interest in Casino  Millennium  located
               within a  five-star  hotel in Prague,  Czech  Republic  through a
               $0.24  million cash  contribution  in December  2002.  In January
               2004,  the Company,  through CMB,  acquired an additional  40% of
               Casino  Millennium,  bringing  its total  ownership  to 50%.  The
               investment by the Company for the  incremental 40% stake amounted
               to $0.60 million and was paid by contributing  gaming  equipment.
               Casino Millennium has 38 slot machines and 15 gaming tables.

               CRI serves as  concessionaire  of small  casinos on seven  luxury
               cruise vessels and provides  technical  casino services to Casino
               Millennium.  The Company has a total of 166 slot  machines and 27
               table games, or  approximately  355 gaming positions on the seven
               combined  shipboard  casinos  currently in operation.  The cruise
               vessel  Insignia was taken out of service  after it completed its
               cruise   schedule   to  various   destinations   in  the  western
               Mediterranean as of September 26, 2003 and resumed  operations on
               March 29, 2004. The Silver Cloud returned to service on March 27,
               2004 following five months of periodic maintenance. Subsequent to
               March 31, 2004, the Company opened a casino aboard the Nautica, a
               cruise ship operated by Oceania  Cruises.  The casino is equipped
               with 42 slot  machines and three  gaming  tables and expanded the
               Company's  cruise ship segment to a total of eight  casinos.

               CRL  was  formed  for  the  purpose  of  managing  and  providing
               technical  casino  services to some of the Company's  foreign and
               offshore operations.

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

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

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

                                      -9-
<PAGE>

          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 ($63.40 million)  hotel/casino
     resort  development  would be located in the greater  Johannesburg  area of
     South Africa known as the West Rand.

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

          On  September  25,  2003,  the  Company  formed CRL for the purpose of
     managing some of the Company's foreign and offshore operations. In February
     2004, the Company formed CRI for the purposes of providing technical casino
     services to Casino  Millennium,  managing  casinos on the cruise  ships and
     other foreign operations.  Subsequent to the filing of the Company's annual
     report  of Form  10-K,  changes  were made to the  proposed  organizational
     structure.  When  completed,  CCI will  own  96.5%  of CRL.  The  remaining
     minority  interest in CRL will be held by certain  officers of the Company.
     These  minority  shareholders  will give up their 3.5% ownership in CCA for
     their 3.5% ownership in CRL. CRL will own 100% of CCA. The Company believes
     that CRL and CRI will provide favorable tax benefits for the Company.

          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 CRI
     (previously  named CRL), a  wholly-owned  subsidiary  of the Company and by
     746306 Alberta Ltd, the owners of the 7.25 acre property and existing hotel
     which will be  developed  into the  Celebrations  project,  if a license is
     awarded and all other approvals and funding are obtained.  The Celebrations
     Casino and Hotel Project proposed by CRA is estimated to cost 16.50 million
     Canadian  dollars  ($12.3  million),  including  the 2.50 million  Canadian
     dollars ($1.9 million)  contribution  of the existing hotel and property by
     746306  Alberta Ltd. CRI also entered into a long-term  agreement to manage
     the casino if a gaming  license is awarded.  On April 19, 2004, the Company
     announced  that CRA had been selected as the only one of six  applicants to
     move to step  seven  of eight  steps of the  casino  licensing  process  in
     Edmonton,  Alberta, Canada. This is not an approval or a guarantee that the
     CRA  will  be  issued  a  casino  facility  license.   Step  seven  is  the
     "Investigation stage of the Casino Facility Application Process" which is a
     thorough due diligence  investigation  of the applicant and the key persons
     associated with the selected proposal.  Although the Company cannot predict
     how long the due diligence process will take, if step seven is successfully
     completed  the  eighth  step will be a  recommendation  to the Board of the
     Alberta Gaming and Liquor Commission ("AGLC"), by the evaluating committee,
     regarding issuance of a casino facility license.

                                      -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. Current period transactions affecting the profit and loss
     of  operations  conducted in foreign  currencies  are valued at the average
     exchange rate for the period in which they are incurred. The exchange rates
     used to  translate  balances  at the  end of the  reported  periods  are as
     follows:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                             March 31, 2004  December 31, 2003   March 31, 2003

     South  African Rand             6.3095             6.6858           7.8952

     Euros                           0.8135             0.7938           0.9173

     Czech  Koruna                  26.6959            25.6634              n/a

     Canadian Dollars                1.3440             1.2924              n/a

</TABLE>

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

                                      -11-
<PAGE>

2.   STOCK BASED COMPENSATION

          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 by the Company at this time.  SFAS
     123 encourages,  but does not require companies to record compensation cost
     for stock-based employee  compensation plans at fair value. The Company has
     chosen to account for  stock-based  compensation  for  employees  using the
     intrinsic value method  prescribed in Accounting  Principles  Board Opinion
     No. 25 (APB 25),  "Accounting  for Stock Issued to Employees",  and related
     Interpretations.  Accordingly,  compensation  cost  for  stock  options  is
     measured as the excess, if any, of the quoted market price of the Company's
     stock at the date of the  grant  over the  amount an  employee  must pay to
     acquire that stock. The Company values stock-based  compensation granted to
     non-employees at fair value.

          At  March  31,  2004,  the  Company  had  one   stock-based   employee
     compensation  plan.  The plan  expired in April  2004.  At this  time,  the
     Company does not intend to propose a new employee equity incentive plan.

          All options  granted under the plan had an exercise price equal to the
     market value of the underlying  common stock on the date of the grant.  The
     following  table  illustrates  the effect on net  earnings and earnings per
     share if the Company had applied the fair value  recognition  provisions of
     SFAS No. 123 to  stock-based  employee  compensation.
<TABLE>
<S>                                                                                                               <C>
                                                                   For the three months ended March 31,
     Dollar amounts in thousands, except for share information

                                                                            2004         2003
                                                                            ----         ----

     Net earnings, as reported                                      $        904    $           755

     Deduct:  Total stock-based employee compensation
       expense determined under fair value based method for all
       awards, net of related  tax  effects                                  269                  1
                                                                      ------------     --------------
     Pro forma net earnings                                         $        635    $           754
                                                                      ============     ==============
     Earnings per share
       Basic               As reported                              $       0.07    $          0.06
                           Pro forma                                $       0.05    $          0.06

     Diluted               As reported                              $       0.06    $          0.05
                           Pro forma                                $       0.04    $          0.05
</TABLE>

                                     -12-
<PAGE>

3.   CHANGE IN ACCOUNTING PRINCIPLES AND RECENTLY ISSUED STANDARDS

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

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

4.   INCOME TAXES

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


                                      -13-
<PAGE>

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

5.   EARNINGS  PER SHARE

          Basic and diluted  earnings per share for the three months ended March
     31, 2004 and 2003 were computed as follows:

                                                                       For the Three Months Ended March 31,

         Dollar amounts in thousands, except for share information            2004             2003
                                                                              ----             ----

         Basic Earnings Per Share:
            Net earnings                                                $            904    $           755
                                                                       =================     ==============
            Weighted average common shares                                    13,681,438         13,579,411
                                                                       =================     ==============
            Basic earnings per share                                    $           0.07    $          0.06

         Diluted Earnings Per Share:
            Net earnings, as reported                                   $            904    $           755
                                                                       =================     ==============
            Weighted average common shares                                    13,681,438         13,579,411
              Effect of dilutive securities:
                  Stock options and warrants                                   1,334,123          1,124,382
                                                                       ----------------   ----------------
            Dilutive potential common shares                                  15,015,561         14,703,793
                                                                       =================     ==============
            Diluted earnings per share                                  $           0.06    $          0.05
                                                                       =================     ==============

            Excluded from computation of diluted earnings per share
                Due to antidilutive effect:
                  Options and warrants to purchase common shares                  60,000             15,000
                  Weighted average exercise price                       $           3.26    $          2.27

</TABLE>

6.   CRIPPLE CREEK,  COLORADO

          In April 2003, the Company  completed  construction  of a 6,022 square
     foot  expansion  and added a total of 5,000  square feet of gaming space to
     Womacks.  Most  importantly,  having  spanned the alley behind the existing
     property,  Womacks will be able to continue  building out the casino to the
     rear of the  property on a single level at a later date.  In January  2004,
     the Company  sold a purchase  option  agreement  for a property  located in
     Cripple Creek across Bennett Ave. from Womacks that it had held since 1999,
     which would have expired on March 31, 2004, to an unrelated party for a sum
     of $0.20 million. As a result of the transaction,  the Company recognized a
     pre-tax gain of $34.7 thousand in 2004,  which is included in other income,
     net.

                                      -14-
<PAGE>

7.   CALEDON, SOUTH AFRICA

          In January  2003,  CCA  purchased  the remaining 35% interest in CCAL,
     becoming  the sole owner of all of the common  stock of CCAL.  The  Company
     paid 21.5 million Rand or $2.53 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  $0.34  million  of the  acquisition  price  was  allocated.
     Simultaneous with the transaction,  the Hotel Management  Agreement between
     CCAL and Fortes King  Hospitality  (Pty) Limited  ("FKH") was cancelled and
     CCA assumed the management of the hotel.  Financing for the transaction was
     provided  by the Wells  Fargo Bank  revolving  line of credit  ("RCF").

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

8.   PRAGUE, CZECH REPUBLIC

          In January  1999,  the Company,  through  CCM,  entered into a 20-year
     agreement with Casino  Millennium  a.s., a Czech company  ("CM"),  and with
     B.H.  Centrum  a.s.,  a Czech  subsidiary  of Bau  Holding AG, to operate a
     casino in the five-star  Marriott Hotel in Prague,  Czech Republic.  During
     2001,  Bau Holding AG changed its name to Strabag AG. The Company  provided
     technical  casino  services  in  exchange  for  10% of the  casino's  gross
     revenue,  and provided gaming equipment for 45% of the casino's net profit.
     The hotel and casino opened in July 1999.

          In December  2002 the Company  through  CMB  acquired a 10%  ownership
     interest in CM with the payment of $0.24 million in cash. Effective January
     3, 2004,  the Company,  through CMB,  acquired an  additional  40% of CM by
     contributing  gaming equipment with a net book value of $0.60 million.  The
     contribution  of the gaming  equipment,  along  with the cash  contribution
     which was previously accounted for by CMB on a cost basis in Euro and had a
     value of $0.29  million on  January 3, 2004  brought  the  Company's  total
     investment in CM to $0.89 million. The Company allocated $0.26 million to a
     shareholder  loan  acquired  as part of the  transaction.  CM issued  2,400
     additional  shares for the contribution of the gaming equipment towards the
     Company's  additional 40% investment in CM. The difference of $0.57 million
     between  the cost and the equity in CM has been  recorded as  goodwill.  In
     addition to the 50%  ownership,  the Company  retains its rights  under the
     1999 casino services agreement which, as amended in October 2003,  requires
     CM to make monthly payments of Euro 7,250 to CRI.

          CM had  approximately  $2.5 million in assets as of March 31, 2004 and
     reported earnings for the quarter ended March 31, 2004 of approximately $14
     thousand, after expensing casino services fees paid to the Company.

                                      -15-
<PAGE>
          The Company's  estimated  maximum exposure to losses at March 31, 2004
     consists of the following (Dollar amounts in thousands):

                   Equity investment in Casino Millennium       $       65
                   Goodwill                                            548
                   Note receivable                                     251
                   Other receivables                                   199
                                                              -------------
                   Total                                        $    1,063
                                                              =============

          Casino  services  fee income for the three months ended March 31, 2004
     and 2003 was $27.0 thousand and $0, respectively.



9. GOODWILL (Dollar amounts in thousands):
         Balance as of December 31, 2003                        $    8,088
         Goodwill recorded in the acquisition of an
           additional 40% interest in Casino Millennium,
           as valued on January 3, 2004                                565
         Effect of exchange rate on goodwill                            34
                                                              -------------
         Balance as of March 31, 2004                         $      8,687
                                                              =============

10.  LONG-TERM DEBT

          The principal balance outstanding under the Wells Fargo Bank Revolving
     Line of Credit  Facility  ("RCF") as of March 31,  2004 was $10.68  million
     compared to $11.76 million at December 31, 2003. The amount available under
     the RCF as of March 31, 2004 was $11.71 million, net of amounts outstanding
     as of that date,  compared to $11.35 million at December 31, 2003. The loan
     agreement  includes  certain  restrictive  covenants on financial ratios of
     WMCK. The Company is in compliance with the covenants as of March 31, 2004.
     The interest rate at March 31, 2004 was 3.47% for $10.0 million outstanding
     under LIBOR based provisions of the loan agreement.  The remaining  balance
     of the  outstanding  debt is  subject  to  interest  under the prime  based
     provisions of the loan agreement at a rate of 4.0%.

          The fair value of the Company's  interest rate swap  derivatives as of
     March 31, 2004 and  December 31, 2003 of $0.33  million and $0.37  million,
     respectively,  is  reported  as  an  other  non-current  liability  in  the
     condensed  consolidated  balance sheets.  The net gain on the interest rate
     swaps of $27.6  thousand,  net of  deferred  income  tax  expense  of $16.4
     thousand  for the  first  three  months  of  2004,  has  been  reported  in
     accumulated  other  comprehensive  earnings  in  the  shareholders'  equity
     section of the accompanying March 31, 2004 condensed  consolidated  balance
     sheet.  Net  additional  interest  expense  to the  Company  under the swap
     agreements  was $67.9 thousand and $0.14 million for the three months ended
     March 31, 2004 and 2003, respectively.Including the impact of the swaps and
     the amortization of the deferred  financing cost, the effective rate on the
     borrowings  under the RCF was 7.07%  and 9.13% for the three  months  ended
     March 31, 2004 and 2003, respectively.

          In April 2000,  CCAL entered into a loan agreement with PSG Investment
     Bank  Limited  ("PSGIB"),  which  was  subsequently  acquired  by ABSA Bank
     ("ABSA"),  which  provided  for a  principal  loan of  approximately  $6.20
     million  (based on an  exchange  rate of 7.6613 rand per dollar at the time
     the funds were advanced) to fund  development of the Caledon  project.  The
     outstanding balance and interest rate as of March 31, 2004 and December 31,
     2003 was $4.03

                                      -16-
<PAGE>

     million  and $4.14  million,  respectively  and 17.05% in both  years.  The
     outstanding balance and interest rate on the standby facility with PSGIB as
     of March  31,  2004 and  December  31,  2003 was  $0.40  million  and $0.41
     million,  respectively  and 15.1% in both  years.  The  agreement  requires
     quarterly  installments  over the remaining term of the loan. The agreement
     requires a minimum  deposit in the sinking  fund equal to four million Rand
     (approximately $0.63 million) at the end of each quarter. In addition,  one
     third  of the  next  quarterly  principal  and  interest  payment  must  be
     deposited on the last day of each month into the fund and used for the next
     quarterly  installment.  The loan agreement  includes  certain  restrictive
     covenants for CCAL.  CCAL is in  compliance  with the covenants as of March
     31, 2004.

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

          An unsecured note payable, in the amount of $90 thousand,  to a former
     director  bears  interest  at 0%  and  is  classified  as  current  in  the
     accompanying condensed consolidated balance sheet as of March 31, 2004.

          The  remaining  amount of $0.34 million in debt, as of March 31, 2004,
     consists of capital leases.

          The consolidated  weighted average interest rate on all borrowings was
     9.31%  and  10.63%  for the three  months  ended  March 31,  2004 and 2003,
     respectively.

11.  SHAREHOLDERS' EQUITY

          During the first  quarter of 2004,  the Company did not  purchase  any
     shares of its common  stock on the open  market.  The Company  issued 1,400
     shares of treasury  stock in February 2004 for employee  option  exercises.
     Subsequent to March 31, 2004,  the Company has not purchased  shares of its
     common stock on the open market.

          In January 2004,  60,000 options were issued to the Company's  outside
     directors with an exercise price of $3.26.

          In March  2004,  1,352,710  options  were  granted by the  independent
     members of the Company's  Incentive  Plan  Committee to eight  officers and
     employees  of the Company  with an exercise  price of $2.93.  The  Employee
     Equity Incentive Plan expired in April 2004. At this time, the Company does
     not intend to propose a new employee  equity  incentive plan.

          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 the shares to dividends of 20% of
     the after-tax  profits  directly  attributable  to the CCAL casino business
     subject to working capital and capital  expenditure  requirements  and CCAL
     loan  obligations  and  liabilities as determined by the directors of CCAL.
     Should the casino business be sold or otherwise  dissolved,  the preference
     shareholders  are entitled to 20% of any surplus  directly  attributable to
     the CCAL casino business,  net of all liabilities  attributable to the CCAL
     casino  business.  As of March 31, 2004,  no dividend has been declared for
     the preference shareholders.

                                      -17-
<PAGE>

12.  SEGMENT INFORMATION

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

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

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

          Cruise  Ship  operations  include the revenue and expense of the 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 service contracts.

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

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

                                      -18-
<PAGE>

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

===================================================================================================
Dollar amounts in thousands                 Colorado          South Africa         Cruise Ships
===================================================================================================
   As of and for the Three Months        2004     2003       2004      2003      2004       2003
   -------------------------------
           Ended March 31,
==================================================================================================
Property and equipment, net           $ 23,174 $ 21,671   $ 14,743  $ 11,977   $   446  $     212
==================================================================================================
Total assets                          $ 32,659 $ 32,448   $ 21,072  $ 16,459   $   745  $     418
==================================================================================================

Net operating revenue                 $  4,345 $  4,644   $  3,320  $  2,407   $   438  $     330
==================================================================================================
Operating expenses (excluding
depreciation)                         $  2,563 $  2,597   $  2,200  $  1,710   $   329  $     214
==================================================================================================
Depreciation                          $    305 $    352   $    321  $    239   $    17  $      15
==================================================================================================
Earnings from operations              $  1,477 $  1,695   $    799  $    458   $    92  $     101
==================================================================================================
Interest  income                      $      2 $      3   $     39  $     53   $     -  $       -
==================================================================================================
Interest expense,
including debt issuance cost (1)      $   (32) $     24   $    214  $    236   $     -  $       -
==================================================================================================
Other income, net                     $     35 $      -   $      -  $      -   $     -  $       -
==================================================================================================
Earnings (loss) before income taxes
and minority interest                 $  1,546 $  1,674   $    624  $    275   $    92  $     101
==================================================================================================
Income tax expense (benefit)          $    587 $    636   $    208  $    111   $     3  $      38
==================================================================================================
Minority interest expense             $      - $      -   $      -  $    (8)   $     -  $       -
==================================================================================================
Equity in earnings of unconsolidated
subsidiaries                          $      - $      -   $      -  $      -   $     -  $       -
==================================================================================================
Net earnings (loss)                   $    959 $  1,038   $    416  $    156   $    89  $      63
==================================================================================================

Reconciliation to EBITDA:
==================================================================================================
Net earnings (loss) (US GAAP)         $    959 $  1,038   $    416  $    156   $    89  $      63
==================================================================================================
Interest income                       $    (2) $    (3)   $   (39)  $   (53)   $     -  $       -
==================================================================================================
Interest expense (1)                  $   (32) $     24   $    214  $    236   $     -  $       -
==================================================================================================
Income taxes                          $    587 $    636   $    208  $    111   $     3  $      38
==================================================================================================
Depreciation                          $    305 $    352   $    321  $    239   $    17  $      15
==================================================================================================
EBITDA                                $  1,817 $  2,047   $  1,120  $    689   $   109  $     116
==================================================================================================


</TABLE>


         (1) The Company has not repaid the funds advanced for the Company's
         acquisitions or the repurchase of the Company's common stock, therefore
         the debt and accumulated interest allocated to the Corporate & Other
         segment exceeded the total outstanding borrowing under the RCF in the
         Colorado segment.
                                      -19-
<PAGE>

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

   ================================================================================================================
   Dollar amounts in thousands              Corporate and Other   Inter-segment Elimination       Consolidated
   ================================================================================================================
   As of and for the Three Months           2004          2003       2004          2003        2004           2003
   -------------------------------
           Ended March 31,

   ================================================================================================================
   Property and equipment, net           $    457   $      1,156  $      -   $         -  $   38,820   $     35,016
   ================================================================================================================
   Total assets                          $  2,294   $      2,726  $      -   $         -  $   56,770   $     52,051
   ================================================================================================================

   Net operating revenue                 $     27   $          -  $      -   $         -  $    8,130   $      7,381
   ================================================================================================================
   Operating expenses (excluding
   depreciation)                         $    691   $        514  $      -   $         -  $    5,783   $      5,035
   ================================================================================================================
   Depreciation                          $      8   $         42  $      -   $         -  $      651   $        648
   ================================================================================================================
   Earnings from operations              $  (672)   $      (556)  $      -   $         -  $    1,696   $      1,698
   ================================================================================================================
   Interest  income                      $     90   $         86  $   (85)   $      (85)  $       46   $         57
   ================================================================================================================
   Interest expense,                     $    325   $        352  $   (85)   $      (85)  $      422   $        527
   including debt issuance cost
   ================================================================================================================
   Other income, net                     $      -   $          1  $      -   $         -  $       35   $          1
   ================================================================================================================
   Earnings (loss) before income taxes
   and minority interest                 $  (907)   $      (821)  $      -   $         -  $    1,355   $      1,229
   ================================================================================================================
   Income tax expense (benefit)          $  (355)   $      (319)  $      -   $         -  $      443   $        466
   ================================================================================================================
   Minority interest expense             $   (15)   $          -  $      -   $         -  $     (15)   $        (8)
   ================================================================================================================
   Equity in earnings of
   unconsolidated subsidiaries           $      7   $          -  $      -   $         -  $        7   $          -
   ================================================================================================================
   Net earnings (loss)                   $  (560)   $      (502)  $      -   $         -  $      904   $        755
   ================================================================================================================

   Reconciliation to EBITDA:
   ================================================================================================================
   Net earnings (loss) (US GAAP)         $  (560)   $      (502)  $          $         -  $      904   $        755
   ================================================================================================================
   Interest income                       $   (90)   $       (86)  $     85   $        85  $     (46)   $       (57)
   ================================================================================================================
   Interest expense                      $    325   $        352  $   (85)   $      (85)  $      422   $        527
   ================================================================================================================
   Income taxes                          $  (355)   $      (319)  $      -   $         -  $      443   $        466
   ================================================================================================================
   Depreciation                          $      8   $         42  $      -   $         -  $      651   $        648
   ================================================================================================================
   EBITDA                                $  (672)   $      (513)  $      -   $         -  $    2,374   $      2,339
   ================================================================================================================

</TABLE>
                                      -20-
<PAGE>

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


13.  OTHER INCOME, NET

        Other income, net, consists of the following:
                                                           For the Three Months Ended March 31,
        Dollar amounts in thousands                              2004                  2003
                                                                 ----                  ----

        Interest income                                    $          46       $            57
        Gain on sale of real estate option (1)                        35                     -
        Foreign currency exchange gains                                -                     1
                                                           ----------------     -----------------
                                                           $          81       $            58
                                                           ================     =================
</TABLE>

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

14.       PROMOTIONAL ALLOWANCES

          Promotional   allowances  presented  in  the  condensed   consolidated
          statements  of earnings  for the period ended March 31, 2004 and March
          31, 2003 include the following:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                           For the Three Months Ended March 31,

        Dollar amounts in thousands                              2004                  2003
                                                                 ----                  -----

        Food & Beverage and Hotel Comps                    $         373             $     327
        Free Plays or Coupons                                        379                   401
        Player Points                                                327                   353
                                                           ----------------     -----------------
        Total Promotional Allowances                       $       1,079             $   1,081
                                                           ================     =================
</TABLE>

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

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


                                      -21-

<PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES

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

Forward-Looking Statements, Business Environment and Risk Factors

          Forward-looking   statements  and  business  environment   information
     contained  in  the  following  discussion  of  results  of  operations  and
     financial  condition  of the Company  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  condensed  consolidated  financial  statements and related notes
     included  elsewhere  herein.  The Company's future operating results may be
     affected  by various  trends and  factors,  which are beyond the  Company's
     control. These include, among other factors, the competitive environment in
     which the Company  operates,  the  Company's  present  dependence  upon the
     Cripple  Creek,   Colorado   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.

                                      -22-
<PAGE>

Results of Operations

Three Months Ended March 31, 2004 vs. 2003
------------------------------------------

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

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

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

     Cruise  Ship  operations  include  the  revenue  and  expense  of the 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  service
contracts.


Consolidated Results of Operations

     The Company reported net operating revenue of $8.1 million and $7.4 million
for the quarters ended March 31, 2004 and 2003, respectively. Casino revenue for
the quarters ended March 31, 2004 and 2003, was $8.07 million  compared to $7.52
million,  respectively.  Casino  expense was $3.06 million and $2.65 million for
the  quarters  ended  March  31,  2004  and  2003,  respectively.   General  and
administrative  expense was $2.05  million for the quarter  ended March 31, 2004
compared to $1.82  million in the quarter  ended  March 31,  2003.  Depreciation
expense was $0.65 million in both quarters ended March 31, 2004 and 2003.

     Total Company earnings from operations were $1.70 million for both quarters
ended March 31, 2004 and 2003.

     Tax  expense  for the  quarters  ended  March 31,  2004 and 2003 were $0.44
million, and $0.47 million, respectively.

     The Company's  net earnings for the quarters  ended March 31, 2004 and 2003
were $0.90  million or $0.07 per share,  and $0.76 million or $0.06 per share in
2003, respectively.

     A discussion by business segment follows below.

                                      -23-
<PAGE>

Colorado

     The  operating  results of the Colorado  segment are those of  WMCK-Venture
Corp.  and  subsidiaries,  which own  Womacks  Hotel and Casino  ("Womacks")  in
Cripple Creek,  Colorado.  Womacks' results of operations for the quarters ended
March 31, 2004 and 2003 were as follows:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                    For the three months ended March 31,       Increase       % of Change
                                                                                              (Decrease)
Dollar amounts in thousands                            2004                 2003
                                                       ----                 ----
Operating Revenue
     Casino                                      $            4,875  $             5,293   $       (418)          -7.9%
     Hotel, food and beverage                                   324                  296              28           9.5%
     Other (including promotional allowances)                 (854)                (945)              91           9.6%
                                                    ----------------    -----------------
Net operating revenue                                         4,345                4,644           (299)          -6.4%
                                                    ----------------    -----------------
Costs and Expenses
     Casino                                                   1,626                1,641            (15)          -0.9%
     Hotel, food and beverage                                    88                   69              19          27.5%
     General and administrative                                 849                  887            (38)          -4.3%
     Depreciation                                               305                  352            (47)         -13.4%
                                                    ----------------    -----------------
                                                              2,868                2,949            (81)          -2.7%
                                                    ----------------    -----------------
Earnings from operations                                      1,477                1,695           (218)         -12.9%
Interest (expense)                                               32                 (24)              56         233.3%
Other income, net                                                37                    3              34       1,133.3%
                                                    ----------------    -----------------
Earnings before income taxes                                  1,546                1,674           (128)          -7.6%
Income tax expense                                              587                  636            (49)          -7.7%
                                                    ----------------    -----------------
Net Earnings                                     $              959  $             1,038   $        (79)          -7.6%
                                                    ================    =================
</TABLE>

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


                                      -24-
<PAGE>



     Overall  operating  results were  impacted by the casino  results  detailed
below.
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

     Market Data

       ------------------------------------------------------------------------------
       For the three months ended March 31,                  2004          2003
                                                             ----          ----
       ------------------------------------------------------------------------------
       Market share of the Cripple Creek market                14.32%         16.14%
       ------------------------------------------------------------------------------
       Average number of slot machines                            618            666
       ------------------------------------------------------------------------------
       Market share of Cripple Creek gaming devices            14.36%         15.70%
       ------------------------------------------------------------------------------
       Average slot machine win per day                    85 dollars     87 dollars
       ------------------------------------------------------------------------------
       Cripple Creek average slot machine win per day      85 dollars     85 dollars
       ------------------------------------------------------------------------------
</TABLE>

     Womacks'  market share is 1.8 percentage  points lower than a year ago. The
covered  parking garages  provided by two competitors  gives them somewhat of an
advantage during the winter months. In recent months,  the Company has committed
approximately $3 million to upgrade the product mix on the gaming floor, improve
the player tracking system and introduce cashless gaming machines. These ongoing
improvements are expected to add to the customer  experience and further improve
customer service.

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

     During the three months ended March 31, 2004, Womacks leased  approximately
an  average  of 43 slot  machines  from  manufacturers,  on  which it pays a fee
calculated  as a  percentage  of the net win.  All of the leases have short term
commitment  periods not exceeding  three months and are  classified as operating
leases. The leases can be cancelled with no more than 30 days written notice. On
a portion of the leases,  the  manufacturer  is guaranteed a minimum fee per day
that can range from 15 dollars to 35 dollars for the  duration of the lease.  In
most  instances,  the branded games that are being  introduced to the market are
not available for purchase. For financial reporting purposes, the net win on the
slot machines is included in our revenue and the amount due to the  manufacturer
is recorded as an expense,  in the period during which the revenue is earned, as
casino  operating  cost.  Management  makes its  decisions  to  introduce  these
machines  based on the consumer  demand for the  product.  The amount paid under
these  agreements  was $0.10  million and $0.12  million for the quarters  ended
March 31, 2004 and 2003, respectively.

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

                                      -25-
<PAGE>


 Hotel, Food and Beverage

     Hotel revenue,  included in hotel, food and beverage revenue,  increased by
7.8%, as a result of higher hotel occupancy rate to 92.1% from 89.0% in 2004 and
2003. All of the revenue generated by the hotel operations is derived from comps
to better players and is included in promotional allowances.

     In the first quarter of 2004 food and beverage revenue  increased 9.9% when
compared to the same period in 2003. In the first quarter of 2003, the Gold Mine
restaurant  was closed and Bob's Grill was  expanded in order to provide  better
service  on the gaming  floor and  improve  accessibility.  The cost of food and
beverage promotional  allowances,  which are included in casino costs, increased
to $0.24  million in the first  quarter of 2004 from $0.22  million in the first
quarter of 2003.


Other

     The Company  allocated $0.32 million in interest expense to the Corporate &
Other segment during the first quarter of 2004.  Interest expense on the amounts
advanced,  but not repaid, to fund the Company's acquisitions and the repurchase
of the  Company's  common stock is calculated  using the  effective  rate on all
borrowings  under the RCF. The Company reduces the interest  expense incurred by
WMCK under the RCF by the amount of interest  allocated to the Corporate & Other
segment.  The  Company  has not  repaid  the funds  advanced  for the  Company's
acquisitions or the repurchase of the Company's  common stock, and therefore the
debt  and  accumulated  interest  allocated  to the  Corporate  & Other  segment
exceeded the total outstanding borrowing.  As a result Womacks reported a net of
$32.8 thousand in interest income and debt issuance cost. During the same period
in 2003,  Womacks  reported  interest  expense and debt issuance  cost, of $23.4
thousand,  net of $0.35 million in interest expense allocated to the Corporate &
Other  segment.   Such  decrease  is   attributable   to  the  decrease  in  the
weighted-average  interest  rate on the  borrowings  under  the  RCF,  including
effects of swap  agreements,  to 7.07% from 9.13% and a reduction in the average
outstanding balance under the RCF to $11.15 million in the first quarter of 2004
from $12.9 million in the first quarter of 2003.

     In January 2004, the Company sold a purchase  option  agreement that it had
held since 1999,  which would have  expired on March 31,  2004,  to an unrelated
party for a sum of $0.20 million.  As a result of the  transaction,  the Company
recognized a pre-tax gain of $34.7 thousand in 2004,  which is included in Other
income, net.

     The Colorado segment  recognized income tax expense of $0.59 million in the
first  quarter  of 2004  versus  $0.64  million  in the first  quarter  of 2003,
principally the result of a decrease in earnings before income taxes.

                                      -26-
<PAGE>

South Africa

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

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

     Operating results in U.S. dollars for the three months ended March 31, 2004
and 2003 were as follows: (See next page for results in Rand)

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

CALEDON

                                      For the three months ended March 31,     Increase        % of
                                                                              (Decrease)       Change
Dollar amounts in thousands             2004                  2003
                                        ----                  ----
Operating Revenue
     Casino                        $            2,778  $             1,904   $         874       45.9%
     Hotel, food and beverage                     650                  525             125       23.8%
     Other (including promotional
     allowances                                 (108)                 (22)            (86)     -390.9%
                                      ----------------    -----------------
Net operating revenue                           3,320                2,407             913       37.9%
                                      ----------------    -----------------
Costs and Expenses
     Casino                                     1,101                  794             307       38.7%
     Hotel, food and beverage                     590                  500              90       18.0%
     General and administrative                   473                  330             143       43.3%
     Depreciation                                 321                  239              82       34.3%
                                      ----------------    -----------------
                                                2,485                1,863             622       33.4%
                                      ----------------    -----------------
Earnings from operations                          835                  544             291       53.5%
Interest expense                                (214)                (236)            (22)       -9.3%
Other income, net                                  36                   45             (9)      -20.0%
                                      ----------------    -----------------
Earnings before income taxes                      657                  353             304       86.1%
Income tax expense                                216                  132              84       63.6%
                                      ----------------    -----------------
Net Earnings                       $              441  $               221   $         220       99.6%
                                      ================    =================



CENTURY CASINOS AFRICA
Costs and Expenses
    General and administrative     $               36   $               86   $        (50)      -58.1%
                                      ----------------     ----------------
Loss from operations                             (36)                 (86)            (50)      -58.1%
Other income, net                                   3                    8             (5)      -62.5%
                                      ----------------     ----------------
Loss before income taxes                         (33)                 (78)            (45)      -57.7%
Income tax  benefit                                 8                   21            (13)      -61.9%
                                      ----------------     ----------------
Net Loss                           $             (25)   $             (57)   $        (32)      -56.1%
                                      ================     ================
MINORITY INTEREST EXPENSE          $                -   $                8   $         (8)     -100.0%
                                      ----------------     ----------------
SOUTH AFRICA NET EARNINGS          $              416   $              156   $         260      166.7%
                                      ================     ================
------------------------------------------------------------------------------------------------------
Average exchange rate (Rand/USD)                 6.72                 8.26                       18.6%
------------------------------------------------------------------------------------------------------
</TABLE>

                                      -27-
<PAGE>

Operating results in Rand for the three months ended March 31, 2004 and 2003 are
as follows:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

CALEDON
                                        For the three months ended March 31,     Increase        % of
                                                                                (Decrease)      Change
Rand amounts in thousands                  2004                 2003
                                           ----                 ----
Operating Revenue
     Casino                          R           18,672    R          15,723    R      2,949       18.8%
     Hotel, food and beverage                     4,361                4,324              37        0.9%
     Other (including promotional
     allowances                                   (737)                (181)           (556)     -307.2%
                                        ----------------      ---------------
Net operating revenue                            22,296               19,866           2,430       12.2%
                                        ----------------      ---------------
Costs and Expenses
     Casino                                       7,397                6,569             828       12.6%
     Hotel, food and beverage                     3,967                4,135           (168)       -4.1%
     General and administrative                   3,184                2,734             450       16.5%
     Depreciation                                 2,155                1,974             181        9.2%
                                        ----------------      ---------------
                                                 16,703               15,412           1,291        8.4%
                                        ----------------      ---------------
Earnings from operations                          5,593                4,454           1,139       25.6%
Interest expense                                (1,439)              (1,950)           (511)      -26.2%
Other income, net                                   242                  376           (134)      -35.6%
                                        ----------------      ---------------
Earnings before income taxes                      4,396                2,880           1,516       52.6%
Income tax expense                                1,439                1,078             361       33.5%
                                        ----------------      ---------------
Net Earnings                         R            2,957    R           1,802    R      1,155       64.1%
                                        ================      ===============

CENTURY CASINOS AFRICA
Costs and Expenses
    General and administrative       R              240    R             705    R      (465)      -66.0%
                                        ----------------      ---------------
Loss from operations                              (240)                (705)           (465)      -66.0%
Other income, net                                    22                   66            (44)      -66.7%
                                        ----------------      ---------------
Loss before income taxes                          (218)                (639)           (421)      -65.9%
Income tax  benefit                                  55                  191           (136)      -71.2%
                                        ----------------      ---------------
Net Loss                             R            (163)    R           (448)    R      (285)      -63.6%
                                        ================      ===============

MINORITY INTEREST EXPENSE BENEFIT    R                -    R              71    R       (71)     -100.0%
                                        ----------------      ---------------
SOUTH AFRICA NET EARNINGS            R            2,794    R           1,283    R      1,511      117.8%
                                        ================      ===============

</TABLE>

                                      -28-
<PAGE>

<TABLE>

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

Casino Market Data (in Rand)

             ------------------------------------------------------------------------
             For the three months ended March 31,            2004           2003
                                                             ----           ----
             ------------------------------------------------------------------------
             Market share of the Western Cape market            5.85%          6.07%
             ------------------------------------------------------------------------
             Market share of Western Cape gaming devices        10.8%          10.5%
             ------------------------------------------------------------------------
             Average number of slot machines                      275            275
             ------------------------------------------------------------------------
             Average slot machine win per day                694 Rand       597 Rand
             ------------------------------------------------------------------------
             Average number of tables                               8              8
             ------------------------------------------------------------------------
             Average table win per day                     1,779 Rand     1,702 Rand
             ------------------------------------------------------------------------
</TABLE>

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

     The 18.8% increase in the casino revenue is  attributable to the successful
marketing  efforts,  e.g.  introduction of cash couponing,  an expanded  smoking
section and improved  employee and management  training.  The Company markets an
array of  amenities  at the resort to its guests as a  complement  to the gaming
experience.  These  currently  include a  92-room  hotel,  a  variety  of dining
experiences,  the historic mineral hot spring and spa, the outdoor experience (a
team building facility) and the equestrian center.

     The 0.56  million  Rand  change  in other  revenue  (including  promotional
allowances) is attributable to the  introduction of cash couponing in the second
quarter of 2003 and to the expanded use of player  points to attract  customers.

Hotel, Food and Beverage

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

     Hotel revenue  decreased 12.4% in the first quarter of 2004 compared to the
first quarter of 2003. The average hotel  occupancy rate in the first quarter of
2004 was 53%  compared  to 58% in the first  quarter of 2003.  Conference  sales
decreased 21.3%, while leisure sales improved 10.3%.

     Food and  beverage  revenue  increased  11.8% in the first  quarter of 2004
compared to the first quarter of 2003,  primarily as a result of changes in food
and beverage facilities layout, operating hours and a general price increase.

Other

     Interest  expense,  including  debt issuance cost,  decreased  26.2% as the
principal  balance of the term loans and  capitalized  leases  are  repaid.  The
weighted-average  interest rate on the borrowings  under the ABSA loan agreement
was 16.9% in the first three months of 2004 and 2003.

                                      -29-
<PAGE>

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

    Cruise Ships

        Cruise ships' operating results for the periods ended March 31, 2004
        and 2003 were as follows:

                                     For the three months ended March 31,   Increase
                                                                            (Decrease)    % Change
                                                                            ----------   -----------
    Dollar amounts in thousands          2004                2003
                                         ----                ----
    Operating Revenue
         Casino                   $              413  $              323        90          27.9%
         Other                                    25                   7        18         257.1%
                                     ----------------    ----------------
    Net operating revenue                        438                 330       108          32.7%
                                     ----------------    ----------------
    Costs and Expenses
         Casino                                  329                 214       115          53.7%
         Depreciation                             17                  15         2          13.3%
                                     ----------------    ----------------
                                                 346                 229       117          51.1%
                                     ----------------    ----------------
    Earnings from operations                      92                 101       (9)          -8.9%
    Other income, net                              -                   -
                                     ----------------    ----------------
    Earnings before income taxes                  92                 101       (9)          -8.9%
    Income tax expense                             3                  38      (35)         -92.1%
                                     ----------------    ----------------
    Net Earnings                  $               89  $               63        26          41.3%
                                     ================    ================
</TABLE>

     In the first quarter of 2004,  the Company  operated  casinos on a total of
seven  ships:  four on  Silverseas,  one on the World of  ResidenSea  and two on
Oceania  Cruises,  compared  to a total of four ships  during the same period in
2003. Two ships, the Silver Cloud and the Insignia,  resumed  operations late in
the first quarter of 2004 and only  contributed  marginally to the results.  The
Silver  Cloud,  a cruise  ship  operated  by  Silverseas  cruises,  resumed  its
operations on March 27, 2004 following five months of periodic maintenance.  The
Insignia,  a cruise ship operated by Oceania Cruises,  resumed its operations on
March 29,  2004  following  its  five-month  inaugural  voyage,  which  ended in
September 2003.

     Subsequent  to March 31,  2004,  the  Company  opened a casino  aboard  the
Nautica, a cruise ship operated by Oceania Cruises. This casino opening expanded
the cruise ship segment to a total of eight casinos,  with a total of 446 gaming
positions.

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

     Concession  fees  paid  to  the  ship  operators  in  accordance  with  the
agreements  accounted  for $0.17  million and $0.12  million of the total casino
expenses  incurred  in first  three  months  ended  March  31,  2004  and  2003,
respectively.

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

                                      -30-
<PAGE>

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

Corporate & Other
                                                 For the three months ended March 31,      Increase
                                                                                           (Decrease)  % Change
                                                                                          ----------- ----------
    Dollar amounts in thousands                     2004                 2003
                                                    ----                 ----
    Operating Revenue
        Other                                 $               27  $                 -  $       27          n/a
                                                 ----------------    -----------------
    Net Operating Revenue                                     27                    -          27          n/a

    Costs and Expenses
        General and administrative                           691                  514         177        34.4%
        Depreciation                                           8                   42        (34)       -81.0%
                                                 ----------------    -----------------
                                                             699                  556         143        25.7%
                                                 ----------------    -----------------
    Loss from operations                                   (672)                (556)         116        20.9%
    Interest expense                                       (325)                (352)        (27)        -7.7%
    Other income, net                                         90                   87           3         3.4%
                                                 ----------------    -----------------
    Loss before income taxes and minority                  (907)                (821)          86        10.5%
    interest
    Income tax benefit                                     (355)                (319)          36        11.3%
    Minority interest expense                               (15)                    -          15          n/a
    Equity in earnings of unconsolidated
    subsidiaries                                               7                    -           7          n/a
                                                 ----------------    -----------------
    Net Loss                                  $            (560)  $             (502)  $       58        11.6%
                                                 ================    =================
</TABLE>

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

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

     Minority  interest  expense is  comprised  of $14.6  thousand  for the 3.5%
minority  interest in the earnings of CCA. Equity in earnings of  unconsolidated
subsidiaries is comprised of the Company's 50% interest in CM earnings.

                                      -31-
<PAGE>

Liquidity and Capital Resources

     Cash and cash  equivalents  totaled $4.0 million  plus  restricted  cash of
$0.63 million at March 31, 2004, and the Company had deficit  working capital of
$2.56 million.  Additional  liquidity may be provided by the Company's revolving
credit  facility  ("RCF")  with Wells Fargo Bank,  under which the Company had a
total commitment of $26 million ($22.39 million net of the quarterly  reduction)
and unused borrowing capacity of approximately $11.71 million at March 31, 2004.
Under the terms of the RCF, the maturity  date of the  borrowing  commitment  is
August 2007 and the funds  available  under the RCF are reduced by $0.7  million
each  quarter  beginning  with the first  quarter of 2003.  The  Company has the
flexibility to use the funds for various business projects and investments.

     For the three  months  ended March 31,  2004,  cash  provided by  operating
activities was $1.3 million compared with $0.8 million in the prior-year period.
Please refer to management's discussion of the results of operation.

     Cash used in  investing  activities  of $0.7  million  for the first  three
months of 2004 include $0.19 million  towards the upgrade of the slot accounting
system,  $0.26 million towards new slot games,  $48 thousand for new slot stools
and  $7  thousand  for  restaurant   equipment  at  Womacks,   $0.2  million  in
improvements  to  the  property  in  Caledon,  South  Africa,  $0.1  million  in
expenditures  to outfit the cruise  ships and $85 thousand in  expenditures  for
other long-lived  assets,  less $0.2 million in proceeds from the disposition of
assets.  Cash used in investing  activities  of $1.8 million for the first three
months of 2003  consisted of: $0.2 million  towards the expansion of the Womacks
casino at the rear of the property that was  completed in the second  quarter of
2003 and provided  approximately  5,000 square feet of additional  gaming space;
$95  thousand for  additional  improvements  to the  property in Caledon,  South
Africa,  principally  additional  capitalized  building  costs  related  to  the
original  construction;  $1.3 million  towards the purchase of the remaining 35%
interest in Century  Casinos  Caledon (Pty)  Limited,  $1.0 million of which was
applied  against the minority  shareholder  liability  and $0.3 million of which
increased the carrying  value of the land in Caledon;  $79 thousand  principally
for  outfitting  one of the two new  casinos  aboard  the  luxury  cruise  ships
operated by Oceania;  and the balance of $0.2  million due to  expenditures  for
other long lived assets.

     Cash used in  financing  activities  of $1.3  million  for the first  three
months of 2004  consisted of net  repayments  of $1.1 million under the RCF with
Wells Fargo, net repayments of $0.3 under the loan agreement with ABSA and other
net repayments of $38 thousand, less net borrowing of $90 thousand from a former
director and $2 thousand in proceeds  from the exercise of stock  options.  Cash
from  financing  activities  of $0.6  million for the first three months of 2003
consisted of net  borrowings of $2.2 million under the RCF with Wells Fargo plus
$7 thousand in proceeds from the exercise of stock options,  less net repayments
of $0.3 million under the loan  agreement  with ABSA,  $1.2 million to acquire a
loan to CCAL held by the minority  shareholder,  the repurchase of the Company's
stock on the open market, at a cost of $31 thousand, and other net repayments of
$0.1 million.

     In January 2000,  CCI entered into an agreement  with Novomatic AG in which
CCI received an option to purchase seven eighths of the shares that Novomatic AG
purchased  in  Silverstar  at a price equal to 85% of their fair market value at
the time of exercise. The agreement was subsequently amended in July 2003 giving
Novomatic  AG a put option  under which  Novomatic  AG can require  that CCI buy
seven  eighths of its shares in  Silverstar  and giving CCI a call option  under
which CCI can  require  Novomatic  AG to sell  seven  eighths  of its  shares in
Silverstar  to CCI. The price of the option,  which cannot be quantified at this
time,  will be 75% of the fair  market  value as  determined  at the time of the
exercise.  If the  transaction  were to be  completed,  CCI  would  acquire a 7%
interest in Silverstar from Novomatic AG.

                                      -32-
<PAGE>

     CRA  has  submitted  an  application  to  the  Alberta  Gaming  and  Liquor
Commission  ("AGLC") for an additional  casino  facility  license in the greater
Edmonton area.  The proposed  project,  The  Celebrations  Casino and Hotel,  is
planned to include a casino, food and beverage amenities, a dinner theater and a
40-room  hotel.  CRA is owned by CRI  (previously  named  CRL),  a wholly  owned
subsidiary of the Company and by 746306 Alberta Ltd, the owners of the 7.25 acre
property  and  existing  hotel  which will be  developed  into the  Celebrations
project,  if a license  is  awarded  and all other  approvals  and  funding  are
obtained. The Celebrations Casino and Hotel Project proposed by CRA is valued at
16.5 million Canadian dollars ($12.3 million), including the contribution of the
existing  hotel and  property,  valued at 2.5  million  Canadian  dollars  ($1.9
million). On April 19, 2004, the Company announced that CRA had been selected as
the  only one of six  applicants  to move to step  seven  of eight  steps of the
casino licensing process in Edmonton,  Alberta,  Canada. This is not an approval
or a guarantee that the CRA will be issued a casino facility license. Step seven
is the "Investigation stage of the Casino Facility Application Process" which is
a thorough due  diligence  investigation  of the  applicant  and the key persons
associated with the selected  proposal.  Although the Company cannot predict how
long the due  diligence  process  will  take,  once step  seven is  successfully
completed, the eighth step will be a recommendation to the Board of the AGLC, by
the evaluating committee, regarding issuance of a casino facility license.

     In January 2004, the Company signed  commitments  for gaming  equipment and
upgrades to its slot accounting  system at Womacks totaling  approximately  $3.0
million.  As of March 31, 2004 the Company has  expended or accrued $2.1 million
towards the commitments.

     The Company's  Board of Directors has approved a  discretionary  program to
repurchase up to $5 million of the Company's  outstanding  common stock.  During
the first three  months of 2004,  the Company did not purchase any shares of its
common  stock on the open  market.  Through  March 31,  2004,  the  Company  had
repurchased   2,559,004   shares  of  its  common  stock  at  a  total  cost  of
approximately $3.8 million.

     Management  believes  that the Company's  cash at March 31, 2004,  together
with expected cash flows from operations,  its borrowing  capacity under the RCF
and its ability to secure  additional  project  financing with competitive terms
will  be  sufficient  to  fund  its  anticipated  capital  expenditures,  pursue
additional business growth opportunities for the foreseeable future, and satisfy
its debt repayment obligations.

Critical Accounting Policies

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

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.

                                      -33-
<PAGE>

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

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

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

SFAS No. 142 "Goodwill and Other Intangible  Assets"  addresses the methods used
to capitalize, amortize and to assess impairment of intangible assets, including
goodwill resulting from business  combinations  accounted for under the purchase
method.  Effective  with the  adoption  of SFAS No.  142,  the Company no longer
amortizes  goodwill and other  intangible  assets with indefinite  useful lives,
principally   deferred   casino  license  costs.  In  evaluating  the  Company's
capitalized casino license cost related to CCAL, which comprises principally all
of its other intangible  assets,  management  considered all of the criteria set
forth in SFAS No. 142 in determining its useful life. Of particular significance
in that evaluation was the existing  regulatory  provision for annual renewal of
the  license  at minimal  cost and the  current  practice  of the  Western  Cape
Gambling and Racing Board  ("Board")  of granting  such  renewals as long as all
applicable  laws are  complied  with,  as well as  compliance  with the original
conditions of the casino operator license as set forth by the Board. Among other
things, the Company also evaluated the following criteria;  1) the high value of
the assets it has  placed in service  and the  significant  barrier  that a high
initial  investment poses to potential  competitors,  2) the future potential of
the resort property,  3) the unique  attraction of the resort  property,  4) the
dependence  of the hotel and other  amenities  of the resort  property  upon the
casino  operation,  and 5) the  intentions  of the Company to operate the casino
indefinitely. Based on its evaluation, the Company has deemed the casino license
costs to have an indefinite life.  Goodwill recognized in the acquisition of 40%
of the  outstanding  stock of CM,  which has been  accounted  for on the  equity
method,  was $0.57 million.  Included in assets at March 31, 2004 is unamortized
goodwill of approximately  $8.69 million and unamortized casino license costs of
approximately  $1.86 million.  The Company will continue to assess  goodwill and
other  intangibles  for  impairment  at  least  annually.   Management  has  not
identified  any  impairment  indicators  with  respect to the casino  license or
goodwill  during the three and nine months ended March 31, 2004.

                                      -34-
<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. An appraisal of the property,  which was completed
on January 26,  2004,  continues  to support the net fair value of the assets as
recorded in the Consolidated Balance Sheet as of March 31, 2004.

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

                                      -35-
<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
--------------------------------------------------------------------------------

     We are  exposed to market risk  principally  related to changes in interest
rates and foreign  currency  exchange rates. To mitigate some of these risks, we
utilize derivative financial instruments to hedge these exposures. We do not use
derivative financial instruments for speculative or trading purposes. All of the
potential  changes noted below are based on  information  available at March 31,
2004. Actual results may differ materially.

Interest Rate Sensitivity

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

     In order to minimize the risk of increases in the prime rate or LIBOR,  the
Company  has one  remaining  interest-rate  swap  agreement  on a total  of $4.0
million  notional  amount of debt. In 1998, the Company entered into a five-year
interest  rate swap  agreement  which matured on October 1, 2003 on $7.5 million
notional  amount of debt under the RCF,  whereby the Company paid a  LIBOR-based
fixed rate of 5.55% and received a  LIBOR-based  floating  rate reset  quarterly
based on a  three-month  rate.  In May 2000,  the Company  entered into a second
five-year  interest  rate swap  agreement  which matures on July 1, 2005 on $4.0
million  notional  amount of debt  under the RCF,  whereby  the  Company  pays a
LIBOR-based  fixed rate of 7.95% and receives a LIBOR-based  floating rate reset
quarterly  based on a  three-month  rate.  Generally,  the swap  arrangement  is
advantageous  to the Company to the extent that interest  rates  increase in the
future and  disadvantageous  to the extent  that they  decrease.  Therefore,  by
entering into the interest rate swap  agreements,  we have a cash flow risk when
interest  rates drop.  With the  expiration  of the swap  agreement  on the $7.5
million notional amount of debt on October 1, 2003, each  hypothetical 100 basis
point increase  results in an increased use of $40 thousand in cash on an annual
basis. In an environment of falling  interest rates, as we have seen in the last
two years, the swap agreements are disadvantageous.  Without the swap agreements
the  weighted-average  interest rate on the RCF for the quarters ended March 31,
2004 and 2003 would have been 4.63% and 4.72%, respectively. The Company has not
entered into any new swap agreements subsequent to March 31, 2004.

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 Hotel, Spa & Casino. A hypothetical devaluation of 10% in the dollar
vs. the rand based on the  exchange  rate as of March 31, 2004 would  reduce the
value of the Company's investment by approximately $1.7 million.


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

                                      -36-
<PAGE>


CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 4. CONTROLS AND PROCEDURES
--------------------------------------------------------------------------------

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

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


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

                                      -37-
<PAGE>


                                     PART II
OTHER INFORMATION
Item 1. - Legal Proceedings

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

Items 2 to 5 - None

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

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

                    10.131 Adjustment/Amendment No. 3 to Management Agreement by
                           and  between   Century   Casinos  Inc.  and  Flyfish
                           Casino Consulting A.G. dated March 29, 2004.

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

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

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

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

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

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

         (b) Reports on Form 8-K:

          On March 9, 2004,  the  Registrant  furnished a Current Report on Form
          8-K,  reporting  Item 12, in which it  announced  it had posted to its
          website  a  presentation  of  the  review  of  financial   results  of
          operations  and  financial  condition  as of and for the period  ended
          December 31, 2004.

SIGNATURES:

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

CENTURY CASINOS, INC.

/s/  Larry Hannappel
---------------------------
Larry Hannappel
Chief Accounting Officer
Date: May 13, 2004

                                      -38-