UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

___X___     QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
            EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001.
_______     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 of incorporation) (IRS Employer ID No.)

              200-220 E. Bennett Ave., Cripple Creek, Colorado 80813
              ------------------------------------------------------
                    (Address of principal executive offices)
                                 (719) 689-9100
                                ---------------
                                 (Phone Number)


Check  whether  the issuer (1) filed all reports required to be filed by Section
13  or  15(d) of the Exchange Act during the past 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
                                                                -----      -----
Number of shares of common stock, $.01 par value, outstanding as of May 10,2001:
                                   13,817,384

                                        1
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                              CENTURY CASINOS, INC.
                                  FORM 10-QSB
                                      INDEX



<S>                                                                 <C>                                         <C>
                                                                                                  Page
                                                                                                 Number
PART I             FINANCIAL INFORMATION

Item 1.            Condensed Financial Statements (unaudited)
                    Condensed Consolidated Balance Sheet as of March 31, 2001                       3
                    Condensed Consolidated Statements of Earnings                                   4
                    for the Three Months Ended March 31, 2001 and 2000
                    Condensed Consolidated Statements of Comprehensive Earnings                     5
                    for the Three Months Ended March 31, 2001 and 2000
                    Condensed Consolidated Statements of Cash Flows                                 6
                    for the Three Months Ended March 31, 2001 and 2000
                    Notes to Condensed Consolidated Financial Statements                            7
Item 2.            Management's Discussion and Analysis                                            13

PART II.           OTHER INFORMATION                                                               17

                   SIGNATURES                                                                      17
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                                        2
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CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
CONDENSED  CONSOLIDATED  BALANCE  SHEET  (Unaudited)
(Dollar amounts in thousands)
----------------------------------------------------

<S>                                                            <C>
                                                               March 31, 2001
                                                               ----------------
ASSETS
Current Assets:
  Cash and cash equivalents                                    $         2,478
  Accounts receivable                                                      848
  Prepaid expenses and other                                               562
                                                               ----------------
   Total current assets                                                  3,888

Property and Equipment, net                                             32,753
Goodwill, net                                                            9,057
Other Assets                                                             3,112
                                                               ----------------
Total                                                          $        48,810
                                                               ================

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
  Current portion of long-term debt                            $         2,279
  Accounts payable and accrued expenses                                  3,532
                                                               ----------------
   Total current liabilities                                             5,811

Long-Term Debt, less current portion                                    18,666
Other Non-current Liabilities                                              549
Minority Interest                                                          933

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; 13,853,684 shares outstanding.                145
  Additional paid-in capital                                            21,915
  Accumulated other comprehensive loss                                    (902)
  Retained earnings                                                      2,845
                                                               ----------------
                                                                        24,003
Treasury stock - 632,092 shares, at cost                                (1,152)
                                                               ----------------
Total shareholders' equity                                              22,851
                                                               ----------------
Total                                                          $        48,810
                                                               ================
</TABLE>

See  notes  to  condensed  consolidated  financial  statements.

                                        3
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CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(Dollar amounts in thousands, except for share information)
-----------------------------------------------------------
<S>                                                          <C>                                     <C>
                                                                       For the Three Months Ended March 31,
                                                                       ------------------------------------
                                                                                    2001              2000
                                                                                    ----              ----

Operating Revenue:
  Casino                                                                        $   7,458        $   5,658
  Food and beverage                                                                   389              228
  Hotel                                                                               156               20
  Other                                                                               145               94
                                                                                ---------        ---------
                                                                                    8,148            6,000
  Less promotional allowances                                                         222              166
                                                                                ---------        ---------
   Net operating revenue                                                            7,926            5,834
                                                                                ---------        ---------

Operating Costs and Expenses:
  Casino                                                                            2,970            2,222
  Food and beverage                                                                   276               99
  Hotel                                                                               160               14
  General and administrative                                                        2,094            2,032
  Depreciation and amortization                                                     1,237              864
                                                                                ---------        ---------
   Total operating costs and expenses                                               6,737            5,231
                                                                                ---------        ---------
Earnings from Operations                                                            1,189              603
  Other income (expense), net                                                        (512)           1,149
                                                                                ---------        ---------
Earnings before Income Taxes and Minority Interest                                    677            1,752
  Provision for income taxes                                                          327              773
                                                                                ---------        ---------
Earnings before Minority Interest                                                     350              979
  Minority interest in subsidiary losses                                              103                -
                                                                                ---------        ---------
Net Earnings                                                                    $     453        $     979
                                                                                =========        =========

Earnings Per Share:
Basic and Diluted                                                               $    0.03        $    0.07
                                                                                =========        ==========
</TABLE>

See notes to consolidated financial statements.
                                        4
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<CAPTION>

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

<S>                                                                              <C>                                     <C>
                                                      For the Three Months Ended March 31, 2001
                                                      -----------------------------------------
                                                              2000                      2001
                                                              ----                      ----
Net Earnings                                               $   453                  $   979
Foreign currency translation adjustments                       102                      (26)
Cumulative effect of change in accounting principle
related to interest rate swap, net of income tax benefit      (175)                       -
Change in fair value of interest rate swap                    (169)                       -
                                                           -------                  -------
Comprehensive Earnings                                     $   211                  $   953
                                                           =======                  =======
</TABLE>

     See  notes  to  condensed  consolidated  financial  statements.

                                        5
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<CAPTION>

CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
CONDENSED  CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS  (Unaudited)
(Dollar  amounts  in  thousands)
-----------------------------------------------------------------
<S>                                                <C>                                     <C>
                                                       For the Three Months Ended March 31,
                                                       ------------------------------------
                                                               2001                  2000
                                                               ----                  ----


Cash provided by operating activities                        $   734              $ 1,274
                                                             -------              -------
Cash provided by (used in) investing activities                 (383)                 788
                                                             -------              --------
Cash provided by (used in) financing activities               (7,029)               2,967
                                                             -------              -------
Effect of exchange rate changes on cash                           79                    -
                                                             -------              -------
Increase (decrease) in cash and cash equivalents              (6,599)               5,029
Cash and cash equivalents at beginning of period               9,077                2,508
                                                             -------              -------
Cash and cash equivalents at end of period                   $ 2,478              $ 7,537
                                                             =======              =======

Supplemental Disclosure of Cash Flow Information:

Interest paid                                                $   308              $   198

Income taxes paid                                            $    50                    -

</TABLE>

See  notes  to  condensed  consolidated  financial  statements.
                                        6
<PAGE>


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


1.   DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
     Century Casinos, Inc. and subsidiaries (the "Company") is an international
     gaming company which owns and operates a limited-stakes gaming casino in
     Cripple Creek, Colorado, manages a casino within a hotel located in Prague,
     Czech Republic, owns 65% of, is developing, and manages the casino
     operations of a hotel, spa and casino resort in Caledon, South Africa, and
     serves as concessionaire of small casinos on luxury cruise vessels. The
     Company regularly pursues additional gaming opportunities internationally
     and in the United States.

     The  Company's  operations  in  Cripple Creek, Colorado began with the 1994
     acquisition of Legends Casino ("Legends"), followed by the 1996 acquisition
     of  Womack's  Saloon  &  Gaming  Parlor  ("Womacks"),  which is immediately
     adjacent  to  Legends.  Following  the  acquisition  of  Womacks,  interior
     renovations  were undertaken on both properties to facilitate the operation
     and  marketing  of  the  combined  properties  as one casino under the name
     Womacks/Legends  Casino.

     In   July 1999, the Company began providing management services and leasing
     gaming equipment to the Casino Millennium, located in the five-star
     Marriott Hotel in Prague, Czech Republic. In January 2000, the Company
     entered into a memorandum of agreement to acquire a 50% ownership interest
     in Casino Millennium. The Company is in the process of negotiating a
     definitive purchase agreement.

     In April 2000, the Company's South African subsidiary acquired a 50% equity
     interest in Caledon Casino Bid Company (Pty) Limited ("CCBC"). CCBC owns a
     92-room resort hotel and spa and approximately 600 acres of land in
     Caledon, South Africa and was awarded a casino license for the project. The
     Company has a long-term agreement to manage the operations of the casino,
     which began on October 11, 2000. In November 2000 the Company, through its
     South African subsidiary, increased its equity interest in CCBC by 15%,
     raising its total ownership to 65%.

     In   May 2000, the Company entered into a five-year agreement to serve
     as concessionaire of small casinos providing unlimited-stakes
     gaming operations on four luxury cruise vessels. The Company will
     operate the casinos for its own account and pay concession fees
     based on passenger count and gross gaming revenue, as defined, in
     excess of an established per passenger per day amount. The
     agreement requires the Company to provide all necessary gaming
     equipment. On September 18, 2000 the Company announced the
     opening of the first of four casinos. In October 2000 the Company
     opened a second casino and, in November 2000, opened a third
     aboard a luxury cruise vessel. The maiden voyage of the fourth
     vessel is scheduled for July of 2001. The Company anticipates
     that it will have an approximate total of 160 gaming positions on
     the four combined shipboard casinos.

     In August 2000, the Company entered into a five-year agreement to serve as
     concessionaire of a small casino aboard a vessel designed to be an
     exclusive residential community at sea. The Company will operate the casino
     for its own account and pay concession fees based on gross gaming revenue,
     as defined, in excess of an established per passenger per day amount. The
     maiden voyage of the residential cruise liner is expected early in 2002.

                                        7
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED STATEMENTS (Unaudited)
(Dollar amounts in thousands, except for share information)
-----------------------------------------------------------


     The accompanying condensed consolidated financial statements and
     related notes have been prepared in accordance with accounting principles
     generally accepted in the United States of America for interim financial
     reporting and the instructions to Form 10-QSB and Item 310(b) of Regulation
     S-B. Accordingly, 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-KSB for the year
     ended December 31, 2000.

2.   INCOME  TAXES
     The income tax provisions are based on estimated full-year earnings
     for financial reporting purposes adjusted for permanent differences, which
     consist primarily of nondeductible goodwill amortization.

3.   EARNINGS  PER  SHARE
     Basic and diluted earnings per share for the three months ended March
     31, 2001 and 2000 were computed as follows:

<TABLE>
<CAPTION>



<S>                                                              <C>          <C>
                                                       For the Three Months Ended March 31,
                                                       ------------------------------------
                                                              2001                 2000
                                                              ----                 ----

Basic Earnings Per Share:
  Net earnings                                        $        453         $        979
                                                      ============         ============
  Weighted average common shares                        13,935,890           14,479,906
                                                      ============         ============
  Basic earnings per share                            $       0.03         $       0.07
                                                      ============         ============

Diluted Earnings Per Share:
  Net earnings, as reported                           $        453         $        979
  Interest expense, net of income taxes, on                      5                    9
  convertible debenture
                                                      ------------         ------------
  Net earnings available to common shareholders       $        458         $        988
                                                      ============         ============
  Weighted average common shares                        13,935,890           14,479,906
   Effect of dilutive securities:
    Convertible debenture                                  163,043              271,739
    Stock options and warrants                           1,042,784              356,749
                                                      ------------         ------------
  Dilutive potential common shares                      15,141,717           15,108,394
                                                      ============         ============

  Diluted earnings per share                          $       0.03         $       0.07
                                                      ============         ============

  Excluded from computation of diluted earnings per share
   Due to antidilutive effect:
    Options and warrants to purchase common shares         155,000            2,651,000
    Weighted average exercise price                   $       2.36         $       1.70
</TABLE>
                                        8
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED STATEMENTS (Unaudited)
(Dollar amounts in thousands, except for share information)
-----------------------------------------------------------

4.   CALEDON,  SOUTH  AFRICA

     On April 13, 2000, the Caledon Casino Bid Company (Pty) Limited ("CCBC")was
     awarded a gaming license for a casino at a 92-room resort hotel and spa in
     Caledon, province of the Western Cape, South Africa. On April 17, 2000, the
     Company's South African subsidiary, Century Casinos Africa (Pty) Ltd
     ("CCA"), acquired a 50% equity interest in CCBC. In March 2000, in
     anticipation of the award of the final license, the Company borrowed
     approximately $4,000 under its revolving credit facility and, in April
     2000, the Company (through CCA) made its equity investment of approximately
     $1,534 in and a loan of approximately $2,302 to CCBC. In a concurrent
     transaction, CCBC, the Company and Caledon Overberg Investments
     (Proprietary) Limited ("COIL"), a minority shareholder in CCBC, entered
     into a note agreement as part of the purchase of CCBC. Under the terms of
     the agreement, CCBC, in exchange for the contribution of certain fixed
     assets, entered into a loan agreement with COIL in the amount of
     approximately $2,302. The loan bears interest at the rate of 2% over the
     prime/base rate established by PSG Investment Bank Limited ("PSGIB"), and
     is due on demand subsequent to the repayment in full of the loan, discussed
     below, between CCBC and PSGIB. In November 2000, the Company, through CCA,
     completed its acquisition of an additional 15% of CCBC - raising its
     ownership in CCBC to 65%. Terms of the agreement included the payment of
     approximately $1,800 U.S. Dollars by the Company to COIL in exchange for
     15% of the total shares of common stock of CCBC (valued at approximately
     $1,200) and a shareholder loan to CCBC, previously held by COIL (with a
     value of approximately $600). The acquisition of CCBC by the Company and
     COIL has been recorded using the purchase method of accounting.

     In April 2000, CCBC entered into a loan agreement with PSGIB, which
     agreement provides for a principal loan of approximately $6,200 to fund
     development of the Caledon project and a working capital facility of
     approximately $2,100. CCBC is required to make principal payments beginning
     December 2001 and continuing over a five-year period. Outstanding
     borrowings bear interest at the bank's base rate plus 2.75-3.75%. The
     shareholders of CCBC have pledged all of the common shares held by
     them in CCBC to PSGIB as collateral. The loan is also collateralized by a
     first mortgage bond over land and buildings and a general notorial bond
     over all equipment. As of March 31, 2001, $5,500 has been advanced against
     the loan agreement. The loan agreement includes certain restrictive
     covenants, as defined in the agreement, the most significant of which
     include, i) CCBC must maintain a debt/equity ratio of 44:56 after the first
     twelve months of operations and a 40:60 debt/equity ratio after two years
     of operations, ii) CCBC must maintain an interest coverage ratio of at
     least 2.0 after the first twelve months of operations, iii) CCBC must
     maintain a debt service coverage ratio of at least 1.3 for the principal
     loan and 1.7 for the working capital facility after the first twelve months
     of operations, and iv) CCBC must maintain a loan life coverage ratio of 1.5
     for the principal loan and a loan life coverage ratio of 2.5 for the
     working capital facility. In January 2001, CCBC cancelled the working
     capital facility to obtain more favorable terms. In April 2001, CCBC
     entered into an addendum to the loan agreement in which PSGIB provided CCBC
     with a standby facility in the amount of approximately $600. CCBC is
     required to make principal payments on the standby facility in semi-annual
     installments, beginning December 2001 and continuing over a five-year
     period. Outstanding borrowings under the standby facility bear interest at
     3% over a base rate of 12.10%. As of March 31, 2001 CCBC had not drawn on
     the standby facility.
                                        9
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED STATEMENTS (Unaudited)
(Dollar amounts in thousands, except for share information)
-----------------------------------------------------------

     In December 1999, the Company, through CCA, entered into a ten-year
     casino management agreement with CCBC, which agreement may be extended at
     CCA's option for multiple ten-year periods. The Company, through CCA, will
     earn management fees based on percentages of annual gaming revenue and
     earnings before interest, income taxes, depreciation, amortization and
     certain other costs. The casino opened on October 11, 2000 with 250 slot
     machines and 14 gaming tables. In addition to the casino license, hotel and
     spa, CCBC owns approximately 600 acres of land, which is expected to be
     used for future expansion of the project.

5.   PRAGUE,  CZECH  REPUBLIC
     In January 2000, the Company entered into a memorandum of agreement
     with B.H. Centrum a.s., the Company's Czech Republic business partner in
     Casino Millennium, located in Prague, Czech Republic. The memorandum of
     agreement provides for the two parties to acquire the casino from third
     parties by either a joint acquisition of Casino Millennium a.s. or the
     formation of a new joint venture. The transaction, if completed, would
     result in the Company having a 50% equity interest in Casino Millennium.
     Any funding required by the Company to consummate this transaction would be
     met through a combination of existing RCF borrowings, liquidity and
     anticipated cash flow. The Company is in the process of negotiating a
     definitive purchase agreement. As of March 31, 2001, the Company's net
     fixed assets leased to the Casino Millennium approximated $965 and
     management fee income for the three months ended March 31, 2001 was
     approximately $58.

6.   REVOLVING  CREDIT  FACILITY
     On April 26, 2000, the Company and Wells Fargo Bank (the "Bank")
     entered into an Amended and Restated Credit Agreement (the "Agreement")
     which increased the Company's aggregate borrowing commitment from the Bank
     to $26,000 and extended the maturity date to April 2004. The aggregate
     commitment available to the Company will be reduced quarterly by $722,
     beginning October 2000 through the maturity date. As of March 31, 2001, the
     aggregate commitment, net of the quarterly reduction, available to the
     Company was $24,556. Interest on the Agreement is variable based on the
     interest rate option selected by the Company, plus an applicable margin
     based on the Company's leverage ratio. The Agreement also requires a
     nonusage fee based on the Company's leverage ratio on the unused portion of
     the commitment. The principal balance outstanding under the loan agreement
     as of March 31, 2001 was $12,681. The loan agreement includes certain
     restrictive covenants, the most significant of which include i) WMCK
     Venture Corp., a wholly-owned subsidiary of the Company, must maintain a
     maximum leverage ratio no greater than 3.10 to 1.00, ii) WMCK Venture Corp.
     must maintain a minimum interest coverage ratio no less than 1.50 to 1.00,
     and iii) WMCK Venture Corp. must maintain a TFCC ratio ( a derivative of
     EBITDA, as defined in the agreement) of no less than 1.10 to 1.00. The
     consolidated weighted average interest rate on all borrowings was 8.56% for
     the first three months of 2001.


                                       10
<PAGE>

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

7.   SHAREHOLDERS'  EQUITY
     During the first quarter of 2001, the Company repurchased, on the open
     market, an additional 167,600 shares of its common stock at an average
     price per share of $1.99. The Company held 632,092 shares in treasury as of
     March 31, 2001. Subsequent to March 31, 2001, the Company purchased, on the
     open market, 36,300 additional shares of its common stock at an average per
     share price of $1.86. In connection with the granting of a gaming license
     to CCBC by the Western Cape Gambling and Racing Board in April 2000, CCBC
     issued a total of 200 preference shares, 100 shares each to two minority
     shareholders. The preference shares are not cumulative, nor are they
     redeemable. The preference shares entitle the holders of said shares to
     dividends of 20% of the after-tax profits directly attributable to the CCBC
     casino business subject to working capital and capital expenditure
     requirements and CCBC loan obligations and liabilities as determined by the
     directors of CCBC. Should the casino business be sold or otherwise
     dissolved, the preference shareholders are entitled to 20% of any surplus
     directly attributable to the CCBC casino business, net of all liabilities
     attributable to the CCBC casino business. As of March 31, 2001, no dividend
     has been declared for the preference shareholders.

8.   CHANGE IN ACCOUNTING PRINCIPLES
     The Company adopted SFAS No. 133, "Accounting for Derivative Instruments
     and Hedging Activities", and SFAS No. 138, , "Accounting for Certain
     Derivative Instruments and Certain Hedging Activities", in the first
     quarter of fiscal 2001. SFAS No. 133 establishes accounting and reporting
     standards for derivative instruments and hedging activities. The
     pronouncement requires that a company designate the intent of a derivative
     to which it is a party, and prescribes measurement and recognition criteria
     based on the intent and effectiveness of the designation. SFAS No. 138
     amends the accounting and reporting standards for certain derivative
     instruments and certain hedging activities, including amendments to normal
     purchases and normal sales, interest rate risk, hedging recognized foreign
     currency denominated assets and liabilities and intercompany derivative
     provisions of SFAS No. 133. The cumulative effect of adopting SFAS No. 133
     related to the Company's interest rate swap agreements was to decrease
     shareholders' equity by $177, net of related federal and state income tax
     benefits of $104. The adoption of SFAS No. 138 had no effect on the
     Company's financial statements.
                                       11
<PAGE>

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

9.   SEGMENT  INFORMATION
     The Company has adopted FASB Statement No. 131 " Disclosures about
     Segments of an Enterprise and Related Information". The Company is managed
     in four segments; Cripple Creek, Colorado, South Africa, Cruise Ships, and
     Corporate operations. Corporate operations include the revenue and expense
     of certain corporate gaming projects for which the Company has secured long
     term management contracts. Earnings before interest, taxes, depreciation
     and amortization (EBITDA) is not considered a measure of performance
     recognized as an accounting principle generally accepted in the United
     States of America. Management believes that EBITDA is a valuable measure of
     the relative performance amongst its operating segments. Segment
     information as of and for the three months ended March 31, 2001 is
     presented below. Comparable information is not provided for 2000 because,
     during the first three months of 2000, the Company operated as one
     identifiable segment, Cripple Creek, Colorado.

<TABLE>
<CAPTION>



<S>                               <C>                <C>            <C>            <C>                 <C>
Dollar amounts in thousands      Cripple       South    Cruise    Corporate     Intersegment     Consolidated
                                 Creek CO      Africa    Ships      & Other     Elimination
Property and equipment,
net of accumulated depreciation   $  19,003  $  11,645  $  202   $   1,903         -              $  32,753
Total Assets                      $  30,017  $  19,380  $  424   $   2,234      ($3,245)          $  48,810
Net operating revenue             $   5,546  $   2,140  $  182   $      58          -             $   7,926
Depreciation & amortization       $     823  $     348  $   11   $      55          -             $   1,237
Interest  income                  $       -  $      13       -   $      90         ($85)          $      18
Interest expense,
including debt issuance cost      $     322  $     224       -   $      13         ($85)          $     474
Earnings(loss) before income taxes
and minority interest             $   1,128  $    (110) $   36   $    (377)           -           $     677
Income tax expense(benefit)       $     519  $       -       -   $    (192)           -           $     327
Net earnings(loss)                $     609  $      (7) $   36   $    (185)           -           $     453
EBITDA                            $   2,273  $     552  $   47   $    (399)           -           $   2,473

</TABLE>

                                       12
<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT DISCUSSION AND ANALYSIS
(Dollar amounts in thousands, except for share information, or as noted)
------------------------------------------------------------------------

Forward-Looking  Statements,  Business  Environment  and  Risk  Factors

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

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

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

Results  of  Operations

Three  Months  Ended  March  31,  2001  VS.  2000
-------------------------------------------------
Net  operating  revenue  for  the first three months of 2001 was $7,926 compared
with  $5,834  for the same period in 2000, an increase of 35.8%.  Casino revenue
increased  from  $5,658  in  2000  to $7,458 in 2001, or 31.8%.  The increase is
attributable  to  the  addition of the Caledon Casino and the cruise ship casino
operations which provided $1,799 and $167, respectively.  The Company's share of
the  Cripple  Creek  casino  market was 17.1%  through the first three months of
2001  compared with 18.1% a year earlier.  Womacks/Legends Casino operated 13.7%
of  the  slot machines in the Cripple Creek market and achieved an average daily
win  per machine of $105 (one hundred and five dollars) versus the Cripple Creek
average  of  $83  (eighty three dollars).  Gross margin for the Company's casino
activities  decreased  to  60.2% from 60.7% a year earlier, due primarily to the
effects of the lower margin, 53.7%, achieved by the Caledon Casino which started
operation  in  October  2000.  The  gross  margin for the Company's other casino
operations  increased  to  62.2%  due  primarily to the continued improvement in
casino  operating  efficiencies.

Food  and beverage revenue increased by 70.8% to $389 for the first three months
of  2001  compared  with  $228  in 2000.  The increase is principally due to the
opening  of  the  Caledon  Casino  Hotel and Spa.  The cost of food and beverage
promotional allowances, which is included in casino costs, decreased slightly to
$195 compared with $202 in the prior year.  Hotel revenue increased by 653.8% to
$156 for the first three months of 2001 compared with $20 in 2000.  The increase
is  directly  attributable  to  the opening of the Caledon Casino Hotel and Spa.
The  increase  in  hotel  costs is associated with the operation of the hotel in
Caledon,  South  Africa.

                                       13
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CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT DISCUSSION AND ANALYSIS
(Dollar amounts in thousands, except for share information, or as noted)
------------------------------------------------------------------------

General  and administrative expense as a percentage of net operating revenue was
26.4%  for the first three months of 2001 compared with 34.8% in 2000.  Included
in  first  three  months  of  the  year  2000, is the write-off of a non-compete
agreement  with  a  former  officer/director  in  March 2000 and bonuses paid to
certain  officers/directors  relating  to  the final payment received in January
2000  from  the previous sale of the Company's interest in its Indiana riverboat
gaming  license.

Depreciation  expense  increased  to $881 in the first three months of 2001 from
$529  in  same  period of 2000, primarily due to the acquisition of fixed assets
for  the Caledon Casino, Hotel and Spa  which opened in October 2000 and ongoing
improvements  to  Womacks/Legends Casino.  Amortization of goodwill in the first
three months of 2001 increased to $356 from $335 in the same period of 2000 as a
result  of  the goodwill recognized in the stock acquisition of CCBC in November
2000.

Other  income  (expense),  net,  for  the  first  three  months of 2001 consists
primarily of net interest cost of $440 plus $57 related to the write-down of the
value  of  non-operating casino property and land which the Company owns.  Other
income  (expense),  net,  for  the first three months of 2000 consists of $1,380
from  the  final payment received in January by the Company from the sale of its
interest  in a riverboat gaming license in Indiana, offset by net interest costs
of $197.  The increase in interest expense is principally due to the increase in
outstanding  long-term  debt  associated  with the stock acquisition of CCBC and
continued  improvements  to  the  property  in  Caledon,  South  Africa.

The  income  tax provisions for the three months ended March, 2001 and 2000, are
based  on estimated full-year earnings for financial reporting purposes adjusted
for  permanent  book-tax  differences,  consisting  primarily  of  nondeductible
goodwill  amortization.

Liquidity  and  Capital  Resources

Cash  and cash equivalents totaled $2,478 at March 31, 2001, and the Company had
net  deficit working capital of $1,923.  Additional liquidity may be provided by
the  Company's  revolving  credit  facility ("RCF") with Wells Fargo Bank, under
which  the  Company  had  a  total  commitment  of  $26,000 ($24,556, net of the
quarterly  reduction)  and unused borrowing capacity of approximately $11,875 at
March  31,  2001.  For  the  three months ended March 31, 2001, cash provided by
operating  activities  was  $734  compared with $1,274 in the prior-year period.
Cash  used  in  investing activities of $383 for the first three months of 2001,
consisted  of  a  $250  loan provided by the Company to a non-gaming retailer in
Cripple  Creek,  Colorado and the balance was principally due to improvements to
the  Womacks/Legends  casino in Cripple Creek, Colorado.  Cash used in financing
activities  for  the  first  three months of 2001 consisted of net repayments of
$5,959 under the RCF with Wells Fargo, the repurchase of company's stock, on the
open  market,  with  a  cost  of  $334,  and  other  net  payments  of  $736.

Effective  April  26,  2000,  the  Company  and Wells Fargo Bank entered into an
amended  and restated credit agreement, which increased the borrowing commitment
as  of  that  date from $17,200 to $26,000 and extended the maturity date of the
RCF until April 2004.  The agreement provides for the availability of funds, not
to  exceed  a  total  of  $10,500,  for  the  Company's  South Africa and Casino
Millennium  investments  and  repurchase  of  the  Company's  common  stock.

                                       14
<PAGE>
CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT DISCUSSION AND ANALYSIS
(Dollar amounts in thousands, except for share information, or as noted)
------------------------------------------------------------------------

On April 13, 2000, the Caledon Casino Bid Company (Pty) Limited ("CCBC") was
awarded a gaming license for a casino at a 92-room resort hotel and spa in
Caledon, province of the Western Cape, South Africa. On April 17, 2000, the
Company's subsidiary, Century Casinos Africa (Pty) Ltd ("CCA"), acquired a 50%
equity interest in CCBC by making an equity investment of approximately $1,534
in and loans totaling approximately $2,302 to CCBC with borrowings obtained
under the Company's RCF. CCA has a ten-year casino management agreement with
CCBC, which agreement may be extended at the Company's option for multiple
ten-year periods. The Company, through CCA, will earn management fees based on
percentages of annual gaming revenue and earnings before interest, income taxes,
depreciation, amortization and certain other costs. The casino opened on October
11, 2000 with 250 slot machines and 14 gaming tables. In addition to the casino
license, hotel and spa, CCBC owns approximately 600 acres of land, which is
expected to be used for future expansion of the Caledon project. In November,
2000, the Company, through CCA, completed its acquisition of an additional 15%
of CCBC - raising its ownership in CCBC to 65%. Terms of the agreement included
the payment of approximately $1,800 U.S. Dollars by Century to COIL in exchange
for 15% of the total shares of common stock of CCBC (valued at approximately
$1,200) and a shareholder loan to CCBC previously held by COIL (with a value of
approximately $600). In April 2000, CCBC entered into a loan agreement with PSG
Investment Bank Limited, which agreement provides for a principal loan of
approximately $6,200 to fund development of the Caledon project and a working
capital facility of approximately $2,100. As of March 31, 2001, $5,500 has been
advanced against the loan agreement. In January 2001, CCBC cancelled the working
capital facility based on managements ability to obtain more favorable terms. In
April 2001, CCBC entered into an addendum to the loan agreement in which PSGIB
provided CCBC with a standby facility in the amount of approximately $600. CCBC
is required to make principal payments, beginning December 2001, in semi-annual
installments continuing over a five-year period. Outstanding borrowings under
the standby facility bear interest at 3% over a base rate of 12.10%. As of March
31, 2001 CCBC had not drawn on the standby facility.


The  Company  has  a  20-year  agreement  with  Casino  Millennium a.s., a Czech
company,  to  operate a casino in the five-star Marriott Hotel, in Prague, Czech
Republic.  The  hotel  and  casino  opened  in  July 1999.  The Company provides
casino  management  services  in  exchange for ten percent of the casino's gross
revenue  and  leases  gaming  equipment,  with an original cost of approximately
$1,300,  to the casino for 45% of the casino's net profit.  In January 2000, the
Company  entered  into  a  memorandum  of  agreement with B. H. Centrum, a Czech
company  which  owns the hotel and casino facility, to acquire the operations of
the  casino  by  either  a  joint  acquisition  of Casino Millennium a.s. or the
formation  of  a new joint venture.  The transaction, if completed, would result
in  the  Company having a 50% equity interest in Casino Millennium.  Any funding
required  by  the  Company to consummate this transaction would be met through a
combination  of  RCF  borrowings,  existing liquidity and anticipated cash flow.
The  Company  is  in the process of negotiating a definitive purchase agreement.

In  May  2000,  the Company entered into a five-year casino concession agreement
with  a  cruise  line  for  casino  operations  aboard four cruise vessels.  The
Company  is  required  to  pay  a  fee  to  the  owner of the vessels based on a
percentage  of gross gaming revenue, as defined, in excess of an established per
passenger  per  day  amount.  In August 2000, the Company entered into a similar
agreement  to serve as concessionaire of a small casino aboard a vessel designed
to  be  an  exclusive  residential  community at sea.  On September 18, 2000 the
Company  announced  the  opening  of the first of four casinos aboard the cruise
vessels.  In  October  2000  the Company opened a second casino and, in November
2000,  opened  a  third aboard a luxury cruise vessel.  The maiden voyage of the
fourth  vessel  is  scheduled  for  July  of  2001.  Both agreements require the
Company  to  provide  all  necessary gaming equipment, $200 of which the Company
incurred  during  the  second  half of 2000. The Company estimates the remaining
cost  at  approximately  $300.

                                       15
<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT DISCUSSION AND ANALYSIS
(Dollar amounts in thousands, except for share information, or as noted)
------------------------------------------------------------------------

The  Company's  Board  of  Directors  has  approved  a  discretionary program to
repurchase  up  to  $5,000 of the Company's outstanding common stock.  The Board
believes  that  the  Company's  stock  is  undervalued  in the trading market in
relation  to  both  its present operations and its future prospects.  During the
first  three  months of 2001, the Company purchased 167,600 additional shares at
an  average  cost  per  share of $1.99.  Beginning in 1998 and through March 31,
2001, the Company has repurchased a total of 2,017,400 shares at a total cost of
approximately  $2,616.  In  April  2001,  the  Company repurchased an additional
36,300  shares at a total cost of approximately $68.  Management plans to retire
all  treasury  shares  on  a  periodic basis.  Management expects to continue to
review  the  market  price  of  the  Company's  stock  and  repurchase shares as
appropriate,  with  funds coming from existing liquidity or borrowings under the
RCF.

The  Company  is the contracted casino management partner with and has the right
to  a  minority  equity  interest  in  a  consortium  which  includes Silverstar
Development  Ltd. ("Silverstar").  Silverstar has submitted an application for a
proposed  $50,000,  hotel/casino  resort development in the greater Johannesburg
area of South Africa.  The value of the proposed development fluctuates with the
USD/Rand exchange rate.  The Company currently estimates the development cost at
approximately  400  million  Rand.  In  the  event  that Silverstar is awarded a
license,  the  Company  would  be  required  to  make  an  equity  investment of
approximately  9  million  Rand  or  $1,200  at the current exchange rate.  This
funding  requirement would be met through borrowings under the RCF.  The Company
has  also  projected  additional  development costs of up to $500 which could be
incurred  by the Company related to this project.  At the present time, however,
there can be no certainty regarding an award of this gaming license or that this
license  will  ultimately  be  awarded  to the consortium Silverstar is part of.

Management  believes  that  the  Company's cash and working capital at March 31,
2001,  together  with expected cash flows from operations and borrowing capacity
under  the RCF, will be sufficient to fund its anticipated capital expenditures,
pursue  additional business growth opportunities for the foreseeable future, and
satisfy  its  debt  repayment  obligations.


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

                                       16
<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.

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

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

                 11.00   April 21, 2001 Addendum to Loan Agreement, dated
                         April 13, 2000, between PSG Investment Bank
                         Limited and Caledon Casino Bid Company
                         (Proprietary) Limited

             (b) Reports on Form 8-K: No reports on Form 8-K were filed
                 during the quarter ended March 31, 2001.

                                  * * * * * * *
SIGNATURES:

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

CENTURY  CASINOS,  INC.

/s/  Larry  Hannappel
___________________________
Larry  Hannappel
Chief  Accounting  Officer  and  duly  authorized  officer
Date:  May  10,  2001

                                       17
<PAGE>