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, 1998.
_______     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 April 28, 1998:

                                   15,381,385

                                     - 1 -

<PAGE>


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


Item 1.           Financial Statements (unaudited)


                  Consolidated Balance Sheet as of  March 31, 1998       3

                  Consolidated   Statements  of  Operations  for  the    4
                  Three Months Ended March 31, 1998 and 1997

                  Consolidated  Condensed  Statements  of Cash  Flows    5
                  for the Three Months Ended March 31, 1998 and 1997

                  Notes to Consolidated Financial Statements             6


Item 2.           Management's Discussion and Analysis                   9


PART II           OTHER INFORMATION                                      13


                  SIGNATURES                                             13

                                     - 2 -

<PAGE>


CENTURY CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (Unaudited)
--------------------------------------------------------------------------------

                                                                  March 31, 1998

   ASSETS


   Current Assets:

      Cash and cash equivalents                                $   4,285,944
      Prepaid expenses and other                                     661,318
                                                               -------------
        Total current assets                                       4,947,262

   Property and Equipment, net                                    14,404,739

   Goodwill, net                                                  12,263,258

   Other Assets                                                    1,111,185
                                                               -------------
   Total                                                       $  32,726,444
                                                               =============
   LIABILITIES AND SHAREHOLDERS'  EQUITY


   Current Liabilities:

      Current portion of long-term debt                        $     518,846
      Accounts payable and accrued expenses                        2,333,058
                                                               -------------
      Total current liabilities                                    2,851,904

   Long-Term Debt, less current portion                            9,149,916

   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; 15,861,885 shares issued;
          15,481,385 shares outstanding                              158,619
     Additional paid-in capital                                   24,919,708
     Other comprehensive income - foreign currency translation       (40,844)
     Accumulated deficit                                          (3,886,441)
                                                               -------------
                                                                  21,151,042
      Treasury stock - 380,500 shares, at cost                      (426,418)
                                                               -------------
        Total shareholders' equity                                20,724,624
                                                               -------------
   Total                                                       $  32,726,444
                                                               =============

     See notes to consolidated financial statements.

                                     - 3 -

<PAGE>



CENTURY CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                                       For the Three Months Ended
                                                                March 31,
                                                        1998                 1997
                                                        ----                 ----
<S>                                                <C>                  <C>
   Operating Revenue:
     Casino                                        $   4,279,897        $  4,358,617
     Food and beverage                                   176,478             209,270
     Hotel                                                11,877              10,108
     Other                                                25,430              52,013
                                                   -------------        ------------
                                                       4,493,682           4,630,008
     Less promotional allowances                        (148,599)           (176,824)
                                                   -------------        ------------
              Net operating revenue                    4,345,083           4,453,184
                                                   -------------        ------------
   Operating Costs and Expenses:
     Casino                                            1,728,373           2,535,207
     Food and beverage                                    73,383              91,619
     Hotel                                                 7,428               3,223
     General and administrative                        1,335,724           1,310,121
     Depreciation and amortization                       766,339             685,501
                                                   -------------        ------------
        Total operating costs and expenses             3,911,247           4,625,671
                                                   -------------        ------------
   Income (Loss) from Operations                         433,836            (172,487)
     Other income (expense), net                          92,488            (173,474)
                                                   -------------        ------------
   Income (Loss) before Income Taxes                     526,324            (345,961)
     Income tax benefit                                 (597,000)           (122,000)
                                                   =============        ============
   Net Income (Loss)                               $   1,123,324        $   (223,961)
                                                   =============        ============
   Basic Earnings (Loss) per share                 $        0.07        $      (0.01)
                                                   =============        ============
   Diluted Earnings (Loss) per share               $        0.07        $      (0.01)
                                                   =============        ============
   Comprehensive Income (Loss):
     Net income (loss), as reported above          $   1,123,324        $   (223,961)
     Foreign currency translation adjustments            (13,067)             (4,821)
                                                   -------------        ------------
     Comprehensive Income (loss):                  $   1,110,257        $   (228,782)
                                                   =============        ============
</TABLE>


     See notes to consolidated financial statements.

                                     - 4 -

<PAGE>



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

                                                        For the Three Months Ended
                                                                 March 31,
                                                           1998             1997
                                                           ----             ----

<S>                                                  <C>               <C>
  Cash provided by operations
                                                     $    1,224,609    $     592,353
                                                     --------------    -------------
  Cash provided by (used in) investing activities           222,300         (213,311)
                                                     --------------    -------------
  Cash used in financing activities                      (1,388,943)        (482,339)
                                                     --------------    -------------
  Increase (decrease) in cash and cash equivalents           57,966         (103,297)

  Cash and cash equivalents at beginning of period        4,227,978        4,556,540
                                                     --------------    -------------
  Cash and cash equivalents at end of period
                                                     $    4,285,944    $   4,453,243
                                                     ==============    =============
</TABLE>



   Supplemental Disclosure of Noncash Investing and Financing Activities:

    In the quarter ended March 31, 1997, the Company acquired  gaming  equipment
      in the amount of $62,512 subject to long-term vendor financing.

   Supplemental Disclosure of Cash Flow Information:

    Interest paid by the  Company  was  $296,828  and  $213,232  for  the  three
      months ended March 31, 1998 and 1997.

    Income taxes paid by the  Company  were  $59,345  and  $15,892 for the three
      months ended March 31, 1998 and 1997.


     See notes to consolidated financial statements.

                                     - 5 -

<PAGE>



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

1.   DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

     Century Casinos,  Inc. and  subsidiaries  (the "Company") own and operate a
     limited-stakes gaming casino in Cripple Creek, Colorado, and are pursuing a
     number of additional gaming opportunities internationally and in the United
     States.  Prior to July 1, 1996, the Company's  operations in Cripple Creek,
     Colorado,  consisted  of  Legends  Casino  ("Legends"),  which the  Company
     acquired  on March 31,  1994,  through a merger with  Alpine  Gaming,  Inc.
     ("Alpine").  On July 1, 1996,  the Company  acquired the net assets of Gold
     Creek  Associates,  L.P.  ("Gold  Creek"),  the owner of Womack's  Saloon &
     Gaming  Parlor  ("Womacks"),  which is  immediately  adjacent  to  Legends.
     Following the Company's  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.

     The accompanying  consolidated  financial statements and related notes have
     been prepared in accordance with generally accepted  accounting  principles
     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  generally  accepted   accounting   principles  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 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, 1997.

2.   COMPREHENSIVE INCOME

     Effective  January 1, 1998,  the Company  adopted  Statement  of  Financial
     Accounting  Standards  No. 130,  "Reporting  Comprehensive  Income,"  which
     establishes standards for reporting and display of comprehensive income and
     its  components.  It requires  that all changes in equity  during a period,
     except those  resulting  from  investment  by owners and  distributions  to
     owners,  be  reported  as a  component  of  comprehensive  income  and that
     comprehensive  income be displayed in a financial  statement  with the same
     prominence  as other  financial  statements  that  constitute a full set of
     financial statements.

3.   INCOME TAXES

     The income tax benefit of  $597,000  for the three  months  ended March 31,
     1998 consists of (a) a nonrecurring  benefit of $815,000 resulting from the
     reversal  of  the  valuation  allowance  previously  provided  against  the
     Company's net deferred tax assets;  and (b) a provision of $218,000,  based
     upon estimated  full-year income for financial  reporting purposes adjusted
     for permanent  differences  and utilization of available net operating loss
     carryforwards  ("NOLs") and alternative  minimum tax credit  carryforwards.
     The income tax benefit of  $122,000  for the three  months  ended March 31,
     1997 is based  upon  estimated  full-year  income for  financial  reporting
     purposes  adjusted for permanent  differences  and utilization of available
     NOLs.

                                     - 6 -

<PAGE>



4.    EARNINGS (LOSS) PER SHARE

      Basic and diluted  earnings  (loss) per share for the three  months  ended
      March 31, 1998 and 1997 were computed as follows:
<TABLE>
<CAPTION>

                                                      For the Three Months Ended
                                                               March 31,

                                                         1998             1997
                                                         ----             ----
<S>     <C>                                           <C>              <C>
       Basic Earnings (Loss) Per Share:
         Net income (loss)                            $   1,123,324    $    (223,961)
                                                      =============    =============
         Weighted average common shares                  15,790,013       15,861,885
                                                      =============    =============
         Basic Earnings (loss) per share              $        0.07    $       (0.01)
                                                      =============    =============
       Diluted Earnings (Loss) Per Share:
         Net income (loss), as reported               $  1,123,324     $    (223,961)
           Interest expense, net of income
            taxes, on convertible debenture                  8,412
                                                      ------------     -------------
         Net  income (loss) available to
           common shareholders                        $   1,131,736    $    (223,961)
                                                      =============    =============
         Weighted average common shares                  15,790,013       15,861,885
           Assumed issuance of contingent shares            710,295
           Effect of dilutive securities:
             Convertible debenture                          271,739
             Stock options and warrants                      70,252
                                                      ------------     -------------
             Dilutive potential common shares            16,842,299       15,861,885
                                                      =============    =============

         Diluted earnings (loss) per share            $        0.07    $       (0.01)
                                                      =============    =============

         Excluded from computation of diluted
           earnings (loss) per share
            due to antidilutive effect:

             Options and warrants to purchase common
               shares                                   5,913,581          5,985,009
             Weighted average exercise price          $      2.02      $        2.01
</TABLE>


      Contingent  shares  have  been  included  in the  computation  of  diluted
      earnings  per share for the  three  months  ended  March 31,  1998,  after
      adjustment for certain  transactions that occurred subsequent to March 31,
      1998 (see Note 6). Contingent shares,  shares to be issued upon conversion
      of a debenture, and stock options and warrants have all been excluded from
      the computation of diluted loss per share for the three months ended March
      31, 1997, as their effects would be antidilutive.

                                     - 7 -

<PAGE>



5.   SHARE REPURCHASE PLAN

     In February 1998 the Company's Board of Directors  approved a discretionary
     program to repurchase up to $1 million 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.  Through  March 31, 1998,  the Company has  repurchased  380,500
     shares at an average cost per share of $1.12. The Company  anticipates that
     it may use the treasury shares in partial settlement of its obligation to a
     former principal of Gold Creek (see Note 6).

6.   CONTINGENTLY ISSUABLE SHARES

     In connection  with the  acquisition  of Womacks from Gold Creek on July 1,
     1996,  the purchase  agreement  provided that on July 1, 1998,  the Company
     would issue 1,060,000 shares of its common stock, valued at $1.8 million at
     July 1, 1996, to two  principals of Gold Creek.  The number of shares to be
     issued is subject to upward  adjustment,  determined  by a formula,  to the
     extent that the trading price of the Company's  stock is less than $1.58 at
     the time of issuance, and subject to downward adjustment to the extent that
     the trading price exceeds $4.00.

     On April 1, 1998, the Company settled five percent of its obligation to the
     two  principals  for a cash  payment of  $69,000.  On April 30,  1998,  the
     Company reached  agreement with one of the principals to settle one-half of
     the remaining  obligation for a combination of (a) a cash payment on May 1,
     1998 of $390,000;  and (b)  issuance of a  three-year,  unsecured  note for
     $390,000,  with interest at 8.75%.

     The  remaining  obligation to the other  principal  may be settled,  at the
     Company's  option,  either  entirely  through the issuance of stock or by a
     combination of stock and cash.  Based upon the 20-day average closing price
     of the  Company's  common  stock  preceding  March  31,  1998,  and  giving
     retroactive  effect to the cash payment made on April 1, 1998, as though it
     had occurred on March 31, 1998, the number of shares to be issued to settle
     the remaining  obligation in stock would have been 710,295;  alternatively,
     the Company could have issued 503,500 shares,  together with a cash payment
     of $231,610, had settlement occurred on March 31, 1998.

7.   SETTLEMENT OF NOTE RECEIVABLE

     In March  1998 the  Company  negotiated  an  early  settlement  of its note
     receivable from SSK Game  Enterprises,  Inc.  ("SSK"),  with respect to the
     Company's  casino  management  agreement  with the  Soboba  Band of Mission
     Indians in California,  which  agreement was terminated in August 1995. The
     Company received cash payments,  included in "other income,  net," totaling
     $550,000 in the first quarter of 1998. Aggregate payments received pursuant
     to the note from August 1995 through date of settlement were $2,475,000, of
     which $1,843,000 were applied to recovery of capitalized costs and $632,000
     were recognized in income.  No further  payments will be received under the
     note.

8.   EVENT SUBSEQUENT TO MARCH 31, 1998

     On April 21, 1998,  the Gauteng  Gambling and Betting  Board  announced the
     award of the  remaining  two licenses  for the  province of Gauteng,  South
     Africa. Silverstar Development Ltd. ("Silverstar"),  a consortium which was
     one of the license  applicants and in which the Company  participates,  was
     not awarded a license.  As of March 31,  1998,  the Company has recorded an
     impairment  allowance against its entire equity investment in Silverstar in
     the amount of $196,022.

                                     - 8 -

<PAGE>


Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS



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, 1998 vs. 1997
------------------------------------------
Net operating revenue for the first quarter of 1998 was $4,363,147 compared with
$4,468,144  for the same period in 1997,  a decrease of $123,061,  or 2.8%,  and
largely  attributable  to  the  expiration  of the  Company's  two  cruise  ship
concession  contracts  in  May  1997  and  January  1998.  Casino  revenue  from
Womacks/Legends  Casino  increased  1.2% to  $4,245,653  from  $4,195,431 a year
earlier.  The revenue increase was achieved despite the  discontinuation  of the
bussing and logojet marketing programs.  Casino gross margin for Womacks/Legends
Casino  improved to 60.0% from 41.8% in the  year-earlier  period.  Contributing
most significantly to the margin improvement was the elimination of costs of the
casino's bussing and logojet marketing programs, as the casino produced a slight
revenue  increase  without  the added  cost  burden.  Also  contributing  to the
improved  margin  were lower  payroll  costs and a lower  effective  tax rate on
gaming revenue.  The lower  effective  gaming tax rate is due to a change in the
taxing  authority's  fiscal  year end to June 30,  and the  change  will  have a
similar  effect through the second  quarter of 1998.

                                     - 9 -

<PAGE>


Food and beverage  revenue  decreased 15.7% to $176,478 versus the first quarter
of 1997. The cost of food and beverage promotional allowances, which is included
in casino costs,  decreased to $201,727 in the first quarter of 1998 as compared
with  $262,716  in the  prior  year.  The  decrease  in other  revenue  resulted
principally  from a decline in concession fees from the cruise ships  coincident
with the expiration of those agreements.

General and  administrative  expense as a percentage  of net  operating  revenue
remained relatively unchanged at approximately 30% for both periods.

Depreciation expense increased to $430,963 from $350,125,  while amortization of
goodwill  remained  unchanged  at $335,376  for both  periods.  The  increase in
depreciation expense is primarily  attributable to ongoing property improvements
at Womacks/Legends Casino.

In March 1998 the
Company  negotiated  an early  settlement of its note  receivable  from SSK Game
Enterprises,  Inc.  ("SSK"),  with respect to the  Company's  casino  management
agreement with the Soboba Band of Mission Indians in California, which agreement
was terminated in August 1995. The Company  received cash payments,  included in
"other income,  net," totaling $550,000 in the first quarter of 1998.  Aggregate
payments  received  pursuant  to the  note  from  August  1995  through  date of
settlement  were  $2,475,000,  of which  $1,843,000  were applied to recovery of
capitalized  costs and $632,000 were recognized in income.  No further  payments
will be received  under the note.

On April 21, 1998,  the Company was informed that the  consortium  with which it
had filed a gaming license application for the province of Gauteng, South Africa
was not awarded one of the two remaining licenses for the province. Accordingly,
as of March 31,  1998,  the Company  has  provided an  impairment  allowance  of
$196,022 against its entire equity investment in the license applicant.

In addition to the payments  received from SSK and the provision for  impairment
previously described, other income, net, for the first quarter of 1998 comprised
$220,521 of interest expense, $31,915 of interest income, a gain of $49,436 from
the disposal of fixed assets,  amortization of deferred costs of $24,470 related
to the Wells Fargo  refinancing,  and expense of $97,850  related to potentially
unusable trade credits from an equipment supplier.  Other expense,  net, for the
prior year period consisted of $210,516 of interest expense, $37,804 of interest
income and a loss of $762 from the disposal of fixed  assets.

The income tax  benefit of  $597,000  for the first  quarter of 1998  includes a
nonrecurring  credit of $815,000  resulting  from the reversal of the  valuation
allowance previously provided against the Company's net deferred tax assets. The
remaining  provision of $218,000 is based upon  estimated  full-year  income for
financial reporting purposes adjusted for permanent  differences and utilization
of available net operating loss carryforwards and alternative minimum tax credit
carryforwards. The income tax benefit of $122,000 for the year-earlier period is
based upon estimated  full-year income for financial reporting purposes adjusted
for permanent differences and utilization of available NOLs.

                                     - 10 -

<PAGE>


Liquidity and Capital Resources

Cash and cash equivalents  totaled  $4,285,944 at March 31, 1998 and the Company
had net working capital of $2,095,358.  Additional  liquidity is provided by the
Company's  revolving  credit facility ("RCF") with Wells Fargo Bank, under which
the Company had unused borrowing capacity of approximately $3.3 million at March
31, 1998. For the three months ended March 31, 1998, cash provided by operations
was $1,224,609 as compared with $592,353 in the prior year period,  with most of
the increase  attributable  to the operations of  Womacks/Legends  Casino.  Cash
provided by investing activities for the first quarter of 1998 included payments
received  totaling  $550,000 from SSK and proceeds from fixed asset disposals of
$102,692, partially offset by capital expenditures and earnest money deposits of
$430,392.  The  Company  made net  repayments  on  borrowings  of  $925,163  and
repurchased outstanding common stock for a total of $426,418.

Womacks/Legends  Casino  is  considering  construction  of a  35-room  hotel and
two-level parking garage,  directly across the street from the casino.  Based on
preliminary plans, the estimated  construction cost would be $2.2 million, which
would be funded  through a combination of working  capital,  operating cash flow
and borrowing capacity under the RCF.

In November  1997 the Company  entered into a definitive  purchase  agreement to
acquire   22,000   square  feet  of  land,   zoned  for   gaming,   adjacent  to
Womacks/Legends  Casino.  The prime  parcel of land  under  contract  includes a
partially-constructed  building  structure.  The Company  anticipates razing the
structure and using the entire property for customer parking for the 1998 summer
season.  Management is presently  assessing its long-term  development plans for
the  property.  The purchase  price is $3,200,000  (less earnest money  deposits
through March 31, 1998 of  $250,000),  plus either  400,000  shares of Century's
restricted common stock or $400,000,  at the Company's option. The Company's RCF
will provide funding for the  transaction.  Closing of the purchase is scheduled
for the second quarter of 1998.

In February  1998,  the Company's  Board of Directors  approved a  discretionary
program  to  repurchase  up to $1 million of the  Company's  outstanding  common
stock.  Through March 31, 1998, the Company has repurchased 380,500 shares at an
average cost of $1.12.

In  March  1998  the  Company  entered  into a joint  venture  agreement  with a
subsidiary of Bau Holding AG, one of the largest  construction  and  development
companies in Europe,  to form Century Casinos Praha a.s. The Company holds a 49%
interest in the venture,  which will operate a casino in the five-star  Marriott
Hotel,  currently under construction in Prague, Czech Republic. The Company will
manage the casino operations pursuant to a ten-year  management  agreement for a
fee based upon gross casino revenue.  The Company's initial capital requirements
consist of an equity  contribution  to the venture of $220,000  and a refundable
escrow  deposit  during  the  license   application  phase  of  $80,000.   These
requirements  will be  funded  through  the  Company's  current  cash  position.
Additionally,   the  venture   estimates   initial   capital   expenditures   of
approximately  $2  million  for  which  it  is  considering   several  financing
alternatives.  The  opening  of the hotel and  casino  is  currently  scheduled,
subject to change, for the second quarter of 1999.

On April 21,  1998,  a  consortium  which  includes  the  Company  submitted  an
application for a gaming license in the province of Kwazulu Natal, South Africa.
The province may award up to five gaming licenses. The consortium's  application
is for a $40 million multipurpose entertainment resort in the city of Empangeni.
The Company would manage the 520-gaming  position  casino  pursuant to a 15-year
management  agreement.  The Company has received a three percent equity interest
in the consortium in consideration  of services  rendered during the application
phase,   and  may  acquire  an  additional   five  percent  of  the  equity  for
approximately $500,000 upon licensing. The additional equity investment would be
funded through the Company's  working capital.  The Kwazulu Natal Gambling Board
has indicated that the preferred finalists for the licenses will be announced in
June 1998 with the final awards expected in late 1998.

                                     - 11 -

<PAGE>


The Company holds a small equity position in Great North Resorts limited,  which
has submitted a license application for Petersburg,  the capital of the Northern
Province,  South Africa. If successful in receiving a license, the Company would
manage  the  casino  operations  of  a  proposed  $40  million  casino,   hotel,
entertainment  and resort complex pursuant to a five-year  agreement  commencing
with the opening of the  permanent  casino.  The  Company  would also manage the
operations  of a temporary  casino  during the  development  phase of the resort
complex.  The Company  would earn fees based on a  percentage  of annual  gaming
revenue.  A decision on this  application is expected no sooner than late second
quarter of 1998. The Company has no significant  additional capital  obligations
with respect to this application.

On November 28, 1997,  the Champs Indian Band of British  Columbia,  Canada,  in
cooperation with the Company, presented a proposal for a $40 million destination
casino resort complex to the British Columbia Lottery  Advisory  Committee.  The
Company  has  reached  an   agreement   in   principle   to  become  the  casino
management/consulting  partner in case of license award.  The Company was paid a
fee in 1997 for its  consulting  services  in  connection  with the  application
process,  and final terms of the management  agreement will be negotiated in the
event  licensing  details  become  available.  The Company  does not know when a
decision will be made on the license application.

Management  believes that the Company's  working  capital  position at March 31,
1998,  together with expected cash flow from  operations and borrowing  capacity
under its  revolving  credit  facility,  will be  adequate  to satisfy  its debt
repayment  obligations,  meet its anticipated  capital  expenditures  and pursue
additional business growth opportunities for the foreseeable future.


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

                                     - 12 -

<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 exhibit is filed herewith:

               27         Financial Data Schedule

          (b)  Reports on Form 8-K:

               No reports on  Form  8-K  were  filed  during the  quarter  ended
               March 31, 1998.

                                   * * * * * * *

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/ Brad Dobski
    ---------------------------
    Brad Dobski
    Vice President - Finance,
    Chief Accounting Officer and duly authorized officer

    Date: May 4, 1998

                                     - 13 -