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,  2002.
                                    ----------------
                                       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.)

             200-220 E. Bennett 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  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, 13,728,784 shares outstanding as of April 29,
   2002.

                                        1
<PAGE>
                              CENTURY CASINOS, INC.
                                    FORM 10-Q
                                      INDEX
<TABLE>
<CAPTION>

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

Item 1.    Condensed Consolidated Financial Statements (unaudited)

           Condensed Consolidated Balance Sheets as of March 31,
           2002 and December 31, 2001                                        3

           Condensed Consolidated Statements of Earnings
           for the Three Months Ended March 31, 2002 and 2001                4

           Condensed Consolidated Statements of Comprehensive
           Earnings for the Three Months Ended March 31, 2002 and 2001       5

           Condensed Consolidated Statements of Cash Flows
           for the Three Months Ended March 31, 2002 and 2001                6

           Notes to Condensed Consolidated Financial Statements              8

Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations                               17

PART II    OTHER INFORMATION                                                 23

Item 1.    Legal Proceedings                                                 23
Item 6.    Exhibits and Reports on Form 8-K                                  23

           SIGNATURES                                                        23
</TABLE>
                                        2
<PAGE>

CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
CONDENSED  CONSOLIDATED  BALANCE  SHEETS  (UNAUDITED)
(Dollar  amounts  in  thousands,  except  for  share  information)
------------------------------------------------------------------
<TABLE>
<CAPTION>

<S>                                                            <C>               <C>
                                                               MARCH 31, 2002    DECEMBER 31, 2001
                                                               ----------------  -------------------
ASSETS
Current Assets:
  Cash and cash equivalents
  (including restricted cash of  $353 and $334, respectively) $          3,515     $          3,365
  Accounts receivable                                                      464                  433
  Prepaid expenses and other                                               571                  591
                                                                ---------------     ----------------
    Total current assets                                                 4,550                4,389

Property and Equipment, net                                             30,204               29,338
Goodwill, Net                                                            7,737                7,709
Casino License Costs, Net                                                1,048                1,010
Other Assets                                                             2,225                2,373
                                                                ---------------     ----------------
Total                                                         $         45,764     $         44,819
                                                                ===============     ================

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
  Current portion of long-term debt                           $          1,601     $          1,554
  Accounts payable and accrued expenses                                  3,199                3,512
                                                                ---------------     ----------------
    Total current liabilities                                            4,800                5,066

Long-Term Debt, less current portion                                    16,108               15,991
Other Non-Current Liabilities                                              746                  979
Minority Interest                                                          632                  605
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;
    13,728,784 shares outstanding                                          145                  145
  Additional paid-in capital                                            21,901               21,901
  Accumulated other comprehensive loss                                  (2,916)              (3,291)
  Retained earnings                                                      5,772                4,847
                                                                ---------------     ----------------
                                                                        24,902               23,602
  Treasury stock - 756,992 shares, at cost                              (1,424)              (1,424)
                                                                ---------------     ----------------
Total shareholders' equity                                              23,478               22,178
                                                                ---------------     ----------------
Total                                                         $         45,764     $         44,819
                                                                ===============     ================
</TABLE>

See  notes  to  condensed  consolidated  financial  statements.

                                        3
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
CONDENSED  CONSOLIDATED  STATEMENTS  OF  EARNINGS  (Unaudited)
(Dollar  amounts  in  thousands,  except  for  share  information)
------------------------------------------------------------------

<TABLE>
<CAPTION>

<S>                                                 <C>                                     <C>
                                                              For The Three Months Ended March 31,
                                                              ------------------------------------
                                                                                   2002       2001
                                                                                   ----       ----

Operating Revenue:
  Casino                                                                         $  7,206  $  7,458
  Food and beverage                                                                   367       389
  Hotel                                                                               205       156
  Other                                                                               151       145
                                                                                  -------   -------
                                                                                    7,929     8,148
  Less promotional allowances                                                       1,037       839
                                                                                  -------   -------
    Net operating revenue                                                           6,892     7,309
                                                                                  -------   -------

Operating Costs and Expenses:
  Casino                                                                            2,233     2,353
  Food and beverage                                                                   190       276
  Hotel                                                                               106       160
  General and administrative                                                        1,793     2,094
  Depreciation and amortization                                                       597     1,237
                                                                                  -------   -------
    Total operating costs and expenses                                              4,919     6,120
                                                                                  -------   -------
Earnings from Operations                                                            1,973     1,189
  Other (expense), net                                                               (438)     (512)
                                                                                  -------   -------
Earnings before Income Taxes and Minority Interest                                  1,535       677
  Provision for income taxes                                                          618       327
                                                                                  -------   -------
Earnings before Minority Interest                                                     917       350
  Minority interest in subsidiary losses                                                8       103
                                                                                  -------   -------
Net Earnings                                                                     $    925  $    453
                                                                                  =======   =======

Earnings Per Share:
  Basic                                                                          $   0.07  $   0.03
                                                                                  =======   =======
  Diluted                                                                        $   0.06  $   0.03
                                                                                  =======   =======
</TABLE>

See  notes  to  condensed  consolidated  financial  statements.

                                        4
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
CONDENSED  CONSOLIDATED  STATEMENTS  OF  COMPREHENSIVE  EARNINGS  (Unaudited)
(Dollar  amounts  in  thousands)
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>


<S>                                  <C>                                    <C>
                                                                   For The Three Months Ended March 31,
                                                                   -------------------------------------
                                                                         2002                 2001
                                                                         ----                 ----
Net Earnings                                                           $    925            $    453
Foreign currency translation adjustments                                    289                 102
Cumulative effect of change in accounting principle related to
interest rate swaps, net of income taxes                                      -                (175)
Change in fair value of interest rate swaps, net of income taxes             86                (169)
                                                                        -------             --------
Comprehensive Earnings.                                                $  1,300            $    211
                                                                        =======             ========
</TABLE>

See  notes  to  condensed  consolidated  financial  statements.

                                        5
<PAGE>

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

<TABLE>
<CAPTION>


<S>                                                   <C>                                      <C>
                                                                 For The Three Months Ended  March 31,
                                                                 ---------------------------------------
                                                                             2002             2001
                                                                             ----             ----

Cash Flows from Operating Activities:
  Net earnings                                                           $    925         $    453

  Adjustments to reconcile net earnings to net cash provided by
    operating activities
    Depreciation                                                              595              881
    Amortization of goodwill                                                    -              356
    Amortization of deferred financing costs                                   16               16
    Deferred tax expense (benefit)                                              3             (264)
    Minority interest in subsidiary losses                                     (8)            (103)
    Other                                                                     (29)             (69)

    Changes in operating assets and liabilities
     Receivables                                                              (21)              27
     Prepaid expenses and other assets                                         47              373
     Accounts payable and accrued liabilities                                (338)            (936)
                                                                          --------         --------
     Net cash provided by operating activities                              1,190              734
                                                                          --------         --------

Cash Flows from Investing Activities:
  Purchases of property and equipment                                        (959)            (262)
  Expenditures for deposits and other assets                                    -             (121)
                                                                          --------         --------
     Net cash used in investing activities                                   (959)            (383)
                                                                          --------         --------
</TABLE>

                                   (continued)
                                        6
<PAGE>
                                      -10-
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
CONDENSED  CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS  (Unaudited)
(Dollar  amounts  in  thousands)
----------------------------------------------------------------
(Dollar  amounts  in  thousands)
<TABLE>
<CAPTION>



<S>                                               <C>                                     <C>
                                                                 For The Three Months Ended  March 31,
                                                                 ---------------------------------------
                                                                             2002             2001
                                                                             ----             ----
Cash Flows from Financing Activities:
  Proceeds from borrowings                                               $  3,425         $  4,375
  Principal repayments                                                     (3,544)         (11,082)
  Deferred financing costs                                                      -               12
  Purchases of treasury stock                                                   -             (334)
                                                                          --------         --------
     Net cash used in financing activities                                   (119)          (7,029)
                                                                          --------         --------
Effect of exchange rate changes on cash                                        38               79
                                                                          --------         --------
Increase (Decrease) in Cash and Cash Equivalents                              150           (6,599)
Cash and Cash Equivalents at Beginning of Period                            3,365            9,077
                                                                          --------         --------
Cash and Cash Equivalents at End of Period                               $  3,515         $  2,478
                                                                          ========         ========
</TABLE>

Supplemental  Disclosure  of  Cash  Flow  Information:
<TABLE>
<CAPTION>

<S>                                                                         <C>       <C>
Interest paid ,net of capitalized interest of $15 in 2002
and $161 in 2001                                                         $    628         $    308
                                                                          ========         ========
Income taxes paid                                                        $      -         $     50
                                                                          ========         ========
</TABLE>

See  notes  to  condensed  consolidated  financial  statements.
                                        7
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL STATEMENTS  (Unaudited)
(Dollar  amounts  in  thousands, except for share information)
-------------------------------------------------------------------
1.   DESCRIPTION  OF  BUSINESS  AND  BASIS  OF  PRESENTATION

     Century  Casinos,  Inc.  ("CCI") is an international gaming company. Wholly
     owned subsidiaries of CCI include Century Casinos Management, Inc. ("CCM"),
     Century  Casinos  Nevada,  Inc.  ("CCN",  a  dormant  subsidiary),  Century
     Management  u.  Beteiligungs GmbH ("CMB"), and WMCK-Venture Corp. ("WMCK").
     Wholly owned subsidiaries of WMCK include WMCK-Acquisition Corp ("ACQ") and
     Century  Casinos  Cripple  Creek, Inc. ("CCC"). Century Casinos Africa Inc.
     ("CCA"),  a  96.7%  owned  subsidiary  of  CCI, owns 65% of Century Casinos
     Caledon  (Pty)  Ltd.  ("CCAL"), 55% of Century Casinos West Rand (Pty) Ltd.
     ("CCWR")  and  50%  of Rhino Resort Ltd. ("RRL"). CCI and subsidiaries (the
     "Company")  own  and/or  manage  casino  operations in the United States of
     America,  South  Africa,  the  Czech  Republic, and international waters as
     follows:

          WMCK  owns  and  operates  Womacks  Casino  and  Hotel  ("Womacks"), a
          limited-stakes  gaming  casino  in  Cripple  Creek,  Colorado.

          CCA  owns  65%  of and operates the Caledon Casino, Hotel and Spa near
          Cape  Town,  South  Africa.

          CCM  manages Casino Millennium located within a hotel in Prague, Czech
          Republic.  Subject  to  the  approval  by  regulators, the Company and
          another  entity  have each agreed to purchase a 50% ownership interest
          in  Casino  Millennium. The acquisition is expected to be completed in
          2002  and  is  expected  to  cost  approximately $200 in cash plus the
          contribution  of operating assets of the casino currently owned by the
          Company.

          CCI  serves  as  concessionaire of small casinos on four luxury cruise
          vessels operated by Silversea Cruises. In October 2001, one vessel was
          taken  out  of  service.  This  vessel,  which  is  expected to resume
          operations  in  early  2003,  has  approximately  33 gaming positions.
          Included  in the Company's property and equipment, net as of March 31,
          2002  is  $53 in  equipment  for  the one vessel that was taken out of
          service. If necessary, the Company has alternative uses for the gaming
          equipment  that  is  not  in  service.  The  Company  has  a  total of
          approximately  127  gaming  positions  on the three combined shipboard
          casinos currently in operation. CCI also serves as concessionaire of a
          small  casino  aboard The World of ResidenSea, a vessel designed as an
          exclusive  residential  community  at  sea. This vessel has a total of
          approximately  40  gaming  positions.  The  residential  cruise  liner
          embarked  on  her  maiden  voyage  on  March  29,  2002.

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

     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  period.

                                        8
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL STATEMENTS  (Unaudited)
(Dollar  amounts  in  thousands, except for share information)
-------------------------------------------------------------------

     During  September  2001,  CCA  entered  into  an  agreement to secure a 50%
     ownership  interest  in  Rhino  Resort  Ltd.  ("RRL"),  a  consortium which
     includes  Silverstar  Development  Ltd.  ("Silverstar").  RRL  submitted an
     application  for  a proposed hotel/casino resort development in the greater
     Johannesburg  area  of  South Africa at a cost of approximately 400 million
     Rand ($35.3 million). In November 2001, RRL was awarded the sixth and final
     casino  license  serving  the Gauteng province in South Africa. In February
     2002,  a  competing  casino  filed  a  court action seeking to overturn the
     license  award. Upon favorable resolution of the pending court action, CCA,
     as  part  of  the  September  2001  agreement, would be required to make an
     equity  and  loan  contribution  of  approximately  50  million  Rand ($4.4
     million).  In  addition  to  the equity ownership in RRL, CCWR will receive
     management  fees as the manager of the casino, hotel and resort. Management
     fees  will  be  based  on  a  percentage  of  gross  revenues  as well as a
     percentage   of  EBITDA   (defined  as  earnings  before  interest,  taxes,
     depreciation,  amortization  and  other  specifically  defined  costs).

     The  accompanying  condensed  consolidated financial statements and related
     notes have been prepared in accordance with accounting principles generally
     accepted  in  the  United States of America for interim financial reporting
     and  the  instructions  to  Form  10-Q  and  Rule  10-01 of Regulation S-X.
     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,
     2001. The results of operations for the period ended March 31, 2002 are not
     necessarily  indicative  of  the  operating  results  for  the  full  year.

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  prior to the
     adoption  of  SFAS  No.  142  (Note  9).
                                        9
<PAGE>

<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL STATEMENTS  (Unaudited)
(Dollar  amounts  in  thousands, except for share information)
-------------------------------------------------------------------
3.   EARNINGS  PER  SHARE
     Basic  and  diluted earnings per share for the three months ended March 31,
     2002  and  2001  were  computed  as  follows:
<TABLE>
<CAPTION>

<S>                                           <C>                                    <C>         <C>
                                                         For the Three Months Ended March 31,
                                                         -------------------------------------
                                                                  2002                 2001
                                                                  ----                 ----
Basic Earnings Per Share:
  Net earnings                                               $        925         $        453
                                                              ===========          ===========
  Weighted average common shares                               13,728,784           13,935,890
                                                              ===========          ===========
  Basic earnings per share                                   $       0.07         $       0.03
                                                              ===========          ===========

Diluted Earnings Per Share:
  Net earnings, as reported                                  $        925         $        453
    Interest expense, net of income taxes,
    on convertible debenture                                            -                    5
                                                              -----------          -----------
  Net earnings available to common shareholders              $        925         $        458
                                                              ===========          ===========
Weighted average common shares                                 13,728,784           13,935,890
  Effect of dilutive securities:
    Convertible debenture                                               -              163,043
    Stock options and warrants                                  1,355,129            1,042,784
                                                              -----------          -----------
Dilutive potential common shares                               15,083,913           15,141,717
                                                              ===========          ===========
Diluted earnings per share                                   $       0.06         $       0.03
                                                              ===========          ===========
Excluded from computation of diluted earnings per share
  Due to antidilutive effect:
    Options and warrants to purchase common shares                      -              155,000
    Weighted average exercise price                          $          -         $       2.36
</TABLE>


                                       10
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL STATEMENTS  (Unaudited)
(Dollar  amounts  in  thousands, except for share information)
-------------------------------------------------------------------


4.   CRIPPLE  CREEK,  COLORADO
     On  April  2, 2002 Womacks' offer to acquire the Palace Casino building and
     adjoining property for $1.2 million was accepted subject to approval by the
     bankruptcy  court.  The  Company  plans  to  convert  the  majority  of the
     property,  which  is  adjacent  to  the  Womacks  Hotel  and  Casino,  into
     additional  parking  space.

5.   CALEDON,  SOUTH  AFRICA
     The  casino  opened  on  October  11,  2000 and currently operates 250 slot
     machines  and 8 gaming tables. In addition to the casino license, hotel and
     spa,  CCAL  owns  approximately  600  acres  of land, which may be used for
     future  expansion. In September 2001, CCA, CCAL and Fortes King Hospitality
     (Pty)  Limited ("FKH") entered into a Memorandum of Agreement, which amends
     the  casino  and  hotel management agreements signed in December 1999, such
     that  any  and  all  management fees shall be deemed to equal zero from the
     inception  of  those  agreements  and shall remain so until no earlier than
     January  1,  2002.  By  agreement, the management fees that would have been
     payable to CCA and FKH are given preferential treatment in the event of the
     sale  or  liquidation  of  CCA.  Consequently,  the  minority  interest  in
     subsidiary  (earnings) losses in the consolidated statement of earnings for
     the  three months ended March 31, 2002 include $11, net of $5 of income tax
     benefit,  representing  the management fees that would have been payable to
     FKH.  As  a  result,  the  consolidated  net earnings for the South African
     segment  or the consolidated net earnings for the Company were not affected
     by  this  agreement.  Beginning January 1, 2002, either CCA or FKH have the
     option  to  declare  the fees calculable and payable. As of March 31, 2002,
     neither  party  has  exercised  their  option.

6.   PRAGUE,  CZECH  REPUBLIC
     The Company has a memorandum of agreement to either acquire a 50% ownership
     interest in Casino Millennium a.s., a Czech company, or to form a new joint
     venture with B.H. Centrum a.s., a subsidiary of Strabag AG, for each entity
     to  acquire 50% of the net assets of Casino Millennium. Subject to approval
     by  the  Ministry of Finance of the Czech Republic, the Company anticipates
     closing  the  transaction in 2002 at an expected cost of approximately $200
     in  cash  plus  the contribution of the casino equipment currently owned by
     the Company. As of March 31, 2002, the Company's net fixed assets leased to
     the  Casino  Millennium approximated $774 and management fee income for the
     three  months  ended  March 31, 2002 and 2001 was approximately $60 and $58
     respectively.

7.   LONG-TERM  DEBT
     The principal balance outstanding under the Wells Fargo Bank Revolving Line
     of  Credit  Facility  ("RCF")  as of March 31, 2002 was $11,873. The amount
     available  under  the  RCF  as of March 31, 2002 was $9,794, net of amounts
     outstanding  as  of  that  date.   The  loan  agreement   includes  certain
     restrictive  covenants  on  financial  ratios  of  WMCK.  The Company is in
     compliance with the covenants as of March 31, 2002. Interest rates at March
     31,  2002 were 4.75% for $1,373 outstanding under prime based provisions of
     the  loan  agreement  and  4.18%  for $10,500 outstanding under LIBOR based
     provisions  of  the  loan  agreement.
                                       11
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL STATEMENTS  (Unaudited)
(Dollar  amounts  in  thousands, except for share information)
-------------------------------------------------------------------
     The  fair value of the Company's interest rate swap derivatives as of March
     31,  2002  of  $746  is reported as a liability in the consolidated balance
     sheet.  The  net  gain  on  the interest rate swaps of $86, net of deferred
     income  tax  expense  of  $51  for  the first three months of 2002 has been
     reported  in  accumulated  other  comprehensive  loss  in the shareholders'
     equity  section  of  the accompanying March 31, 2002 condensed consolidated
     balance  sheet.  Net  additional  interest expense to the Company under the
     swap  agreement  was  $128 and $0 for the three months ended March 31, 2002
     and  2001,  respectively.

     In  April 2000, CCAL entered into a loan agreement with PSG Investment Bank
     Limited  ("PSGIB"),  which  provided  for a principal loan of approximately
     $4,409  to fund development of the Caledon project. The outstanding balance
     and interest rate as of March 31, 2002 was $3,625 and 17.05%, respectively.
     The  outstanding  balance  and  interest  rate on the standby facility with
     PSGIB  as  of  March  31,  2002 was $365 and 15.1%, respectively. Under the
     original  terms  of  the agreement CCAL made its first principal payment in
     December  2001,  based  on  a  repayment schedule that required semi-annual
     installments continuing over a five-year period. On March 26, 2002 CCAL and
     PSGIB entered into an amended agreement that changed the repayment schedule
     to  require  quarterly  installments   beginning  on  March  31,  2002  and
     continuing over the remaining term of the original five-year agreement. The
     amendment  also changed the requirements for the sinking fund. The original
     agreement  required  CCAL to have on deposit a "sinking fund" in the amount
     equal  to  the next semi-annual principal and interest payment. The amended
     agreement  changes  the periodic payments from semi-annual to quarterly and
     requires  a  minimum deposit in the sinking fund equal to four million Rand
     (approximately  $353).  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,  2002.

     The dollar value of CCAL's outstanding note agreement with Caledon Overberg
     Investments  (Proprietary)  Limited  ("COIL")  as  of  March  31,  2002  is
     approximately  $967.   In  September 2001,  CCA, CCAL, CCI and COIL amended
     the loan agreement to reduce the rate of interest charged on the loan to 0%
     (zero),  effective  with  the original date of the agreement. The loan from
     CCA  and  COIL  are  proportionate  to  each  shareholder's  percentage  of
     ownership.  The  additional  net  income  reported  by CCAL, as a result of
     reducing   the   interest   charged,  is  shared  proportionately  by  each
     shareholder, therefore, there is no change in the consolidated net earnings
     of  the  South  African  segment  or  the  consolidated net earnings of the
     Company.  Each shareholder has the option to reinstate the interest rate to
     be  charged  from  January  1,  2002 forward. As of March 31, 2002, neither
     party  has  exercised  their  option.

     An unsecured note payable, in the amount of $380, to a founding shareholder
     bears interest at 6%, payable quarterly. The noteholder, at his option, may
     elect  to receive any or all of the unpaid principal by notifying CCI on or
     before  April  1  of any year. Payment of the principal amount so specified
     would  be  required  by the Company on or before January 1 of the following
     year.  The  entire  outstanding  principal  is otherwise due and payable on
     April  1,  2004.  Accordingly,  the note is classified as noncurrent in the
     accompanying  condensed consolidated balance sheet as of March 31, 2002 and
     December  31,  2001.

     The  consolidated  weighted  average  interest  rate  on all borrowings was
     10.23%  for  the  three  months  ended  March  31,  2002.

                                       12
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL STATEMENTS  (Unaudited)
(Dollar  amounts  in  thousands, except for share information)
-------------------------------------------------------------------
8.   SHAREHOLDERS'  EQUITY
     During the first quarter of 2002, the Company did not repurchase any of its
     common  stock  on  the  open  market.  The  Company  held 756,992 shares in
     treasury  as  of  March  31,  2002.

     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. The preference shares
     are  not cumulative, nor are they redeemable. The preference shares entitle
     the  holders  of  said  shares to dividends of 20% of the after-tax profits
     directly  attributable  to  the  CCAL  casino  business  subject to working
     capital  and capital expenditure requirements and CCAL loan obligations and
     liabilities  as  determined  by  the  directors  of CCAL. Should the casino
     business  be  sold  or otherwise dissolved, the preference shareholders are
     entitled  to  20%  of  any surplus directly attributable to the CCAL casino
     business,  net of all liabilities attributable to the CCAL casino business.
     As  of  March  31,  2002,  no dividend has been declared for the preference
     shareholders.

9.   CHANGE  IN  ACCOUNTING  PRINCIPLES  AND  RECENTLY  ISSUED  STANDARDS
     Effective  January  1,  2002  the  Company adopted the Financial Accounting
     Standards Board (the "FASB") SFAS No. 141 "Business Combinations", SFAS No.
     142  "Goodwill  and  Other Intangible Assets", and SFAS No. 144 "Accounting
     for  the  Impairment  or  Disposal  of  Long-Lived  Assets".

     SFAS  No.  141  addresses  financial  accounting and reporting for business
     combinations.  SFAS  No.  141  requires  that  all business combinations be
     accounted  for  using  the  purchase  method  of accounting. The use of the
     pooling-of-interest  method  of  accounting  for  business  combinations is
     prohibited.  The  provisions  of  SFAS  No.  141   apply  to  all  business
     combinations  initiated  after  June 30, 2001. The Company will account for
     any  future  business  combinations  in  accordance  with  SFAS  No.  141.

     SFAS  No.  142  addresses  the  methods used to capitalize, amortize and to
     assess  impairment  of intangible assets, including goodwill resulting from
     business  combinations  accounted  for under the purchase method. Effective
     with the adoption of SFAS No. 142, the Company no longer amortizes goodwill
     and  other  intangible  assets  with  indefinite  useful lives, principally
     deferred  casino  license  costs.  Included  in assets at March 31, 2002 is
     unamortized  goodwill  of  approximately  $7,737  and  unamortized deferred
     license  costs  of  approximately  $1,048.  The Company will be required to
     assess  goodwill  and other intangibles for impairment in 2002 and at least
     annually  thereafter.  The  Company  will not be able to determine the full
     effect  of these pronouncements on its financial position or results of its
     operations  until  it  is  able  to complete its analysis of the impairment
     provisions  of the new standards, which is expected to be completed by June
     30,  2002.  In  the  event  the  Company's  analysis under the new guidance
     indicates  goodwill  or other intangibles are impaired, it will be required
     to  record  a  charge  to  its  earnings  when  such determination is made.

                                       13
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL STATEMENTS  (Unaudited)
(Dollar  amounts  in  thousands, except for share information)
-------------------------------------------------------------------
     A  reconciliation  of  previously reported net earnings, basic earnings per
     share  and  diluted  earnings  per  share  to  the amounts adjusted for the
     exclusion  of  amortization related to goodwill and other intangible assets
     with  indefinite  useful   lives,  net  of  related  tax  effect,  follows:
<TABLE>
<CAPTION>

<S>                                     <C>                                    <C>
                                                For The Three Months Ended March 31,
                                                         2002             2001

Reported net earnings                            $      925          $      453
Add back: Goodwill amortization,
          net of income taxes                             -                 294
Add back: Casino license amortization,
          net of income taxes                             -                  47
                                                  ---------           ---------
Adjusted net earnings                            $      925          $      794
                                                  =========           =========
Basic earnings per share:
  Reported net earnings                          $     0.07          $     0.03
  Goodwill amortization                                   -                0.02
  Casino license amortization                             -                   -
                                                  ---------           ---------
  Adjusted net earnings                          $     0.07          $     0.05
                                                  =========           =========

Diluted earnings per share:
  Reported net earnings                          $     0.06          $     0.03
  Goodwill amortization                                   -                0.02
  Casino license amortization                             -                   -
                                                  ---------           ---------
  Adjusted net earnings                          $     0.06          $     0.05
                                                  =========           =========
</TABLE>


     SFAS  No.  144  supersedes  SFAS No. 121, "Accounting for the Impairment of
     Long-Lived  Assets  and  for Long-Lived Assets to Be Disposed Of". SFAS No.
     121  did  not  address the accounting for a segment of a business accounted
     for  as  a  discontinued operation, which resulted in two accounting models
     for  long-lived assets to be disposed of. SFAS No. 144 establishes a single
     accounting  model  for  long-lived  assets  to  be  disposed of by sale and
     requires  that  those  long-lived  assets  be  measured at the lower of the
     carrying  amount  or  fair  value  less  cost  to sell, whether reported in
     continuing  operations  or in discontinued operations. Adoption of SFAS No.
     141  and  SFAS  No.  144  did not have an affect on the Company's financial
     statements.

     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.
                                       14
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL STATEMENTS  (Unaudited)
(Dollar  amounts  in  thousands, except for share information)
-------------------------------------------------------------------
10.  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, 2002 and 2001
     is  presented  below.
<TABLE>
<CAPTION>



<S>                                                         <C>                <C>            <C>             <C>      <C>
As of and for the Three Months       Cripple Creek CO           South Africa            Cruise Ships
Ended March 31,                      2002         2001        2002         2001         2002         2001

Property and equipment, net       $19,556       $19,003    $ 8,705      $11,645        $235         $202
Goodwill, net (1)                 $ 7,233       $ 8,239    $   504      $   818        $  -         $  -
Total assets                      $30,419       $30,017    $17,220      $19,380        $416         $424
Net operating revenue             $ 5,193       $ 4,929    $ 1,534      $ 2,140        $105         $182
Depreciation & amortization       $   343       $   823    $   187      $   348        $ 13         $ 11
Interest income                   $     4       $     -    $    16      $    13           -            -
Interest expense,
 including debt issuance cost     $   344       $   322    $   196      $   224        $  -         $  -
Earnings (loss) before income
 taxes and minority interest      $ 1,685       $ 1,128    $    67     ($   110)      ($  4)        $ 36
Income tax expense(benefit)       $   775       $   519    $    50      $     -       ($  1)           -
Net earnings (loss)               $   910       $   609    $    25     ($     7)      ($  3)        $ 36
EBITDA                            $ 2,368       $ 2,273    $   442      $   552        $  9         $ 47
</TABLE>
<TABLE>
<CAPTION>

<S>                                                         <C>                <C>            <C>             <C>      <C>
As of and for the Three Months      Corporate & Other     Inter-segment Elimination      Consolidated
Ended March 31,                     2002         2001        2002         2001           2002         2001

Property and equipment, net       $ 1,708       $ 1,903    $     -      $     -        $30,204      $32,753
Goodwill, net (1)                 $     -       $     -    $     -      $     -        $ 7,737      $ 9,057
Total assets                      $ 2,509       $ 2,234   ($ 4,800)    ($ 3,245)       $45,764      $48,810
Net operating revenue             $    60       $    58    $     -      $    -         $ 6,892      $ 7,309
Depreciation & amortization       $    54       $    55    $     -      $    -         $   597      $ 1,237
Interest income                   $    88       $    90   ($    85)    ($   85)        $    23      $    18
Interest expense,
 including debt issuance cost     $     6       $    13   ($    85)    ($   85)        $   461      $   474
Earnings (loss) before income
 taxes and minority interest     ($   213)     ($   377)   $     -      $    -         $ 1,535      $   677
Income tax expense(benefit)      ($   206)     ($   192)   $     -      $    -         $   618      $   327
Net earnings (loss)              ($     7)     ($   185)   $     -      $    -         $   925      $   453
EBITDA                           ($   241)     ($   399)   $     -      $    -         $ 2,578      $ 2,473

</TABLE>
(1)  The only change in goodwill, net, for the three months ended March 31, 2002
     was  $28  for  the translation effects related to goodwill denominated in a
     foreign  currency.
                                       15
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL STATEMENTS  (Unaudited)
(Dollar  amounts  in  thousands, except for share information)
-------------------------------------------------------------------

11.  OTHER  EXPENSE,  NET
     Other  (expense),  net,  consists  of  the  following:
<TABLE>
<CAPTION>
<S>                                         <C>                                     <C>
                                            For the Three Months Ended March 31,
                                            --------------------------------------
                                                       2002            2001
                                                       ----            ----

Interest income                                   $      23       $      18
Interest expense                                       (445)           (458)
Foreign currency exchange gains                           -               1
Amortization of deferred financing costs                (16)            (16)
Write-down value of non-operating property                -             (57)
                                                   ---------       ---------
                                                  $    (438)      $    (512)
                                                   =========       =========
</TABLE>

                                       16
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
Item 2. MANAGEMENT"S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Dollar  amounts  in  thousands, except for share information, or as noted)
---------------------------------------------------------------------------
     Forward-Looking  Statements,  Business  Environment  and  Risk  Factors

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

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

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

     Results  of  Operations
     Three  Months  Ended  March  31,  2002  vs.  2001
     -------------------------------------------------
     Cripple  Creek,  Colorado

     Womacks  is  located  in  Cripple  Creek,  Colorado. Net operating revenue,
     derived principally from its gaming operations, increased to $5,193 in 2002
     from  $4,929  in  2001.  Womacks casino revenue increased to $5,137 in 2002
     from $4,874 in 2001, or 5.4%. During the first quarter of 2002, the Company
     broke  ground  on  the  construction  of its 6,022 square foot construction
     project  during  which  time  an additional $332 was expended, bringing the
     total  cost  of  construction to $732 through March 31, 2002. The Company's
     share  of the overall Cripple Creek market increased to 17.47% in 2002 from
     17.07%  in 2001. Womacks Casino operated approximately 14.76% of the gaming
     devices in the Cripple Creek market in 2002 compared to 13.62% in 2001. The
     average  win per day per machine was 104 dollars in 2002 and 105 dollars in
     2001 compared with a market average of 87 dollars in 2002 and 83 dollars in
     2001.  Gross  margin  for  the  Cripple  Creek  casino  activities  (casino
     revenues, net of applicable casino gaming incentives, less casino expenses)
     decreased  marginally  to  68.0%   compared  with  69.4%  a  year  earlier.
     Management  continues  to  focus on the marketing of the casino through the
     expansion of the highly successful Gold Club. 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. Management has recently
     introduced valet parking to its list of customer benefits, expanding on the
     convenient  and  expansive  parking  facilities  currently  provided by the
     casino.
                                       17
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
Item 2. MANAGEMENT"S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Dollar  amounts  in  thousands, except for share information, or as noted)
---------------------------------------------------------------------------
     Food  and  Beverage revenue in 2002 increased to $214 from $196 in 2001, or
     9.2%  as  the  Company continues to focus on improving service. The cost of
     food  and  beverage  promotional  allowances,  which are included in casino
     costs,  increased  to  $224  in  2002 from $195 in 2001. Hotel revenue also
     increased  to  $56  in  2002  from  $17  in  2001, or 222% as the result of
     introducing  10  new  luxury  rooms  in  July  of  2001.

     General  and  administrative  expenses increased slightly to $1,124 in 2002
     from  $1,095 in 2001, or 2.6%. The cost of casino management allocated from
     corporate  operations  has  been  reduced  to $35 in 2002 from $51 in 2001.

     Depreciation  decreased  to  $343 in 2002 from $488 in 2001. As a result of
     adopting SFAS No. 142 the Company no longer amortizes the remaining balance
     in  goodwill  resulting  in  a  reduction  of $335 in amortization expense.

     Interest  expense,  including debt issuance cost, increased to $344 in 2002
     from  $322  in  2001.  Since  the  second  quarter  of 2000 the Company has
     borrowed  a  total of $6.5 million under the RCF to fund its investments in
     South  Africa.  The interest on the investments has resulted in a charge of
     approximately  $167  and $146 to the Company's Cripple Creek operations for
     the  first  three  months  of  the  years  2002  and 2001 respectively. The
     weighted-average  interest  rate on the borrowings under the RCF, including
     effects  of  the swap agreements, has increased to 9.56% in 2002 from 8.91%
     in  2001.

     The  Cripple  Creek  segment  recognized income tax expense of $775 in 2002
     versus  $519  in  2001  due  to  an  increase  in  pre-tax  earnings.

     South  Africa

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

     Net  operating revenue decreased to $1,534 in 2002 from $2,140 in 2001. The
     Caledon  Casino  Hotel  and  Spa  also  faces  intense  competition  from a
     significantly  larger casino operation in Cape Town, S.A. approximately one
     hour  away.  Caledon casino revenue decreased to $1,281 in 2002 from $1,799
     in  2001,  or 28.8%. Gross margin for the Caledon casino activities (casino
     revenues,  less  casino  expenses)  increased  to  60.7%  from 59.4% a year
     earlier.

     Food and beverage revenue decreased from $194 during the first three months
     of  2001  to  $153  during  the first three months of 2002, or 20.7%. Hotel
     revenue increased to $150 during the first three months of 2002 compared to
     $138 during the first three months of 2001 primarily due to the increase in
     the  amount  of  rooms  comped  by  the  casino  to  its  better  players.

     General  and administrative expenses decreased to $368 in 2002 from $595 in
     2001,  a  reduction  of  38.2%.  The effect of the change in exchange rates
     resulted  in  a  reduction  in expenses of approximately $175 for the first
     three months. The emphasis placed by management on improving the efficiency
     of  the  operation  has  resulted  in  a reduction to operating expenses of
     approximately  $50.

     Depreciation  expense  incurred  in  South Africa decreased to $187 in 2002
     from $327 in 2001 due in part to the effect of the currency devaluation. As
     a  result  of  adopting  SFAS  No.  142 the Company no longer amortizes the
     remaining  balance  in  goodwill  resulting  in   a  reduction  of  $21  in
     amortization  expense.
                                       18
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
Item 2. MANAGEMENT"S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Dollar  amounts  in  thousands, except for share information, or as noted)
---------------------------------------------------------------------------
     Interest  expense,  including debt issuance cost, decreased to $196 in 2002
     from  $224  in  2001.  The weighted-average interest rate on the borrowings
     under the PSG loan agreement is 16.9% in the first three months of 2002 and
     2001.

     The  South African segment recognized an income tax expense of $50 in 2002.

     Cruise  Ships

     Net  operating  revenue  decreased to $105 in 2002 from $182 in 2001. Gross
     margin  for  the  casino activities (casino revenues, less casino expenses)
     decreased  to  4.7%  from  19.4%  a  year earlier. Following the tragedy of
     September 11, 2001 attacks on the World Trade Center, the cruise ships have
     seen  a substantial decrease in the amount of passenger traffic. In October
     2001,  Silversea  Cruises  removed  one of the four ships from service. The
     Company  expects these operations to rebound in 2002 as the travel industry
     begins  to  recover.

     Depreciation  expense  has  increased  to  $13  in  2002  from $11 in 2001.

     Corporate  &  Other

     Net  operating  revenues  consisted  solely  of management fees earned from
     operating  Casino  Millennium  in Prague, Czech Republic which increased to
     $60  in  2002  from  $58  in  2001.

     Depreciation  decreased  slightly  to  $54  in  2002  from  $55  in  2001.

     General  and  administrative expense decreased to $301 in 2002 from $404 in
     2001,  or  25.4%. The majority of the savings is directly attributable to a
     reduction  in  the  cost  of  professional  services.

     Other expense for 2001 includes a charge of $57 for the write-down in value
     of  non-operating  property  and  land  held  by  the  Company  in  Nevada.
                                       19
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
Item 2. MANAGEMENT"S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Dollar  amounts  in  thousands, except for share information, or as noted)
---------------------------------------------------------------------------
     Liquidity  and  Capital  Resources

     Cash  and  cash  equivalents  totaled  $3,515 (including $353 of restricted
     cash) at March 31, 2002, and the Company had net deficit working capital of
     $250.  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 ($21,667 net of the quarterly reduction) and
     unused  borrowing  capacity  of approximately $9,794 at March 31, 2002. For
     the  three  months  ended  March  31,  2002,  cash  provided  by  operating
     activities  was  $1,190  compared  with $734 in the prior-year period. Cash
     used  in  investing  activities of $959 for the first three months of 2002,
     consisted  of  $332 towards the expansion of the Womacks casino at the rear
     of  the  property  that  is  expected  to  be completed in 2002, which will
     provide  additional gaming space as well as hotel rooms, $67 for additional
     improvements  to the property in Caledon, South Africa, $411, primarily for
     land  purchased  for the proposed casino development in Johannesburg, South
     Africa  and  the  balance  of $149 due to expenditures for other long lived
     assets.  Cash  used  in  investing  activities  of $383 for the first three
     months  of  2001,  consisted  of  a $250 loan provided by the Company to an
     unrelated  party 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
     2002 consisted of net repayments of $159 under the loan agreement with PSG,
     other  net repayments of $32, less net borrowings of $72 under the RCF with
     Wells  Fargo.  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  repayments  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 was further
     amended  in  August  2001 to give greater flexibility to the ability to use
     the  borrowed  funds  for  projects  for  the  Company.

     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  $1.2  million, 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
     acquisition  is  expected  to  be  completed  in  2002,  subject to certain
     contingencies  and  contract  conditions,  and  is  expected  to  cost
     approximately  $200  in  cash  plus  contributed  assets.

                                       20
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
Item 2. MANAGEMENT"S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(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 2002, the Company did not repurchase any
     of its common stock on the open market. Through March 31, 2002, the Company
     had  repurchased  2,189,800  shares  of its common stock at a total cost of
     approximately  $2,972.  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 of, and, as of
     September  2001, through its South African subsidiary, CCA, entered into an
     agreement  to secure a 50% ownership interest in Rhino Resort Ltd. ("RRL"),
     a consortium which includes Silverstar Development Ltd. ("Silverstar"). RRL
     has submitted an application for a proposed hotel/casino resort development
     in the greater Johannesburg area of South Africa at a cost of approximately
     400  million  Rand  ($35.3  million).  The  dollar  value  of  the proposed
     development  fluctuates  with  the  USD/Rand exchange rate. In the event of
     favorable  resolution  of the pending court action initiated by a competing
     casino,  Tsogo  Sun  Holdings  , the Company, as part of the September 2001
     agreement,  as  amended,  would be required to make an equity investment of
     approximately  50  million  Rand  or  $4.4  million.  As of March 31, 2002,
     advances  totaling  approximately  $459,  which  will  reduce  the  funding
     requirement, have been made to RRL. The remaining funding requirement would
     be  met  through  borrowings  under  the  RCF.

     In  the  fourth  quarter 2001, Womacks began a 6,022 square foot expansion.
     Approximately  half  of  the  space  will  provide  additional  gaming  for
     approximately  60  slot  machines  on the street level. The other half will
     increase  the "back of house" area. Contracts for the project totaling $1.5
     million  have  been  secured through March 31, 2002. The total construction
     cost,  including  additional slot machines, is expected to be $2.5 million,
     of  which  $732  has  been  spent  through  March  31, 2002. The project is
     expected  to  be  completed  by  the  end  of  2002.

     On  April  2, 2002 Womacks' offer to acquire the Palace Casino building and
     adjoining  property  for  $1.2  million  was  accepted  and approved by the
     bankruptcy  court  for  the  owners  of  the  Palace  Casino.  The expected
     settlement  date  is in May 2002. The Company plans to convert the majority
     of  the  property,  which is adjacent to the Womacks Hotel and Casino, into
     additional  parking  space.

     Management  believes  that  the  Company's cash at March 31, 2002, 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.

     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.
                                       21
<PAGE>
CENTURY  CASINOS,  INC.  AND  SUBSIDIARIES
Item 2. MANAGEMENT"S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Dollar  amounts  in  thousands, except for share information, or as noted)
---------------------------------------------------------------------------
     Revenue Recognition - Casino revenue is the net win from gaming activities,
     which  is  the  difference  between  gaming wins and losses. Management and
     consulting  fees  are  recognized  as revenue as services are provided. The
     incremental amount of unpaid progressive jackpot is recorded as a liability
     and  a  reduction  of  casino  revenue  in  the  period  during  which  the
     progressive  jackpot  increases.

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

     Effective  January  1,  2002  the  Company adopted the Financial Accounting
     Standards  Board (the "FASB") SFAS No. 141 "Business Combinations" and SFAS
     No.  142  "Goodwill  and  Other Intangible  Assets".

     SFAS  No.  141  addresses  financial  accounting and reporting for business
     combinations.  SFAS  No.  141  requires  that  all business combinations be
     accounted  for  using  the  purchase  method  of accounting. The use of the
     pooling-of-interest  method  of  accounting  for  business  combinations is
     prohibited.  The  provisions   of  SFAS  No.  141  apply  to  all  business
     combinations  initiated  after  June 30, 2001. The Company will account for
     any  future  business  combinations  in  accordance  with  SFAS  No.  141.

     SFAS  No.  142  addresses  the  methods used to capitalize, amortize and to
     assess  impairment  of intangible assets, including goodwill resulting from
     business  combinations  accounted  for under the purchase method. Effective
     with the adoption of SFAS No. 142, the Company no longer amortizes goodwill
     and  other  intangible  assets  with  indefinite  useful lives, principally
     deferred  casino  license  costs.  In  evaluating the Company's capitalized
     casino license cost related to CCAL, which comprises principally all of its
     other  intangible  assets,  management  considered  all of the criteria set
     forth  in  SFAS  No.  142  in  determining  its  useful life. Of particular
     significance  in  that evaluation was the existing regulatory provision for
     annual  renewal  of the license at minimal cost and the current practice of
     the  Western  Cape  Gambling  and  Racing  Board ("Board") of granting such
     renewals  as  long  as  all  applicable  laws  are complied with as well as
     compliance  with  the original conditions of the casino operator license as
     set  forth  by  The Board. Based on that evaluation, the Company has deemed
     the  casino license costs to have an indefinite life as of January 1, 2002.
     Included  in  assets  at   March  31,  2002   is  unamortized  goodwill  of
     approximately $7,737 and unamortized deferred license cost of approximately
     $1,048.  The  Company  will  be  required  to  assess  goodwill  and  other
     intangibles  for  impairment  in 2002 and at least annually thereafter. The
     Company   will  not   be  able  to  determine  the  full  effect  of  these
     pronouncements on its financial position or results of its operations until
     it is able to complete its analysis of the impairment provisions of the new
     standards, which is expected to be completed by June 30, 2002. In the event
     the  Company's  analysis under the new guidance indicates goodwill or other
     intangibles  are  impaired,  it  will be required to record a charge to its
     earnings  when  such  determination  is  made.

     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.



                         * * * * * * * * * * * * * * * *
                                       22
<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:
          11.12  Hotel  Management  Agreement  dated  December  3,  1999 between
               Century  Casinos  Caledon (Pty) Ltd. (previously known as Caledon
               Casino  Bid Company (Pty) Ltd.) and Fortes King Hospitality (Pty)
               Ltd.
     (b)  Reports  on  Form  8-K:

          No   reports on Form 8-K were filed during the quarter ended March 31,
          2002.
                                  * * * * * * *
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:  April  29,  2002

                                       23
<PAGE>