PROMISSORY NOTE


                                                         Cripple Creek, Colorado
$705,000.00                                                         June 2, 1998


     This PROMISSORY NOTE (this "Note") is executed this 2nd day of June,  1998,
by Century Casinos,  Inc., a Delaware  corporation  ("Maker"),  whose address is
200-220 East Bennett Avenue, Cripple Creek, Colorado 80813, in favor of James A.
Gulbrandsen  ("Holder"),  whose legal  address is 30 Clermont  Lane,  St. Louis,
Missouri 63124.

     Promise to Pay. For value  received,  Maker  hereby  promises to pay to the
order of Holder the principal sum of  $705,000.00Amount,  together with interest
thereon  at a rate  equal to 8.75% per annum  ("Interest  Rate"),  all in lawful
money of the United States of America which constitutes legal tender for payment
of debts, public and private, at the time of payment.

     Maturity Date. The "Maturity Date" shall mean July 1, 2001.

     Payment  Schedule.  Payments  of  interest  and  principal  for a total  of
$8,050.00  shall be  payable  monthly  beginning  on July 1,  1998  through  and
including  June 1, 2001 in  accordance  with  Exhibit  1.  Additional  principal
payments shall be made as follows:

              August 1, 1998                            $75,000
              October 1, 1998                           $75,000
              January 1, 1999                           $75,000
              April 1, 1999                             $50,000
              July 1, 1999                              $50,000

The entire remaining  outstanding  principal  balance of this Note together with
all accrued but unpaid  interest,  shall, if not previously paid, be finally due
and payable on the Maturity Date.

     Prepayment Privilege. Maker shall have the right to prepay this Note at any
time prior to the Maturity Date without penalty.

     Application of Payments.  All payments  hereunder shall be applied first to
the  payment  of accrued  and unpaid  interest  on the  principal  of this Note,
including  interest  accrued at the Default Rate as  hereinafter  provided,  and
second to the reduction of principal of this Note.

     Default. Each of the following shall constitute an "Event of Default" under
this Note:

     The  failure of Maker to pay in full any amount due  hereunder  by the date
the same is due, as provided herein, and such failure shall continue for 10 days



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after written notice from Holder to Maker of such failure, or Maker's failure to
pay in full any amount due hereunder upon maturity of this Note, by acceleration
or otherwise; or

     The failure of Maker to perform, satisfy and observe in full, when due, any
of the obligations,  covenants, conditions and restrictions under this Note, not
involving  the payment of money,  and such  failure  shall  continue for 30 days
after written  notice from Holder to Maker of such  failure,  or if said failure
cannot  reasonably  be cured  within  said 30-day  period,  Maker shall not have
pursued the cure with reasonable diligence and shall not have cured such failure
within a reasonable time after the written notice from Holder to Maker described
above.

     Right to Accelerate on Event of Default.  Upon the  occurrence of any Event
of Default  hereunder,  the Interest Rate on the  principal  amount of this Note
then due and payable  shall accrue at 12% per annum  ("Default  Rate"),  and the
entire  balance  of  principal,  accrued  interest,  and any  other  sums  owing
hereunder shall, at the option of Holder, become at once due and payable without
prior notice or demand.

     Waivers of Demand,  etc. Maker and all parties now or hereafter  liable for
the payment  hereof,  primarily  or  secondarily,  directly or  indirectly,  and
whether as endorser,  guarantor,  surety, or otherwise,  severally waive demand,
presentment,  notice of dishonor or  nonpayment,  protest and notice of protest,
and  diligence in  collecting,  and consent to  extensions  of time for payment,
renewals of this Note and acceptance of partial payments, whether before, at, or
after  maturity,  all or any of which may be made without  notice to any of said
parties and without affecting their liability to Holder.

     Costs of Collection.  Maker and all parties now or hereafter liable for the
payment  hereof  agree  jointly  and  severally  to pay all costs and  expenses,
including  reasonable  attorneys' fees,  incurred in collecting this Note or any
part thereof.

     No Usury Payable. The provisions of this Note and of all agreements between
Maker and Holder are hereby expressly limited so that in no contingency or event
whatsoever  shall the amount paid,  or agreed to be paid, to Holder for the use,
forbearance,  or  retention of the Loan Amount  ("Interest")  exceed the maximum
amount  permissible under applicable law. If, from any circumstance  whatsoever,
the performance or fulfillment of any provision hereof or of any other agreement
between Maker and Holder shall,  at the time  performance or fulfillment of such
provision shall be due,  exceed the limit for Interest  prescribed by law, then,
ipso facto, the obligation to be performed or fulfilled shall be reduced to such
limit, and if, from any circumstance  whatsoever,  Holder should ever receive as
Interest an amount which would exceed the highest  lawful rate, the amount which
would be excessive  Interest  shall be applied to the reduction of the principal
balance owing  hereunder (or, at Holder's  option,  or if no principal  shall be
outstanding, be paid over to Maker) and not to the payment of Interest.

     Severability of Provisions.  If any provision  hereof shall, for any reason
and to any  extent,  be  invalid or  unenforceable,  then the  remainder  of the
instrument  in  which  such  provision  is  contained,  the  application  of the
provision to other persons, entities or circumstances,  and any other instrument
referred  to  herein  shall  not  be  affected  thereby  but  instead  shall  be
enforceable to the maximum extent permitted by law.

     Successors  to Maker or  Holder.  The term  "Maker"  as used  herein  shall
include  the  original  maker of this Note and any  party  who may  subsequently


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<PAGE>


become primarily liable for the payment hereof. The term "Holder" as used herein
shall mean the original payee of this Note or, if this Note is transferred,  the
then holder of this Note,  provided that, until written notice is given to Maker
designating  another  party as Holder,  Maker may  consider the Holder to be the
original  payee or the party last  designated  as Holder in a written  notice to
Maker.

     Notices.  All  notices,  consent  or other  instruments  or  communications
provided for under this Note shall be in writing, signed by the party giving the
same, and shall be deemed  properly  given and received when actually  delivered
and received or three  business  days after  mailed,  if sent by  registered  or
certified mail, postage prepaid, to the address set forth in the first paragraph
of this Note,  or to such  other  address  as a party may  designate  by written
notice to the other party.

     Captions  for  Convenience.  The  captions to the  Sections  hereof are for
convenience  only and shall not be considered  in  interpreting  the  provisions
hereof.

     Governing Law. Regardless of the place of its execution, this Note shall be
construed and enforced in accordance with the laws of the State of Colorado.

                                     MAKER:

                                     CENTURY CASINOS, INC.



                                     By: /s/ Norbert Tuefelberger
                                             -----------------------------------
                                       Name: Norbert Tuefelberger
                                      Title: Director and Secretary


179276.1

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                          Exhibit 1 to Promissory Note
                  Issued by Century Casinos to Jim Gulbrandsen

TOTAL COMPENSATION:                            $780,000
Cash Payment      At Closing     ($75,000)
                      1-Aug-98   ($75,000)                  Principal
                      1-Oct-98   ($75,000)                   Pmts in
                      1-Jan-99   ($75,000)                     1998      172,205
                      1-Apr-99   ($50,000)                     1999      239,473
                      1-Jul-99   ($50,000)                     2000       73,849
                               ------------                    2001      219,473
                                             ($400,000)              -----------
                                                                         705,000
Loan amount:          $705,000
Interest                 8.75%
Fixed Payments of:                   8,050 per month
Balloon               $180,063 after 3 years, due July 1, 2001


                       YEAR 1       YEAR 2      YEAR 3                 TOTAL
                    -------------------------------------           ------------
     Princ            327,098      120,699      77,140                524,937
     Interest          44,502       25,901      19,460                 89,863
                    -------------------------------------           ------------
     Total            371,600      146,600      96,600                614,800

<TABLE>
<CAPTION>

Monthly calculation  1-Jul-98 1-Aug-98 1-Sep-98 1-Oct-98 1-Nov-98 1-Dec-98 1-Jan-99 1-Feb-99 1-Mar-99 1-Apr-99  1-May-99 1-Jun-99
-------------------------------
<S>                     <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>      <C>       <C>      <C>  
                            1        2        3        4         5       6        7        8        9       10        11       12
         Princ bal.  $705,000 $627,091 $623,613 $545,110 $541,035 $536,930 $457,795 $453,083 $448,337 $393,556  $388,376 $383,158
Y1       Add. Red.            ($75,000)         ($75,000)                  ($75,000)                  ($50,000)
------------------   ---------------------------------------------------------------------------------------------------------------
327,098  Princ          2,909    3,477    3,503    4,075    4,105    4,135    4,712    4,746    4,781    5,180     5,218    5,256
44,502   Interest       5,141    4,573    4,547    3,975    3,945    3,915    3,338    3,304    3,269    2,870     2,832    2,794
------------------   ---------------------------------------------------------------------------------------------------------------
96,600   Total          8,050    8,050    8,050    8,050    8,050    8,050    8,050    8,050    8,050    8,050     8,050    8,050

                     1-Jul-99 1-Aug-99 1-Sep-99 1-Oct-99 1-Nov-99 1-Dec-99 1-Jan-00 1-Feb-00 1-Mar-00 1-Apr-00  1-May-00 1-Jun-00
                           13       14       15       16       17       18       19       20       21       22        23       24
         Princ bal.  $327,902 $322,243 $316,542 $310,800 $305,017 $299,191 $293,322 $287,411 $281,457 $275,459  $269,418 $263,332
Y2       Add. Red.   ($50,000)
------------------   ---------------------------------------------------------------------------------------------------------------
120,699  Princ          5,659    5,700    5,742    5,784    5,826    5,868    5,911    5,954    5,998    6,041     6,085    6,130
25,901   Interest       2,391    2,350    2,308    2,266    2,224    2,182    2,139    2,096    2,052    2,009     1,965    1,920
------------------   ---------------------------------------------------------------------------------------------------------------
96,600   Total          8,050    8,050    8,050    8,050    8,050    8,050    8,050    8,050    8,050    8,050     8,050    8,050

                     1-Jul-00 1-Aug-00 1-Sep-00 1-Oct-00 1-Nov-00 1-Dec-00 1-Jan-01 1-Feb-01 1-Mar-01 1-Apr-01  1-May-01 1-Jun-01
                           25       26       27       28       29       30       31       32       33       34        35       36
------------------   ---------------------------------------------------------------------------------------------------------------
         Princ bal.  $257,202 $251,028 $244,808 $238,543 $232,233 $225,876 $219,473 $213,023 $206,527 $199,983  $193,391 $186,751
Y3       Add. Red.
------------------   ---------------------------------------------------------------------------------------------------------------
77,140   Princ          6,175    6,220    6,265    6,311    6,357    6,403    6,450    6,497    6,544    6,592     6,640    6,688
19,460   Interest       1,875    1,830    1,785    1,739    1,693    1,647    1,600    1,553    1,506    1,458     1,410    1,362
------------------   ---------------------------------------------------------------------------------------------------------------
96,600   Total          8,050    8,050    8,050    8,050    8,050    8,050    8,050    8,050    8,050    8,050     8,050    8,050
</TABLE>