TERMINATION OF STOCK TRANSFER AND
                          REGISTRATION RIGHTS AGREEMENT

     This Termination of Stock Transfer and Registration  Rights Agreement (this
"Agreement") dated this 2nd day of June, 1998, is between Century Casinos, Inc.,
a Delaware corporation ("Century"), and James A. Gulbrandsen ("Gulbrandsen").

                                    Recitals

     By a Stock Transfer and  Registration  Rights  Agreement dated July 1, 1996
(the "Stock  Transfer and  Registration  Rights  Agreement"),  Century agreed to
issue and deliver to  Gulbrandsen on July 1, 1998 530,000 shares of common stock
of  Century  (the  "Shares")  in full  payment  for  purchase  of  Gulbrandsen's
ownership  interest  in Chysore,  Inc.'s  management  agreement  with Gold Creek
Associates, L.P.

     Century and Gulbrandsen have agreed that, in lieu of issuance of the Shares
to Gulbrandsen, Century will pay Gulbrandsen $75,000.00 in cash and a Promissory
Note in the principal  amount of  $705,000.00  in the form attached  hereto (the
"Note").

                                    Agreement

     NOW, THEREFORE, in consideration of the foregoing, and the mutual covenants
and conditions contained herein, the parties agree as follows:

     Termination of Stock Transfer and Registration Rights Agreement.  The Stock
Transfer and  Registration  Rights  Agreement is hereby  terminated and shall no
longer be of any force and effect.

     Consideration  for Termination.  In consideration of the termination of the
Stock  Transfer  and  Registration  Rights  Agreement,  Century  hereby (i) pays
Gulbrandsen  $75,000.00 by certified or bank cashier's  check and (ii) issues to
Gulbrandsen the Note.

     Mutual Release of Claims.  In consideration  of the foregoing,  Century and
Gulbrandsen, for themselves and their respective representatives, heirs, agents,
affiliates,  and  assigns,  hereby  release  each other from any and all claims,
liabilities,  losses or damages relating to or arising out of the Stock Transfer
and Registration Rights Agreement.

     Binding Effect. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns.

     Governing Law. This Agreement shall be deemed to be an agreement made under
the laws of the State of Colorado and for all purposes  shall be governed by and
construed in accordance with such laws.


179275.1

<PAGE>


     IN WITNESS  WHEREOF,  the parties have caused this Agreement to be executed
and delivered as of the date first above written.

                                                  CENTURY CASINOS, INC.


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

                                                      /s/ James Gulbrandsen
                                                          ----------------------
                                                          James A. Gulbrandsen


179275.1