|   |  **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, 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   |  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(State                or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 84-1271317(I.R.S.                Employer Identification No.)  |   |
|   |  1263                Lake Plaza Drive Suite A, Colorado Springs, Colorado                80906(Address                of principal executive offices)(Zip                Code)                                                                                                                                                                                                                                                                                                                                           |   |
|   | (719)                527-8300(Registrant’s                telephone number, including area code)                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |
|   |  Indicate                by check mark whether the registrant (1) has filed all reports required                to                be filed by Section 13 or 15(d) of the Securities Exchange Actof 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                by check mark whether the registrant is a large accelerated filer,                an                accelerated filer, or a non-accelerated filer. See definition of                “accelerated filer and large accelerated filer” in Rule 12b-2 of the                Exchange Act.      Large                accelerated filer __ Accelerated filer                  X   Non-accelerated filer __                                   |   |
|   |  Indicate                by check mark whether the registrant is a shell company (as defined                in                Rule 12b-2 of the Exchange Act). Yes___ No                  X                                                                                                                                                                                                                                                                                                               |   |
|   |  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, 22,980,567 shares outstanding as of May                9, 2006                                                                                                                                                                                                                                                                                                                                                                                                            |   |

----

**CENTURY      CASINOS, INC. **

**FORM      10-Q INDEX**

|                    |   |                                                                                                                                                                          | Page   |
|-------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| PART                I   |   | FINANCIAL                INFORMATION (unaudited)                                                                                                                              | Number |
|                    |   |                                                                                                                                                                          |   |
| Item                1.  |   | Condensed                Consolidated Financial Statements                                                                                                                    |   |
|                    |   | Condensed                Consolidated Balance Sheets as of March                31, 2006 and December 31, 2005                                                                | 3      |
|                    |   | Condensed                Consolidated Statements of Earnings for the Three Months                Ended    March 31, 2006 and 2005                              | 4      |
|                    |   | Condensed                Consolidated Statements of Comprehensive Earnings for the Three Months                Ended    March 31, 2006 and                2005 | 5      |
|                    |   | Condensed                Consolidated Statements of Cash Flows for the Three Months                Ended    March 31, 2006 and 2005                            | 6      |
|                    |   | Notes                to Condensed Consolidated Financial Statements                                                                                                           | 8      |
| Item                2.  |   | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                                                     | 21     |
| Item                3.  |   | Quantitative                and Qualitative Disclosures About Market Risk                                                                                                     | 33     |
| Item                4.  |   | Controls                and Procedures                                                                                                                                        | 33     |
|                    |   |                                                                                                                                                                          |   |
| PART                II  |   | OTHER                INFORMATION (unaudited)                                                                                                                                  |   |
|                    |   |                                                                                                                                                                          |   |
| Item                1.  |   | Legal                Proceedings                                                                                                                                              | 34     |
| Item                1A. |   | Risk                Factors                                                                                                                                                   | 34     |
| Item                6.  |   | Exhibits                                                                                                                                                                      | 35     |
|                    |   | SIGNATURES                                                                                                                                                                    | 36     |

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**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED BALANCE SHEETS (Unaudited)**

| *Amounts                in thousands, except for share information* | **    ** | **March                31,                2006** | **  ** | **December                31,                2005** |
|---------------------------------------------------------------------|------------------------------|--------------------------------------------------|------------------|-----------------------------------------------------|
| **ASSETS**                                                          |                         |                                             |             |                                                |
| **Current                Assets:**                                  |                         |                                             |             |                                                |
| Cash                and cash equivalents                            | $                            | 28,374                                           | $                | 37,167                                              |
| Restricted                cash                                      |                         | 971                                              |             | 947                                                 |
| Receivables,                net                                     |                         | 496                                              |             | 293                                                 |
| Prepaid                expenses                                     |                         | 530                                              |             | 518                                                 |
| Inventories                                                         |                         | 202                                              |             | 209                                                 |
| Deposit                on Newcastle, South Africa purchase          |                         | 6,574                                            |             | -                                                   |
| Other                current assets                                 |                         | 1,031                                            |             | 927                                                 |
| Deferred                income taxes - foreign                      |                         | 79                                               |             | 72                                                  |
| Total                current assets                                 |                         | 38,257                                           |             | 40,133                                              |
|                                                                |                         |                                             |             |                                                |
| **Property                and Equipment, net**                      |                         | 83,154                                           |             | 69,602                                              |
| **Goodwill**                                                        |                         | 13,267                                           |             | 8,662                                               |
| **Casino                Licences**                                  |                         | 1,899                                            |             | 1,845                                               |
| **Deferred                Income Taxes - foreign**                  |                         | 443                                              |             | 380                                                 |
| **Other                Assets**                                     |                         | 2,690                                            |             | 2,941                                               |
| **Total**                                                           | $                            | 139,710                                          | $                | 123,563                                             |

| **LIABILITIES                AND SHAREHOLDERS’ EQUITY**                                                                    |   |    |   |   |    |
|----------------------------------------------------------------------------------------------------------------------------------|--------|---------|--------|--------|---------|
| **Current                Liabilities:**                                                                                          |   |    |   |   |    |
| Current                portion of long-term debt                                                                                 | $      | 1,891   |   | $      | 1,789   |
| Accounts                payable and accrued liabilities                                                                          |   | 9,570   |   |   | 5,504   |
| Accrued                payroll                                                                                                   |   | 839     |   |   | 1,149   |
| Taxes                payable                                                                                                     |   | 1,618   |   |   | 1,189   |
| Other                                                                                                                            |   | 8       |   |   | 8       |
| Total                current liabilities                                                                                         |   | 13,926  |   |   | 9,639   |
|                                                                                                                             |   |    |   |   |    |
| **Long-Term                Debt, less current portion**                                                                          |   | 29,215  |   |   | 17,934  |
| **Deferred                Tax Liability - domestic**                                                                             |   | 179     |   |   | 215     |
| **Minority                Interest**                                                                                             |   | 2,275   |   |   | 4,444   |
|                                                                                                                             |   |    |   |   |    |
| **Commitments                and Contingencies**                                                                                 |   |    |   |   |    |
|                                                                                                                             |   |    |   |   |    |
| **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;                                                       |   |    |   |   |    |
| 22,568,443                shares issued; 22,380,567 shares outstanding                                                           |   | 226     |   |   | 226     |
| Additional                paid-in capital                                                                                        |   | 68,677  |   |   | 68,571  |
| Accumulated                other comprehensive earnings                                                                          |   | 3,556   |   |   | 2,568   |
| Retained                earnings                                                                                                 |   | 22,081  |   |   | 20,391  |
|                                                                                                                             |   | 94,540  |   |   | 91,756  |
| Treasury                stock - 187,876 shares at cost                                                                           |   | (425)   |   |   | (425)   |
| Total                shareholders’ equity                                                                                  |   | 94,115  |   |   | 91,331  |
| **Total**                                                                                                                        | $      | 139,710 |   | $      | 123,563 |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)**

|                                                                                 |                                                                                                                       |
|--------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|
|                                                                                 | **                           For The Three Months Ended March 31,** |
| *Amounts                in thousands, except for share information*                  |                                                                                                                       | **2006** |   | **2005** |
| **Operating                Revenue:**                                                |                                                                                                                       |   |   |   |
| Casino                                                                               | $                                                                                                                          | 9,145 | $ | 9,051 |
| Hotel,                food and beverage                                              |                                                                                                                       | 1,082 |   | 1,228 |
| Other                                                                                |                                                                                                                       | 148 |   | 216 |
|                                                                                 |                                                                                                                       | 10,375 |   | 10,495 |
| Less                promotional allowances                                           |                                                                                                                       | 901 |   | 1,267 |
| Net                operating revenue                                                 |                                                                                                                       | 9,474 |   | 9,228 |
|                                                                                 |                                                                                                                       |   |   |   |
| **Operating                Costs and Expenses:**                                     |                                                                                                                       |   |   |   |
| Casino                                                                               |                                                                                                                       | 3,513 |   | 3,541 |
| Hotel,                food and beverage                                              |                                                                                                                       | 614 |   | 768 |
| General                and administrative                                            |                                                                                                                       | 3,042 |   | 2,442 |
| Property                write-downs and other write-offs, net of recoveries          |                                                                                                                       | 7 |   | (30) |
| Depreciation                                                                         |                                                                                                                       | 770 |   | 852 |
|                                                                                 |                                                                                                                       |   |   |   |
| Total                operating costs and expenses                                    |                                                                                                                       | 7,946 |   | 7,573 |
|                                                                                 |                                                                                                                       |   |   |   |
| **(Loss)                from unconsolidated subsidiary**                             |                                                                                                                       | - |   | (97) |
| **Earnings                from Operations**                                          |                                                                                                                       | 1,528 |   | 1,558 |
| **Non-Operating                Income (Expense):**                                   |                                                                                                                       |   |   |   |
| Interest                income                                                       |                                                                                                                       | 279 |   | 47 |
| Interest                expense                                                      |                                                                                                                       | (203) |   | (453) |
| Other                income (expense), net                                           |                                                                                                                       | 90 |   | (14) |
|                    Non-operating items from unconsolidated subsidiary |                                                                                                                       | - |   | (1) |
| Non-operating                income (expense), net** **                         |                                                                                                                       | 166 |   | (421) |
| **Earnings                before Income Taxes and Minority Interest**                |                                                                                                                       | 1,694 |   | 1,137 |
| Provision                for income taxes                                            |                                                                                                                       | 356 |   | 156 |
| **Earnings                before Minority Interest**                                 |                                                                                                                       | 1,338 |   | 981 |
| Minority                interest in subsidiary losses                                |                                                                                                                       | 352 |   | 26 |
| **Net                Earnings**                                                      | $                                                                                                                          | 1,690 | $ | 1,007 |
|                                                                                 |                                                                                                                       |   |   |   |
| **Earnings                Per Share:**                                               |                                                                                                                       |   |   |   |
| Basic                                                                                | $                                                                                                                          | 0.08 | $ | 0.07 |
| Diluted                                                                              | $                                                                                                                          | 0.07 | $ | 0.06 |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited)**

|                                                    |   | **For                The Three Months Ended March 31,** |
|---------------------------------------------------------|--------|---------------------------------------------------------|
| *Amounts                in thousands*                   |   | **2006**                                                |   | **2005** |
|                                                    |   |                                                    |   |   |
| **Net                Earnings**                         | $      | 1,690                                                   | $ | 1,007 |
| Foreign                currency translation adjustments |   | 988                                                     |   | (1,648) |
| **Comprehensive****Earnings                (Loss)**     | $      | 2,678                                                   | $ | (641) |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

|                                                                                                                                                           |   | **For                The Three Months Ended March 31,** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------|
| *Amounts                in thousands*                                                                                                                          |   | **2006**                                                |   | **2005** |
|                                                                                                                                                           |   |                                                    |   |   |
| **Cash                Flows from Operating Activities:**                                                                                                       |   |                                                    |   |   |
| Net                earnings                                                                                                                                    | $      | 1,690                                                   | $ | 1,007 |
|                                                                                                                                                           |   |                                                    |   |   |
| Adjustments                to reconcile net earnings to net cash provided by operating                activities:                                              |   |                                                    |   |   |
| Depreciation                                                                                                                                                   |   | 770                                                     |   | 852 |
| Amortization                of share-based compensation                                                                                                        |   | 101                                                     |   | - |
| Amortization                of deferred financing costs                                                                                                        |   | 14                                                      |   | 14 |
| Deferred                tax expense                                                                                                                            |   | (95)                                                    |   | 46 |
| Minority                interest in subsidiary losses                                                                                                          |   | (352)                                                   |   | (26) |
| Loss                from unconsolidated subsidiary                                                                                                             |   | -                                                       |   | 98 |
|                        Other                                                                                                |   | 6                                                       |   | - |
|                                                                                                                                                           |   |                                                    |   |   |
| Changes                in operating assets and liabilities:                                                                                                    |   |                                                    |   |   |
| Receivables                                                                                                                                                    |   | (200)                                                   |   | (110) |
| Prepaid                expenses and other assets                                                                                                               |   | 124                                                     |   | 25 |
| Accounts                payable and accrued liabilities                                                                                                        |   | 4,267                                                   |   | (387) |
| Accrued                payroll                                                                                                                                 |   | (321)                                                   |   | (476) |
| Taxes                payable                                                                                                                                   |   | 404                                                     |   | (129) |
|                                                                                                                                                           |   |                                                    |   |   |
| Net                cash provided by operating activities                                                                                                       |   | 6,408                                                   |   | 914 |
|                                                                                                                                                           |   |                                                    |   |   |
| **Cash                Flows from Investing Activities:**                                                                                                       |   |                                                    |   |   |
| Purchases                of property and equipment                                                                                                             |   | (13,925)                                                |   | (1,560) |
| Purchase                of minority shareholder interest in subsidiary                                                                                         |   | (5,135)                                                 |   | - |
| Deposit                on Newcastle, South Africa purchase                                                                                                     |   | (6,574)                                                 |   | - |
| Cash                contribution of $2.4 million towards interest in subsidiary,                    less net cash acquired of $1.7 million |   | -                                                       |   | (753) |
|                                                                                                                                                           |   |                                                    |   |   |
| Net                cash used in investing activities                                                                                                           |   | (25,634)                                                |   | (2,313) |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

|                                                                |   | **For                the Three Months Ended March 31,** |
|---------------------------------------------------------------------|--------|---------------------------------------------------------|
| *Amounts                in thousands*                               |   | **2006**                                                |   | **2005** |
| **Cash                Flows from Financing Activities:**            |   |                                                    |   |   |
| Proceeds                from borrowings                             | $      | 16,123                                                  | $ | 10,221 |
| Principal                repayments                                 |   | (6,478)                                                 |   | (9,593) |
| Deferred                financing charges                           |   | 34                                                      |   | - |
| Increase                in restricted cash                          |   | -                                                       |   | (211) |
| Proceeds                from exercise of options                    |   | -                                                       |   | 74 |
|                    Other                             |   | 6                                                       |   | - |
|                                                                |   |                                                    |   |   |
| Net                cash provided by financing activities            |   | 9,685                                                   |   | 491 |
|                                                                |   |                                                    |   |   |
| **Effect                of exchange rate changes on cash**          |   | 748                                                     |   | (442) |
|                                                                |   |                                                    |   |   |
| **Decrease****in                Cash and Cash Equivalents**         |   | (8,793)                                                 |   | (1,350) |
|                                                                |   |                                                    |   |   |
| **Cash                and Cash Equivalents at Beginning of Period** |   | 37,167                                                  |   | 8,411 |
|                                                                |   |                                                    |   |   |
| **Cash                and Cash Equivalents at End of Period**       | $      | 28,374                                                  | $ | 7,061 |

**Supplemental      Disclosure of Noncash Financing Activities:**

| *Amounts                in thousands*                        |   |    |
|--------------------------------------------------------------|--------|---------|
| Fair                value of cash acquired                   | $      | 1,679   |
| Fair                value of property and equipment acquired |   | 2,631   |
| Amount                credited to minority partner           |   | (1,878) |
| Cash                paid                                     | $      | 2,432   |

| *Amounts                in thousands*                   |   |    |
|---------------------------------------------------------|--------|---------|
| Fair                value of minority interest acquired | $      | 1,818   |
| Goodwill                                                |   | 4,564   |
| Fair                value of long-term debt issued      |   | (1,247) |
| Cash                paid                                | $      | 5,135   |

**Supplemental      Disclosure of Cash Flow Information:**

| *Amounts                in Thousands* |   | **For                the Three Months Ended March 31,** |
|---------------------------------------|--------|---------------------------------------------------------|
|                                  |   | **2006**                                                |   | **2005** |
| Interest                paid          | $      | 341                                                     | $ | 399 |
| Income                taxes paid      | $      | 1                                                       | $ | - |

----

**CENTURY      CASINOS, INC. AND SUBSIDIARIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS      (Unaudited)**

**1.**
**DESCRIPTION      OF BUSINESS AND BASIS OF PRESENTATION**

**Projects      under Development:**

**Central      City, Colorado**

----

**Edmonton,      Alberta, Canada**

**Newcastle,      South Africa **

----

**    Presentation      of Foreign Currency Amounts -**

|                              | **March                31, 2006** | **December                31, 2005** | **March                31, 2005** |
|-----------------------------------|-----------------------------------|--------------------------------------|-----------------------------------|
| South                African Rand | 6.1556                            | 6.3399                               | 6.2190                            |
| Euros                             | 0.8237                            | 0.8446                               | 0.7710                            |
| Czech                Koruna       | 23.4260                           | 24.5810                              | 23.1500                           |
| Canadian                Dollars   | 1.1671                            | 1.1659                               | 1.2096                            |

**2.**
**RECENTLY      ISSUED ACCOUNTING PRONOUNCEMENTS**

| **3.  ** | **STOCK-BASED                COMPENSATION** |
|--------------------|---------------------------------------------|

----

|                                                                                                                 |            | Weighted-Average                |
|----------------------------------------------------------------------------------------------------------------------|-----------------|---------------------------------|
|                                                                                                                 | Shares          | Exercise                  Price |
|         Employee                  Stock Options:                             |            |                            |
|         Outstanding                  at                  January 1, 2006     | 1,986,210       | $                  2.33         |
|           Granted                                                  | -               | -                               |
|           Exercised                                                | -               | -                               |
|           Cancelled                  or                  forfeited | -               | -                               |
|         Outstanding                  at                  March 31, 2006      | 1,986,210       | 2.33                            |
|          Options                  exercisable at March 31, 2006         |  1,024,613 |  $                  1.61   |

|   |     |                          |  Weighted-              |                          |                        |
|--------|----------|-------------------------------|------------------------------|-------------------------------|-----------------------------|
|   |     | Number                        | Average                      | Number                        | Aggregate                   |
|   | Exercise | Outstanding                at | Remaining                    | Exercisable                at | Intrinsic                   |
|   | Price    | March                31, 2006 | Term                in Years | March                31, 2006 | Value                       |
|   |     |                          |                         |                          |                        |
|   | $0.75    | 610,000                       | 2.6                          | 610,000                       | $                6,032,900  |
|   | $1.50    | 7,500                         | 0.9                          | 7,500                         | $                68,550     |
|   | $1.75    | 10,000                        | 5.0                          | 10,000                        | $                88,900     |
|   | $2.93    | 1,323,710                     | 7.9                          | 397,113                       | $                10,205,804 |
|   | $7.68    | 35,000                        | 9.6                          | -                             | $                103,600    |
|   |     | 1,986,210                     | 6.3                          | 1,024,613                     | $                16,499,754 |

----

| *Amounts                in thousands, except for share information*                                                                                                                                          |                       | **For                the ThreeMonths Ended****March                31, 2005** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|-------------------------------------------------------------------------------|
| Net                earnings, as reported                                                                                                                                                                     | $                          | 1,007                                                                         |
| Deduct:                Total stock-based employee compensation expense determined under                fair                value based method for all awards, net                of related tax effects |                       | 127                                                                           |
| Pro                forma net earnings                                                                                                                                                                        | $                          | 880                                                                           |
|                                                                                                                                                                                                         |                       |                                                                          |   |
| Earnings                per share                                                                                                                                                                            |                       |                                                                          |
| Basic:                                                                                                                                                                                                       | As                reported | $                                                                             | 0.07 |
|                                                                                                                                                                                                         | Pro                forma   | $                                                                             | 0.06 |
|                                                                                                                                                                                                         |                       |                                                                          |   |
| Diluted:                                                                                                                                                                                                     | As                reported | $                                                                             | 0.06 |
|                                                                                                                                                                                                         | Pro                forma   | $                                                                             | 0.05 |

**4.**
**EQUITY      INVESTMENT IN UNCONSOLIDATED SUBSIDIARY**

----

| *Amounts                in thousands* |   | **As                of March 31,**                      |   | **As                of December 31,** |
|---------------------------------------|--------|---------------------------------------------------------|--------|---------------------------------------|
|                                  |   | **2006**                                                |   | **2005**                              |
| **Balance                Sheet:**     |   |                                                    |   |                                  |
| Current                assets         | $      | 1,619                                                   | $      | 1,391                                 |
| Noncurrent                assets      | $      | 784                                                     | $      | 869                                   |
| Current                liabilities    | $      | 821                                                     | $      | 568                                   |
| Noncurrent                liabilities | $      | 1,641                                                   | $      | 1,476                                 |
|                                  |   |                                                    |
|                                  |   | **For                the Three Months Ended March 31,** |
|                                  |   | **2006**                                                |   | **2005**                              |
| **Operating                Results:** |   |                                                    |   |                                  |
| Net                operating revenue  | $      | 456                                                     | $      | 422                                   |
| Net                loss (1)(2)        | $      | (269)                                                   | $      | (196)                                 |

| (1)   | After                expensing casino services fees to the Company of $0.1 million for                each of                the three months ended March 31, 2006 and                2005. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Under                the equity method of accounting, when an investor’s net investment is                reduced to zero, the investor should not provide for additional losses                unless the investor has guaranteed the obligations of the investee.                The                Company has not provided this guarantee to CM. Accordingly, the Company                has only recorded its portion of the loss that reduced its net investment                to zero. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**5.**
**LONG-TERM      DEBT**

| *Amounts                shown in thousands:*         |   | March                31,     |   | **December                31,** |
|------------------------------------------------------|--------|--------------------------------------------------|--------|---------------------------------|
|                                                 |   | **2006**                                         |   | **2005**                        |
| Revolving                Credit Facility - Womacks   | $      | 5,701                                            | $      | 481                             |
| Construction                Term Loan - Central City |   | 13,986                                           |   | 8,931                           |
| Nedbank                Limited Term Loan             |   | 8,964                                            |   | 9,091                           |
| Notes                payable                         |   | 2,381                                            |   | 1,135                           |
| Capital                leases and other              |   | 74                                               |   | 85                              |
|                                                 |   |                                             |   |                            |
| Total                long-term debt                  |   | 31,106                                           |   | 19,723                          |
| Less                current portion                  |   | (1,891)                                          |   | (1,789)                         |
| Long-term                portion                     | $      | 29,215                                           | $      | 17,934                          |

*Revolving      Credit Facility - Womacks*

----

*Canadian      Western Bank*

*Notes      Payable *

**6.      **
**SEGMENT      INFORMATION**

----

----

| *Amounts                in thousands*                                       | **                          Cripple Creek, CO** | **                              Caledon, South Africa** | **                               Cruise Ships** |
|-----------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|
| As                of and for theThree                Months Ended March 31, |                                                                                              | 2006                                                                                                                          |                                                                                                                       | 2005 |   | 2006 |   | 2005 |   | 2006 |   | 2005 |
| Property                and equipment, net                                  | $                                                                                                 | 22,931                                                                                                                        | $                                                                                                                          | 22,797 | $ | 16.246 | $ | 14,280 | $ | 959 | $ | 565 |
| Total                Assets                                                 | $                                                                                                 | 32,704                                                                                                                        | $                                                                                                                          | 32,720 | $ | 20,292 | $ | 19,009 | $ | 1,713 | $ | 1,153 |
| Net                operating revenue                                        | $                                                                                                 | 3,836                                                                                                                         | $                                                                                                                          | 3,805 | $ | 4,772 | $ | 4,734 | $ | 857 | $ | 653 |
| Operating                expenses (excluding depreciation)                  |                                                                                              | 2,451                                                                                                                         |                                                                                                                       | 2,661 |   | 2,659 |   | 2,647 |   | 629 |   | 456 |
| Depreciation                                                                |                                                                                              | 402                                                                                                                           |                                                                                                                       | 443 |   | 296 |   | 381 |   | 56 |   | 25 |
| Earnings                from unconsolidated subsidiary                      |                                                                                              | -                                                                                                                             |                                                                                                                       | - |   | - |   | - |   | - |   | - |
| Earnings                from operations                                     |                                                                                              | 983                                                                                                                           |                                                                                                                       | 701 |   | 1,817 |   | 1,706 |   | 172 |   | 172 |
| Interest                income                                              |                                                                                              | 3                                                                                                                             |                                                                                                                       | 3 |   | 4 |   | 18 |   | - |   | - |
| Interest                (expense), including debt issuance cost, net (1)    |                                                                                              | (94)                                                                                                                          |                                                                                                                       | 9 |   | (204) |   | (177) |   | - |   | - |
| Other                income (expense), net                                  |                                                                                              | -                                                                                                                             |                                                                                                                       | (5) |   | 1 |   | (10) |   | - |   | - |
| Non-operating                items from unconsolidated subsidiary           |                                                                                              | -                                                                                                                             |                                                                                                                       | - |   | - |   | - |   | - |   | - |
| Earnings                before income taxes and minority interest           |                                                                                              | 892                                                                                                                           |                                                                                                                       | 708 |   | 1,618 |   | 1,537 |   | 172 |   | 172 |
| Income                tax (expense)                                         |                                                                                              | (339)                                                                                                                         |                                                                                                                       | (269) |   | (493) |   | (493) |   | (5) |   | (5) |
| Minority                interest                                            |                                                                                              | -                                                                                                                             |                                                                                                                       | - |   | - |   | - |   | - |   | - |
| Net                earnings                                                 | $                                                                                                 | 553                                                                                                                           | $                                                                                                                          | 439 | $ | 1,125 | $ | 1,044 | $ | 167 | $ | 167 |
|                                                                        |
| Reconciliation                to adjusted EBITDA:                           |                                                                                              |                                                                                                                          |
| Net                earnings (US GAAP)                                       | $                                                                                                 | 553                                                                                                                           | $                                                                                                                          | 439 | $ | 1,125 | $ | 1,044 | $ | 167 | $ | 167 |
| Minority                interest                                            |                                                                                              | -                                                                                                                             |                                                                                                                       | - |   | - |   | - |   | - |   | - |
| Interest                income                                              |                                                                                              | (3)                                                                                                                           |                                                                                                                       | (3) |   | (4) |   | (18) |   | - |   | - |
| Interest                expense (1)                                         |                                                                                              | 94                                                                                                                            |                                                                                                                       | (9) |   | 204 |   | 177 |   | - |   | - |
| Income                taxes                                                 |                                                                                              | 339                                                                                                                           |                                                                                                                       | 269 |   | 493 |   | 493 |   | 5 |   | 5 |
| Depreciation                                                                |                                                                                              | 402                                                                                                                           |                                                                                                                       | 443 |   | 296 |   | 381 |   | 56 |   | 25 |
| Adjusted                EBITDA                                              | $                                                                                                 | 1,385                                                                                                                         | $                                                                                                                          | 1,139 | $ | 2,114 | $ | 2,077 | $ | 228 | $ | 197 |

| (1)   | The                negative interest expense results from amounts advanced to the Corporate                and Other segment to fund the Company’s acquisitions. We reduce the                interest expense incurred by WMCK under our credit facility by the                amount                of interest allocated to the Corporate and Other segment. The debt                and                accumulated interest allocated to the Corporate and Other segment                exceeded                the total outstanding borrowing in 2005. As a result, Womacks reported                a                net negative interest expense and debt issuance cost. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| *Amounts                in thousands*                                       | **                            Central City, CO** | **                       Edmonton, Alberta, Canada** |
|-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|
| As                of and for theThree                Months Ended March 31, |                                                                                                         | 2006                                                                                    |   | 2005 |   | 2006 |   | 2005 |
| Property                and equipment, net                                  | $                                                                                                            | 29,281                                                                                  | $ | 9,433 | $ | 13,191 | $ | 3,023 |
| Total                Assets                                                 | $                                                                                                            | 31,315                                                                                  | $ | 9,506 | $ | 13,979 | $ | 4,883 |
| Net                operating revenue                                        | $                                                                                                            | -                                                                                       | $ | - | $ | 1 | $ | - |
| Operating                expenses (excluding depreciation)                  |                                                                                                         | 195                                                                                     |   | 20 |   | 19 |   | 32 |
| Depreciation                                                                |                                                                                                         | -                                                                                       |   | - |   | 4 |   | - |
| (Loss)                earnings from unconsolidated subsidiary               |                                                                                                         | -                                                                                       |   | - |   | - |   | - |
| Loss                from operations                                         |                                                                                                         | (195)                                                                                   |   | (20) |   | (22) |   | (32) |
| Interest                income                                              |                                                                                                         | -                                                                                       |   | - |   | 7 |   | 2 |
| Interest                (expense), including debt issuance cost             |                                                                                                         | (202)                                                                                   |   | - |   | (9) |   | (28) |
| Other                income (expense), net                                  |                                                                                                         | -                                                                                       |   | - |   | 27 |   | 2 |
| Non-operating                items from unconsolidated subsidiary           |                                                                                                         | -                                                                                       |   | - |   | - |   | - |
| (Loss)                earnings before income taxes and minority interest    |                                                                                                         | (397)                                                                                   |   | (20) |   | 3 |   | (56) |
| Income                tax benefit                                           |                                                                                                         | -                                                                                       |   | - |   | 8 |   | - |
| Minority                interest                                            |                                                                                                         | 397                                                                                     |   | 20 |   | - |   | 25 |
| Net                earnings (loss)                                          | $                                                                                                            | -                                                                                       | $ | - | $ | 11 | $ | (31) |
|                                                                        |                                                                                                         |                                                                                    |   |   |   |   |   |   |
| Reconciliation                to adjusted EBITDA:                           |                                                                                                         |                                                                                    |   |   |   |   |   |   |
| Net                earnings (loss) (US GAAP)                                | $                                                                                                            | -                                                                                       | $ | - | $ | 11 | $ | (31) |
| Minority                interest                                            |                                                                                                         | (397)                                                                                   |   | (20) |   | - |   | (25) |
| Interest                income                                              |                                                                                                         | -                                                                                       |   | - |   | (7) |   | (2) |
| Interest                expense                                             |                                                                                                         | 202                                                                                     |   | - |   | 9 |   | 28 |
| Income                taxes                                                 |                                                                                                         | -                                                                                       |   | - |   | (8) |   | - |
| Depreciation                                                                |                                                                                                         | -                                                                                       |   | - |   | 4 |   | - |
| Adjusted                EBITDA                                              | $                                                                                                            | (195)                                                                                   | $ | (20) | $ | 9 | $ | (30) |

----

| *Amounts                in thousands*                                       | **Corporate                and Other** |    | **Consolidated** |
|-----------------------------------------------------------------------------|----------------------------------------|---------|------------------|
| As                of and for theThree                Months Ended March 31, |                                   | 2006    |             | 2005 |   | 2006 |   | 2005 |
| Property                and equipment, net                                  | $                                      | 546     | $                | 468 | $ | 83,154 | $ | 50,566 |
| Total                Assets                                                 | $                                      | 39,707  | $                | 4,319 | $ | 139,710 | $ | 71,590 |
| Net                operating revenue                                        | $                                      | 8       | $                | 36 | $ | 9,474 | $ | 9,228 |
| Operating                expenses (excluding depreciation)                  |                                   | 1,223   |             | 905 |   | 7,176 |   | 6,721 |
| Depreciation                                                                |                                   | 12      |             | 3 |   | 770 |   | 852 |
| (Loss)                from unconsolidated subsidiary                        |                                   | -       |             | (97) |   | - |   | (97) |
| (Loss)                Earnings from operations                              |                                   | (1,227) |             | (969) |   | 1,528 |   | 1,558 |
| Interest                income                                              |                                   | 265     |             | 24 |   | 279 |   | 47 |
| Interest                (expense), including debt issuance cost (1)         |                                   | 306     |             | (257) |   | (203) |   | (453) |
| Other                income (expense), net                                  |                                   | 62      |             | (1) |   | 90 |   | (14) |
| Non-operating                items from unconsolidated subsidiary           |                                   | -       |             | (1) |   | - |   | (1) |
| Earnings                before income taxes and minority interest           |                                   | (594)   |             | (1,204) |   | 1,694 |   | 1,137 |
| Income                tax benefit (expense)                                 |                                   | 473     |             | 611 |   | (356) |   | (156) |
| Minority                interest                                            |                                   | (45)    |             | (19) |   | 352 |   | 26 |
| Net                (loss) earnings                                          | $                                      | (166)   | $                | (612) | $ | 1,690 | $ | 1,007 |
|                                                                        |                                   |    |             |   |   |   |   |   |
| Reconciliation                to adjusted EBITDA:                           |                                   |    |             |   |   |   |   |   |
| Net                (loss) earnings (US GAAP)                                | $                                      | (166)   | $                | (612) | $ | 1,690 | $ | 1,007 |
| Minority                interest                                            |                                   | 45      |             | 19 |   | (352) |   | (26) |
| Interest                income                                              |                                   | (265)   |             | (24) |   | (279) |   | (47) |
| Interest                expense (1)                                         |                                   | (306)   |             | 257 |   | 203 |   | 453 |
| Income                taxes                                                 |                                   | (473)   |             | (611) |   | 356 |   | 156 |
| Depreciation                                                                |                                   | 12      |             | 3 |   | 770 |   | 852 |
| Adjusted                EBITDA                                              | $                                      | (1,153) | $                | (968) | $ | 2,388 | $ | 2,395 |

| (1)   | The                net negative interest expense in the Corporate and Other segment                results                from the elimination of the interest on intercompany debt that is                used to                finance construction projects in Central City, Colorado and Edmonton,                Alberta, Canada. The interest charged to these segments is capitalized                as                part of the construction cost and does not appear as interest expense.                Caledon’s loan with Nedbank is the primary source of debt that is funding                the intercompany loans. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**7.**
**PROMOTIONAL      ALLOWANCES**

|                                                                                           | **                                        For the Three                Months****                                         Ended March                31,** |
|------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *      Amounts                in                thousands*       |                                                                                                                                                                                                                                                                                                                                                                                                  | **2006** |   | **2005** |
|       Food&Beverage                and Hotel Comps           | $                                                                                                                                                                                                                                                                                                                                                                                                     | 287 | $ | 381 |
|       Free                Plays or                Coupons        |                                                                                                                                                                                                                                                                                                                                                                                                  | 335 |   | 505 |
|       Player                Points                               |                                                                                                                                                                                                                                                                                                                                                                                                  | 279 |   | 381 |
|       Total                Promotional                Allowances | $                                                                                                                                                                                                                                                                                                                                                                                                     | 901 | $ | 1,267 |

**8.**
**INCOME      TAXES**

| *Amounts                  in thousands*                                    |   | United                  States |   | South                  Africa |   | Mauritius |   | Other |   |  **Total****Corporate                  and Other** |
|----------------------------------------------------------------------------|--------|--------------------------------|--------|-------------------------------|--------|-----------|--------|-------|--------|---------------------------------------------------------|
|                                                                       |   | 2006                           |   | 2005                          |   | 2006      |   | 2005  |   | 2006                                                    |   | 2005 |   | 2006 |   | 2005 |   | **2006** | ** ** | **2005** |
| Earnings                  (loss) before income taxes and minority interest | $      | (842)                          | $      | (1,093)                       | $      | (620)     | $      | (717) | $      | 750                                                     | $ | 702 | $ | 118 | $ | (96) | **$**  | ** (594)** | **$** | **(1,204**) |
| Income                  tax (expense) benefit                              | $      | 304                            | $      | 413                           | $      | 186       | $      | 217   | $      | (15)                                                    | $ | (18) | $ | (2) | $ | (1) | **$**  | ** 473** | **$** | **611** |
| Effective                  tax rate                                        |   | 36%                            |   | 38%                           |   | 30%       |   | 30%   |   | 2%                                                      |   | 3% |   | 2% |   | -1% |   | **91%** | ** ** | **51%** |

----

**9.**
**EARNINGS      PER SHARE**

| *Amounts                in thousands, except for share information* | **For                the Three Months Ended****March                31,** |
|---------------------------------------------------------------------|---------------------------------------------------------------------------|
|                                                                |                                                                      | **2006** |   | **2005** |
| Basic                Earnings Per Share:                            |                                                                      |   |   |   |
| Net                earnings                                         | $                                                                         | 1,690 | $ | 1,007 |
| Weighted                average common shares                       |                                                                      | 22,380,567 |   | 13,748,011 |
| Basic                earnings per share                             | $                                                                         | 0.08 | $ | 0.07 |
|                                                                |                                                                      |   |   |   |
| Diluted                Earnings Per Share:                          |                                                                      |   |   |   |
| Net                earnings                                         | $                                                                         | 1,690 | $ | 1,007 |
| Weighted                average common shares                       |                                                                      | 22,380,567 |   | 13,748,011 |
| Effect                of dilutive securities:                       |                                                                      |   |   |   |
| Stock                options and warrants                           |                                                                      | 1,524,931 |   | 2,706,251 |
| Dilutive                potential common shares                     |                                                                      | 23,905,498 |   | 16,454,262 |
|                                                                |                                                                      |   |   |   |
| Diluted                earnings per share                           | $                                                                         | 0.07 | $ | 0.06 |

**10.**
**CONTINGENCIES**

***South      African Tax Audit***

----

**Item      2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION      AND**

**RESULTS      OF OPERATIONS**

**Forward-Looking      Statements, Business Environment and Risk Factors**

**AVAILABLE      INFORMATION**

**ADJUSTED      EBITDA**

----

**OVERVIEW**

**CONSOLIDATED      RESULTS OF OPERATIONS**

| ·   | An                increase in interest income of $0.2 million due to interest earned                on the                remaining proceeds from our $50.0 million offering ($46.2 million,                net of                issuance costs) of Austrian Depositary Certificates on the Vienna                Stock                Exchange in October 2005; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A                decrease in interest expense of $0.3 million, net of capitalized                interest                of $0.6 million, due to a decrease in our average debt balance on                our                Womacks revolving credit facility and the previous renegotiation                of debt                at Caledon; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | An                allocation of pre-opening losses of $0.4 million to our minority                interest                partner on the Central City, Colorado project. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**CRIPPLE      CREEK, COLORADO**

|                                                                                                              | **  For                the three                months ended March 31,** |
|-------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------|
| *Amounts                in thousands*                                                                             |                                                                               | **2006** |   | **2005** |
| **Operating                Revenue**                                                                              |                                                                               |   |   |   |
| Casino                                                                                                            | $                                                                                  | 4,271 | $ | 4,472 |
| Hotel,                food and beverage                                                                           |                                                                               | 308 |   | 364 |
| Other                (net of promotional allowances)                                                              |                                                                               | (743) |   | (1,031) |
| Net                operating revenue                                                                              |                                                                               | 3,836 |   | 3,805 |
|                                                                                                              |                                                                               |   |   |   |
| **Costs                and Expenses**                                                                             |                                                                               |   |   |   |
| Casino                                                                                                            |                                                                               | 1,417 |   | 1,624 |
| Hotel,                food and beverage                                                                           |                                                                               | 109 |   | 163 |
| General                and administrative                                                                         |                                                                               | 925 |   | 874 |
| Depreciation                                                                                                      |                                                                               | 402 |   | 443 |
|                                                                                                              |                                                                               | 2,853 |   | 3,104 |
| Earnings                from operations                                                                           |                                                                               | 983 |   | 701 |
| Interest                income                                                                                    |                                                                               | 3 |   | 3 |
| Interest                (expense)                                                                                 |                                                                               | (215) |   | (27) |
| Interest                expense on non-Cripple Creek debt allocated to Corporate and Other                segment |                                                                               | 121 |   | 36 |
| Other                (expense), net                                                                               |                                                                               | - |   | (5) |
| Earnings                before income taxes                                                                       |                                                                               | 892 |   | 708 |
| Income                tax expense                                                                                 |                                                                               | (339) |   | (269) |
| **Net                Earnings**                                                                                   | **$**                                                                              | **553** | **$** | **439** |
| **Adjusted                EBITDA**                                                                                | **$**                                                                              | **1,385** | **$** | **1,139** |

**Casino      Market Data**

|                                                            | **For                the three months****ended                March 31,** |
|-----------------------------------------------------------------|---------------------------------------------------------------------------|
|                                                            | **      2006**                              | **                                             2005** |
| Market                share of the Cripple Creek gaming revenue |                                                                      | 11.6% |   | 12.8% |
| Average                number of slot machines                  |                                                                      | 585 |   | 637 |
| Market                share of Cripple Creek gaming devices     |                                                                      | 12.3% |   | 13.4% |
| Average                slot machine win per day                 |                                                                      | $                80 |   | $                78 |
| Cripple                Creek average slot machine win per day   |                                                                      | $                84 |   | $                80 |

----

----

**CALEDON,      SOUTH AFRICA**

|                                                 | **For                the three months****ended                March 31,** |
|------------------------------------------------------|---------------------------------------------------------------------------|
| *Amounts                in thousands*                |                                                                      | **2006** |   | **2005** |
| **Operating                Revenue**                 |                                                                      |   |   |   |
| Casino                                               | $                                                                         | 4,070 | $ | 3,978 |
| Hotel,                food and beverage              |                                                                      | 774 |   | 864 |
| Other                (net of promotional allowances) |                                                                      | (72) |   | (108) |
| Net                operating revenue                 |                                                                      | 4,772 |   | 4,734 |
| **Costs                and Expenses**                |                                                                      |   |   |   |
| Casino                                               |                                                                      | 1,467 |   | 1,461 |
| Hotel,                food and beverage              |                                                                      | 505 |   | 605 |
| General                and administrative            |                                                                      | 687 |   | 581 |
| Depreciation                                         |                                                                      | 296 |   | 381 |
|                                                 |                                                                      | 2,955 |   | 3,028 |
| Earnings                from operations              |                                                                      | 1,817 |   | 1,706 |
| Interest                income                       |                                                                      | 4 |   | 18 |
| Interest                expense                      |                                                                      | (204) |   | (177) |
| Other                income, net                     |                                                                      | 1 |   | (10) |
| Earnings                before income taxes          |                                                                      | 1,618 |   | 1,537 |
| Income                tax expense                    |                                                                      | (493) |   | (493) |
| **Net                Earnings**                      | **$**                                                                     | **1,125** | **$** | **1,044** |
| **Adjusted                EBITDA**                   | **$**                                                                     | **2,114** | **$** | **2,077** |

| **Average                exchange rate (Rand/USD)** |   | **6.17** |   | **                                                                                       5.89** |
|-----------------------------------------------------|--------|----------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                 | **            For                the three months****            ended                March 31,** |
|------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *Amounts                in thousands*                |                                                                                                                                                                                                                      | **2006** |   | **2005** |
| **Operating                Revenue**                 |                                                                                                                                                                                                                      |   |   |   |
| Casino                                               | R                                                                                                                                                                                                                         | 25,102 | R | 23,431 |
| Hotel,                food and beverage              |                                                                                                                                                                                                                      | 4,776 |   | 5,091 |
| Other                (net of promotional allowances) |                                                                                                                                                                                                                      | (447) |   | (636) |
| Net                operating revenue                 |                                                                                                                                                                                                                      | 29,431 |   | 27,886 |
|                                                 |                                                                                                                                                                                                                      |   |   |   |
| **Costs                and Expenses**                |                                                                                                                                                                                                                      |   |   |   |
| Casino                                               |                                                                                                                                                                                                                      | 9,029 |   | 8,612 |
| Hotel,                food and beverage              |                                                                                                                                                                                                                      | 3,127 |   | 3,566 |
| General                and administrative            |                                                                                                                                                                                                                      | 4,220 |   | 3,430 |
| Depreciation                                         |                                                                                                                                                                                                                      | 1,826 |   | 2,248 |
|                                                 |                                                                                                                                                                                                                      | 18,202 |   | 17,856 |
| Earnings                from operations              |                                                                                                                                                                                                                      | 11,229 |   | 10,030 |
| Interest                income                       |                                                                                                                                                                                                                      | 23 |   | 105 |
| Interest                expense                      |                                                                                                                                                                                                                      | (1,260) |   | (1,098) |
| Other                income, net                     |                                                                                                                                                                                                                      | 8 |   | - |
| Earnings                before income taxes          |                                                                                                                                                                                                                      | 10,000 |   | 9,037 |
| Income                tax expense                    |                                                                                                                                                                                                                      | (3,038) |   | (2,902) |
| **Net                Earnings**                      | **R**                                                                                                                                                                                                                     | **6,962** | **R** | **6,135** |
| **Adjusted                EBITDA**                   | **R**                                                                                                                                                                                                                     | **13,063** | **R** | **12,278** |

**Casino      Market Data (in Rand)**

|                                                           | **            For                the                three months****            ended                March 31,** |
|----------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                           | **                          2006**                                                                                                                                                     | **                                  2005** |
| Market                share of the Western Cape gaming revenue | 5.9%                                                                                                                                                                                                                                     |  6.0% |
| Market                share of Western Cape gaming devices     | 12.7%                                                                                                                                                                                                                                    | 11.4% |
| Average                number of slot machines                 | 343                                                                                                                                                                                                                                      | 300 |
| Average                slot machine win per day                | 753                Rand                                                                                                                                                                                                                  | 814                Rand |
| Average                number of tables                        | 8                                                                                                                                                                                                                                        | 9 |
| Average                table win per day                       | 2,587                Rand                                                                                                                                                                                                                | 1,803                Rand |

----

----

**CRUISE      SHIPS**

|                                                 | **                      For                the three months ended March 31,** |
|------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *Amounts                in thousands*                | **         2006**                                                                                                                              | **        2005** |
| **Operating                Revenue**                 |                                                                                                                                                                                        |   |   |   |
| Casino                                               | $                                                                                                                                                                                           | 804 | $ | 601 |
| Other                (net of promotional allowances) |                                                                                                                                                                                        | 53 |   | 52 |
| Net                operating revenue                 |                                                                                                                                                                                        | 857 |   | 653 |
|                                                 |                                                                                                                                                                                        |   |   |   |
| **Costs                and Expenses**                |                                                                                                                                                                                        |   |   |   |
| Casino                                               |                                                                                                                                                                                        | 629 |   | 456 |
| Depreciation                                         |                                                                                                                                                                                        | 56 |   | 25 |
|                                                 |                                                                                                                                                                                        | 685 |   | 481 |
| Earnings                from operations              |                                                                                                                                                                                        | 172 |   | 172 |
| Income                tax expense                    |                                                                                                                                                                                        | 5 |   | 5 |
| **Net                Earnings**                      | **$**                                                                                                                                                                                       | **167** | **$** | **167** |
| **Adjusted                EBITDA**                   | **$**                                                                                                                                                                                       | **228** | **$** | **197** |

----

**CORPORATE      AND OTHER**

|                                                                       | **      For                the three months****      ended                March 31,** |
|----------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| *Amounts                in thousands*                                      | **        2006**                                                                                          | **        2005** |
| **Operating                Revenue**                                       |                                                                                                                                              |   |   |   |
| Other                                                                      |                                                                                                                                              | 8 |   | 36 |
| Net                operating revenue                                       |                                                                                                                                              | 8 |   | 36 |
|                                                                       |                                                                                                                                              |   |   |   |
| **Costs                and Expenses**                                      |                                                                                                                                              |   |   |   |
| General                and administrative                                  |                                                                                                                                              | 1,216 |   | 935 |
| Property                write-down and other write-offs, net of recoveries |                                                                                                                                              | 7 |   | (30) |
| Depreciation                                                               |                                                                                                                                              | 12 |   | 3 |
|                                                                       |                                                                                                                                              | 1,235 |   | 908 |
| Loss                from unconsolidated subsidiary                         |                                                                                                                                              | - |   | (97) |
| Loss                from operations                                        |                                                                                                                                              | (1,227) |   | (969) |
| Interest                income                                             |                                                                                                                                              | 265 |   | 24 |
| Interest                (expense), net                                     |                                                                                                                                              | 306 |   | (257) |
| Other                income (expense), net                                 |                                                                                                                                              | 62 |   | (1) |
| Non-operating                items from unconsolidated subsidiary          |                                                                                                                                              | - |   | (1) |
| Loss                before income taxes and minority interest              |                                                                                                                                              | (594) |   | (1,204) |
| Income                tax benefit                                          |                                                                                                                                              | 473 |   | 611 |
| Minority                interest                                           |                                                                                                                                              | (45) |   | (19) |
| **Net                Loss**                                                | **$**                                                                                                                                             | **(166)** | **$** | **(612)** |
| **Adjusted                EBITDA**                                         | **$**                                                                                                                                             | **(1,153)** | **$** | **(968)** |

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**CENTRAL      CITY, COLORADO**

** **

**EDMONTON,      ALBERTA, CANADA**

** **

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**LIQUIDITY      AND CAPITAL RESOURCES**

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**Item      3.**
**QUANTITATIVE      AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK**

**Item      4.**
**CONTROLS      AND PROCEDURES**

***    Evaluation      of      Disclosure Controls and Procedures -***

***    Changes      in      Internal Control Over Financial Reporting -***

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**PART      II - OTHER INFORMATION**

**Item      1. - Legal Proceedings**

**Item      1A. - Risk Factors**

***The      U.S. Internal Revenue Service or other taxing authorities may assert that we      owe      additional taxes.***

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**Item      6. - Exhibits**

| 10.170 | Sale                of Shares Agreement, entered into as of October 18, 2005, between                Chicory                Investments (Proprietary) Limited, Dynamo Investments Limited, Harvest                Moon Investment Holdings (Proprietary) Limited, Izulu Gaming (Proprietary)                Limited, Khulani Holdings Limited, Libalele Leisure (Proprietary)                Limited,                Malesela Gaming (Proprietary) Limited, Oakland Leisure Investments                (Newcastle) (Proprietary) Limited, Purple Rain Properties No 62                (Proprietary) Limited, Ruvuma Investment (Proprietary) Limited, Saphila                Investments (Proprietary) Limited, Viva Leisure Investment Holdings                (Proprietary) Limited, The Viva Trust and Century Casinos Africa                (Proprietary) Limited.  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1   | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,Chairman                of the Board and Co Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 31.2   | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Vice                Chairman, Co Chief Executive Officer and President.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.3   | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,Senior                Vice President.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 31.4   | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,Chief                Accounting Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.1   | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Chairman                of the Board and Co Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 32.2   | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Vice                Chairman, Co Chief Executive Officer and President.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 32.3   | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Senior                Vice President.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.4   | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Chief                Accounting Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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**SIGNATURES:**

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**CENTURY      CASINOS, INC.**

**INDEX      TO EXHIBITS**

| **Exhibit                No.** | **Document**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.170                         | Sale                of Shares Agreement, entered into as of October 18, 2005, between                Chicory                Investments (Proprietary) Limited, Dynamo Investments Limited, Harvest                Moon Investment Holdings (Proprietary) Limited, Izulu Gaming (Proprietary)                Limited, Khulani Holdings Limited, Libalele Leisure (Proprietary)                Limited,                Malesela Gaming (Proprietary) Limited, Oakland Leisure Investments                (Newcastle) (Proprietary) Limited, Purple Rain Properties No 62                (Proprietary) Limited, Ruvuma Investment (Proprietary) Limited, Saphila                Investments (Proprietary) Limited, Viva Leisure Investment Holdings                (Proprietary) Limited, The Viva Trust and Century Casinos Africa                (Proprietary) Limited.  |
| 31.1                           | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,Chairman                of the Board and Co Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 31.2                           | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Vice                Chairman, Co Chief Executive Officer and President.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.3                           | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,Senior                Vice President.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 31.4                           | Certification                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,Chief                Accounting Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.1                           | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Chairman                of the Board and Co Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 32.2                           | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Vice                Chairman, Co Chief Executive Officer and President.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 32.3                           | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Senior                Vice President.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.4                           | Certification                pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Chief                Accounting Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |