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 June 30, 2002.
                                       OR
     _______  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15  (d)  OF  THE
SECURITIES  EXCHANGE ACT OF 1934
For the transition period from ____________ to ___________

Commission file number 0-22290
                    ------------

                              CENTURY CASINOS, INC.
             (Exact name of registrant as specified in its charter)
                                        -
                DELAWARE                              84-1271317
(State or other jurisdiction of incorporation         (I.R.S. Employer
                or organization)                      Identification No.)

             200-220 E. Bennett Ave., Cripple Creek, Colorado 80813
             ------------------------------------------------------
                    (Address of principal executive offices)
                                   (Zip Code)
                                 (719) 689-9100
                                 --------------
              (Registrant's telephone number, including area code)


     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
                                 -------------- ----
     Indicate the number of shares  outstanding of each of the issuer's  classes
of common stock, as of the latest practicable date.

     Common stock, $0.01 par value, 13,664,384 shares outstanding as of July 25,
2002.

                                       1
<PAGE>

                              CENTURY CASINOS, INC.
                                    FORM 10-Q
                                      INDEX

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                                                                                                            Page Number
PART I              FINANCIAL INFORMATION

Item 1.             Condensed Consolidated Financial Statements (unaudited)
                      Condensed Consolidated Balance Sheets as of June 30, 2002 and December 31, 2001            3
                      Condensed Consolidated Statements of Earnings for the Three
                      Months Ended June 30, 2002 and 2001                                                        4
                      Condensed Consolidated Statements of Earnings for the Six
                      Months Ended June 30, 2002 and 2001                                                        5
                      Condensed Consolidated Statements of Comprehensive Earnings for the Three Months
                      Ended June 30, 2002 and 2001                                                               6
                      Condensed Consolidated Statements of Comprehensive Earnings for the Six Months
                      Ended June 30, 2002 and 2001                                                               6
                      Condensed Consolidated Statements of Cash Flows for the Six
                      Months Ended June 30, 2002 and 2001                                                        7
                      Notes to Condensed Consolidated Financial Statements                                       9
Item 2.               Management's Discussion and Analysis of Financial Condition and Results of
                      Operations                                                                                 22

PART II               OTHER INFORMATION                                                                          32

Item 1.               Legal Proceedings                                                                          32
Item 5.               Other Information                                                                          32
Item 6.               Exhibits and Reports on Form 8-K                                                           32

                      SIGNATURES                                                                                 32

</TABLE>
                                        2
<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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                                                                               June 30, 2002            December 31, 2001
                                                                               -------------            -----------------
    ASSETS
    Current Assets:
        Cash and cash equivalents
        (including restricted cash of $387 and $334, respectively)          $           3,267           $           3,365
        Accounts receivable                                                               574                         433
        Prepaid expenses and other                                                        615                         591
                                                                              ---------------             ---------------
           Total current assets                                                         4,456                       4,389

    Property and Equipment, net                                                        32,437                      29,338
    Goodwill, net                                                                       7,784                       7,709
    Casino License Costs, net                                                           1,100                       1,010
    Other Assets                                                                        2,417                       2,373
                                                                              ---------------             ---------------
    Total                                                                   $          48,194           $          44,819
                                                                              ===============             ===============

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
       Current portion of long-term debt                                    $           1,492           $           1,554
       Accounts payable and accrued expenses                                            2,666                       3,512
                                                                              ---------------             ---------------
           Total current liabilities                                                    4,158                       5,066
    Long-Term Debt, less current portion                                               17,297                      15,991
    Other Non-current Liabilities                                                       1,103                         979
    Minority Interest                                                                     698                         605
    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;
          14,485,776 shares issued;
          13,713,484 and 13,728,784 shares outstanding, respectively                      145                         145
       Additional paid-in capital                                                      21,901                      21,901
       Accumulated other comprehensive loss                                           (2,515)                     (3,291)
       Retained earnings                                                                6,875                       4,847
                                                                              ---------------             ---------------
                                                                                       26,406                      23,602
        Treasury stock - 772,292 and 756,992 shares, respectively,
         at cost                                                                      (1,468)                     (1,424)
                                                                              ---------------             ---------------
           Total shareholders' equity                                                  24,938                      22,178
                                                                              ---------------             ---------------
    Total                                                                   $          48,194           $          44,819
                                                                              ===============             ===============
</TABLE>

See notes to condensed consolidated financial statements.


                                       3
<PAGE>


CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(Dollar amounts in thousands, except for share information)
--------------------------------------------------------------------------------
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                                                                                  For The Three Months Ended June 30,
                                                                                    2002                        2001
                                                                                    ----                        ----

Operating Revenue:
   Casino                                                                   $           7,816           $           7,459
   Food and beverage                                                                      389                         491
   Hotel                                                                                  201                         168
   Other                                                                                  142                         199
                                                                              ---------------             ---------------
                                                                                        8,548                       8,317
   Less promotional allowances                                                          1,119                         924
                                                                              ---------------             ---------------
           Net operating revenue                                                        7,429                       7,393
                                                                              ---------------             ---------------

Operating Costs and Expenses:
   Casino                                                                               2,342                       2,295
   Food and beverage                                                                      212                         280
   Hotel                                                                                  138                         166
   General and administrative                                                           2,029                       2,114
   Depreciation and amortization                                                          553                       1,254
                                                                              ---------------             ---------------

       Total operating costs and expenses                                               5,274                       6,109
                                                                              ---------------             ---------------

Earnings from Operations                                                                2,155                       1,284
   Other (expense), net                                                                 (433)                       (561)
                                                                              ---------------             ---------------
Earnings before Income Taxes and Minority Interest                                      1,722                         723
   Provision for income taxes                                                             613                         196
                                                                              ---------------             ---------------
Earnings before Minority Interest                                                       1,109                         527
   Minority interest in subsidiary results of operations                                  (6)                          62
                                                                              ---------------             ---------------
Net Earnings                                                                $           1,103           $             589
                                                                              ===============             ===============

Earnings Per Share:
   Basic                                                                    $            0.08           $            0.05
                                                                              ===============             ===============
   Diluted                                                                  $            0.07           $            0.04
                                                                              ===============             ===============



</TABLE>



See notes to condensed consolidated financial statements.


                                       4
<PAGE>


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

<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                                                                   For The Six Months Ended June 30,
                                                                                    2002                        2001
                                                                                    ----                        ----

Operating Revenue:
   Casino                                                                   $          15,022           $          14,917
   Food and beverage                                                                      756                         880
   Hotel                                                                                  406                         324
   Other                                                                                  293                         344
                                                                              ---------------             ---------------
                                                                                       16,477                      16,465
   Less promotional allowances                                                          2,156                       1,763
                                                                              ---------------             ---------------
           Net operating revenue                                                       14,321                      14,702
                                                                              ---------------             ---------------

Operating Costs and Expenses:
   Casino                                                                               4,575                       4,648
   Food and beverage                                                                      402                         556
   Hotel                                                                                  244                         326
   General and administrative                                                           3,822                       4,208
   Depreciation and amortization                                                        1,150                       2,491
                                                                              ---------------             ---------------
       Total operating costs and expenses                                              10,193                      12,229
                                                                              ---------------             ---------------

Earnings from Operations                                                                4,128                       2,473
   Other (expense), net                                                                 (871)                     (1,073)
                                                                              ---------------             ---------------
Earnings before Income Taxes and Minority Interest                                      3,257                       1,400
   Provision for income taxes                                                           1,231                         523
                                                                              ---------------             ---------------
Earnings before Minority Interest                                                       2,026                         877
   Minority interest in subsidiary results of operations                                    2                         165
                                                                              ---------------             ---------------
Net Earnings                                                                $           2,028           $           1,042
                                                                              ===============             ===============

Earnings Per Share:
   Basic                                                                    $            0.15           $            0.08
                                                                              ===============             ===============
   Diluted                                                                  $            0.13           $            0.07
                                                                              ===============             ===============



</TABLE>


See notes to condensed consolidated financial statements.


                                       5
<PAGE>


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

<TABLE>
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                                                                                  For The Three Months Ended June 30,
                                                                                    2002                        2001
                                                                                    ----                        ----



   Net Earnings                                                             $           1,103           $             589
   Foreign currency translation adjustments                                               494                       (320)
   Change in fair value of interest rate swaps, net of income taxes                      (93)                          17
                                                                              ---------------             ---------------
   Comprehensive Earnings                                                   $           1,504           $             286
                                                                              ===============             ===============


                                                                                  For The Six Months Ended June 30,

                                                                                   2002                       2001
                                                                                   ----                       ----



   Net Earnings                                                             $           2,028           $           1,042
   Foreign currency translation adjustments                                               783                       (218)
   Cumulative effect of change in accounting principle related to interest
   rate swaps, net of income taxes                                                        -                         (175)
   Change in fair value of interest rate swaps, net of income taxes                       (7)                       (153)
                                                                              ---------------             ---------------
   Comprehensive Earnings                                                   $           2,804           $             496
                                                                              ===============             ===============



</TABLE>


See notes to condensed consolidated financial statements.



                                       6
<PAGE>


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

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                                                                                  For The Six Months Ended June 30,
                                                                                    2002                        2001
                                                                                    ----                        ----

Cash Flows from Operating Activities:
   Net earnings                                                             $           2,028           $           1,042

   Adjustments to reconcile net earnings to net cash provided by
    operating activities
       Depreciation                                                                     1,150                       1,778
       Amortization of goodwill                                                             -                         713
       Amortization of deferred financing costs                                            43                          32
       (Gain) loss on disposition of assets                                               (2)                        (14)
       Deferred tax expense (benefit)                                                      93                       (125)
       Minority interest in subsidiary losses                                             (2)                       (165)
       Other                                                                             (12)                          16

       Changes in operating assets and liabilities
         Receivables                                                                    (103)                         114
         Prepaid expenses and other assets                                                 46                         437
         Accounts payable and accrued liabilities                                       (911)                     (1,613)
                                                                              ---------------             ---------------
         Net cash provided by operating activities                                      2,330                       2,215
                                                                              ---------------             ---------------

Cash Flows from Investing Activities:
    Purchases of property and equipment                                               (2,911)                     (1,962)
    Expenditures for deposits and other assets                                              -                     (1,501)
    Proceeds received from disposition of assets                                            2                           9
                                                                              ---------------             ---------------

         Net cash used in investing activities                                        (2,909)                     (3,454)
                                                                              ---------------             ---------------





</TABLE>

                                                        (continued)

                                       7
<PAGE>

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

<TABLE>
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                                                                                  For the Six Months Ended June 30,
                                                                                    2002                        2001
                                                                                    ----                        ----
Cash Flows from Financing Activities:
   Proceeds from borrowings                                                 $          10,968           $          12,981
   Principal repayments                                                              (10,530)                    (17,581)
   Deferred financing costs                                                              (19)                          17
   Purchases of treasury stock                                                           (44)                       (402)
                                                                              ---------------             ---------------
         Net cash provided by (used in) financing activities                              375                     (4,985)
                                                                              ---------------             ---------------

Effect of exchange rate changes on cash                                                   106                          82
                                                                              ---------------             ---------------

Decrease in Cash and Cash Equivalents                                                    (98)                     (6,142)

Cash and Cash Equivalents at Beginning of Period                                        3,365                       9,077
                                                                              ---------------             ---------------

Cash and Cash Equivalents at End of Period                                  $           3,267           $           2,935
                                                                              ===============             ===============


Supplemental Disclosure of Cash Flow Information:

Interest paid, net of capitalized interest of $40 in 2002 and $169 in 2001  $             976           $             613
                                                                              ===============             ===============
Income taxes paid                                                           $           1,235           $             930
                                                                              ===============             ===============

</TABLE>

See notes to condensed consolidated financial statements.


                                       8
<PAGE>


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

1.   DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

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

          WMCK  owns and  operates  Womacks  Casino  and  Hotel  ("Womacks"),  a
          limited-stakes  gaming casino in Cripple Creek,  Colorado.  Womacks is
          one of the largest gaming facilities in Cripple Creek and is currently
          the core  operation of the Company.  The facility has 612 slots,  five
          limited  stakes gaming tables,  21 hotel rooms,  2 restaurants  and is
          currently  expanding the gaming space to accommodate an additional 115
          gaming devices.

          CCA owns 65% of the  Caledon  Casino,  Hotel and Spa near  Cape  Town,
          South Africa and has a management  contract to operate the casino. The
          resort has 250 slot/video  machines and eight gaming tables, a 92-room
          hotel,  mineral hot springs and spa facility,  2 restaurants,  3 bars,
          and  conference  facilities.

          CCM manages  Casino  Millennium  located  within a five-star  hotel in
          Prague,  Czech  Republic.  Subject to the approval by regulators,  the
          Company  and  another  entity  have  each  agreed  to  purchase  a 50%
          ownership interest in Casino  Millennium.  The acquisition is expected
          to be  completed  in late 2002 or early 2003 and is  expected  to cost
          approximately  $200 in cash plus the  contribution of operating assets
          of the casino currently owned by the Company.

          CCI serves as  concessionaire  of small  casinos on five luxury cruise
          vessels, one of which is temporarily out of service. The Company has a
          total of  approximately  167  gaming  positions  on the four  combined
          shipboard casinos currently in operation.

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

                                       9

<PAGE>

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

          During  September  2001, CCA entered into an agreement to secure a 50%
          ownership  interest in Rhino Resort Ltd.  ("RRL"),  a consortium which
          includes Silverstar Development Ltd. ("Silverstar").  RRL submitted an
          application  for a proposed  hotel/casino  resort  development  in the
          greater  Johannesburg  area of South Africa at a cost of approximately
          400 million Rand ($38.6  million).  In November  2001, RRL was awarded
          the sixth and final  casino  license  serving the Gauteng  province in
          South  Africa.   In  February  2002,  Tsogo  Sun  Holdings  (Pty)  Ltd
          ("Tsogo"),  a competing casino,  filed a Review Application seeking to
          overturn  the license  award by the Gauteng  Gambling  Board  ("GGB"),
          which will be heard by the Pretoria High Court in September 2002. Both
          RRL and the GGB are  vigorously  defending  this action which  focuses
          primarily on claims by Tsogo that the  processes  leading to the award
          were  procedurally  deficient.  A judgment  handed down on this matter
          could be subject to a Request  for Leave to  Appeal.  Should  Leave to
          Appeal be  denied,  recourse  is then  limited to an  approach  for an
          appeal  hearing  before the Supreme  Court of Appeals;  the grant,  or
          otherwise,  of such hearing  being at the  discretion of the country's
          Chief Justice.  Upon favorable resolution of the pending court action,
          CCA, as part of the  September  2001  agreement,  would be required to
          make an equity and loan  contribution of approximately 50 million Rand
          ($4.8 million).  In addition to the equity ownership in RRL, CCWR will
          receive  management  fees as the  manager  of the  casino,  hotel  and
          resort.  Management  fees  will be  based  on a  percentage  of  gross
          revenues as well as a percentage of EBITDA (defined as earnings before
          interest,  taxes,  depreciation,  amortization and other  specifically
          defined costs).

          Commitments that are denominated in a foreign currency and all balance
          sheet  accounts  other than  shareholders'  equity are  translated and
          presented based on the exchange rate at the end of the period.

          The  accompanying  condensed  consolidated  financial  statements  and
          related  notes  have  been  prepared  in  accordance  with  accounting
          principles  generally  accepted  in the United  States of America  for
          interim financial reporting and the instructions to Form 10-Q and Rule
          10-01 of Regulation S-X. Accordingly, certain information and footnote
          disclosures  normally  included in  financial  statements  prepared in
          accordance with accounting principles generally accepted in the United
          States of America,  have been condensed or omitted.  In the opinion of
          management,  all  adjustments  (consisting  of only  normal  recurring
          accruals)  considered  necessary  for fair  presentation  of financial
          position,  results of  operations  and cash flows have been  included.
          These condensed  consolidated  financial  statements should be read in
          conjunction  with the financial  statements and notes thereto included
          in the  Company's  Annual  Report on Form  10-KSB  for the year  ended
          December 31, 2001. The results of operations for the period ended June
          30, 2002 are not necessarily  indicative of the operating  results for
          the full year.


2.   INCOME TAXES

          The income tax  provisions are based on estimated  full-year  earnings
          for financial  reporting purposes adjusted for permanent  differences,
          which consist primarily of nondeductible  goodwill  amortization prior
          to the adoption of SFAS No. 142 (Note 9).

                                       10
<PAGE>

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

3.   EARNINGS PER SHARE

          Basic and diluted  earnings  per share for the three months ended June
          30, 2002 and 2001 were computed as follows:
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                For the Three Months Ended June 30,
                                                                                    2002                      2001
                                                                                    ----                      ----

         Basic Earnings Per Share:
            Net earnings                                                    $           1,103           $             589
                                                                              ===============             ===============
            Weighted average common shares                                         13,727,865                  13,821,593
                                                                              ===============             ===============
            Basic earnings per share                                        $            0.08           $            0.05
                                                                              ===============             ===============

         Diluted Earnings Per Share:
            Net earnings, as reported                                       $           1,103           $             589
              Interest expense, net of income taxes,
              on convertible debenture                                                      -                           3
                                                                              ---------------             ---------------
            Net earnings available to common shareholders                   $           1,103           $             592
                                                                              ===============             ===============

            Weighted average common shares                                         13,727,865                  13,821,593
              Effect of dilutive securities:
                  Convertible debenture                                                     -                     109,293
                  Stock options and warrants                                        1,699,599                   1,076,118
                                                                              ---------------             ---------------
            Dilutive potential common shares                                       15,427,464                  15,007,004
                                                                              ===============             ===============

            Diluted earnings per share                                      $            0.07           $            0.04
                                                                              ===============             ===============

            Excluded from computation of diluted earnings per share
                Due to antidilutive effect:
                  Options and warrants to purchase common shares                            -                     155,000
                  Weighted average exercise price                           $               -          $             2.36


</TABLE>

                                       11
<PAGE>

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

          Basic and diluted earnings per share for the six months ended June 30,
          2002 and 2001 were computed as follows:
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                For the Six Months Ended June 30,
                                                                                    2002                      2001
                                                                                    ----                      ----

         Basic Earnings Per Share:
            Net earnings                                                    $           2,028           $           1,042
                                                                              ===============             ===============
            Weighted average common shares                                         13,728,325                  13,878,741
                                                                              ===============             ===============
            Basic earnings per share                                        $            0.15           $            0.08
                                                                              ===============             ===============

         Diluted Earnings Per Share:
            Net earnings, as reported                                       $           2,028           $           1,042
              Interest expense, net of income taxes,
              on convertible debenture                                                      -                           8
                                                                              ---------------             ---------------
            Net earnings available to common shareholders                   $           2,028           $           1,050
                                                                              ===============             ===============

            Weighted average common shares                                         13,728,325                  13,878,741
              Effect of dilutive securities:
                  Convertible debenture                                                     -                     136,019
                  Stock options and warrants                                        1,546,804                   1,057,988
                                                                              ---------------             ---------------
            Dilutive potential common shares                                       15,275,129                  15,072,748
                                                                              ===============             ===============

            Diluted earnings per share                                      $            0.13           $            0.07
                                                                              ===============             ===============

            Excluded from computation of diluted earnings per share
              Due to antidilutive effect:
                  Options and warrants to purchase common shares                            -                     155,000
                  Weighted average exercise price                           $               -           $            2.36

</TABLE>
                                       12

<PAGE>

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

4.   CRIPPLE CREEK, COLORADO

          On May 1, 2002 WMCK-Venture Corp.  acquired the Palace Casino building
          and  adjoining  property  for  $1.2  million.  Womacks  has  spent  an
          additional $64 to complete the  acquisition  and begin  converting the
          majority of the property,  which is adjacent to the Womacks Casino and
          Hotel, into additional 41 parking spaces.

5.   CALEDON, SOUTH AFRICA

          The casino opened on October 11, 2000 and currently  operates 250 slot
          machines and 8 gaming tables. In addition to the casino license, hotel
          and spa, CCAL owns  approximately 600 acres of land, which may be used
          for future  expansion.  In September  2001,  CCA, CCAL and Fortes King
          Hospitality  (Pty)  Limited  ("FKH")  entered  into  a  Memorandum  of
          Agreement,  which  amends the casino and hotel  management  agreements
          signed in December 1999,  such that any and all management  fees shall
          be deemed to equal zero from the  inception  of those  agreements  and
          shall remain so until no earlier than January 1, 2002.  By  agreement,
          the  management  fees that would have been  payable to CCA and FKH are
          given  preferential  treatment in the event of the sale or liquidation
          of CCAL. Consequently,  the minority interest in subsidiary results of
          operation in the consolidated statement of earnings for the six months
          ended  June  2002  included  $32,  net of $14 of income  tax  benefit,
          representing  the management fees that would have been payable to FKH.
          As a result,  the  consolidated  net  earnings  for the South  African
          segment or the  consolidated  net  earnings  for the Company  were not
          affected by this agreement.  Beginning  January 1, 2002, either CCA or
          FKH have the option to declare the fees calculable and payable.  As of
          June 30, 2002, neither party has exercised their option.

6.   PRAGUE, CZECH REPUBLIC

          The Company has a memorandum  of agreement to acquire a 50%  ownership
          interest  in Casino  Millennium  a.s.,  a Czech  company.  Subject  to
          approval by the Ministry of Finance of the Czech Republic, the Company
          anticipates  closing the  transaction in late 2002 or early 2003 at an
          expected cost of  approximately  $200 in cash plus the contribution of
          the casino  equipment  currently owned by the Company.  As of June 30,
          2002,  the Company's net fixed assets leased to the Casino  Millennium
          approximated $726 and management fee income for the three months ended
          June 30, 2002 and 2001 was  approximately  $47 and $74,  respectively.
          Management  fee income for the six months ended June 30, 2002 and 2001
          was approximately $107 and $132, respectively.

7.   LONG-TERM DEBT

          The principal balance outstanding under the Wells Fargo Bank Revolving
          Line of Credit Facility  ("RCF") as of June 30, 2002 was $12,636.  The
          amount available under the RCF as of June 30, 2002 was $8,308,  net of
          amounts  outstanding  as of that  date.  The loan  agreement  includes
          certain restrictive covenants on financial ratios of WMCK. The Company
          is in  compliance  with the  covenants as of June 30,  2002.  Interest
          rates at June 30, 2002 were 4.75% for $1,136  outstanding  under prime
          based   provisions  of  the  loan  agreement  and  4.33%  for  $11,500
          outstanding under LIBOR based provisions of the loan agreement.

                                       13
<PAGE>

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

          The fair value of the Company's  interest rate swap  derivatives as of
          June 30, 2002 of $895 is reported as a liability  in the  consolidated
          balance  sheet.  The net loss on the interest rate swaps of $7, net of
          deferred income tax expense of $4 for the first six months of 2002 has
          been  reported  in  accumulated  other   comprehensive   loss  in  the
          shareholders'  equity  section  of  the  accompanying  June  30,  2002
          condensed  consolidated balance sheet. Net additional interest expense
          to the Company under the swap  agreement was $127 and $0 for the three
          months ended June 30, 2002 and 2001, respectively, and $255 and $0 for
          the six months ended June 30, 2002 and 2001, respectively.

          In April 2000,  CCAL entered into a loan agreement with PSG Investment
          Bank Limited  ("PSGIB"),  for a principal loan to fund  development of
          the Caledon project.  The outstanding  balance and interest rate as of
          June 30, 2002 was $3,803 and 17.05%, respectively. In April 2001, CCAL
          entered into an addendum to the loan agreement in which PSGIB provided
          CCAL with a standby  facility  to provide  additional  funding for the
          Caledon  project.  The  outstanding  balance and interest  rate on the
          standby  facility  with PSGIB as of June 30,  2002 was $382 and 15.1%,
          respectively.  Under the original terms of the agreement CCAL made its
          first  principal  payment  in  December  2001,  based  on a  repayment
          schedule  that required  semi-annual  installments  continuing  over a
          five-year  period.  On March 26, 2002 CCAL and PSGIB  entered  into an
          amended  agreement  that  changed  the  repayment  schedule to require
          quarterly installments beginning on March 31, 2002 and continuing over
          the remaining term of the original five-year agreement.  The amendment
          also  changed the  requirements  for the sinking  fund.  The  original
          agreement  required  CCAL to have on deposit a  "sinking  fund" in the
          amount equal to the next semi-annual  principal and interest  payment.
          The amended  agreement  changes the periodic payments from semi-annual
          to quarterly and requires a minimum  deposit in the sinking fund equal
          to four million Rand (approximately  $387). In addition,  one third of
          the next quarterly principal and interest payment must be deposited on
          the  last  day of each  month  into  the  fund  and  used for the next
          quarterly installment. The loan agreement includes certain restrictive
          covenants  for CCAL.  CCAL is in  compliance  with the covenants as of
          June 30, 2002.

          The dollar value of CCAL's  outstanding  note  agreement  with Caledon
          Overberg  Investments  (Proprietary)  Limited  ("COIL") as of June 30,
          2002 is  approximately  $1,058.  In September 2001, CCA, CCAL, CCI and
          COIL amended the loan agreement to reduce the rate of interest charged
          on the loan to 0%  (zero),  effective  with the  original  date of the
          agreement.  The  loan  from CCA and  COIL  are  proportionate  to each
          shareholder's  percentage  of  ownership.  The  additional  net income
          reported by CCAL,  as a result of reducing  the interest  charged,  is
          shared  proportionately  by each shareholder,  therefore,  there is no
          change in the  consolidated  net earnings of the South African segment
          or the consolidated net earnings of the Company.  Each shareholder has
          the option to reinstate  the interest  rate to be charged from January
          1, 2002  forward.  As of June 30, 2002,  neither  party has  exercised
          their option.

          An  unsecured  note  payable,  in the  amount of $380,  to a  founding
          shareholder bears interest at 6%, payable  quarterly.  The noteholder,
          at his option, may elect to receive any or all of the unpaid principal
          by  notifying  CCI on or before  April 1 of any year.  Payment  of the
          principal  amount so specified  would be required by the Company on or
          before  January  1 of  the  following  year.  The  entire  outstanding
          principal is otherwise due and payable on April 1, 2004.  Accordingly,
          the note is classified as  noncurrent  in the  accompanying  condensed
          consolidated balance sheet as of June 30, 2002 and December 31, 2001.

          The remaining  amount of $530 in debt,  as of June 30, 2002,  consists
          primarily of capital leases totaling $490.

                                       14


<PAGE>

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

          The consolidated  weighted average interest rate on all borrowings was
          9.84% for the six months ended June 30, 2002.

8.   SHAREHOLDERS' EQUITY

          During the first half of 2002,  the Company  repurchased,  on the open
          market,  an additional 15,300 shares of its common stock at an average
          price per share of $2.85.  The Company held 772,292 shares in treasury
          as of June 30, 2002 at an average share price of $1.90.  Subsequent to
          June 30,  2002,  the Company  purchased,  on the open  market,  49,100
          additional shares of its common stock at an average per share price of
          $2.60.

          In July 2002, the Company amended the Rights Agreement between Century
          Casinos,  Inc. and Computershare  Investor Services,  Inc., adopted in
          April 1999 as amended and  approved by the  Shareholders  in 2000,  to
          increase  the  defined  purchase  price  from $4 to $10 per  share and
          increased the redemption period, the time during which the Company may
          elect to redeem all of the outstanding rights, from 20 to 90 days. The
          purchase price is the exercise amount at which a registered  holder is
          entitled to purchase a given amount of shares of non-redeemable Series
          A Preferred Stock of the Company, subject to certain adjustments.

          In  connection  with the  granting of a gaming  license to CCAL by the
          Western Cape  Gambling  and Racing Board in April 2000,  CCAL issued a
          total  of 200  preference  shares,  100  shares  each to two  minority
          shareholders  each of whom have one seat on the board of  directors of
          CCAL.  The  preference  shares  are  not  cumulative,   nor  are  they
          redeemable.  The preference  shares entitle the holders of said shares
          to dividends of 20% of the after-tax profits directly  attributable to
          the CCAL  casino  business  subject to  working  capital  and  capital
          expenditure  requirements and CCAL loan obligations and liabilities as
          determined  by the  directors of CCAL.  Should the casino  business be
          sold or otherwise dissolved,  the preference shareholders are entitled
          to  20% of any  surplus  directly  attributable  to  the  CCAL  casino
          business,  net of all  liabilities  attributable  to the  CCAL  casino
          business.  As of June 30, 2002,  no dividend has been declared for the
          preference shareholders.

9.   CHANGE IN ACCOUNTING PRINCIPLES AND RECENTLY ISSUED STANDARDS

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

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

                                       15

<PAGE>

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

          SFAS No. 142 addresses the methods used to capitalize, amortize and to
          assess impairment of intangible  assets,  including goodwill resulting
          from business  combinations  accounted for under the purchase  method.
          Effective  with the  adoption of SFAS No.  142,  the Company no longer
          amortizes  goodwill and other intangible assets with indefinite useful
          lives.  Other  intangible  assets  consist of deferred  license costs.
          Included  in  assets  at June  30,  2002 is  unamortized  goodwill  of
          approximately   $7,784  and   unamortized   casino  license  costs  of
          approximately $1,100.

          In accordance with SFAS No. 142, the Company has completed step one of
          the  impairment  test on each of the reporting  units for which it has
          recorded  goodwill.  In  completing  its analysis of the fair value of
          WMCK-Venture Corporation,  parent company of Womacks Casino and Hotel,
          the Company used the Discounted  Cash Flow ("DCF") Method in which the
          reporting unit is valued by discounting the projected cash flows, to a
          period in which the annual  growth rate is expected to  stabilize,  to
          their present value based on a risk-adjusted  discount rate. Projected
          cash flows through 2008,  are based on  historical  results,  adjusted
          based on management's conservative projection of future revenue growth
          given existing  market  conditions.  A risk adjusted  discount rate of
          10%, which  estimates the return  demanded by  third-party  investors,
          taking into account market risks, and the cost of equity and after-tax
          debt in the optimal  hypothetical  capital structure,  was used in the
          DCF  calculation of  WMCK-Venture  Corp. In completing its analysis of
          the fair  value of Century  Casinos  Caledon  (Pty) Ltd,  the owner of
          Caledon Casino, Hotel and Spa, the Company also applied the DCF method
          and the results  were  compared to other  methods of  valuation,  most
          notably the net asset value of Caledon in order to further justify the
          range of values.  Cash flows were projected through the end of 2015. A
          risk  adjusted  rate of 23.2%,  taking into account risk free rates of
          return,  the return  demanded by the South African equity market and a
          risk factor which measures the  volatility of Caledon  relative to the
          equity  markets,  was used in the DCF  calculation  of  Caledon.  As a
          result of the  testing,  the Company has  determined  that there is no
          impairment of goodwill or other intangible assets. The Company will be
          required to assess  goodwill and other  intangibles  for impairment at
          least annually hereafter.

                                       16
<PAGE>

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

          A reconciliation of previously  reported net earnings,  basic earnings
          per share and diluted  earnings per share to the amounts  adjusted for
          the exclusion of amortization related to goodwill and other intangible
          assets  with  indefinite  useful  lives,  net of related  tax  effect,
          follows:
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                For The Three Months Ended June 30,
                                                                                    2002                    2001

         Reported net earnings                                              $           1,103           $             589
         Add back: Goodwill amortization, net of income taxes                               -                         294
         Add back: Casino license amortization, net of income taxes                         -                          47
                                                                              ---------------              --------------
         Adjusted net earnings                                              $           1,103           $             930
                                                                              ===============              ==============

         Basic earnings per share:
           Reported net earnings                                            $            0.08           $            0.05
           Goodwill amortization                                                            -                        0.02
           Casino license amortization                                                      -                           -
                                                                              ---------------              --------------
           Adjusted net earnings                                            $            0.08           $            0.07
                                                                              ===============              ==============

         Diluted earnings per share:
           Reported net earnings                                            $            0.07           $            0.04
           Goodwill amortization                                                            -                        0.02
           Casino license amortization                                                      -                           -
                                                                              ---------------              --------------
           Adjusted net earnings                                            $            0.07           $            0.06
                                                                              ===============              ==============

</TABLE>
                                       17
<PAGE>

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




                                                                                  For The Six Months Ended June 30,
                                                                                    2002                     2001

         Reported net earnings                                              $           2,028           $           1,042
         Add back: Goodwill amortization, net of income taxes                               -                         588
         Add back: Casino license amortization, net of income taxes                         -                          95
                                                                              ---------------             ---------------
         Adjusted net earnings                                              $           2,028           $           1,725
                                                                              ===============             ===============

         Basic earnings per share:
           Reported net earnings                                            $            0.15           $            0.08
           Goodwill amortization                                                            -                        0.04
           Casino license amortization                                                      -                           -
                                                                              ---------------             ---------------
           Adjusted net earnings                                            $            0.15           $            0.12
                                                                              ===============             ===============

         Diluted earnings per share:
           Reported net earnings                                            $            0.13           $            0.07
           Goodwill amortization                                                            -                        0.04
           Casino license amortization                                                      -                          -
                                                                              ---------------             ---------------
           Adjusted net earnings                                            $            0.13           $            0.11
                                                                              ===============             ===============
</TABLE>
          SFAS No. 144 supersedes  SFAS No. 121,  "Accounting for the Impairment
          of  Long-Lived  Assets and for  Long-Lived  Assets to Be Disposed Of".
          SFAS  No.  121 did not  address  the  accounting  for a  segment  of a
          business accounted for as a discontinued operation,  which resulted in
          two accounting  models for  long-lived  assets to be disposed of. SFAS
          No. 144 establishes a single accounting model for long-lived assets to
          be disposed of by sale and requires  that those  long-lived  assets be
          measured at the lower of the  carrying  amount or fair value less cost
          to sell, whether reported in continuing  operations or in discontinued
          operations.

          Adoption  of SFAS No.  141 and SFAS No.  144 did not have an affect on
          the Company's financial statements.

          The Company has reviewed all recently  issued,  but not yet effective,
          accounting   pronouncements   and  does  not  believe  that  any  such
          pronouncements   will  have  a  material   impact  on  its   financial
          statements.

                                       18
<PAGE>

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

10.  SEGMENT INFORMATION

          The Company has adopted  FASB  Statement  No. 131  "Disclosures  about
          Segments of an  Enterprise  and Related  Information".  The Company is
          managed in four  segments;  Cripple  Creek,  Colorado,  South  Africa,
          Cruise Ships, and Corporate  operations.  Corporate operations include
          the revenue and expense of certain corporate gaming projects for which
          the Company  has  secured  long term  management  contracts.  Earnings
          before interest,  taxes, depreciation and amortization (EBITDA) is not
          considered  a  measure  of  performance  recognized  as an  accounting
          principle   generally  accepted  in  the  United  States  of  America.
          Management  believes that EBITDA is a valuable measure of the relative
          performance  amongst its operating  segments.  Segment information for
          the three months ended June 30, 2002 and 2001 is presented below.
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>



                                                Cripple Creek CO               South Africa                  Cruise Ships
        For the Three Months Ended June 30,     2002          2001          2002           2001           2002           2001

        Net operating revenue                $  5,506       $  5,171       $  1,676       $  1,998       $    200        $    150
        Depreciation & amortization          $    324       $    819       $    160       $    362       $     15        $     10
        Interest  income                     $      4              -       $     26       $     13              -               -
        Interest expense,
         including debt issuance cost        $    347       $    355       $    201       $    311              -               -
        Earnings (loss) before income
         taxes and minority interest         $  1,926       $  1,396       $    109       $  (275)       $     73        $     24
        Income tax expense(benefit)          $    886       $    642       $     35          (181)       $     27              11
        Net earnings (loss)                  $  1,040       $    754       $     68       $   (32)       $     46        $     13

        EBITDA                               $  2,593       $  2,570       $    438       $    447       $     88        $     34

..

                                              Corporate and Other        Inter-segment Elimination             Consolidated
        For the Three Months Ended June 30,     2002          2001          2002           2001           2002           2001

        Net operating revenue                $     47       $     74              -              -       $  7,429        $  7,393
        Depreciation & amortization          $     54       $     63              -              -       $    553        $  1,254
        Interest  income                     $     90       $     89       $   (86)       $   (85)       $     34        $     17
        Interest expense,
         including debt issuance cost        $      6       $     11       $   (86)       $   (85)       $    468        $    592
        Earnings (loss) before income
         taxes and minority interest         $  (386)       $  (422)              -            -         $  1,722        $    723
        Income tax expense(benefit)          $  (335)       $  (276)              -            -         $    613        $    196
        Net earnings (loss)                  $   (51)       $  (146)              -            -         $  1,103        $    589

        EBITDA                               $  (416)       $  (437)              -            -         $  2,703        $  2,614


</TABLE>
                                       19

<PAGE>

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

          Segment  information as of, and for the six months ended June 30, 2002
          and 2001 is presented below.
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>



                                                Cripple Creek CO               South Africa                  Cruise Ships
          As of and for the Six Months         2002         2001            2002          2001            2002           2001
                Ended June 30,

        Property and equipment, net          $ 20,905       $ 19,046       $  9,653       $ 11,834       $    221        $    231
        Goodwill, net  (1)                   $  7,233       $  7,903       $    551       $    798              -               -
        Total assets                         $ 31,499       $ 30,090       $ 18,429       $ 17,578       $    438        $    441
        Net operating revenue                $ 10,699       $ 10,100       $  3,210       $  4,138       $    305        $    332
        Depreciation & amortization          $    667       $  1,642       $    347       $    710       $     28        $     21
        Interest  income                     $      8              -       $     42       $     26              -               -
        Interest expense,
         including debt issuance cost        $    691       $    677       $    397       $    535              -               -
        Earnings (loss) before income
         taxes and minority interest         $  3,611       $  2,524       $    176       $  (385)       $     69        $     60
        Income tax expense(benefit)          $  1,661       $  1,161       $     85          (181)             26        $     27
        Net earnings (loss)                  $  1,950       $  1,363       $     93       $   (39)       $     43        $     33

        EBITDA                               $  4,961       $  4,843       $    880       $    999       $     97        $     81


                                              Corporate and Other        Inter-segment Elimination             Consolidated
          As of and for the Six Months        2002          2001           2002          2001          2002           2001
                Ended June 30,

        Property and equipment, net          $  1,658       $  1,846              -              -       $ 32,437        $ 32,957
        Goodwill, net  (1)                          -              -              -              -       $  7,784        $  8,701
        Total assets                         $  2,077       $  4,134       $(4,249)       $(2,634)       $ 48,194        $ 49,609
        Net operating revenue                $    107       $    132              -              -       $ 14,321        $ 14,702
        Depreciation & amortization          $    108       $    118              -              -       $  1,150        $  2,491
        Interest  income                     $    178       $    179       $  (171)       $  (171)       $     57        $     34
        Interest expense,
         including debt issuance cost        $     12       $     24       $  (171)       $  (171)       $    929        $  1,065
        Earnings (loss) before income
         taxes and minority interest         $  (599)       $  (799)              -              -       $  3,257        $  1,400
        Income tax expense(benefit)          $  (541)       $  (484)              -              -       $  1,231        $    523
        Net earnings (loss)                  $   (58)       $  (315)              -              -       $  2,028        $  1,042

        EBITDA                               $  (657)       $  (836)              -              -       $  5,282        $  5,087

</TABLE>

          (1) The only change in  goodwill,  net,  for the six months ended June
          30,  2002 was $75 for the  translation  effects  related  to  goodwill
          denominated in a foreign currency.


                                       20
<PAGE>

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


11.  OTHER EXPENSE, NET
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

         Other (expense), net, consists of the following:
                                                                                For the Three Months Ended June 30,
                                                                                    2002                       2001
                                                                                    ----                       ----

        Interest income                                                     $              34           $              17
        Interest expense                                                                (440)                       (576)
        Gain (loss) on disposition of assets                                                2                          14
        Amortization of deferred financing costs                                         (28)                        (16)
        Other                                                                             (1)                           -
                                                                              ---------------             ---------------
                                                                            $           (433)           $           (561)
                                                                              ===============             ===============

                                                                                  For the Six Months Ended June 30,
                                                                                    2002                       2001
                                                                                    ----                       ----

        Interest income                                                     $              57           $              34
        Interest expense                                                                (885)                     (1,033)
        Gain (loss) on disposition of assets                                                2                          14
        Foreign currency exchange gains                                                     -                           1
        Amortization of deferred financing costs                                         (43)                        (32)
        Write-down value of non-operating property                                          -                        (57)
        Other                                                                             (2)                           -
                                                                              ---------------             ---------------
                                                                            $           (871)           $         (1,073)
                                                                              ===============             ===============

</TABLE>

                                       21

<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

          Forward-Looking  Statements,  Business  Environment  and Risk  Factors

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

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

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

                                       22
<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

Results of Operations

Three Months Ended June 30, 2002 vs. 2001

     Cripple Creek, Colorado

     Womacks is located in Cripple Creek,  Colorado.  Net operating  revenue for
     the  second  quarter,  derived  principally  from  its  gaming  operations,
     increased to $5,506 in 2002 from $5,171 in 2001. Womacks casino revenue for
     the second  quarter  increased  to $5,446 in 2002 from  $5,066 in 2001,  or
     7.5%.  During the first  quarter of 2002,  the Company  broke ground on the
     construction  of its 6,022  square foot  addition to the casino and back of
     house operations.  In the second quarter of the year Womacks expended $212,
     bringing  the total cost of  construction  to $944  through  June 30, 2002.
     Womacks'  share of the overall  Cripple Creek market  increased to 17.7% in
     2002 from 16.7% in 2001. Womacks Casino operated approximately 14.8% of the
     gaming  devices in the Cripple  Creek market in the second  quarter of 2002
     compared  to 14.3% in 2001.  The  average  win per day per  machine was 110
     dollars in 2002 and 104 dollars in 2001 compared  with a market  average of
     91 dollars in 2002 and 89 dollars  in 2001.  Gross  margin for the  Cripple
     Creek casino  activities in the second  quarter  (casino  revenues,  net of
     applicable  casino gaming  incentives,  less casino expenses)  decreased to
     68.6%  compared with 71.6% a year earlier.  In the second  quarter of 2002,
     Womacks paid a higher amount of royalties on  participation  machines,  but
     this increased cost is in lieu of depreciation expense that would have been
     incurred had the machines  been  purchased.  With  participation  machines,
     Womacks pays a fee to the manufacturer, in lieu of purchasing the machines,
     based on a percentage of the win. Gaming tax in Colorado is calculated on a
     graduated  scale,  therefore the effective rate increases as casino revenue
     improves.  The increase in the gaming tax has had a negative  impact on the
     margin.  Management  continues  to focus  on the  marketing  of the  casino
     through  the  expansion  of the highly  successful  Gold  Club.  Management
     continues to place emphasis on further refining the product mix,  upgrading
     both the  interior  of the  facilities,  as well as the slot  machine  mix.
     Management  has recently  added an additional 41 parking spaces through the
     purchase of the Palace Hotel property and  introduced  valet parking to its
     list of  customer  benefits,  expanding  on the  convenient  and  expansive
     parking facilities currently provided by the casino.

     Food and Beverage  revenue in the second  quarter of 2002 decreased to $208
     from $269 in 2001. In July 2002, Womacks introduced Bob's Grill on the main
     gaming floor to improve customer convenience. The cost of food and beverage
     promotional  allowances,  which are  included  in casino  costs,  increased
     slightly to $230 in 2002 from $228 in 2001. Hotel revenue also increased to
     $65 in 2002 from $19 in 2001, or 243% as the result of  introducing  10 new
     luxury rooms in July of 2001.  Womacks  added 3 additional  luxury rooms at
     the end of the first quarter of 2002. The casino does not generate any cash
     revenue  from the  hotel  operation.  All rooms  are  comped to its  better
     players.

     General  and  administrative  expenses  increased  to $1,142 in the  second
     quarter of 2002 from $1,082 in same period of 2001, or 5.5%.

     Depreciation  decreased  to $324 in 2002 from $484 in 2001.  As a result of
     adopting SFAS No. 142 the Company no longer amortizes the remaining balance
     in goodwill resulting in a reduction of $335 in amortization expense.

     Interest expense,  including debt issuance cost,  decreased to $347 in 2002
     from  $355 in 2001.  Since  the  second  quarter  of 2000 the  Company  has
     borrowed a total of $6.5 million under the RCF to fund its  investments  in
     South Africa.  The resulting interest charge of approximately $180 and $151
     has not been  allocated  to the South  African  segment  during  the second
     quarter of the years 2002 and 2001 respectively.

                                       23

<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

     The Cripple  Creek  segment  recognized  income tax expense of $886 in 2002
     versus $642 in 2001 due to an increase in pre-tax earnings.

     South Africa

     When  comparing the second  quarter of last year to the current  year,  the
     deterioration  in the Rand  versus the dollar has had a negative  impact on
     the reported  revenues and a positive  impact on  expenses.

     Net operating  revenue decreased to $1,676 in 2002 from $1,998 in 2001. The
     Caledon  Casino  Hotel  and  Spa  also  faces  intense  competition  from a
     significantly larger casino operation in Cape Town, S.A.  approximately one
     hour away.  Caledon casino revenue  decreased to $1,378 in 2002 from $1,604
     in 2001, or 14%.  Excluding the effect of the change in the Rand conversion
     rate from year to year,  casino revenue  increased by 14%. Gross margin for
     the Caledon  casino  activities  (casino  revenues,  less casino  expenses)
     increased to 62.4% from 53.7% a year earlier as a result of eliminating the
     casino  management fees which totaled $84 in the second quarter of 2001 and
     overall control of costs.

     Food and beverage  revenue  decreased to $181 during the second  quarter of
     2002 from $222 during the second  quarter of 2001, or 18.5%.  Excluding the
     effect of the change in the Rand  conversion  rate from year to year,  food
     and  beverage  revenue  increased by 5%.  Hotel  revenue  decreased to $136
     during  the  second  quarter  of 2002  compared  to $150  during the second
     quarter of 2001.  Excluding the effect of the change in the Rand conversion
     rate from year to year, hotel revenue increased by 17%.

     General and administrative  expenses decreased to $425 in 2002 from $511 in
     2001, a reduction of 16.8%.  Excluding the effect of the change in the Rand
     conversion  rate from year to year,  general  and  administrative  expenses
     decreased by 9% as a result of  management's  continuing  effort to improve
     the efficiency of the operation.

     Depreciation  expense  incurred in South  Africa  decreased to $160 in 2002
     from $341 in 2001 due in part to the effect of the currency devaluation. As
     a result of  adopting  SFAS No.  142 the  Company no longer  amortizes  the
     remaining  balance  in  goodwill   resulting  in  a  reduction  of  $21  in
     amortization expense.

     Interest expense,  including debt issuance cost,  decreased to $201 in 2002
     from $311 in 2001.  The  weighted-average  interest rate on the  borrowings
     under the PSG loan  agreement  is 16.9% in the  second  quarter of 2002 and
     2001.

     The South African segment recognized an income tax expense of $35 in 2002.

     Cruise Ships

     Net operating  revenue  increased to $200 in 2002 from $150 in 2001.  Gross
     margin for the casino activities  (casino  revenues,  less casino expenses)
     increased  to 37.4% from 14.8% a year  earlier.  Following  the  tragedy of
     September 11, 2001 attacks on the World Trade Center,  the cruise ships had
     seen a  substantial  decrease in the amount of passenger  traffic,  but the
     Company  has begun to see a  recovery  in the  second  quarter.  During the
     second  quarter of 2002,  the Company  operated  casinos on a total of four
     ships,  three  on  Silverseas  and the one on "The  World  of  Residensea",
     compared to a total of three in the same period during the prior year,  all
     on Silverseas.

     Depreciation expense has increased to $15 in 2002 from $10 in 2001.

                                       24

<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

     Corporate & Other

     Net operating  revenues  consisted  solely of  management  fees earned from
     operating  Casino  Millennium in Prague,  Czech Republic which decreased to
     $47 in 2002 from $74 in 2001.

     Depreciation  decreased  to $54 in  2002  from  $63 in  2001.

     General and  administrative  expense decreased to $462 in 2002 from $506 in
     2001, or 8.8%.  The majority of the savings is directly  attributable  to a
     reduction in the cost of professional services.

Six Months Ended June 30, 2002 vs. 2001

     Cripple Creek, Colorado

     Womacks is  located in Cripple  Creek,  Colorado.  Net  operating  revenue,
     derived  principally  from its gaming  operations,  increased to $10,699 in
     2002 from $10,100 in 2001.  Womacks casino revenue  increased to $10,583 in
     2002 from  $9,941 in 2001,  or 6.5%.  During  the first  half of 2002,  the
     Company broke ground on the  construction of its 6,022 square foot addition
     to the casino and back of house  operations.  In the first half of the year
     the Company expended $544,  bringing the total cost of construction to $944
     through June 30, 2002.  Womacks' share of the overall  Cripple Creek market
     increased  to 17.6% in the first half of 2002 from  16.9% in 2001.  Womacks
     Casino  operated  approximately  14.8% of the gaming devices in the Cripple
     Creek market in 2002 compared to 14.0% in 2001. The average win per day per
     machine  was 107 dollars in 2002 and 105  dollars in 2001  compared  with a
     market  average of 89 dollars in 2002 and 86 dollars in 2001.  Gross margin
     for the Cripple Creek casino activities (casino revenues, net of applicable
     casino gaming incentives, less casino expenses) decreased to 68.3% compared
     with 70.5% a year earlier. In the first half of 2002, Womacks paid a higher
     amount of royalties on participation  machines,  but this increased cost is
     in lieu of  depreciation  expense  that  would have been  incurred  had the
     machines  been  purchased.  Gaming  tax  in  Colorado  is  calculated  on a
     graduated  scale,  therefore the effective rate increases as casino revenue
     improves.  Management  continues  to focus on the  marketing  of the casino
     through  the  expansion  of the highly  successful  Gold  Club.  Management
     continues to place emphasis on further refining the product mix,  upgrading
     both the  interior of the  facilities,  as well as the slot machine mix and
     introducing valet service on the Palace Hotel property.

     Food and Beverage  revenue in 2002  decreased to $422 from $465 in 2001, or
     9.2%. In July 2002, Womacks introduced Bob's Grill on the main gaming floor
     to improve customer convenience.  The cost of food and beverage promotional
     allowances,  which are included in casino costs,  increased to $453 in 2002
     from  $423 in 2001.  Hotel  revenue  increased  to $120 in 2002 from $36 in
     2001, or 233% as the result of  introducing  10 new luxury rooms in July of
     2001.  Womacks  added 3  additional  luxury  rooms at the end of the  first
     quarter of 2002.  The casino does not  generate  any cash  revenue from the
     hotel operation. All rooms are comped to its better players.

     General and administrative expenses increased to $2,266 in 2002 from $2,177
     in 2001,  or 4%. The cost of casino  management  allocated  from  corporate
     operations has been reduced to $76 in 2002 from $115 in 2001.

     Depreciation  decreased  to $667 in 2002 from $971 in 2001.  As a result of
     adopting SFAS No. 142 the Company no longer amortizes the remaining balance
     in goodwill  resulting  in a  reduction  of $671 in  amortization  expense.

                                       25

<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

     Interest expense,  including debt issuance cost,  increased to $691 in 2002
     from  $677 in 2001.  Since  the  second  quarter  of 2000 the  Company  has
     borrowed a total of $6.5 million under the RCF to fund its  investments  in
     South Africa.  The resulting interest charge of approximately $350 and $297
     has not been  allocated  to the  South  African  segment  for the first six
     months  of the  years  2002 and  2001  respectively.  The  weighted-average
     interest rate on the  borrowings  under the RCF,  including  effects of the
     swap  agreements,  has  increased  slightly  to 8.87% in 2002 from 8.17% in
     2001.

     The Cripple Creek segment  recognized  income tax expense of $1,661 in 2002
     versus $1,161 in 2001 due to an increase in pre-tax earnings.

     South Africa

     When  comparing  the  first  half of last  year to the  current  year,  the
     deterioration  in the Rand  versus the dollar has had a negative  impact on
     the reported revenues and a positive impact on expenses.

     Net operating  revenue decreased to $3,210 in 2002 from $4,138 in 2001. The
     Caledon Casino Hotel and Spa faces intense competition from a significantly
     larger casino  operation in Cape Town,  S.A.  approximately  one hour away.
     Caledon casino revenue  decreased to $2,635 in 2002 from $3,403 in 2001, or
     22.6%.  Excluding the effect of the Rand conversion rate from year to year,
     casino  revenue  increased  by 10%.  Gross  margin for the  Caledon  casino
     activities (casino revenues,  less casino expenses) increased to 61.6% from
     56.7% a year earlier as a result of eliminating the casino  management fees
     which totaled $186 in the first half of 2001 and overall control of costs.

     Food and beverage revenue  decreased to $334 during the first six months of
     2002 from $416 during the first six months of 2001, or 19.5%. Excluding the
     effect of the change in the Rand  conversion  rate from year to year,  food
     and  beverage  revenue  increased  by 11%.  Hotel  revenue  decreased  only
     slightly  to $286  during  the first six  months of 2002  compared  to $288
     during the first six months of 2001.  Excluding the effect of the change in
     the Rand conversion rate from year to year, hotel revenue increased by 38%,
     primarily  due to the  increase in the amount of rooms comped by the casino
     to its better players.

     General and  administrative  expenses decreased to $793 in 2002 from $1,120
     in 2001,  a reduction of 29.1%.  Excluding  the effect of the change in the
     Rand conversion rate from year to year, general and administrative expenses
     decreased  by 9%,as a result of  management's  emphasis  on  improving  the
     efficiency of the operation.

     Depreciation  expense  incurred in South  Africa  decreased to $347 in 2002
     from $668 in 2001 due in part to the effect of the currency devaluation. As
     a result of  adopting  SFAS No.  142 the  Company no longer  amortizes  the
     remaining  balance  in  goodwill   resulting  in  a  reduction  of  $42  in
     amortization expense.

     Interest expense,  including debt issuance cost,  decreased to $397 in 2002
     from $535 in 2001.  The  weighted-average  interest rate on the  borrowings
     under the PSG loan  agreement  is 16.9% in the first six months of 2002 and
     2001.

     The South African  segment  recognized an income tax expense of $85 in 2002
     compared to a tax benefit of $181 in 2001.

                                       26

<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

     Cruise Ships

     Net operating revenue decreased slightly to $305 in 2002 from $332 in 2001.
     Gross  margin for the  casino  activities  (casino  revenues,  less  casino
     expenses)  increased  to 25.7% from  17.3% a year  earlier.  Following  the
     tragedy of September 11, 2001 attacks on the World Trade Center, the cruise
     ships have seen a substantial  decrease in the amount of passenger traffic,
     but the  operations  have  already  begun to see a  recovery  in the second
     quarter of 2002. In October 2001, Silversea Cruises removed one of the four
     ships from service.

     Depreciation expense has increased to $28 in 2002 from $21 in 2001.

     Corporate & Other

     Net operating  revenues  consisted  solely of  management  fees earned from
     operating  Casino  Millennium in Prague,  Czech Republic which decreased to
     $107 in 2002 from $132 in 2001. Depreciation decreased to $108 in 2002 from
     $118 in 2001.

     General and  administrative  expense decreased to $763 in 2002 from $910 in
     2001,  or  16.2%.The   majority  of  the  savings  is   attributable  to  a
     re-allocation  of  corporate  personnel  cost and the cost of  professional
     services.

     Other expense for 2001 includes a charge of $57 for the write-down in value
     of non-operating property and land held by the Company in Nevada.

                                       27

<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

     Liquidity and Capital  Resources

     Cash and cash  equivalents  totaled  $3,267  (including  $387 of restricted
     cash) at June 30,  2002,  and the Company had net working  capital of $259.
     Additional  liquidity  may be provided by the  Company's  revolving  credit
     facility ("RCF") with Wells Fargo Bank, under which the Company had a total
     commitment of $26,000  ($20,944 net of the quarterly  reduction) and unused
     borrowing  capacity of  approximately  $8,308 at June 30, 2002. For the six
     months  ended June 30, 2002,  cash  provided by  operating  activities  was
     $2,330  compared  with  $1,966  in the  prior-year  period.  Cash  used  in
     investing  activities of $2,909 for the first six months of 2002, consisted
     of $1.3 million  towards the purchase and  improvements of the Palace Hotel
     and property,  $544 towards the expansion of the Womacks casino at the rear
     of the  property  that is  expected  to be  completed  in 2002,  which will
     provide  additional  gaming  space,  $110  towards  the  construction  of a
     restaurant  &  grill  on the  first  floor  of  Womacks  casino,  $298  for
     additional  improvements  to the property in Caledon,  South Africa,  $460,
     primarily  for  land  purchased  for the  proposed  casino  development  in
     Johannesburg,  South Africa and the balance of $197 due to expenditures for
     other long lived  assets.  Cash used in investing  activities of $3,454 for
     the first six  months of 2001,  consisted  of a $250 loan  provided  by the
     Company to an unrelated  party in Cripple Creek,  Colorado , $1,954 was due
     to improvements to the Caledon Casino Hotel and Spa in South Africa and the
     balance was principally due to improvements to the  Womacks/Legends  casino
     in Cripple Creek,  Colorado.  Cash provided by financing activities for the
     first six months of 2002  consisted of net borrowings of $835 under the RCF
     with Wells Fargo, less net repayments of $354 under the loan agreement with
     PSG,  additional deferred financing charges incurred by the Caledon Casino,
     Hotel & Spa, with a cost of $19, the repurchase of company's  stock, on the
     open market,  with a cost of $44 and other net repayments of $43. Cash used
     in financing  activities  for the first six months of 2001 consisted of net
     repayments of $5,336 under the RCF with Wells Fargo, net borrowings of $698
     under the PSG loan  agreements,  the repurchase of company's  stock, on the
     open market, with a cost of $402, and other net receipts of $55.

     Effective  April 26, 2000, the Company and Wells Fargo Bank entered into an
     amended and  restated  credit  agreement,  which  increased  the  borrowing
     commitment  as of that  date from  $17,200  to  $26,000  and  extended  the
     maturity  date of the RCF until  April  2004.  The  agreement  was  further
     amended in August 2001 to give  greater  flexibility  to the ability to use
     the borrowed funds for projects for the Company.

     The Company has a 20-year  agreement with Casino  Millennium  a.s., a Czech
     company,  to operate a casino in the five-star  Marriott  Hotel, in Prague,
     Czech  Republic.  The hotel and  casino  opened in July 1999.  The  Company
     provides  casino  management  services in  exchange  for ten percent of the
     casino's gross revenue and leases gaming  equipment,  with an original cost
     of  approximately  $1.2 million,  to the casino for 45% of the casino's net
     profit.  The  Company  has a  memorandum  of  agreement  to  acquire  a 50%
     ownership interest in Casino Millennium a.s., a Czech company.  Any funding
     required by the Company to consummate this transaction would be met through
     a combination of RCF borrowings,  existing  liquidity and anticipated  cash
     flow.  The  acquisition  is expected to be  completed in late 2002 or early
     2003,  subject to certain  contingencies  and contract  conditions,  and is
     expected to cost approximately $200 in cash plus contributed assets.

                                       28
<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

     The Company's  Board of Directors has approved a  discretionary  program to
     repurchase up to $5,000 of the  Company's  outstanding  common  stock.  The
     Board  believes  that the  Company's  stock is  undervalued  in the trading
     market in relation to both its present operations and its future prospects.
     During the first six months of 2002, the Company  repurchased,  on the open
     market, an additional 15,300 shares of its common stock at an average price
     per share of $2.85.  Through  June 30,  2002,  the Company had  repurchased
     2,205,100  shares  of its  common  stock at a total  cost of  approximately
     $3,015.  Management  expects to continue to review the market  price of the
     Company's  stock and repurchase  shares as  appropriate,  with funds coming
     from existing liquidity or borrowings under the RCF.

     The  Company is the  contracted  casino  management  partner of, and, as of
     September 2001, through its South African subsidiary,  CCA, entered into an
     agreement to secure a 50% ownership  interest in Rhino Resort Ltd. ("RRL"),
     a consortium which includes Silverstar Development Ltd. ("Silverstar"). RRL
     submitted an application for a proposed  hotel/casino resort development in
     the greater  Johannesburg  area of South Africa at a cost of  approximately
     400  million  Rand  ($38.6  million).  The  dollar  value  of the  proposed
     development  fluctuates with the USD/Rand  exchange rate. In November 2001,
     the Gauteng  Gambling Board ("GGB"),  with the concurrence of the Executive
     Council of the  provincial  government,  awarded RRL the sixth,  and final,
     casino license for 700 slot machines and 30 gaming tables  conditional upon
     the satisfaction of certain  requirements  within three months of award. In
     February  2002,  RRL filed  documentation  with the GGB in order to satisfy
     those conditions, including evidence of the continuing commitment of Nedcor
     Investment Bank (one of South Africa's leading  financial  institutions) to
     provide the necessary debt financing and project guarantees  required under
     the license.  In the event of  favorable  resolution  of the pending  court
     action  initiated  in  February  2002  by a  competing  casino,  Tsogo  Sun
     Holdings,  challenging  the  license  award,  the  Company,  as part of the
     September 2001 agreement,  as amended,  would be required to make an equity
     investment of 50 million Rand or approximately $4.8 million. As of June 30,
     2002,  advances totaling  approximately $481, which will reduce the funding
     requirement, have been made to RRL. The remaining funding requirement would
     be met through borrowings under the RCF.


     In the fourth  quarter 2001,  Womacks began a 6,022 square foot  expansion.
     Approximately  half  of  the  space  will  provide  additional  gaming  for
     approximately  115 slot machines on the street  level.  The other half will
     increase the "back of house" area.  Contracts for the project totaling $1.5
     million have been signed as of June 30, 2002. The total  construction cost,
     including  additional  slot  machines,  is expected to be $2.5 million,  of
     which $944 has been spent through June 30, 2002. The project is expected to
     be completed by the end of 2002 or in the first quarter of 2003.

     Management believes that the Company's cash at June 30, 2002, together with
     expected cash flows from  operations and borrowing  capacity under the RCF,
     will be sufficient to fund its  anticipated  capital  expenditures,  pursue
     additional  business growth  opportunities for the foreseeable  future, and
     satisfy its debt repayment obligations.


                                       29

<PAGE>

CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

     Critical Accounting Policies

     In accordance  with recent  Securities  and Exchange  Commission  guidance,
     those material accounting policies that we believe are the most critical to
     an  investor's   understanding  of  the  Company's  financial  results  and
     condition and/or require complex management judgment have been expanded and
     are discussed below.

     Revenue Recognition - Casino revenue is the net win from gaming activities,
     which is the  difference  between  gaming wins and losses.  Management  and
     consulting  fees are  recognized as revenue as services are  provided.  The
     incremental  amount  of  unpaid  progressive  jackpots  is  recorded  as  a
     liability and a reduction of casino  revenue in the period during which the
     progressive jackpots increase.

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

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

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

     SFAS No. 142  addresses  the methods  used to  capitalize,  amortize and to
     assess impairment of intangible  assets,  including goodwill resulting from
     business  combinations  accounted for under the purchase method.  Effective
     with the adoption of SFAS No. 142, the Company no longer amortizes goodwill
     and other  intangible  assets with  indefinite  useful  lives,  principally
     deferred  casino  license costs.  In evaluating  the Company's  capitalized
     casino license cost related to CCAL, which comprises principally all of its
     other  intangible  assets,  management  considered  all of the criteria set
     forth in SFAS  No.  142 in  determining  its  useful  life.  Of  particular
     significance in that evaluation was the existing  regulatory  provision for
     annual  renewal of the license at minimal cost and the current  practice of
     the Western  Cape  Gambling and Racing  Board  ("Board")  of granting  such
     renewals  as long  as all  applicable  laws  are  complied  with as well as
     compliance with the original  conditions of the casino operator  license as
     set forth by the Board.  Based on that  evaluation,  the Company has deemed
     the casino license costs to have an indefinite  life as of January 1, 2002.
     Included   in  assets  at  June  30,  2002  is   unamortized   goodwill  of
     approximately   $7,784   and   unamortized   deferred   license   costs  of
     approximately $1,100.

                                       30

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CENTURY CASINOS, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
(Dollar amounts in thousands, except for share information, or as noted)
--------------------------------------------------------------------------------

     In accordance  with SFAS No. 142, the Company has completed step one of the
     impairment  test on each of the  reporting  units for which it has recorded
     goodwill.  In  completing  its  analysis of the fair value of  WMCK-Venture
     Corporation,  parent company of Womacks Casino and Hotel,  the Company used
     the  Discounted  Cash Flow ("DCF")  Method in which the  reporting  unit is
     valued by discounting  the projected  cash flows,  to a period in which the
     annual growth rate is expected to  stabilize,  to their present value based
     on a  risk-adjusted  discount  rate.  Projected cash flows through 2008 are
     based on historical  results,  adjusted based on management's  conservative
     projection of future  revenue growth given existing  market  conditions.  A
     risk adjusted  discount rate of 10%, which estimates the return demanded by
     third-party  investors,  taking into account market risks,  and the cost of
     equity and after-tax debt in the optimal  hypothetical  capital  structure,
     was used in the DCF  calculation  of  WMCK-Venture  Corp. In completing its
     analysis of the fair market value of Century Casinos Caledon (Pty) Ltd, the
     owner of Caledon  Casino,  Hotel and Spa,  the Company also applied the DCF
     method and the results were compared to other  methods of  valuation,  most
     notably  the net asset  value of Caledon in order to  further  justify  the
     range of values.  Cash flows were projected through the end of 2015. A risk
     adjusted rate of 23.2%,  taking into account risk free rates of return, the
     return  demanded by the South African equity market and a risk factor which
     measures the volatility of Caledon relative to the equity markets, was used
     in the DCF calculation of Caledon. As a result of the testing,  the Company
     has determined that there is no impairment of goodwill or other  intangible
     assets.  The  Company  will  be  required  to  assess  goodwill  and  other
     intangibles for impairment at least annually hereafter.

     Foreign  Exchange - Current  period  transactions  affecting the profit and
     loss of  operations  conducted  in  foreign  currencies  are  valued at the
     average exchange rate for the period in which they are incurred. Except for
     equity transactions and balances  denominated in U.S. dollars,  the balance
     sheet is translated based on the exchange rate at the end of the period.

     Reclassifications  - Certain  reclassifications  have been made to the 2001
     financial information in order to conform to the 2002 presentation.



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


                                       31
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     PART II

     OTHER INFORMATION

     Item 1. - Legal Proceedings

          The  Company  is not a party to,  nor is it aware of,  any  pending or
          threatened  litigation  which, in management's  opinion,  could have a
          material adverse effect on the Company's financial position or results
          of operations.

     Items 2 to 4 - None

     Item 5 - Other Information

          The Board of Directors  unanimously adopted,  ratified,  confirmed and
          approved the Amended and Restated Bylaws of Century  Casinos,  Inc. as
          of May 10, 2002.

     Item 6. - Exhibits and Reports on Form 8-K

          (a)  Exhibits - The following exhibits are filed herewith:
               11.13 Second  Supplement  to Rights  Agreement  dated July  2002,
                    between  Century  Casinos,  Inc and  Computershare  Investor
                    Services, Inc. as rights agent.
               11.14 Amended and Restated Bylaws of Century Casinos, Inc.

          (b)  Reports on Form 8-K:
               No reports on Form 8-K were filed  during the quarter  ended June
               30, 2002.


                                  * * * * * * *

     SIGNATURES:

     Pursuant to the  Securities  Exchange Act of 1934,  the Registrant has duly
     caused this report to be signed on its behalf by the undersigned  thereunto
     duly authorized.

     CENTURY CASINOS, INC.

     /s/ Larry Hannappel

     ---------------------------
     Larry Hannappel
     Chief Accounting Officer and duly authorized officer
     Date: July 26, 2002

                                       32

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