Document:

Exhibit 10(9)

                        CONTRACT FOR SALE OF REAL ESTATE

     South Grove Landing,  LLC (the "Vendor"),  offers to sell to Mutual Savings
Bank (the "Purchaser"),  the following  described  unimproved outlot real estate
located  generally  in the  southeast  quadrant of State Road 135 and  Whiteland
Road, Johnson County, Indiana, comprised of the legal description which is to be
agreed  upon in advance of closing and  attached  hereto as Exhibit A but in the
interim is depicted as Lot 1 in the multi-use complex attached as Exhibit B (all
referred  to as the  "Real  Estate")  for Six  Hundred  Fifty  Thousand  Dollars
($650,000.00) (the "Purchase Price"), subject to the following written terms and
conditions:

1.   Payment. The Purchase Price shall be paid as follows:

     1.1  Earnest Money Deposit.  Purchaser  shall tender within two (2) days of
          acceptance  to Cutsinger & Schafstall  (as Escrow Agent) for placement
          in  an  interest  bearing  account,   simultaneous   with  Purchaser's
          acceptance of this Contract,  Ten Thousand Dollars  ($10,000.00)  (the
          "Earnest  Money").  The Earnest Money and any interest  earned thereon
          shall be applied to the Purchase  Price and shall be credited first to
          any portion thereof  payable in cash at the time of closing,  or until
          termination  of this  agreement,  at which time it will be returned to
          purchaser  unless  purchaser  is in  default  of this  agreement.  The
          Earnest Money shall be returned immediately to Purchaser if this offer
          is not accepted.

     1.2  Payment on Closing.  On closing this transaction,  Purchaser shall pay
          the Purchase Price less the Earnest Money in cash to Vendor.

2.   Conditions of Offer. In addition to other provisions of this Contract,  the
     Purchaser's  obligations  hereunder  are  subject  to  satisfaction  of the
     following conditions unless waived in whole or in part:

     2.1  By Vendor:

          2.1.1. Curb Cuts.  That Vendor is able to secure INDOT approval for at
               least one of the  commercial  curb cuts on State  Road #135 and a
               Johnson  County curb cut approval on Whiteland Road to be located
               in proximity to Lot 1.

          2.1.2. Lot Access.  Vendor, subject to appropriate County planning and
               zoning approval,  will permit purchaser to have two (2) points of
               entrance/exit  for Lot 1. One entrance  will be on the South side
               and one will be  located  on the East  side of said  Lot.  In the
               event appropriate governmental approval is not granted, purchaser
               may reserve the right to not proceed to closing.

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<PAGE>

          2.1.3.  Drainage.  Subject  to  Vendor  securing  before  closing  the
               necessary  easements  and  government  approval  for the drainage
               requirement of the entire complex depicted on Exhibit B.

          2.1.4. Water and Sewer  Utilities.  Subject to Vendor  securing before
               closing  necessary  easements  and the right to  access  sanitary
               sewer  and  water   utilities  at  rates  and   connection   fees
               satisfactory to Vendor.

          2.1.5. Deed  Restriction  against  the  Balance of the Entire  Complex
               Depicted  in Exhibit B.  Subject to Vendor and  Vendor's  counsel
               securing and  approving  specific  language in advance of closing
               that  addresses  Purchaser's  desire to  restrict  the complex to
               Purchaser  having  the  exclusive  right  on  and  therein  to  a
               Financial Institution offering deposit, trust, loan, ATM, nightly
               deposit and other financial  service  products but this shall not
               preclude ATM type  facilities and business in which such services
               are secondary.

          2.1.6.  Pylon  Signage.  Subject  to  Vendor  securing  pylon  signage
               approval on  Whiteland  Road and State Road #135  before  closing
               that accommodates  Purchaser and other contemplated  occupants of
               the entire complex (Exhibit B).

          2.1.7.  Owners  Association.  Subject  to  Vendor  creating  an owners
               association  structure  before  closing  acceptable to Purchaser,
               which  addresses  a sharing  of cost  after  installation  by all
               owners  in  the   maintenance  and  or  replacement  of  signage,
               drainage,  facilities,  parking and striping  within the complex,
               lighting,  snow and ice concerns and any other  matters of common
               owners involvement.

          2.1.8.  Approval  of  Improvements.   Subject  to  Purchaser  securing
               Vendor's  written  approval of the improvements to be constructed
               on Lot 1 before construction  commences,  which approval will not
               be unreasonably withheld.

          2.1.9. That Vendor will  complete  its  contract  purchase of the Real
               Estate before closing.

          2.1.10.  Zoning  and  Subdivision  Approvals.  Seller  represents  and
               warrants  that  the  Property  is  suitably  zoned  to  a  zoning
               classification  compatible  with  Buyer's  intended  use  of  the
               Property as a (bank branch,  lock-box,  drive-up, ATM, etc.) with
               all   necessary    classifications,    variances,    permissions,
               exceptions,  conditional uses, plat and other approvals  required
               for  said   purpose.   Buyer  may  verify  such  matters  to  its
               satisfaction  and, in the event Buyer determines that it requires
               any approvals,  consents,  or other documentation with respect to
               the zoning or  subdivision  of the Property,  Seller will execute
               all  necessary  consents and other  documents  necessary  for the
               filing of zoning petitions or subdivision plats and obtaining the

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<PAGE>

               zoning,    subdivision,    conditional   use,   and   appropriate
               governmental approvals.

     2.2  Conditions of  Purchaser's  Purchase.  The  Purchaser's  obligation to
          purchase  the Real Estate is subject to the  satisfaction,  or written
          waiver by Purchaser of the following conditions precedent:

          2.2.1. Title.  Purchaser,  at Purchaser's  expense,  shall order title
               work with  coverage  equal to the given  Real  Estate's  Purchase
               Price which  eliminates the standard  survey  exception and which
               otherwise lists  exceptions  acceptable to Purchaser.  The binder
               and policy shall delete all  standard  exceptions  and shall also
               contain an ALTA 3.0 zoning endorsement,  an ALTA 17 public access
               endorsement, a contiguity endorsement and an ALTA 9 comprehensive
               endorsement.  If this transaction closes, the cost hereof will be
               a credit against the Purchase Price.

          2.2.2.  Survey.  Purchaser,  at  Purchaser's  expense  shall  secure a
               minimum  standard ALTA land title survey that is  satisfactory to
               Purchaser  and to the title  company to  eliminate  its  standard
               survey exception and which delineates  rights-of-way,  floodplain
               and floodway areas and wetlands as to location and acreage.

          2.2.3. Utility Service and Storm Drainage.  That utilities customarily
               involved  in  serving  Vendor's  commercial  use  will be  within
               reasonable   proximity  thereto  with  sufficient   capacity  for
               Purchaser's  facility  with the  right to  connect  thereto  at a
               normal   and/or   connection   fee   acceptable   to   Purchaser.
               Notwithstanding this condition, as stated, Purchaser acknowledges
               that city water and sewers are not at the property  line and will
               require  Vendor to secure  easements  within which to extend such
               utility service.

          2.2.4. Soil  Conditions.  Purchaser,  or his  designated  parties,  at
               Purchaser's  sole expense,  shall have the privilege,  during the
               term of this Agreement, of going upon the Real Estate to inspect,
               examine,  make  engineering  tests and to update Vendor's present
               environmental  test (Audit One),  if any,  issued in  Purchaser's
               name or to secure a new Audit One Report or other studies  deemed
               appropriate by Purchaser to determine the suitability of the Real
               Estate for Purchaser's intended commercial use.

               Purchaser  shall promptly  restore the realty so disturbed to the
               condition  reasonably  matching the  pre-disturbed  condition and
               shall indemnify and hold Vendor  harmless for damages  occasioned
               thereby which will survive closing.

          2.2.5. Vendor's  Informational  Data. Vendor shall within fifteen (15)
               days after the Effective Date of this Agreement give to Purchaser
               all surveys,  site plans,  environmental  reports,  soil reports,
               appraisals,  engineering

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<PAGE>

               reports,  and other  plans,  diagrams  or  studies of any kind in
               Vendor's possession which relate to this Real Estate.

3.   Vendor's  Warranties  and  Representations.  Vendor hereby  represents  and
     warrants that the  following are as of the date hereof,  and will be at all
     closings, true and correct and will survive closing for a period of one (1)
     year after closing with Vendor to be liable to Purchaser  from any breaches
     thereof including reasonable attorney fees.

     3.1  Re: Title. That Vendor is an entity to be formed as an Indiana LLC and
          is entitled by way of assignment from Duke  Development  Group, LLC to
          be the  contract  buyer of the Real  Estate and the realty that is the
          balance  of the  complex.  Vendor  represents  that it will be the fee
          simple title to the Real Estate on or before closing and is unaware of
          any adverse conditions to such title, including but not limited to:

          3.1.1.  Contract  rights,  verbal,  written,   recorded,   unrecorded,
               including leases that claim an interest in the Real Estate;

          3.1.2. No citations, statute or ordinance violations;

          3.1.3. No restrictions  that prohibit  Purchaser's use, other than the
               conditions in Item 2;

          3.1.4. No litigation or threatened litigation; and

          3.1.5. No notice of special assessments.

     3.2  Re:  Survey.  Vendor is  unaware of any gaps,  encroachments  or other
          limitations  adverse to Purchaser's  proposed use  including,  but not
          limited to:

          3.2.1. Adverse possession rights or threats; and

          3.2.2. Prescriptive easement rights or threats.

     3.3  Re:  Status  of Soils.  To the best of  Vendor's  knowledge,  the Real
          Estate  is  free  of  underground   storage  tanks,  farmer  non-toxic
          dumpsites  that may cause gumbo soils,  wetlands or excessive  ponding
          and  any  toxic  contamination  by  virtue  of  its  prior  use  or by
          infiltration  or any other  condition  known to Vendor  that  would be
          adverse to Purchaser's proposed use of the Real Estate.

     3.4  Approval of Purchaser's  Proposed  Improvements.  The written approval
          required under Item 2.1.8 hereof shall be confirmed before closing.

4.   Closing.

     4.1  Due  Diligence by Vendor.  Vendor shall have one hundred  eighty (180)
          days after the Effective Date (later defined to be Acceptance  Date of
          this  proposal)  within which to satisfy or waive Items 2.1.1  through
          2.1.9  inclusive,  are

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<PAGE>

          satisfactory to Vendor with Vendor to give written notice to Purchaser
          within this interval of its intention to proceed or not to proceed.

     4.2  Due Diligence by Purchaser.  Purchaser  shall have one hundred  eighty
          (180) days after the  Effective  Date within which to satisfy or waive
          Items 2.2.1 through 2.2.5  inclusive and shall have the interval of 30
          days in item 4.1 hereof to satisfy  itself that Vendor's  satisfaction
          or waiver of Items 2.1.1 though 2.1.9  inclusive are  satisfactory  to
          Purchaser  with Purchaser to give written notice to Vendor within this
          interval of its intention to proceed or not to proceed.

     4.3  Closing.  The  parties  shall have an insured  closing  with the title
          company who supplied the title work under Item 2.2.1 and share equally
          in the cost for same,  which  closing  shall occur at a time and place
          satisfactory  to Vendor and  Purchaser  but no later than  twenty (20)
          days after Item 4.1 is satisfied,  that Vendor and Purchaser  agree to
          proceed to closing.

     4.4  Closing Documents. Vendor, at Vendor's cost, shall execute and deliver
          to Purchaser at closing the following for the Real Estate:

          4.4.1. A special warranty deed;

          4.4.2. A vendor's affidavit satisfactory to Purchaser and to the title
               company;

          4.4.3. An auditor's disclosure form;

          4.4.4. A non-foreign affidavit;

          4.4.5. The Deed Restriction  agreed to as mentioned in Item 2.1.5 in a
               form capable of recordation.

     4.5  Possession.  Possession of the Real Estate shall be given to Purchaser
          at closing free and clear of any possessor rights.

5.   Taxes and Assessments.  Vendor and Purchaser shall seek to breakout the tax
     component  of Lot 1 from the taxes for the  entire  complex  and  Purchaser
     shall  assume and pay all such real  estate  taxes due and payable for such
     breakout tax  component  after  closing and shall pay all  assessments  for
     municipal improvements relative to Lot 1 which became a lien after closing.

     Default.  If Vendor,  without legal cause, fails to perform or breaches any
     of the covenants,  representations,  terms or conditions of this Agreement,
     Vendor shall return all the Earnest Money to  Purchaser.  and Purchaser may
     further  immediately  pursue any rights or remedies  available at law or in
     equity, including specific performance.

     If Purchaser,  without legal cause,  fails to perform any of the covenants,
     terms or conditions of the  Agreement,  the Earnest Money shall be retained
     by Vendor, and Vendor may further immediately pursue any rights or remedies
     available at law or in equity, including specific performance.

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<PAGE>

6.   Attorney's  Fees.  Any signatory to this  Agreement  who is the  prevailing
     party in any legal or  equitable  proceeding  against  any other  signatory
     brought under, or with relation to, this Agreement or transaction  shall be
     additionally entitled to recover court costs and reasonable attorney's fees
     from the non-prevailing party.

7.   Miscellaneous.

     7.1  Representations Regarding Brokers. Vendor, if this transaction closes,
          shall pay any  commission  to Duke & Company  Realty,  Inc.  (Vendor's
          Agent).  Vendor and Purchaser  each represent and warrant to the other
          that neither has  employed,  retained or consulted any other broker or
          agent,  in  carrying  on the  negotiations  in  connection  with  this
          Agreement or the purchase and sale  described  herein,  and Vendor and
          Purchaser  shall each  indemnify and hold the other  harmless from and
          against  any  and  all  claims,  demands,  causes  of  action,  debts,
          liabilities,  judgments and damages  (including  costs and  reasonable
          attorneys'  fees incurred in connection  with the  enforcement of this
          indemnity) which may be asserted or recovered against the indemnitor's
          breach of this  representation  and  warranty.  The  indemnity in this
          paragraph  shall  survive  the  closing  or any  termination  of  this
          Agreement.

     7.2  Notices. Any notice, consent, approval, waiver, and election which any
          party  shall be  required  or  permitted  to make or give  under  this
          Agreement  shall be in  writing  and  shall  be  deemed  to have  been
          sufficiently  made or given if delivered by hand,  courier,  facsimile
          (with  confirmation of receipt),  overnight  delivery service (such as
          Federal Express or United Parcel Service),  or certified mail,  return
          receipt  requested,  and  addressed to the  respective  parties at the
          address set forth below:

                  To Purchaser:     Mutual Savings Bank
                                    Attn: David A. Coffey
                                    80 E. Jefferson St.
                                    Franklin, IN 46131

                  To Vendor:        Attn:  Michael J. Duke
                                    South Grove Landing, LLC
                                    4300 N Road 725 West
                                    Bargersville, IN  46106

          Such notices shall be deemed  received upon delivery when delivered by
          hand, by courier or by overnight  delivery  service;  and upon receipt
          when mailed as provided above. Each notice given by facsimile shall be
          deemed  given  on the date  shown  on the  sender's  copy  thereof  or
          confirmation  notice showing date, time of transmission  and number of
          pages transmitted.  Refusal to accept, or inability to deliver because
          of changed address or facsimile number of which no notice was given in
          the manner specified  herein,  shall be deemed received on the date of
          such refusal of delivery or inability to deliver.

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<PAGE>

Either party may, from time to time,  change the address in the manner specified
herein to which  notices  shall be given by dispatch of notice of such change to
the other party in the manner specified herein,  except that no party may change
its  address to other  than a street  address.  Any  notice  given that does not
conform to this paragraph shall be effective only upon receipt.

     7.3  Successors  and Assigns.  This  Agreement  shall be binding upon,  and
          shall  inure  to the  benefit  of,  Vendor  and  Purchaser  and  their
          respective successor and assigns.

     7.4  General.  The  headings  of the  paragraphs  set forth  herein are for
          convenience only, and shall not affect the meanings or interpretations
          of the contents  thereof.  The use herein of the  singular  term shall
          include the plural,  and the use of the masculine,  feminine or neuter
          gender shall include all other where appropriate. The term "Agreement"
          as used herein means the contract  arising  between the parties on the
          terms of this document after acceptance and execution by Vendor.

     7.5  Entire Agreement. This Agreement, with Exhibits attached,  constitutes
          the entire agreement  between Vendor and Purchaser with respect to the
          subject matter hereof,  and there are no other  agreements,  promises,
          covenants,   terms,   provisions,    conditions,    undertakings,   or
          understandings,  either oral or written,  between them  concerning the
          Real  Estate  other  than  those  herein  set  forth.   No  subsequent
          alteration,  amendment, change, deletion or addition to this Agreement
          shall be binding upon Vendor or  Purchaser  unless made in writing and
          signed by both Vendor and Purchaser.

     7.6  Governing Law. This Agreement  shall be constructed in accordance with
          the laws of the State of Indiana.

     7.7  Non-Waiver.  No delay,  forbearance  or  neglect by  Purchaser  in the
          enforcement  of any of the  conditions of this Agreement or any of the
          Purchaser's  rights  or  remedies  hereunder  shall  constitute  or be
          construed as a waiver  thereof.  No waiver of any of the conditions of
          this Agreement by Purchaser  shall be effective  unless  expressly and
          affirmatively made and given by Purchaser in writing.

     7.8  Unenforceable or Inapplicable  Provisions.  If any provision hereof is
          for any reason  determined by a court of competent  jurisdiction to be
          unenforceable,  the other provisions  hereof will remain in full force
          and effect in the same manner as if such  unenforceable  provision had
          never been included herein.

     7.9  Counterparts.  This  Agreement  may  be  executed  in  any  number  of
          counterparts, each of which shall be deemed to be an original, and all
          of which shall collectively constitute a single agreement.

     7.10 Construction.   Vendor  and  Purchaser   acknowledge   that  each  has
          participated in the arms-length  negotiation of this Agreement and the
          drafting  hereof.  Both Vendor and  Purchaser  has had this  Agreement
          reviewed and approved by each of

                                       7
<PAGE>

          their respective  legal counsel,  and that the terms of this Agreement
          shall not be construed against either as the draftsman hereof.

     7.11 Business  Days.  If the  final  day  of any  period  or  any  date  of
          performance under this Agreement falls on a Saturday,  Sunday or legal
          holiday,  then the final day of the period or the date of  performance
          shall be extended  to the next day which is not a Saturday,  Sunday or
          legal holiday.

     7.12 Assignment.  Purchaser may not assign this Agreement  without Vendor's
          written consent, which will not be unreasonably withheld.

     7.13 Time of Essence. Time shall be of the essence of this Agreement and in
          effecting the closing.

     7.14 Facsimile   Documents.   The  parties   hereto  agree  that  documents
          transmitted  by facsimile  transmission  shall be deemed to be written
          instruments,  and  shall  be  binding  on the  parties  executing  and
          delivering such documents.

                                       8
<PAGE>

     The undersigned, being duly authorized to execute this "Agreement" and bind
their entity party,  execute this  "Agreement"  with the date of execution noted
but  with  the  Effective  Date  of  this  "Agreement"  to be the  last  date of
execution. This Agreement shall be null and void unless the Effective Date is on
or before 1:00 p.m. of January 24, 2005.

MUTUAL SAVINGS BANK                      SOUTH GROVE LANDING, LLC

By:  /s/ David A. Coffey                 By:  /s/  Michael J. Duke
   --------------------------------         ---------------------------------

Printed:  David A. Coffey                Printed: Michael J. Duke

Title:    EVP/COO                        Title:   Manager

Date and Time:  1/21/05   2:30 p.m.      Date and Time: 1/24/05    10:00 a.m.

          Vendors                                    Purchaser

                                       9
<PAGE>

                                    EXHIBIT A

                                LEGAL DESCRIPTION

Lot #1 of South Grove Commercial Subdivision Johnson County, Indiana.

Subject to final plat approval.

                                       10
<PAGE>

                                    EXHIBIT B

                               SOUTH GROVE LANDING
                             COMMERCIAL SUBDIVISION

                                [Picture Omitted]Ex10_147 LH Employment Agreement

EMPLOYMENT
AGREEMENT

    This
Employment Agreement (the "Agreement"), effective as of January 1, 2005 (the
"Effective Date"), is between Century Casinos, Inc., a Delaware corporation,
whose principal executive offices are located in Colorado Springs, Colorado
("Employer"), and Mr. Larry Hannappel ("Employee").

Recitals

A.     Employee
has been employed by Employer since 1994 and wishes to continue employment by
Employer. Employer wishes to retain the services of Employee and Employer and
Employee wish to formalize the terms and conditions of their agreements and
understandings concerning Employee’s employment.

B.     Employee’s
employment by Employer, the mutual covenants stated in this Agreement, and other
valuable consideration, the receipt of which is acknowledged by Employee, are
sufficient consideration for this Agreement.

C.     This
Agreement supersedes and replaces any prior oral or written employment
agreements entered into by and between Employer and Employee, and the terms of
this Agreement shall be held confidential by Employee.

Agreement

The
parties agree as follows:

1.     Employment. As of
the Effective Date, Employer shall employ Employee, and Employee agrees to
accept such employment.

2.     Term
of Agreement. The
term of this Agreement will commence on the Effective Date and will continue
until terminated in accordance with the provisions of this
Agreement.

3.     Actions
of Employer. All
actions by and decisions of Employer contemplated in this Agreement will be made
by Employer’s Executive Committee, which may from time to time appoint one of
its members under this Agreement to carry out its functions. Nevertheless,
Employee understands that Employer’s Compensation Committee must approve all
decisions concerning Employee’s salary.

4.     Duties
of Employee.
Employee's main duties on behalf of Employer as of the Effective Date shall be
to act as Senior Vice President of Century Casinos, Inc. Employee also serves as
Secretary and Treasurer of Employer. Employee will undertake and assume the
responsibility of performing for and on behalf of Employer whatever duties are
necessary and required in such position. Employee will devote Employee's full
time and energies and best efforts to the performance of such duties, to the
exclusion of all other activities that conflict in any material way with
Employee's duties under this Agreement. Specific duties, and limitations on
authority, of Employee may be addressed by separate memoranda or other

 

1

instructions.
In performing his duties, Employee recognizes and agrees that he will abide by
the Employer’s Code of Ethics.

5.     Location
of Work; Payment for Various Expenses. The
parties contemplate that Employee’s primary duty location will be in Colorado
Springs, Colorado. Nevertheless, Employee recognizes and agrees that his duties
will require extensive traveling, including international travel, for meetings
and to assist all entities operated by Century Casinos Inc.

6.     Compensation.

(a)     Salary.
Employer will pay to Employee a yearly salary (“Base Salary”) of one hundred and
twenty thousand Dollars ($120,000), payable on the payroll dates established by
Employer from time to time. The amount of the Base Salary can be reviewed by
Employer annually.

(b)     Bonus.
Employee shall be eligible to receive a yearly bonus of up to fifty six thousand
Dollars ($56,000), based upon satisfactorily reaching various budget, financial
and other criteria that are established for each calendar year in question.
Employee shall only be eligible for such a bonus if he is employed on the last
day of the calendar year to which the bonus applies. The Bonus amount can be
reviewed by Employer annually.

(c)     Vacations/Sick
Days.
Employee
will be entitled to paid vacations of four weeks per calendar year, in
accordance with the procedures established by Employer. Any specific vacation of
more than one week's duration is subject to the advance approval of Employer. No
more than ten vacation days are allowed to be carried over from one year to the
next. Employee is entitled to six paid
sick days per calendar year. Employee may accrue unused sick time from year to
year up to a limit of eight days total sick days. No payments shall be made for
accumulated sick days.

(d)     Additional
Benefits.
Currently, Employee will be entitled to the following benefits: 401(k) and
medical/hospitalization
insurance (for Employee and his immediate family) in accordance with Employer’s
normal policies, and the holidays observed by Employer pursuant to its normal
policies by which employees are granted a day off with pay. In addition,
Employee will be entitled to additional benefits in accordance with Employer's
policies, as they may be established and modified by Employer from time to time,
for persons holding similar positions with Employer, as determined by Employer
in its sole discretion.

(e)     Reimbursement of
Business Expenses.
Employer will reimburse all reasonable expenses incurred by Employee on behalf
of Employer in connection with Employee’s performance of duties under this
Agreement, in accordance with the Employer’s Travel Policy, and subject in each
case to compliance by Employee with any reasonable requirements imposed by
Employer concerning submission of invoices, prior approval, tax deductibility of
expenses, and similar matters.

2

(f)      Stock
Options.
Employee will be eligible to participate in any stock option plan and bonus plan
or policy for persons holding similar positions with Employer that may be
established by Employer. The number of options granted to Employee, if any, and
the terms of such options are solely within the discretion of Employer’s Board
of Directors and/or Employer’s Executive Committee, Incentive Plan Committee
and/or Compensation Committee, as the legal requirements may be.

7.     Termination,
Severance Pay and Restrictions Against Competition and

 
Solicitation.

(a)     Voluntary
Termination by Employee.

	
      
	
      (i)
	
      Employee
      agrees to give Employer at least sixty (60) days' notice prior to any
      voluntary termination of employment by
Employee.

(ii)    If
Employee terminates employment voluntarily,

 

	
      
	
      
	
      (A)
	
      Employee
      will receive all earned Base Salary only through the last day of
      Employee's employment with Employer (as well as reimbursement of expenses
      incurred through the last day of Employee's
employment);

	
      
	
      (B)
	
      The
      Noncompetition and Nonsolicitation Periods under Section 8 will end on the
      first anniversary of the last day of Employee's employment with
      Employer.

	
      
	
      (iii)
	
      Employee
      and Employer acknowledge that Employee's knowledge of the particular
      operations of Employer will be difficult to replace and that the giving of
      60 days' notice by Employee is necessary to enable Employer to obtain
      transition assistance.

(b)     Termination
by Employer Without Cause.

	
      
	
      (i)
	
      Employer
      may terminate Employee's employment at any time, without Cause (as defined
      below).

(ii)    If
Employer terminates Employee's employment without Cause:

	
      
	
      (A)
	
      Employee
      will receive all earned Base Salary through the last day of Employee's
      employment with Employer (as well as reimbursement of expenses incurred
      through the last day of Employee's
employment);

	
      
	
      (B)
	
      Employee's
      medical/hospitalization insurance will be continued for a period of six
      months;

3

	
      
	
      
	
      (C)
	
      The
      Noncompetition and Nonsolicitation Period under Section 8 will end six
      months after the last day of Employee’s employment with
      Employer;

	
      
	
      
	
      (D)
	
      Employer
      will pay Employee a severance amount equal to six months of his Base
      Salary;

	
      
	
      
	
      (E)
	
      Employee
      will also receive a payment equal to 50% of the bonus received by Employee
      for the year preceding his termination under this section.

       

        (c)     Termination
by Employer for Cause.

	
       
	
       (i)    
	
      Employer
      may terminate Employee's employment with Employer at any time, for Cause,
      upon notice to Employee. "Cause" means: (A) any fraud, theft or
      intentional misappropriation perpetrated by Employee against Employer; (B)
      conviction of Employee of a felony; (C) a material and willful breach of
      this Agreement by Employee, if Employee does not correct such breach
      within a reasonable period after Employer gives written notice to Employee
      (with such notice to specify in reasonable detail the action or inaction
      that constitutes such breach); (D) willful or gross misconduct by Employee
      in the performance of duties under this Agreement; (E) failure by Employee
      to maintain in good standing any license that Employee must hold based on
      the requirements of any regulatory body; (F) the chronic, repeated, or
      persistent failure of Employee in any material respect to perform
      Employee’s obligations as an Employee of Employer (other than by reason of
      a disability as determined under common law or any pertinent statutory
      provision, including without limitation the Americans With Disabilities
      Act), if Employee does not correct such failure within a reasonable period
      after Employer gives written notice to Employee (with such notice to
      specify in reasonable detail the action or inaction that constitutes such
      failure). Employer and Employee agree that the provisions of (F) are not
      intended to provide grounds for a termination for Cause merely because of
      an isolated failure on the part of Employee to satisfy performance goals
      set by Employer.

                 (ii)    If
Employee is terminated for Cause,

	
      
	
            
	
      (A)
	
      Employee
      will receive Base Salary only through the last day of Employee's
      employment with Employer (as well as reimbursement of expenses incurred
      through the last day of Employee's
employment);

	
      
	
       (B)
	
      The
      Noncompetition and Nonsolicitation Periods under Section 8 will end on the
      first anniversary of the last day of Employee's employment with
      Employer.

4

 (iii)    If
Employee is terminated within three years
from a Change of  Control (as defined
below),

	
      
	
            
	
      (A)
	
      Employer
      will pay Employee a severance amount equal to twelve months of his Base
      Salary;

	
      
	
            
	
      (B)
      
	
      Employee
      will also receive a payment equal to the bonus received by Employee for
      the year preceding his termination under this
section;

	
       
	
           
	
      (C)
	
      All
      stock options Employee has received under Employer’s equity incentive plan
      shall vest immediately.

 

For the
purpose of this Section 7 (c) (iii), “Change of Control” shall
mean any of the following: (a) any person or entity (not affiliated with the
Employee or with other employees or the members of the board of directors of
Employer as of the Effective Date of this Agreement) becoming the beneficial
owner of a majority of the voting rights of Employer’s then outstanding
securities; (b) the triggering of the issuance of stock rights to shareholders
pursuant to Employer’s stock rights agreement, as amended from time to time; (c)
the replacement, or rejection (i.e. through a proxy fight), of one or more
person(s), nominated to be director(s) by the Employer’s board of directors
before any Change of Control; (d) the election of one or more persons to the
Employer’s board of directors that have not been nominated by the Employer’s
board of directors before any Change of Control; (e) holders of the Employer’s
securities approve a merger, consolidation or liquidation of the
Employer.

8.     Noncompetition,
Nonsolicitation, Disparagement.

(a)     Covenant
not to Compete. During
the period that Employee is employed by Employer and thereafter for the
pertinent Noncompetition Period, Employee (i) will not directly or indirectly
own, control, operate, manage, consult for, own shares in, be employed by, or
otherwise participate in any sole proprietorship, corporation, partnership, or
other entity whose primary business is the Business (as defined below), within
100 miles of any location in which Employer operates, or has any interest in,
any casino or other entity in which legal gambling is permitted or undertaken
and (ii) will not solicit any actual or potential customers of Employer, any
consultants to any such actual or potential customers, or any suppliers of
Employer. The “Business” means any of the following: the operation or management
of any casino or other entity in which legal gambling of any form is permitted
or undertaken. (The restrictions in 8(a)(i) above, shall also include any
location in which the Employer has proposed to do Business, or has made plans to
make such a proposal.) Notwithstanding the foregoing restriction, Employee may
own beneficially, or of record, less than two percent of the outstanding shares
or other equity interests of any entity in the Business whose stock is traded
publicly on NASDAQ or another nationally recognized stock exchange. The parties
specifically agree that the Noncompetition Periods specified in paragraph 7 and
the geographical scope discussed above are reasonably necessary to protect
Employer’s interests, including Employer’s trade secrets.

 

5

(b)     Nonsolicitation. During
the period that Employee is employed by Employer and thereafter for the
pertinent Nonsolicitation Period, Employee will not solicit or attempt to
solicit for employment, for any other employer, any person while such person is
an employee or consultant of Employer or of any subsidiary or parent company of
Employer, and Employee will not solicit for employment or employ any such person
within six months after such person ceases to be an employee or consultant of
Employer.

(c)     Disparagement. During
the Nonsolicitation Period, Employee will not disparage, criticize, or demean
Employer, its reputation, employees, directors, Officers, services, products,
manner of conducting business, customers, or suppliers, or any other aspect of
Employer, by any communication whatsoever. Likewise, during this Period, the
Employer will respond to requests for information concerning Employee’s
employment with a neutral response reflecting Employee’s dates of employment,
positions held and ending pay rate.

9.     Confidential
Information, Trade Secrets and Intellectual Property.

(a)     Confidential
Information.
Employee acknowledges that information, observations, and data (including but
not limited to customer/client lists) obtained by Employee, both prior to the
Effective Date and after the Effective Date, concerning the business or affairs
of Employer, constitute confidential information, are trade secrets, are the
property of Employer, and are essential and confidential components of
Employer's business. Employee will not at any time, either during or after
employment with Employer, directly or indirectly disclose to any person or use
any of such information, observations or data, except as required by Employee’s
duties in the course of Employee's employment with Employer, and except to the
extent that:

	
      
	
      (i)
	
      the
      information was within the public domain at the time it was provided to
      Employee;

	
      
	
      (ii)
	
      the
      information was published or otherwise became part of the public domain
      after it was provided to Employee through no fault of
      Employee;

	
      
	
      (iii)
	
      the
      information already was in Employee's possession at the time Employer
      disclosed it to Employee, was not acquired by Employee directly or
      indirectly from anyone with a duty of confidentiality to Employer, and was
      not acquired by Employee under circumstances in which Employee already was
      an employee of or a consultant to Employer, or had a duty of
      confidentiality to Employer; or

	
      
	
      (iv)
	
      the
      information is required to be disclosed (A) by any federal or state law
      rule or regulation, (B) by any applicable judgment, order, or decree of
      any court, governmental agency or arbitrator having or purporting to have
      jurisdiction in the matter, or (C) pursuant to any subpoena or other
      

      discovery
      request in any litigation, arbitration or other proceeding, but if
      Employee proposes to disclose the information in accordance with (A), (B),
      or (C), Employee will first give Employer reasonable prior notice of the
      proposed disclosure of any such information so as to provide Employer an
      opportunity to consult with Employee as to the applicability of such law,
      rule, or regulation or to appear before any court, governmental agency, or
      arbitrator in order to contest the disclosure, as the case may be, and
      prior to any such disclosure will redact confidential information to the
      maximum extent permissible.

6

(b)     Return
of Documents, Etc.
Immediately upon termination of Employee's employment with Employer or at any
time upon notice to Employee from Employer, Employee will deliver to Employer
all memoranda, notes, plans, records, reports, and other documents and
information provided to Employee by Employer or created by Employee in
connection with Employee's employment, including, but not limited to information
stored in electronic format on PCs, laptops, external hard disks, CDs, etc. and
all copies of all such documents in any tangible form which Employee may then
possess or have under Employee's control, and will destroy all of such
information in intangible form which is in Employee's possession or under
Employee's control.

10.     Survival
of Obligations Upon Employee's Termination. The
obligations of Employee in Sections 8 and 9 will survive the termination of
Employee's employment with Employer. The obligations of Employee in Section 9
will survive the termination of Employee's employment with Employer without
limitation, whether termination is initiated by Employee or by Employer, and
will continue until Employer consents in writing to the release of Employee's
obligations under Section 9 this Agreement.

11.     Remedy
for Breach. Both
Employee and Employer expressly acknowledge that the subject matter of this
Agreement is unique, and that any breach of Employee's obligations under
Sections 8 and 9 is likely to result in irreparable injury to Employer, and the
parties therefore expressly agree that Employer will be entitled to obtain
specific performance of this Agreement through injunctive relief and such
ancillary remedies of an equitable nature as a court may deem appropriate. Such
equitable relief will be in addition to, and the availability of such equitable
relief will not preclude, any legal remedies or other remedies, which might be
available to such party. If Employee breaches any provisions in Sections 8 or 9,
Employer is entitled to apply for equitable relief in the Colorado District
Court, Fourth Judicial District, prior to initiation of mediation. Employer's
application for temporary injunctive relief will not limit Employer from
pursuing any other available remedies for such breach. Employee specifically
agrees with the designation of this court and waives any objection or defense
based on forum non-conveniens, improper venue or lack of personal
jurisdiction.

12.     Severability. Each
provision of this Agreement is intended to be severable, and if any portion of
this Agreement is held invalid, illegal, unenforceable or void for any reason,
the remainder of this Agreement will nonetheless remain in full force and
effect. Any portion held to be invalid, unenforceable, or void will, if
possible, be deemed amended or reduced in scope, but such amendment or reduction
in scope will be made only to the minimum extent required for causing such
portion to be valid and enforceable.

7

13.     General
Acknowledgments.
Employee and Employer expressly agree that the restrictions on Employee's
activities imposed under Section 8 are reasonable in their temporal and
geographic scope and with respect to the nature of the activities so restricted
and that the restrictions on Employee's activities imposed under Section 9 are
reasonable and necessary to protect the trade secrets and other Confidential
Information of Employer. The parties expressly agree that (i) Employee is
benefited by these restrictions, insofar as other persons in similar managerial
positions with Employer have entered or will enter into similar agreements with
Employer, (ii) these restrictions are reasonable and necessary to protect
Employer and its subsidiaries from loss of property rights and from competing
efforts, and (iii) because of these restrictions Employer is willing to share
its trade secrets and confidential information with Employee to enable Employee
to perform his or her duties. The parties further expressly agree that, if any
court of competent jurisdiction determines that any provision of Section 8 or
Section 9 is unreasonable, the court will not declare the provision
invalid, but rather will reform and modify the provision, and enforce the
provision as reformed and modified, to the maximum extent permitted by law. The
existence of any claim or cause of action of Employee against Employer, whether
predicated on this Agreement or otherwise, will not constitute a defense to the
enforcement by Employer of the provisions of Section 8 or Section
9.

14.     Non-Waiver. The
failure to enforce any right arising under this Agreement or any similar
agreement on one or more occasions will not be deemed or construed to be a
waiver of that right under this Agreement or any other agreement on any other
occasion, or of any other right on that occasion or any other
occasion.

15.     Employee
Warranties.
Employee warrants to Employer that, as of the Effective Date, (a) Employee is
not employed and is not a party to another employment contract, express or
implied; (b) Employee has no other obligation, contractual or otherwise, which
would prevent Employee from entering into this Agreement and from complying with
its provisions; (c) Employee does not possess, and will not utilize during
Employee's employment with Employer, any confidential information obtained by
Employee through or in connection with any prior employment, relating to any
prior employer's business, products, services, techniques, methods, systems,
plans, policies, prices, customers, prospective customers, or employees; and (d)
Employee has given Employer timely written notice of any of Employee's prior
employment agreements or patent rights that might conflict with any interest of
Employer and has provided Employer with a copy of such agreements or patent
rights, including any applications for such rights.

16.     Dispute
Resolution. Subject
to Employer’s right to seek equitable relief under Section 11, which is not
affected by this Section, Employer and Employee agree to submit to final,
binding arbitration, any and all claims, disputes or controversies between
Employee and Employer, any business affiliated with Employer, or any of the
respective directors, managers, employees or agents of such businesses,
including, but not limited to, claims, disputes or controversies arising out of
or related to this Agreement or the breach thereof. The

 

8

 parties
agree that such arbitration is pursuant to the Federal Arbitration Act. The
arbitration shall be governed by the then-existing rules of the American
Arbitration Association for Employment Arbitration and will be held in Colorado
Springs, Colorado. The arbitrator will be selected pursuant to the mutual
agreement of the parties, and, if the parties are unable to agree, the
arbitrator will be designated by the Chief Judge of the Fourth Judicial District
Court, State of Colorado. The award rendered by the arbitrator shall be
enforced, if necessary, in the United States District Court for the District of
Colorado. The arbitrator shall apply the substantive law of the State of
Colorado and may award any relief recognized by Colorado law, which could be
awarded by a District Court of the State of Colorado, including injunctive
relief and attorney’s fees. The arbitrator shall award reasonable attorney’s
fees and costs to the prevailing party.

17.     Integration
Clause and Modification. This
Agreement is the complete and exclusive statement of the agreement between the
parties and supersedes all proposals, prior agreements, and all other
communications between the parties, oral or in writing, relating to the subject
matter of this Agreement. This Agreement may be amended or superseded only by an
agreement in writing, signed by Employee and the CEO / Compensation Committee of
Employer.

18.     Notices. All
notices, requests, demands, claims, and other communications under this
Agreement must be in writing. Any notice, request, demand, claim, or other
communication under this Agreement will be deemed duly given only if it is sent
by registered or certified mail, return receipt requested, postage prepaid, or
by courier, by facsimile, or email message, and must be addressed to the
intended recipient as follows:

If to
Employer, to: Century
Casinos, Inc.

1263 Lake
Plaza Drive,

Colorado
Springs, CO 80906

If to
Employee: to Employee's residence, as shown on Employer's records.

Notices
will be deemed given and received three days after mailing if sent by certified
mail, when delivered if sent by courier, and one business day after receipt of
confirmation by person or machine if sent by telecopy, facsimile, or email
transmission. Either party may change the address to which notices, requests,
demands, claims and other communications under this Agreement are to be
delivered by giving the other party notice in the manner set forth
above.

19.     Governing
Law and Forum. This
Agreement will be governed by and construed according to the internal laws of
the State of Colorado, without regard to conflict of law principles, except
Section 16, which will be governed and construed according to the Federal
Arbitration Act, except as otherwise provided in Section 16. The parties further
agree that any disputes arising under this Agreement and any action brought to
enforce this Agreement must be brought exclusively in the Colorado District
Court, Fourth Judicial District, and the parties consent to personal
jurisdiction of such court and waive any objection or defense of forum
non-conveniens,
improper venue or lack of personal jurisdiction.

9

20.     Acknowledgment by
Employee.
Employee has been afforded the opportunity to read, reflect upon and consider
the terms of this Agreement, has been afforded the opportunity to discuss this
Agreement with Employee's attorney or other advisor or counselor, has read this
entire Agreement, fully understands its terms, has voluntarily executed this
Agreement, and has retained one copy of this executed Agreement for Employee's
records. Furthermore, Employee acknowledges and agrees that should Employee
obtain employment after the termination of this Agreement, Employer may
communicate with a subsequent employer and show a copy of this Agreement to a
subsequent employer, for the purpose of informing a subsequent employer about
Employer’s rights and Employee’s obligations under this Agreement.

	
      ACCEPTED
      AND AGREED:
	
      ACCEPTED
      AND AGREED:

	 	 
	 	 
	
      //s//Erwin
      Haitzmann//s//Peter Hoetzinger

      Employer’s
      Executive Committee

      Date:
      March 20, 2005/March 22, 2005
	
      //s//Larry
      Hannappel

      Employee

      Date:
      February 28, 2005

	 	
		
		
	
      ACCEPTED
      AND AGREED:
	
		
	
       

       

       
	
	
      //s//Dinah
      Corbaci

      Dr.
      Dinah Corbaci

      Compensation
      Committee

      Date:
      March 15, 2005
	
		
	
       

       

       
	
	
      //s//Gottfried
      Schellmann

      Mag.
      Gottfried Schellmann

      Compensation
      Committee

      Date:
      March 15, 2005

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