Document:

CoBiz Loan Agreement

     

    

    

    *000000000000519650022004042005*

    
      	
              BUSINESS
                LOAN AGREEMENT

            
	
              Principal

              $5,000,000.00

            	
              Loan
                Date

              04-04-2005

            	
              Maturity
                

              10-04-2005

            	
              Loan
                No

            	
              Call
                / Coll

            	
              Account

            	
              0fficer

              030

            	
              Initials

            
	
              References
                in the shaded area are for Lender's use only and do not limit the
                applicability of this document to any particular loan or item. Any
                item
                above containing''*'' has been omitted due to text length
                limitations.

            

    

    

    
      	
              Borrower:
                

            	
              CC
                TOLLGATE LLC

            	
              Lender:

            	
              COLORADO
                BUSINESS BANK

            
	
               

            	
              1263A
                LAKE PLAZA DR.

            	
               

            	
              DENVER

            
	
               

            	
              COLORADO
                SPRINGS, CO 80906

            	
               

            	
              821
                17TH STREET

            
	
               

            	
               

            	
               

            	
              DENVER,
                CO 80202

            
	
               

            	
               

            	
               

            	
               

            

    

    

    THIS
      BUSINESS LOAN AGREEMENT dated April 4, 2005, is made and executed between CC
      TOLLGATE LLC ("Borrower") and COLORADO BUSINESS BANK ("Lender") on
      the
      following terms and conditions. Borrower has received prior commercial loans
      from Lender or has applied to Lender for a commercial loan or loans or other
      financial accommodations, including those which may be described on any exhibit
      or schedule attached to this Agreement ("Loan"). Borrower understands and agrees
      that; (A) in granting, renewing, or extending any Loan, Lender is relying upon
      Borrower's representations, warranties, and agreements as set forth in this
      Agreement; (B) the granting, renewing, or extending of any Loan by Lender at
      all
      times shall be subject to Lender's sole judgment and discretion; and (C) all
      such Loans shall be and remain subject to the terms and conditions of this
      Agreement.

    

    TERM.
      This
      Agreement shall be effective as of April 4, 2005, and shall continue in full
      force and effect until such time as all of Borrower's Loans in favor of Lender
      have been paid in full, including principal, interest, costs, expenses,
      attorneys' fees, and other fees and charges, or until such time as the parties
      may agree in writing to terminate this Agreement.

    

    CONDITIONS
      PRECEDENT TO EACH ADVANCE. Lender's
      obligation to make the initial Advance and each subsequent Advance under this
      Agreement shall be subject to the fulfillment to Lender's satisfaction of all
      of
      the conditions set forth in this Agreement and in the Related
      Documents.

    

    Loan
      Documents. Borrower
      shall provide to Lender the following documents for the Loan: (1) the Note;
      (2)
      Security Agreements granting to Lender security interests in the Collateral:
      (3)
      financing statements and all other documents perfecting Lender's Security
      Interests; (4) evidence of insurance as required below; (5) guaranties; (6)
      together with ail such Related Documents as Lender may require for the Loan;
      all
      in form and substance satisfactory to Lender and Lender's counsel.

    

    Borrower's
      Authorization. Borrower
      shall have provided in form and substance satisfactory to Lender properly
      certified resolutions, duly authorizing the execution and delivery of this
      Agreement, the Note and the Related Documents. In addition, Borrower shall
      have
      provided such other resolutions, authorizations, documents and instruments
      as
      Lender or its counsel, may require.

    

    Payment
      of Fees and Expenses. Borrower
      shaft have paid to Lender all fees, charges, and other expenses which are then
      due and payable as specified in this Agreement or any Related
      Document.

    

    Representations
      and Warranties.
      The
      representations and warranties set forth in this Agreement, in the Related
      Documents, and in any document or certificate delivered to Lender under this
      Agreement are true and correct.

    

    No
      Event of Default. There
      shall not exist at the time of any Advance a condition which would constitute
      an
      Event of Default under this Agreement or under any Related
      Document.

    

    REPRESENTATIONS
      AND WARRANTIES. Borrower
      represents and warrants to Lender, as of the date of this Agreement, as of
      the
      date of each disbursement of loan proceeds, as of the date of any renewal,
      extension or modification of any Loan, and at all times any Indebtedness
      exists:

    

    Organization.
      Borrower
      is a limited liability company which is, and at all times shall be, duly
      organized, validly existing, and in good standing under and by virtue of the
      laws of the State of Delaware. Borrower is duly authorized to transact business
      in all other states in which Borrower is doing business, having obtained all
      necessary filings, governmental licenses and approvals for each state in which
      Borrower is doing business. Specifically, Borrower is, and at all times shall
      be, duly qualified as a foreign limited liability company in all states in
      which
      the failure to so qualify would have a material adverse effect on its business
      or financial condition. Borrower has the full power and authority to own its
      properties and to transact the business in which it is presently engaged or
      presently proposes to engage. Borrower maintains an office at 1263A LAKE PLAZA
      DR.. COLORADO SPRINGS, CO 80906. Unless Borrower has designated otherwise in
      writing, the principal office is the office at which Borrower keeps its books
      and records including its records concerning the Collateral. Borrower will
      notify Lender prior to any change in the location of Borrower's state of
      organization or any change in Borrower's name. Borrower shall do all things
      necessary to preserve and to keep in full force and effect its existence, rights
      and privileges, and shall comply with all regulations, rules, ordinances,
      statutes, orders and decrees of any governmental or quasi-governmental authority
      or court applicable to Borrower and Borrower's business activities.

    

    Assumed
      Business Names.
      Borrower has filed or recorded all documents or filings required by law relating
      to all assumed business names used by Borrower. Excluding the name of Borrower,
      the following is a complete list of all assumed business names under which
      Borrower does business: None.

    

    Authorization.
      Borrower's execution, delivery, and performance of this Agreement and all the
      Related Documents have been duly authorized by all necessary action by Borrower
      and do not conflict with, result in a violation of, or constitute a default
      under (1) any provision of (a) Borrower's articles of organization or membership
      agreements, or (b) any agreement or other instrument binding upon Borrower
      or
      (2} any law, governmental regulation, court decree, or order applicable to
      Borrower or to Borrower's properties.

    

    Financial
      Information.
      Each of
      Borrower's financial statements supplied to Lender truly and completely
      disclosed Borrower's financial condition as of the date of the statement, and
      there has been no material adverse change in Borrower's financial condition
      subsequent to the date of the most recent financial statement supplied to
      Lender. Borrower has no material contingent obligations except as disclosed
      in
      such financial statements.

    

    Legal
      Effect.
      This
      Agreement constitutes, and any instrument or agreement Borrower is required
      to
      give under this Agreement when delivered will constitute legal, valid, and
      binding obligations of Borrower enforceable against Borrower in accordance
      with
      their respective terms.

    

    Properties.
      Except
      as contemplated by this Agreement or as previously disclosed in Borrower's
      financial statements or in writing to lender and as accepted by Lender, and
      except for property tax liens for taxes not presently due and payable. Borrower
      owns and has good title to all of Borrower's properties free and clear of all
      Security Interests, and has not executed any security documents or financing
      statements relating to such properties. All of Borrower's properties are titled
      in Borrower's legal name, and Borrower has not used or filed a financing
      statement under any other name for at least the last five (5)
      years.

    

    Hazardous
      Substances.
      Except
      as disclosed to and acknowledged by Lender in writing, Borrower represents
      and
      warrants that: (1) During the period of Borrower's ownership of the Collateral,
      there has been no use, generation, manufacture, storage, treatment, disposal,
      release or threatened release of any Hazardous Substance by any person on,
      under, about or from any of the Collateral. (2) Borrower has no knowledge of.
      or
      reason to believe that there has been (a) any breach or violation of any
      Environmental Laws; (b) any use, generation, manufacture, storage, treatment,
      disposal, release or threatened release of any Hazardous Substance on, under,
      about or from the Collateral by any prior owners or occupants of any of the
      Collateral; or (c) any actual or threatened litigation or claims of any kind
      by
      any person relating to such matters. (3) Neither Borrower nor any tenant,
      contractor, agent or other authorized user of any of the Collateral shall use,
      generate, manufacture, store, treat, dispose of or release any Hazardous
      Substance on, under, about or from any of the Collateral; and any such activity
      shall be conducted in compliance with all applicable federal, state, and local
      laws, regulations, and ordinances, including without limitation all
      Environmental Laws Borrower authorizes Lender and its agents to enter upon
      the
      Collateral to make such inspections and tests as Lender may deem appropriate
      to
      determine compliance of the Collateral with this section of the Agreement.
      Any
      inspections or tests made by Lender shall be at Borrower's expense and for
      Lender's purposes only and shall not be construed to create any responsibility
      or liability on the part of Lender to Borrower or to any other person. The
      representations and warranties contained herein are based on Borrower's due
      diligence in investigating the Collateral for hazardous waste and Hazardous
      Substances. Borrower hereby (1) releases and waives any future claims against
      Lender for indemnity or contribution in the event Borrower becomes liable for
      cleanup or other costs under any such laws, and (2) agrees to indemnify and
      hold
      harmless Lender against any and all claims, tosses, liabilities, damages,
      penalties, and expenses which Lender may directly or indirectly sustain or
      suffer resulting from a breach of this section of the Agreement or as a
      consequence of any use, generation, manufacture, storage, disposal, release
      or
      threatened release of a hazardous waste or substance on the Collateral. The
      provisions of this section of the Agreement, including the obligation to
      indemnify, shall survive the payment of the Indebtedness and the termination,
      expiration or satisfaction of this Agreement and shall not be affected by
      Lender's acquisition of any interest in any of the Collateral, whether by
      foreclosure or otherwise.

    

    Litigation
      and Claims. No
      litigation, claim, investigation, administrative proceeding or similar action
      (including those for unpaid taxes) against Borrower is pending or threatened,
      and no other event has occurred which may materially adversely affect Borrower's
      financial condition or

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
              BUSINESS
                LOAN AGREEMENT

            
	
              Loan
                No:
                519650

            	
              (Continued)

            	
              Page
                2

            

    

    

    properties,
      other than litigation, claims, or other events, if any, that have been disclosed
      to and acknowledged by Lender in writing.

    

    Taxes.
      To the
      best of Borrower's knowledge, all of Borrower's tax returns and reports that
      are
      or were required to be filed, have been filed, and all taxes, assessments and
      other governmental charges have been paid in full, except those presently being
      or to be contested by Borrower in good faith in the ordinary course of business
      and for which adequate reserves have been provided.

    

    Lien
      Priority. Unless
      otherwise previously disclosed to Lender in writing, Borrower has not entered
      into or granted any Security Agreements, or permitted the filing or attachment
      of any Security interests on or affecting any of the Collateral directly or
      indirectly securing repayment of Borrower's Loan and Note, that would be prior
      or that may in any way be superior to Lender's Security Interests and rights
      in
      and to such Collateral.

    

    Binding
      Effect. This
      Agreement, the Note, all Security Agreements (if any), and all Related Documents
      are binding upon the signers thereof, as well as upon their successors,
      representatives and assigns, and are legally enforceable in accordance with
      their respective terms.

    

    AFFIRMATIVE
      COVENANTS. Borrower
      covenants and agrees with Lender that, so long as this Agreement remains in
      effect, Borrower will:

    

    Notices
      of Claims and Litigation. Promptly
      inform Lender in writing of (1) all material adverse changes in Borrower's
      financial condition, and (2) ail existing and all threatened litigation, claims,
      investigations, administrative proceedings or similar actions affecting Borrower
      or any Guarantor which could materially affect the financial condition of
      Borrower or the financial condition of any Guarantor.

    

    Financial
      Records. Maintain
      its books and records in accordance with GAAP, applied on a consistent basis,
      and permit Lender to examine and audit Borrower's books and records at all
      reasonable times

    

    Financial
      Statements. Furnish
      Lender with such financial statements and other related information at such
      frequencies and in such detail as Lender may reasonably request.

    

    Additional
      Information.
      Furnish
      such additional information and statements, as Lender may request from time
      to
      time.

    

    Insurance.
      Maintain
      fire and other risk insurance, public liability insurance, and such other
      insurance as Lender may require with respect to Borrower's properties and
      operations, in form, amounts, coverages and with insurance companies acceptable
      to Lender. Borrower, upon request of Lender, will deliver to Lender from time
      to
      time the policies or certificates of insurance in form satisfactory to Lender,
      including stipulations that coverages will not be cancelled or diminished
      without at least ten (10) days prior written notice to Lender. Each insurance
      policy also shall include an endorsement providing that coverage in favor of
      Lender will not be impaired in any way by any act, omission or default of
      Borrower or any other person. In connection with all policies covering assets
      in
      which Lender holds or is offered a security interest for the Loans. Borrower
      will provide Lender with such lender's toss payable or other endorsements as
      Lender may require.

    

    Insurance
      Reports.
      Furnish
      to Lender, upon request of Lender, reports on each existing insurance policy
      showing such information as Lender may reasonably request, including without
      limitation the following: (1) the name of the insurer; (2) the risks insured;
      (3) the amount of the policy; (4) the properties insured; (5) the then current
      property values on the basis of which insurance has been obtained, and the
      manner of determining those values; and (6) the expiration date of the policy.
      In addition, upon request of Lender (however not more often than annually),
      Borrower will have an independent appraiser satisfactory to Lender determine,
      as
      applicable, the actual cash value or replacement cost of any Collateral. The
      cost of such appraisal shall be paid by Borrower.

    

    Guaranties.
      Prior to
      disbursement of any Loan proceeds, furnish executed guaranties of the Loans
      in
      favor of Lender, executed by the guarantors named below, on Lender's forms,
      and
      in the amounts and under the conditions set forth in those
      guaranties.

    

    
      	
              Names
                of Guarantors 

            	
              Amounts
                

            
	
              CENTURY
                CASINOS, INC. 

            	
              Unlimited
                

            
	
              CENTURY
                CASINOS TOLLGATE, INC. 

            	
              Unlimited
                

            
	
              CENTRAL
                CITY VENTURE, LLC 

            	
              Unlimited
                

            

    

    

    Other
      Agreements. Comply
      with all terms and conditions of all other agreements, whether now or hereafter
      existing, between Borrower and any other party and notify Lender immediately
      in
      writing of any default in connection with any other such
      agreements.

    

    Loan
      Proceeds. Use
      all
      Loan proceeds solely for Borrower's business operations, unless specifically
      consented to the contrary by Lender in writing

    

    Taxes,
      Charges and Liens,
      Pay and
      discharge when due all of its indebtedness and obligations, including without
      limitation all assessments, taxes, governmental charges, levies and liens,
      of
      every kind and nature, imposed upon Borrower or its properties, income, or
      profits, prior to the date on which penalties would attach, and all lawful
      claims that, if unpaid, might become a lien or charge upon any of Borrower's
      properties, income, or profits.

    

    Performance.
      Perform
      and comply, in a timely manner, with all terms, conditions, and provisions
      set
      forth in this Agreement, in the Related Documents, and in all other instruments
      and agreements between Borrower and Lender.

    

    Operations.
      Maintain
      executive and management personnel with substantially the same qualifications
      and experience as the present executive and management personnel; provide
      written notice to Lender of any change in executive and management personnel;
      conduct its business affairs in a reasonable and prudent manner.

    

    Environmental
      Studies. Promptly
      conduct and complete, at Borrower's expense, all such investigations, studies,
      samplings and testings as may be requested by Lender or any governmental
      authority relative to any substance, or any waste or by-product of any substance
      defined as toxic or a hazardous substance under applicable federal, state,
      or
      local law, rule, regulation, order or directive, at or affecting any property
      or
      any facility owned, leased or used by Borrower.

    

    Compliance
      with Governmental Requirements. Comply
      with all laws, ordinances, and regulations, now or hereafter in effect, of
      all
      governmental authorities applicable to the conduct of Borrower's properties,
      businesses and operations, and to the use or occupancy of the Collateral,
      including without Imitation, the Americans With Disabilities Act. Borrower
      may
      contest in good faith any such law, ordinance, or regulation and withhold
      compliance during any proceeding, including appropriate appeals, so long as
      Borrower has notified Lender in writing prior to doing so and so long as, in
      Lender's sole opinion, Lender's interests in the Collateral are not jeopardized.
      Lender may require Borrower to post adequate security or a surety bond,
      reasonably satisfactory to Lender, to protect Lender's interest.

    

    Inspection.
      Permit
      employees or agents of Lender at any reasonable time to inspect any and all
      Collateral for the Loan or Loans and Borrower's other properties and to examine
      or audit Borrower's books, accounts, and records and to make copies and
      memoranda of Borrower's books, accounts, and records. If Borrower now or at
      any
      time hereafter maintains any records (including without limitation computer
      generated records and computer software programs for the generation of such
      records) in the possession of a third party. Borrower, upon request of Lender,
      shall notify such party to permit Lender free access to such records at alt
      reasonable times and to provide Lender with copies of any records it may
      request, all at Borrower's expense.

    

    Environmental
      Compliance and Reports. Borrower
      shall comply in all respects with any and all Environmental Laws; not cause
      or
      permit to exist, as a result of an intentional or unintentional action or
      omission on Borrower's part or on the part of any third party, on property
      owned
      and/or occupied by Borrower, any environmental activity where damage may result
      to the environment, unless such environmental activity is pursuant to and in
      compliance with the conditions of a permit issued by the appropriate federal,
      state or local governmental authorities; shall furnish to Lender promptly and
      in
      any event within thirty (30) days after receipt thereof a copy of any notice,
      summons, lien, citation, directive, letter or other communication from any
      governmental agency or instrumentality concerning any intentional or
      unintentional action or omission on Borrower's part in connection with any
      environmental activity whether or not there is damage to the environment and/or
      other natural resources.

    

    Additional
      Assurances.
      Make,
      execute and deliver to Lender such promissory notes, mortgages, deeds of trust,
      security agreements, assignments, financing statements, instruments, documents
      and other agreements as Lender or its attorneys may reasonably request to
      evidence and secure the Loans and to perfect all Security
      Interests.

    

    LENDER'S
      EXPENDITURES. If
      any
      action or proceeding is commenced that would materially affect Lender's interest
      in the Collateral or if Borrower fails to comply with any provision of this
      Agreement or any Related Documents, including but not limited to Borrower's
      failure to discharge or pay when due any amounts Borrower is required to
      discharge or pay under this Agreement or any Related Documents. Lender on
      Borrower's behalf may (but shall not be obligated to) take any action that
      Lender deems appropriate, including but not limited to discharging or paying
      all
      taxes, liens, security interests, encumbrances and other claims, at any time
      levied or placed on any Collateral and paying all costs for insuring,
      maintaining and preserving any Collateral. All such expenditures incurred or
      paid by Lender for such purposes will then bear interest at the rate charged
      under the Note from the date incurred or paid by Lender to the date of repayment
      by Borrower. All such expenses will become a part of the indebtedness and,
      at
      Lender's option, will (A) be payable on demand; (B) be added to the balance
      of
      the Note and be apportioned among and be payable with any installment payments
      to become due during either (1) the term of any applicable insurance policy;
      or
      (2) the remaining term of the Note; or (C) be treated as a balloon payment
      which
      will be due and payable at the Note's maturity.

    

    CESSATION
      OF ADVANCES.
      If
      Lender has made any commitment to make any Loan to Borrower, whether under
      this
      Agreement or under any other agreement, Lender shall have no obligation to
      make
      Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor
      is
      in default

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
              BUSINESS
                LOAN AGREEMENT

            
	
              Loan
                No: 519650

            	
              (Continued)

            	
              Page
                3

            

    

    

    under
      the
      terms of this Agreement or any of the Related Documents or any other agreement
      that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor
      dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy
      or similar proceedings, or is adjudged a bankrupt; (C) there occurs a material
      adverse change in Borrower's financial condition, in the financial condition
      of
      any Guarantor, or in the value of any Collateral securing any Loan; or (D)
      any
      Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such
      Guarantor's guaranty of the Loan or any other loan with Lender

    

    RIGHT
      OF SETOFF. To
      the
      extent permitted by applicable law, Lender reserves a right of setoff in all
      Borrower's accounts with Lender (whether checking, savings, or some other
      account). This includes all accounts Borrower holds jointly with someone else
      and all accounts Borrower may open in the future. However, this does not include
      any IRA or Keogh accounts, or any trust accounts for which setoff would be
      prohibited by law. Borrower authorizes Lender, to the extent permitted by
      applicable law, to charge or setoff all sums owing on the Indebtedness against
      any and all such accounts.

    

    DEFAULT.
      Each
      of
      the following shall constitute an Event of Default under this
      Agreement: 

    

    Payment
      Default. Borrower
      fails to make any payment when due under the Loan.

    

    Other
      Defaults. Borrower
      fails to comply with or to perform any other term, obligation, covenant or
      condition contained in this Agreement or in any of the Related Documents or
      to
      comply with or to perform any term, obligation, covenant or condition contained
      in any other agreement between Lender and Borrower.

    

    False
      Statements. Any
      warranty, representation or statement made or furnished to Lender by Borrower
      or
      on Borrower's behalf under this Agreement or the Related Documents is false
      or
      misleading in any material respect, either now or at the time made or furnished
      or becomes false or misleading at any time thereafter.

    

    Death
      or Insolvency. The
      dissolution of Borrower (regardless of whether election to continue is made),
      any member withdraws from Borrower, or any other termination of Borrower's
      existence as a going business or the death of any member, the insolvency of
      Borrower, the appointment of a receiver for any part of Borrower's property,
      any
      assignment for the benefit of creditors, any type of creditor workout, or the
      commencement of any proceeding under any bankruptcy or insolvency laws by or
      against Borrower.

    

    Defective
      Collateralization. This
      Agreement or any of the Related Documents ceases to be In full force and effect
      (including failure of any collateral document to create a valid and perfected
      security interest or lien) at any time and for any reason.

    

    Creditor
      or Forfeiture Proceedings. Commencement
      of foreclosure or forfeiture proceedings, whether by judicial proceeding,
      self-help, repossession or any other method, by any creditor of Borrower or
      by
      any governmental agency against any collateral securing the Loan. This includes
      a garnishment of any of Borrower's accounts, including deposit accounts, with
      Lender. However, this Event of Default shall not apply if there is a good faith
      dispute by Borrower as to the validity or reasonableness of the claim which
      is
      the basis of the creditor or forfeiture proceeding and if Borrower gives Lender
      written notice of the creditor or forfeiture proceeding and deposits with Lender
      monies or a surety bond for the creditor or forfeiture proceeding, in an amount
      determined by Lender, in its sole discretion, as being an adequate reserve
      or
      bond for the dispute.

    

    Events
      Affecting Guarantor. Any
      of
      the preceding events occurs with respect to any Guarantor of any of the
      Indebtedness or any Guarantor dies or becomes incompetent, or revokes or
      disputes the validity of, or liability under, any Guaranty of the
      Indebtedness.

    

    Adverse
      Change.
      A
      material adverse change occurs in Borrower's financial condition.

    

    EFFECT
      OF AN EVENT OF DEFAULT. If
      any
      Event of Default shall occur, except where otherwise provided in this Agreement
      or the Related Documents, all commitments and obligations of Lender under this
      Agreement or the Related Documents or any other agreement immediately will
      terminate (including any obligation to make further Loan Advances or
      disbursements), and, at Lender's option, all indebtedness immediately will
      become due and payable, all without notice of any kind to Borrower, except
      that
      in the case of an Event of Default of the type described in the "insolvency"
      subsection above, such acceleration shall be automatic and not optional. In
      addition, Lender shall have all the rights and remedies provided in the Related
      Documents or available at law, in equity, or otherwise. Except as may be
      prohibited by applicable law, all of Lender's rights and remedies shall be
      cumulative and may be exercised singularity or concurrently. Election by Lender
      to pursue any remedy snail not exclude pursuit of any other remedy, and an
      election to make expenditures or to take action to perform an obligation of
      Borrower or of any Grantor shall not affect Lender's right to declare a default
      and to exercise its rights and remedies.

    

    ADDITIONAL
      PROVISIONS. ADDITIONAL AFFIRMATIVE COVENANT - FINANCIAL STATEMENTS.
Borrower
      covenants and agrees with Lender that, while this Agreement is in effect,
      Borrower will provide Lender, within ninety (90) days of each calendar year,
      the
      annual personal financial statement of John S. Zimpel and Elizabeth J. Zimpel,
      said personal financial statement to be signed and dated and in form and with
      such detail as reasonably acceptable to Lender.

    

    ADDITIONAL
      AFFIRMATIVE COVENANT - TAX RETURNS. Borrower
      further covenants and agrees with Lender that, white this Agreement is in
      effect, Borrower will provide Lender, within (30) days of the filing, thereof
      each year, a true and complete copy of the Federal Income Tax return and
      application for extension, filed by John S. Zimpel and Elizabeth J. Zimpel,
      including all exhibits and schedules attached thereto and being signed and
      dated.

    

    ADDITIONAL
      AFFIRMATIVE COVENANT - FINANCIAL STATEMENTS. Borrower
      further covenants and agrees with Lender that, while this Agreement is in
      effect. Borrower will provide Lender with the annual financial statements,
      including a balance sheet, income statement and statement of changes in
      financial position, for the year ended, of Century Casinos, Inc. Century Casinos
      Tollgate, Inc. and Central City Venture, LLC within ninety (90) days after
      the
      end of its fiscal year end, such financial statements to be reviewed by
      certified public accountants reasonably acceptable to Lender

    

    ADDITIONAL
      AFFIRMATIVE COVENANT - TAX RETURNS. Borrower
      further covenants and agrees with Lender that while this Agreement is in effect,
      Borrower will provide Lender, within thirty (30) day of the filing each year,
      a
      true and complete copy of the Federal Income Tax return and application for
      extension filed by Century Casinos Tollgate, Inc. and Central City Venture,
      LLC,
      including all exhibits and schedules attached thereto and being signed and
      dated.

    

    ADDITIONAL
      AFFIRMATIVE COVENANT. ADVANCES. Borrower
      further covenants and agrees with Lender that while this Agreement is in effect,
      that $4,000,000.00 will be available to advance from the loan immediately and
      the remaining $1,000,000.00 will be made available to Borrower upon review
      and
      acceptance of a firm construction lender commitment.

    

    ADDITIONAL
      AFFIRMATIVE COVENANT. ADVANCES. Borrower
      further covenants and agrees with Lender that while this Agreement is in effect.
      Borrower will provide a monthly summary of usage of loan funds..

    

    ADDITIONAL
      AFFIRMATIVE COVENANT. Borrower
      further covenants and agrees with Lender that while this Agreement is in effect,
      that, except as previously disclosed to Lender, loan funds are being used for
      predevelopment construction costs associated with the development of a casino
      on
      the subject collateral securing this loan.

    

    ADDITIONAL
      AFFIMATIVE COVENANTS - ENVIRONMENTAL STUDIES. Borrower
      further covenants and agrees with Lender that while this Agreement is in effect,
      Bank acknowledges receipt of Environmental Assessments performed on subject
      collateral securing this Loan. Borrower acknowledges receipt of the
      Environmental Assessments and agrees to take appropriate actions as recommended
      in said assessments.

    

    MISCELLANEOUS
      PROVISIONS. The
      following miscellaneous provisions are a part of this Agreement:

    

    Amendments.
      This
      Agreement, together with any Related Documents, constitutes the entire
      understanding and agreement of the parties as to the matters set forth in this
      Agreement. No alteration of or amendment to this Agreement shall be effective
      unless given in writing and signed by the party or parties sought to be charged
      or bound by the alteration or amendment.

    

    Attorneys'
      Fees: Expenses. Borrower
      agrees to pay upon demand all of Lender's reasonable costs and expenses,
      including Lender's attorneys' fees and Lender's legal expenses, incurred in
      connection with the enforcement of this Agreement. Lender may hire or pay
      someone else to help enforce this Agreement, and Borrower shall pay the
      reasonable costs and expenses of such enforcement. Costs and expenses include
      Lender's attorneys' fees and legal expenses whether or not there is a lawsuit,
      including attorneys' fees and legal expenses for bankruptcy proceedings
      (including efforts to modify or vacate any automatic stay or injunction),
      appeals, and any anticipated post-judgment collection services. Borrower also
      shall pay all court costs and such additional fees as may be directed by the
      court.

    

    Caption
      Headings.
      Caption
      headings in this Agreement are for convenience purposes only and are not to
      be
      used to interpret or define the provisions of this Agreement.

    

    Consent
      to Loan Participation. Borrower
      agrees and consents to Lender's sate or transfer, whether now or later, of
      one
      or more participation interests in the Loan to one or more purchasers, whether
      related or unrelated to Lender. Lender may provide, without any limitation
      whatsoever, to any one or more purchasers, or potential purchasers, any
      information or knowledge Lender may have about Borrower or about any other
      matter relating to (he Loan, and Borrower hereby waives any rights to privacy
      Borrower may have with respect to such matters. Borrower additionally waives
      any
      and all notices of sale of participation interests, as well as all notices
      of
      any repurchase of such participation interests. Borrower also

    

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    

    

    

    

    
      	
              BUSINESS
                LOAN AGREEMENT

            
	
              Loan
                No: 519650

            	
              (Continued)

            	
              Page
                4

            

    

    

    agrees
      that the purchasers of any such participation interests will be considered
      as
      the absolute owners of such interests in the Loan and will have all the rights
      granted under the participation agreement or agreements governing the safe
      of
      such participation interests Borrower further waives all rights of offset or
      counterclaim that it may have now or later against Lender or against any
      purchaser of such a participation interest and unconditionally agrees that
      either Lender or such purchaser may enforce Borrower's obligation under the
      Loan
      irrespective of the failure or insolvency of any holder of any interest in
      the
      Loan. Borrower further agrees that the purchaser of any such participation
      interests may enforce its interests irrespective of any personal claims or
      defenses that Borrower may have against Lender.

    

    Governing
      Law. This
      Agreement will be governed by federal law applicable to Lender and, to the
      extent not preempted by federal law, the laws of the State of Colorado without
      regard to its conflicts of law provisions. This Agreement has been accepted
      by
      Lender in the State of Colorado.

    

    No
      Waiver by Lender.
      Lender
      shall not be deemed to have waived any rights under this Agreement unless such
      waiver is given in writing and signed by Lender. No delay or omission on the
      part of Lender in exercising any right shall operate as a waiver of such right
      or any other right. A waiver by Lender of a provision of this Agreement shall
      not prejudice or constitute a waiver of Lender's right otherwise to demand
      strict compliance with that provision or any other provision of this Agreement.
      No prior waiver by Lender, nor any course of dealing between Lender and
      Borrower, or between Lender and any Grantor, shall constitute a waiver of any
      of
      Lender's rights or of any of Borrower's or any Grantor's obligations as to
      any
      future transactions. Whenever the consent of Lender is required under this
      Agreement, the granting of such consent by Lender in any instance shall not
      constitute continuing consent to subsequent instances where such consent is
      required and in all cases such consent may be granted or withheld in the sole
      discretion of Lender

    

    Notices.
      Any
      notice required to be given under this Agreement shall be given in writing
      and
      shall be effective when actually delivered, when actually received by
      telefacsimile (unless otherwise required by law), when deposited with a
      nationally recognized overnight courier, or, if mailed, when deposited in the
      United States mall, as first class, certified or registered mall postage
      prepaid, directed to the addresses shown near the beginning of this Agreement.
      Any party may change its address for notices under this Agreement by giving
      formal written notice to the other parties, specifying that the purpose of
      the
      notice is to change the party's address. For notice purposes, Borrower agrees
      to
      keep Lender informed at all times of Borrower's current address. Unless
      otherwise provided or required by law, if there is more than one Borrower,
      any
      notice given by Lender to any Borrower is deemed to be notice given to all
      Borrowers.

    

    Severability.
      If a
      court of competent jurisdiction finds any provision of this Agreement to be
      illegal, invalid, or unenforceable as to any circumstance, that finding shall
      not make the offending provision illegal, invalid, or unenforceable as to any
      other circumstance. If feasible, the offending provision shall be considered
      modified so that it becomes legal, valid and enforceable, if the offending
      provision cannot be so modified, it shall be considered deleted from this
      Agreement. Unless otherwise required by law, the illegality, invalidity, or
      unenforceability of any provision of this Agreement shall not affect the
      legality, validity or enforceability of any other provision of this
      Agreement.

    

    Subsidiaries
      and Affiliates of Borrower. To
      the
      extent the context of any provisions of this Agreement makes it appropriate,
      including without limitation any representation, warranty or covenant the word
      "Borrower" as used in this Agreement shall include all of Borrower's
      subsidiaries and affiliates. Notwithstanding the foregoing however, under no
      circumstances shall this Agreement be construed to require Lender to make any
      Loan or other financial accommodation to any of Borrower's subsidiaries or
      affiliates.

    

    Successors
      and Assigns.
      All
      covenants and agreements by or on behalf of Borrower contained in this Agreement
      or any Related Documents shall bind Borrower's successors and assigns and shall
      inure to the benefit of Lender and its successors and assigns. Borrower shall
      not, however, have the right to assign Borrower's rights under this Agreement
      or
      any interest therein, without the prior written consent of Lender.

    

    Survival
      of Representations and Warranties. Borrower
      understands and agrees that in extending Loan Advances, Lender is relying on
      all
      representations, warranties, and covenants made by Borrower in this Agreement
      or
      in any certificate or other instrument delivered by Borrower to Lender under
      this Agreement or the Related Documents. Borrower further agrees that regardless
      of any investigation made by Lender, all such representations, warranties and
      covenants will survive the extension of Loan Advances and delivery to Lender
      of
      the Related Documents, shall be continuing in nature, shall be deemed made
      and
      redacted by Borrower at the time each Loan Advance is made, and shall remain
      in
      full force and effect until such time as Borrower's Indebtedness shall be paid
      in full, or until this Agreement shall be terminated in the manner provided
      above, whichever is the last to occur.

    

    Time
      Is of the Essence.
      Time is
      of the essence in the performance of this Agreement.

    

    Waive
      Jury. All parties to this Agreement hereby waive the right to any jury trial
      in
      any action, proceeding, or counterclaim brought by any party against any other
      party.

    

    DEFINITIONS.
      The
      following capitalized words and terms shall have the following meanings when
      used in this Agreement. Unless specifically stated to the contrary, all
      references to dollar amounts shall mean amounts in lawful money of the United
      States of America. Words and terms used in the singular shall include the
      plural, and the plural shall include the singular, as the context may require.
      Words and terms not otherwise defined in this Agreement shall have the meanings
      attributed to such terms in the Uniform Commercial Code. Accounting words and
      terms not otherwise defined in this Agreement shall have the meanings assigned
      to them in accordance with generally accepted accounting principles as in effect
      on the date of this Agreement:

    

    Advance.
      The word
      "Advance" means a disbursement of Loan funds made, or to be made, to Borrower
      or
      on Borrower's behalf on a line of credit or multiple advance basis under the
      terms and conditions of this Agreement.

    

    Agreement.
      The word
      "Agreement" means this Business Loan Agreement, as this Business Loan Agreement
      may be amended or modified from time to time, together with all exhibits and
      schedules attached to this Business Loan Agreement from time to
      time.

    

    Borrower.
      The
      word
      "Borrower" means CC TOLLGATE LLC,

    

    Collateral.
      The
      word "Collateral" means all property and assets granted as collateral security
      for a Loan, whether real or personal property, whether granted directly or
      indirectly, whether granted now or in the future, and whether granted in the
      form of a security interest, mortgage, collateral mortgage, deed of trust,
      assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage,
      chattel trust, factor's lien, equipment trust, conditional sale, trust receipt.
      lien, charge, lien or title retention contract, lease or consignment intended
      as
      a security device, or any other security or lien interest whatsoever, whether
      created by law, contract, or otherwise.

    

    Environmental
      Laws. The
      words
      "Environmental Laws" mean any and all state, federal and local statutes,
      regulations and ordinances relating to the protection of human health or the
      environment, including without limitation the Comprehensive Environmental
      Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section
      9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act
      of
      1986. Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act,
      49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act,
      42
      U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules,
      or regulations adopted pursuant thereto.

    

    Event
      of Default.
      The
      words "Event of Default" mean any of the events of default set forth in this
      Agreement in the default section of this Agreement.

    

    GAAP.
      The
      word
      "GAAP" means generally accepted accounting principles.

    

    Grantor.
      The
      word
      "Grantor" means each and all of the persons or entities granting a Security
      Interest in any Collateral for the Loan, including without limitation all
      Borrowers granting such a Security Interest.

    

    Guarantor.
      The
      word
      "Guarantor" means any guarantor, surety, or accommodation party of any or all
      of
      the Loan.

    

    Guaranty.
      The
      word
      "Guaranty" means the guaranty from Guarantor to Lender, including without
      limitation a guaranty of all or part of the Note.

    

    Hazardous
      Substances. The
      words
      "Hazardous Substances" mean materials that, because of their quantity,
      concentration or physical, chemical or infectious characteristics, may cause
      or
      pose a present or potential hazard to human health or the environment when
      improperly used, treated, stored, disposed of, generated, manufactured,
      transported or otherwise handled. The words "Hazardous Substances" are used
      in
      their very broadest sense and include without limitation any and all hazardous
      or toxic substances, materials or waste as defined by or listed under the
      Environmental Laws. The term "Hazardous Substances" also includes, without
      limitation, petroleum and petroleum by-products or any fraction thereof and
      asbestos.

    

    Indebtedness.
      The
      word
      "Indebtedness" means the indebtedness evidenced by the Note or Related
      Documents, including all principal and interest together with all other
      indebtedness and costs and expenses for which Borrower is responsible under
      this
      Agreement or under any of the Related Documents.

    

    Lender.
      The
      word
      "Lender" means COLORADO BUSINESS BANK, its successors and assigns.

    

    Loan.
      The word
      "Loan" means any and all loans and financial accommodations from Lender to
      Borrower whether now or hereafter existing, and however evidenced, including
      without limitation those loans and financial accommodations described herein
      or
      described on any exhibit or schedule attached to this Agreement from time to
      time.

    

    Note.
      The
      word
      "Note" means the Note executed by CC TOLLGATE LLC in the principal amount of
      $5,000,000.00 dated April 4. 2005, together with all renewals of, extensions
      of,
      modifications of, refinancing of, consolidations of, and substitutions for
      the
      note or credit agreement.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              BUSINESS
                LOAN AGREEMENT

            
	
              Loan
                No:
                519650

            	
              (Continued)

            	
              Page
                5

            

    

    

    Related
      Documents.
      The
      words "Related Documents" mean all promissory notes, credit agreements, loan
      agreements, environmental agreements, guarantees, security agreements,
      mortgages, deeds of trust, security deeds, collateral mortgages, and all other
      instruments, agreements and documents, whether now or hereafter existing,
      executed in connection with the Loan.

    

    Security
      Agreement. The
      words
      "Security Agreement" mean and include without limitation any agreements,
      promises, covenants, arrangements, understandings or other agreements, whether
      created by law, contract, or otherwise, evidencing, governing, representing,
      or
      creating a Security Interest.

    

    Security
      Interest. The
      words
      "Security Interest" mean, without limitation, any and all types of collateral
      security, present and future, whether in the form of a lien, charge,
      encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop
      pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor's
      lien, equipment trust, conditional sale, trust receipt, lien or title retention
      contract, tease or consignment intended as a security device, or any other
      security or lien interest whatsoever whether created by law, contract, or
      otherwise.

    

    BORROWER
      ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT
      AND
      BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED APRIL 4,
      2005.

    

    BORROWER:

    

    

    CC
      TOLLGATE LLC

    

    
      	
               

              By:

            	
                                     
                Member

              CENTURY
                CASINOS TOLLGATE / Manager of CC TOLLSGATE LLC

            
	
               

            	
               

            
	
              By:
                

            	
              /s/
                Larry Hannappel

            
	
               

            	
              LARRY
                HANNAPPEL, CEO and Secretary of CENTURY CASINOS TOLLGATE,
                INC.

            

    

    

    
      	
              By:
                

            	
              CENTRAL
                CITY VENTURE LLC, Manager of CC TOLLSGATE
                LLC

            

    

    

    
      	
              By:
                

            	
              /s/
                Elizabeth J. Zimpel

            	
              By:

            	
              /s/
                John S. Zimpel

            
	
               

            	
              ELIZABETH
                J. ZIMPEL, Manager of CENTRAL CITY VENTURE, LLC

            	
               

            	
              JOHN
                S. ZIMPEL, Manager of CENTRAL CITY VENTURE,
                LLC

            

    

    

    LENDER:

    

    COLORADO
      BUSINESS BANK

    

    
      	
              By:
                

            	
              /s/

            
	
               

            	
              Authorized
                Signer

            

    

    

    
      	
               

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    *000000000000519650095504042005*

    PROMISSORY
      NOTE

    

    
      	
              Principal

              $5,000,000.00

            	
              Loan
                Date

              04-04-2004

            	
              Maturity

              10-04-2005

            	
              Loan
                No

              519650

            	
              Call
                / Coll

            	
              Account

            	
              Officer

            	
              Initials

            

    

    References
      in the shaded area are for Lender's use only and do not limit the applicability
      of this document to any particular loan or item. Any item above containing
      "*"
      has been omitted due to text length limitations.

    

    
      	
              Borrower:

            	
              CC
                TOLLGATE LLC

            	
              Lender:

            	
              COLORADO
                BUSINESS BANK

            
	
               

            	
              1263A
                LAKE PLAZA DR. 

            	
               

            	
              DENVER

            
	
               

            	
              COLORADO
                SPRINGS, CO 80906

            	
               

            	
              821
                17TH STREET

              DENVER,
                CO 80202

            
	
               

            	
               

            	
               

            	
               

            

    

    

    
      	
              Principal
                Amount: $5,000,000.00

            	
              Initial
                Rate: 6.250%

            	
              Date
                of Note: April 4, 2005

            

    

    

    PROMISE
      TO PAY.
      CC
      TOLLGATE LLC ("Borrower") promises to pay to COLORADO BUSINESS BANK ("Lender"),
      or order, in lawful money of the United States of America, the principal amount
      of Five Million & 00/100 Dollars ($5,000,000.00) or so much as may be
      outstanding, together with Interest on the unpaid outstanding principal balance
      of each advance. Interest shall be calculated from the date of each advance
      until repayment of each advance.

    

    PAYMENT.
      Borrower
      will pay this loan in one payment of all outstanding principal plus all accrued
      unpaid Interest on October 4, 2005. In addition, Borrower will pay regular
      monthly payments of all accrued unpaid Interest due as of each payment date,
      beginning May 4, 2005, with all subsequent Interest payments to be due on the
      same day of each month after that. Unless otherwise agreed or required by
      applicable law, payments will be applied first to any accrued unpaid Interest;
      then to principal; then to any late charges; and then to any unpaid collection
      costs. The annual Interest rate for this Note Is computed on a 365/360 basis;
      that is, by applying the ratio of the annual interest rate over a year of 360
      days, multiplied by the outstanding principal balance, multiplied by the actual
      number of days the principal balance is outstanding. Borrower will pay Lender
      at
      Lender's address shown above or at such other place as Lender may designate
      in
      writing.

    

    VARIABLE
      INTEREST RATE.
      The
      interest rate on this Note is subject to change from time to time based on
      changes In an Index which is the COLORADO BUSINESS BANK PRIME RATE (the Index*).
      Lender will tell Borrower the current index rate upon Borrower's request. The
      interest rate change will not occur more often than each DAY. Borrower
      understands that Lender may make loans based on other rates as well. The index
      currently is 5.750% per annum. The interest rate to be applied to the unpaid
      principal balance of this Note will be at a rate of 0.500 percentage points
      over
      the Index, resulting In an initial rate of 6.250% per annum. NOTICE: Under
      no
      circumstances will the interest rate on this Note be more than the maximum
      rate
      allowed by applicable law.

    

    PREPAYMENT.
      Borrower
      agrees that an loan fees and other prepaid finance charges are earned fully
      as
      of the date of the loan and will not be subject to refund upon early payment
      (whether voluntary or as a result of default), except as otherwise required
      by
      law. Except for the foregoing, Borrower may pay without penalty al or a portion
      of the amount owed earlier than it is due. Early payments will not. unless
      agreed to by Lender in writing, relieve Borrower of Borrower's obligation to
      continue to make payments of accrued unpaid interest. Rather, early payments
      will reduce »w principal balance due. Borrower agrees not to sand Lender
      payments marked "paid in full", "without recourse", or similar language. If
      Borrower sends such a payment, Lender may accept it without losing any of
      Lender's rights under this Note, and Borrower will remain obligated to pay
      any
      further amount owed to Lender. All written communications concerning disputed
      amounts, including any check or other payment instrument that indicates that
      the
      payment constitutes "payment in full" of the amount owed or that is tendered
      with other conditions or limitations or as full satisfaction of a disputed
      amount must be mailed or delivered to: COLORADO BUSINESS BANK, ATTN: LOAN
      OPERATIONS, P.O. BOX 8779 DENVER. CO 80201.

    

    LATE
      CHARGE. If
      a
      payment is 11 days or more late, Borrower will be charged 5.000% of the unpaid
      portion of the regularly scheduled payment.

    

    INTEREST
      AFTER DEFAULT.
      Upon
      default, including failure to pay upon final maturity, Lender, at its option,
      may, if permitted under applicable law, increase the variable interest rate
      on
      this Note to 5.500 percentage points over the index. The interest rate will
      not
      exceed the maximum rate permitted by applicable law.

    

    DEFAULT.
      Each
      of
      the following shall constitute an event of default ("Event of Default") under
      this Note: 

    

    Payment
      Default.
      Borrow
      fails to make any payment when due under this Note.

    

    Other
      Defaults.
      Borrower
      fails to comply with or to perform any other term, obligation, covenant or
      condition contained in this Note or in any of the related documents or to comply
      with or to perform any term, obligation, covenant or condition contained in
      any
      other agreement between Lender and Borrower.

    

    False
      Statements.
      Any
      warranty, representation or statement made or furnished to Lender by Borrower
      or
      on Borrower's behalf under this Note or the related documents is false or
      misleading in any material respect, either now or at the time made or furnished
      or becomes false or misleading at any time thereafter.

    

    Death
      or Insolvency. The
      dissolution of Borrower (regardless of whether election to continue is made),
      any member withdraws from Borrower, or any other termination of Borrower's
      existence as a going business or the death of any member, the insolvency of
      Borrower, the appointment of a receiver for any part of Borrower's property,
      any
      assignment for the benefit of creditors, any type of creditor workout, or the
      commencement of any proceeding under any bankruptcy or insolvency laws by or
      against Borrower.

    

    Creditor
      or Forfeiture Proceedings.
      Commencement of foreclosure or forfeiture proceedings, whether by Judicial
      proceeding, self-help, repossession or any other method, by any creditor of
      Borrower or by any governmental agency against any collateral securing the
      loan.
      This includes a garnishment of any of Borrowers accounts, including deposit
      accounts, with Lender. However, this Event of Default shall not apply if there
      is a good faith dispute by Borrower as to the validity or reasonableness of
      the
      claim which is the basis of the creditor or forfeiture proceeding and if
      Borrower gives Lender written notice of the creditor or forfeiture proceeding
      and deposits with Lender monies or a surety bond for the creditor or forfeiture
      proceeding, in an amount determined by Lender, in its sole discretion, as being
      an adequate reserve or bond for the dispute.

    

    Events
      Affecting Guarantor.
      Any of
      the preceding events occurs with respect to any Guarantor of any of the
      indebtedness or any Guarantor dies or becomes incompetent, or revokes or
      disputes the validity of, or liability under, any guaranty of the indebtedness
      evidenced by this Note.

    

    Adverse
      Change. A
      material adverse change occurs in Borrower's financial condition 

    

    LENDER'S
      RIGHTS.
      Upon
      default, Lender may declare the entire unpaid principal balance on this Note
      and
      all accrued unpaid interest immediately due, and then Borrower will pay that
      amount.

    

    ATTORNEYS'
      FEES; EXPENSES.
      Lender
      may hire or pay someone else to help collect this Note if Borrower does not
      pay.
      Borrower will pay Lender the reasonable costs of such collection. This includes,
      subject to any limits under applicable law. Lender's attorneys' fees and
      Lender's legal expenses, whether or not there is a lawsuit, including without
      limitation attorneys' fees and legal expenses for bankruptcy proceedings
      (including efforts to modify or vacate any automatic stay or injunction), and
      appeals. If not prohibited by applicable law, Borrower also will pay any court
      costs, in addition to all other sums provided by law.

    

    JURY
      WAIVER. Lender
      and Borrower hereby waive the right to any jury trial in any action, proceeding,
      or counterclaim brought by either Lender or Borrower against the
      other.

    

    GOVERNING
      LAW.
      This
      Note will be governed by federal law applicable to Lender and, to the extent
      not
      preempted by federal law, the laws of the State of Colorado without regard
      to
      its conflicts of law provisions. This Note has been accepted by Lender In the
      State of Colorado.

    

    DISHONORED
      ITEM FEE.
      Borrower
      will pay a fee to Lender of $25.00 if Borrower makes a payment on Borrower's
      loan and the check or preauthorized charge with which Borrower pays is later
      dishonored.

    

    RIGHT
      OF SETOFF. To
      the
      extent permitted by applicable law, Lender reserves a right of setoff in all
      Borrower's accounts with Lender (whether checking, savings, or some other
      account). This includes all accounts Borrower holds jointly with someone else
      and all accounts Borrower may open in the future. However, this does not include
      any IRA or Keogh accounts, or any trust accounts for which setoff would be
      prohibited by law. Borrower authorizes Lender, to the extent permitted by
      applicable law to charge or setoff all sums owing on the indebtedness against
      any and all such accounts.

    

    LINE
      OF CREDIT. This
      Note
      evidences a revolving line of credit. Advances under this Note, as well as
      directions for payment from Borrower's accounts, may be requested orally or
      in
      writing by Borrower or by an authorized person. Lender may, but need not require
      that all oral requests be confirmed in writing. Borrower agrees to be liable
      for
      all sums either: (A) advanced in accordance with the instructions of an
      authorized person or (B) credited to any of Borrower's accounts with Lender.
      The
      unpaid principal balance owing on this Note at any lime may be evidenced by
      endorsements

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
              PROMISSORY
                NOTE

            
	
              Loan
                No: 519650

            	
              (Continued)

            	
              Page
                2

            

    

    

    on
      this
      Note or by Lender's internal records, including dally computer print-outs.
      Lender will have no obligation to advance funds under this Note if: (A) Borrower
      or any guarantor is in default under the terms of this Note or any agreement
      that Borrower or any guarantor has with Lender, including any agreement made
      in
      connection with the signing of this Note; (B) Borrower or any guarantor ceases
      doing business or is insolvent; (C) any guarantor seeks, claims or otherwise
      attempts to limit, modify or revoke such guarantor's guarantee of this Note
      or
      any other loan with Lender; (D) Borrower has applied funds provided pursuant
      to
      this Note for purposes other than those authorized by Lender; or (E) Lender
      in
      good faith believes itself insecure

    

    SUCCESSOR
      INTERESTS.
      The
      terms of this Note shall be binding upon Borrower, and upon Borrower's heirs,
      personal representatives, successors and assigns, and shall inure to the benefit
      of Lender and its successors and assigns.

    

    NOTIFY
      US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING
      AGENCIES.
      Please
      notify us if we report any inaccurate information about your account(s) to
      a
      consumer reporting agency. Your written notice describing the specific
      inaccuracy(ies) should be sent to us al the following address: COLORADO BUSINESS
      BANK ATTN: LOAN OPERATIONS P.O. BOX 8779 DENVER, CO 80201.

    

    GENERAL
      PROVISIONS.
      Lender
      may delay or forgo enforcing any of its rights or remedies under this Note
      without losing them. Borrower and any other person who signs, guarantees or
      endorses this Note, to the extent allowed by law, waive presentment, demand
      for
      payment, and notice of dishonor. Upon any change in the terms of this Note,
      and
      unless otherwise expressly stated in writing, no party who signs this Note,
      whether as maker, guarantor, accommodation maker or endorser, shall be released
      from liability. All such parties agree that Lender may renew or extend
      (repeatedly and for any length of time) this loan or release any party or
      guarantor or collateral; or impair, fail to realize upon or perfect Lender's
      security interest in the collateral; and take any other action deemed necessary
      by Lender without the consent of or notice to anyone. All such parties also
      agree that Lender may modify this loan without the consent of or notice to
      anyone other than the party with whom the modification is made. The obligations
      under this Note are joint and several.

    

    PRIOR
      TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS
      NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE
      TERMS OF THE NOTE.

    

    BORROWER
      ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY
      NOTE.

    

    

    BORROWER:

    

    

    CC
      TOLLGATE LLC

    

    
      	
               

              By:

            	
                                       
                Member

              CENTURY
                CASINOS TOLLGATE, INC. / Manager of CC TOLLGATE LLC

            
	
               

            	
               

            
	
              By:
                

            	
              /s/
                Larry Hannappel

            
	
               

            	
              LARRY
                HANNAPPEL, CEO and Secretary of CENTURY CASINOS TOLLGATE,
                INC.

            

    

    

    
      	
              By:
                

            	
              CENTRAL
                CITY VENTURE LLC, Manager of CC TOLLGATE
                LLC

            

    

    

    
      	
              By:
                

            	
              /s/
                Elizabeth J. Zimpel

            	
              By:

            	
              /s/
                John S. Zimpel

            
	
               

            	
              ELIZABETH
                J. ZIMPEL, Manager of CENTRAL CITY VENTURE, LLC

            	
               

            	
              JOHN
                S. ZIMPEL, Manager of CENTRAL CITY VENTURE,

            

    

    
 

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    *000000000000519650022004042005*

    COMMERCIAL
      GUARANTY

    

    
      	
              Principal

            	
              Loan
                Date

            	
              Maturity

            	
              Loan
                No

            	
              Call/Coll

            	
              Account

            	
              Officer

              030

            	
              Initials

            
	
              References
                in the shaded area are for Lender's use only and do not limit the
                applicability of this document to any particular loan or item. Any
                item
                above containing''*''' has been omitted due to text length
                limitations.

            

    

    

    

    
      	
              Borrower:

            	
              CC
                TOLLGATE LLC

            	
               

            	
              Lender:

            	
              COLORADO
                BUSINESS BANK

            
	
               

            	
              1263A
                LAKE PLAZA DR.

            	
               

            	
               

            	
              DENVER

            
	
               

            	
              COLORADO
                SPRINGS, CO 80906

            	
               

            	
               

            	
              821
                17TH STREET

            
	
               

            	
               

            	
               

            	
               

            	
              DENVER,
                CO 80202

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Guarantor:
                

            	
              CENTURY
                CASINOS, INC.

            	
               

            	
               

            	
               

            
	
               

            	
              1263A
                LAKE PLAZA DR..

            	
               

            	
               

            	
               

            
	
               

            	
              COLORADO
                SPRINGS, CO 80906

            	
               

            	
               

            	
               

            

    

    

    AMOUNT
      OF GUARANTY. The
      amount of this Guaranty is Unlimited.

    

    CONTINUING
      UNLIMITED GUARANTY.
      For good
      and valuable consideration, CENTURY CASINOS, INC. ("Guarantor") absolutely
      and
      unconditionally guarantees and promises to pay to COLORADO BUSINESS BANK
      ("Lender") or its order, in legal tender of the United States of America, the
      indebtedness (as that term is defined below) of CC TOLLGATE LLC ("Borrower")
      to
      Lender on the terms and conditions set forth in this Guaranty. Under this
      Guaranty, the liability of Guarantor is unlimited and the obligations of
      Guarantor are continuing.

    

    INDEBTEDNESS
      GUARANTEED.
      The
      indebtedness guaranteed by this Guaranty includes any and all of Borrower's
      indebtedness to Lender and is used in the most comprehensive sense and means
      and
      includes any and all of Borrower's liabilities, obligations and debts to Lender,
      now existing or hereinafter incurred or created, including, without limitation,
      all loans, advances. interest, costs, debts, overdraft indebtedness, credit
      card
      indebtedness, lease obligations, other obligations, and liabilities of Borrower,
      or any of them, and any present or future judgments against Borrower, or any
      of
      them; and whether any such indebtedness is voluntarily or involuntarily
      incurred, due or not due, absolute or contingent, liquidated or unliquidated,
      determined or undetermined; whether Borrower may be liable individually or
      jointly with others, or primarily or secondarily, or as guarantor or surety;
      whether recovery on the Indebtedness may be or may become barred or
      unenforceable against Borrower for any reason whatsoever; and whether the
      Indebtedness arises from transactions which may be voidable on account of
      infancy, insanity, ultra vires, or otherwise.

    

    DURATION
      OF GUARANTY.
      This
      Guaranty will take effect when received by Lender without the necessity of
      any
      acceptance by Lender, or any notice to Guarantor or to Borrower, and will
      continue in full force until all Indebtedness incurred or contracted before
      receipt by Lender of any notice of revocation shall have been fully and finally
      paid and satisfied and all of Guarantor's other obligations under this Guaranty
      shall have been performed in full. If Guarantor elects to revoke this Guaranty,
      Guarantor may only do so in writing. Guarantor's written notice of revocation
      must be mailed to Lender, by certified mail, at Lender's address listed above
      or
      such other place as Lender may designate in writing. Written revocation of
      this
      Guaranty will apply only to advances or new Indebtedness created after actual
      receipt by Lender of Guarantor's written revocation. For this purpose and
      without limitation, the term "new indebtedness" does not include Indebtedness
      which at the time of notice of revocation is contingent, unliquidated,
      undetermined or not due and which later becomes absolute, liquidated, determined
      or due. This Guaranty will continue to bind Guarantor for all indebtedness
      incurred by Borrower or committed by Lender prior to receipt of Guarantor's
      written notice of revocation, including any extensions, renewals, substitutions
      or modifications of the Indebtedness. All renewals, extensions, substitutions,
      and modifications of the indebtedness granted after Guarantor's revocation,
      are
      contemplated under this Guaranty and, specifically will not be considered to
      be
      new Indebtedness. This Guaranty shall bind Guarantor's estate as to Indebtedness
      created both before and after Guarantor's death or incapacity, regardless of
      Lender's actual notice of Guarantor's death. Subject to the foregoing.
      Guarantor's executor or administrator or other legal representative may
      terminate this Guaranty in the same manner in which Guarantor might have
      terminated it and with the same effect. Release of any other guarantor or
      termination of any other guaranty of the Indebtedness shall not affect the
      liability of Guarantor under this Guaranty. A revocation Lender receives from
      any one or more Guarantors shall not affect the liability of any remaining
      Guarantors under this Guaranty. It
      is anticipated that fluctuations may occur in the aggregate amount of
      indebtedness covered by this Guaranty, and Guarantor specifically acknowledges
      and agrees that reductions in the amount of Indebtedness, even to zero dollars
      ($0.00), prior to Guarantor's written revocation of this Guaranty shall not
      constitute a termination of this Guaranty. This Guaranty is binding upon
      Guarantor and Guarantor's heirs, successors and assigns so long as any of the
      guaranteed indebtedness remains unpaid and even though the indebtedness
      guaranteed may from time to time be zero dollars ($0.00).

    

    GUARANTOR'S
      AUTHORIZATION TO LENDER.
      Guarantor authorizes Lender, either before or after any revocation hereof,
      without
      notice or demand and without lessening Guarantor's liability under this
      Guaranty, from time to time:
      (A)
      prior to revocation as set forth above, to make one or more additional secured
      or unsecured loans to Borrower, to lease equipment or other goods to Borrower,
      or otherwise to extend additional credit to Borrower; (B) to alter, compromise,
      renew, extend, accelerate, or otherwise change one or more times the time for
      payment or other terms of the Indebtedness or any part of the Indebtedness,
      including increases and decreases of the rate of interest on the Indebtedness;
      extensions may be repeated and may be for longer than the original loan term;
      (C) to take and hold security for the payment of this Guaranty or the
      Indebtedness, and exchange, enforce, waive, subordinate, fail or decide not
      to
      perfect, and release any such security, with or without the substitution of
      new
      collateral; (D) to release, substitute, agree not to sue, or deal with any
      one
      or more of Borrower's sureties, endorsers, or other guarantors on any terms
      or
      in any manner Lender may choose; (E) to determine how, when and what application
      of payments and credits shall be made on the Indebtedness; (F) to apply such
      security and direct the order or manner of sale thereof, including without
      limitation, any nonjudicial sale permitted by the terms of the controlling
      security agreement or deed of trust, as Lender in its discretion may determine;
      (G) to sell, transfer, assign or grant participations in all or any part of
      the
      Indebtedness; and (H) to assign or transfer this Guaranty in whole or in
      part.

    

    GUARANTOR'S
      REPRESENTATIONS AND WARRANTIES.
      Guarantor represents and warrants to Lender that (A) no representations or
      agreements of any kind have been made to Guarantor which would limit or qualify
      in any way the terms of this Guaranty; (B) this Guaranty is executed at
      Borrower's request and not at the request of Lender; (C) Guarantor has full
      power, right and authority to enter into this Guaranty; (D) the provisions
      of
      this Guaranty do not conflict with or result in a default under any agreement
      or
      other instrument binding upon Guarantor and do not result in a violation of
      any
      law, regulation, court decree or order applicable to Guarantor; (E) Guarantor
      has not and will not, without the prior written consent of Lender, sell, lease,
      assign, encumber, hypothecate, transfer, or otherwise dispose of all or
      substantially all of Guarantor's assets, or any interest therein; (F) upon
      Lender's request, Guarantor will provide to Lender financial and credit
      information in form acceptable to Lender, and all such financial information
      which currently has been, and all future financial information which will be
      provided to Lender is and will be true and correct in all material respects
      and
      fairly present Guarantor's financial condition as of the dates the financial
      information is provided; (G) no material adverse change has occurred in
      Guarantor's financial condition since the date of the most recent financial
      statements provided to Lender and no event has occurred which may materially
      adversely affect Guarantor's financial condition; (H) no litigation, claim,
      investigation, administrative proceeding or similar action (including those
      for
      unpaid taxes) against Guarantor is pending or threatened; (l) Lender has made
      no
      representation to Guarantor as to the creditworthiness of Borrower; and (J)
      Guarantor has established adequate means of obtaining from Borrower on a
      continuing basis information regarding Borrower's financial condition. Guarantor
      agrees to keep adequately informed from such means of any facts, events, or
      circumstances which might in any way affect Guarantor's risks under this
      Guaranty, and Guarantor further agrees that, absent a request for information,
      Lender shall have no obligation to disclose to Guarantor any information or
      documents acquired by Lender in the course of its relationship with
      Borrower.

    

    GUARANTOR'S
      WAIVERS. Except
      as
      prohibited by applicable law, Guarantor waives any right to require Lender
      (A)
      to continue lending money or to extend other credit to Borrower; (B) to make
      any
      presentment, protest, demand, or notice of any kind, including notice of any
      nonpayment of the Indebtedness or of any nonpayment related to any collateral,
      or notice of any action or nonaction on the part of Borrower, Lender, any
      surety, endorser, or other guarantor in connection with the Indebtedness or
      in
      connection with the creation of new or additional loans or obligations; (C)
      to
      resort for payment or to proceed directly or at once against any person,
      including Borrower or any other guarantor; (D) to proceed directly against
      or
      exhaust any collateral held by Lender from Borrower, any other guarantor, or
      any
      other person; (E) to give notice of the terms, time, and place of any public
      or
      private sale of personal property security held by Lender from Borrower or
      to
      comply with any other applicable provisions of the Uniform Commercial Code;
      (F)
      to pursue any other remedy within Lender's power; or (G) to commit any act
      or
      omission of any kind, or at any time, with respect to any matter
      whatsoever.

    

    Guarantor
      also waives any and all rights or defenses arising by reason of (A) any "one
      action" or "anti-deficiency" law or any other law which may prevent Lender
      from
      bringing any action, including a claim for deficiency, against Guarantor, before
      or after Lender's commencement or completion of any foreclosure action, either
      judicially or by exercise of a power of sale; (B) any election of remedies
      by
      Lender which destroys or otherwise adversely affects Guarantor's subrogation
      rights or Guarantor's rights to proceed against Borrower for reimbursement,
      including without limitation, any loss of rights Guarantor may suffer by reason
      of any law limiting, qualifying, or discharging the Indebtedness; (C) any
      disability or other defense of Borrower, of any other guarantor, or of any
      other
      person, or by reason of the cessation of Borrower's liability from any cause
      whatsoever, other than payment in full in legal tender, of the indebtedness;
      (D)
      any right to claim discharge of the indebtedness on the basis of unjustified
      impairment of any collateral for the indebtedness; (E) any statute of
      limitations, if at any time any action or suit brought by Lender against
      Guarantor is commenced, there is outstanding indebtedness of Borrower to Lender
      which is not barred by any applicable statute of limitations; or (F) any
      defenses given to guarantors

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
               

            	
              COMMERCIAL
                GUARANTY

            	
               

            
	
              Loan
                No:
                519650

            	
              (Continued)

            	
              Page
                2

            

    

    

    

    at
      law or
      in equity other than actual payment and performance of the Indebtedness. If
      payment is made by Borrower, whether voluntarily or otherwise, or by any third
      party, on the Indebtedness and thereafter Lender is forced to remit the amount
      of that payment to Borrower's trustee in bankruptcy or to any similar person
      under any federal or state bankruptcy law or law for the relief of debtors,
      the
      Indebtedness shall be considered unpaid for the purpose of the enforcement
      of
      this Guaranty.

    

    Guarantor
      further waives and agrees not to assert or claim at any time any deductions
      to
      the amount guaranteed under this Guaranty for any claim of setoff, counterclaim,
      counter demand, recoupment or similar right, whether such claim, demand or
      right
      may be asserted by the Borrower, the Guarantor, or both.

    

    GUARANTOR'S
      UNDERSTANDING WITH RESPECT TO WAIVERS.
      Guarantor warrants and agrees that each of the waivers set forth above is made
      with Guarantor's full knowledge of its significance and consequences and that,
      under the circumstances, the waivers are reasonable and not contrary to public
      policy or law. If any such waiver is determined to be contrary to any applicable
      law or public policy, such waiver shall be effective only to the extent
      permitted by law or public policy.

    

    RIGHT
      OF SETOFF.
      To the
      extent permitted by applicable law, Lender reserves a right of setoff in all
      Guarantor's accounts with Lender (whether checking, savings, or some other
      account). This includes all accounts Guarantor holds jointly with someone else
      and all accounts Guarantor may open in the future. However, this does not
      include any IRA or Keogh accounts, or any trust accounts for which setoff would
      be prohibited by law. Guarantor authorizes Lender, to the extent permitted
      by
      applicable law, to hold these funds if there is a default, and Lender may apply
      the funds in these accounts to pay what Guarantor owes under the terms of this
      Guaranty.

    

    SUBORDINATION
      OF BORROWER'S DEBTS TO GUARANTOR.
      Guarantor agrees that the indebtedness of Borrower to Lender, whether now
      existing or hereafter created, shall be superior to any claim that Guarantor
      may
      now have or hereafter acquire against Borrower, whether or not Borrower becomes
      insolvent. Guarantor hereby expressly subordinates any claim Guarantor may
      have
      against Borrower, upon any account whatsoever, to any claim that Lender may
      now
      or hereafter have against Borrower. In the event of insolvency and consequent
      liquidation of the assets of Borrower, through bankruptcy, by an assignment
      for
      the benefit of creditors, by voluntary liquidation, or otherwise, the assets
      of
      Borrower applicable to the payment of the claims of both Lender and Guarantor
      shall be paid to Lender and shall be first applied by Lender to the Indebtedness
      of Borrower to Lender. Guarantor does hereby assign to Lender all claims which
      it may have or acquire
      against Borrower or against any assignee or trustee in bankruptcy of Borrower;
      provided however, that such assignment shall be effective only for the purpose
      of assuring to Lender full payment in legal tender of the Indebtedness. If
      Lender so requests, any notes or credit agreements now or hereafter evidencing
      any debts or obligations of Borrower to Guarantor shall be marked with a legend
      that the same are subject to this
      Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender is
      hereby authorized, in the name of Guarantor, from time to time to file financing
      statements and continuation statements and to execute documents and to take
      such
      other actions as Lender deems necessary or appropriate to perfect, preserve
      and
      enforce its rights under this Guaranty.

    

    MISCELLANEOUS
      PROVISIONS.
      The
      following miscellaneous provisions are a part of this Guaranty:

    

    Amendments.
      This
      Guaranty, together with any Related Documents, constitutes the entire
      understanding and agreement of the parties as to the matters set forth in this
      Guaranty. No alteration of or amendment to this Guaranty shall be effective
      unless given in writing and signed by the party or parties sought to be charged
      or bound by the alteration or amendment.

    

    Attorneys'
      Fees; Expenses.
      Guarantor agrees to pay upon demand all of Lender's reasonable costs and
      expenses, including Lender's attorneys' fees and Lender's legal expenses,
      incurred in connection with the enforcement of this Guaranty. Lender may hire
      or
      pay someone else to help enforce this Guaranty, and Guarantor shall pay the
      reasonable costs and expenses of such enforcement. Costs and expenses include
      Lender's attorneys' fees and legal expenses whether or not there is a lawsuit,
      including attorneys' fees and legal expenses for bankruptcy proceedings
      (including efforts to modify or vacate any automatic stay or injunction),
      appeals, and any anticipated post-judgment collection services. Guarantor also
      shall pay all court costs and such additional fees as may be directed by the
      court.

    

    Caption
      Headings.
      Caption
      headings in this Guaranty are for convenience purposes only and are not to
      be
      used to interpret or define the provisions of this Guaranty.

    

    Governing
      Law. This Guaranty will be governed by federal law applicable to Lender and,
      to
      the extent not preempted by federal law, the laws of the State of Colorado
      without regard to its conflicts of law provisions. This Guaranty has been
      accepted by Lender in the State of Colorado.

    

    Integration.
      Guarantor further agrees that Guarantor has read and fully understands the
      terms
      of this Guaranty; Guarantor has had the opportunity to be advised by Guarantor's
      attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor's
      intentions and parol evidence is not required to interpret the terms of this
      Guaranty. Guarantor hereby indemnifies and holds Lender harmless from all
      losses, claims, damages, and costs (including Lender's attorneys' fees) suffered
      or incurred by Lender as a result of any breach by Guarantor of the warranties,
      representations and agreements of this paragraph.

    

    Interpretation.
      In all
      cases where there is more than one Borrower or Guarantor, then all words used
      in
      this Guaranty in the singular shall be deemed to have been used in the plural
      where the context and construction so require; and where there is more than
      one
      Borrower named in this Guaranty or when this Guaranty is executed by more than
      one Guarantor, the words "Borrower" and "Guarantor" respectively shall mean
      all
      and any one or more of them. The words "Guarantor," "Borrower," and "Lender"
      include the heirs, successors, assigns, and transferees of each of them. If
      a
      court finds that any provision of this Guaranty is not valid or should not
      be
      enforced, that fact by itself will not mean that the rest of this Guaranty
      will
      not be valid or enforced. Therefore, a court will enforce the rest of the
      provisions of this Guaranty even if a provision of this Guaranty may be found
      to
      be invalid or unenforceable. If any one or more of Borrower or Guarantor are
      corporations, partnerships, limited liability companies, or similar entities,
      it
      is not necessary for Lender to inquire into the powers of Borrower or Guarantor
      or of the officers, directors, partners, managers, or other agents acting or
      purporting to act on their behalf, and any indebtedness made or created in
      reliance upon the professed exercise of such powers shall be guaranteed under
      this Guaranty.

    

    Notices.
      Any
      notice required to be given under this Guaranty shall be given in writing,
      and,
      except for revocation notices by Guarantor, shall be effective when actually
      delivered, when actually received by telefacsimile (unless otherwise required
      by
      law), when deposited with a nationally recognized overnight courier, or, if
      mailed, when deposited in the United States mail, as first class, certified
      or
      registered mail postage prepaid, directed to the addresses shown near the
      beginning of this Guaranty. All revocation notices by Guarantor shall be in
      writing and shall be effective upon delivery to Lender as provided in the
      section of this Guaranty entitled "DURATION OF GUARANTY." Any party may change
      its address for notices under this Guaranty by giving formal written notice
      to
      the other parties, specifying that the purpose of the notice is to change the
      party's address. For notice purposes, Guarantor agrees to keep Lender informed
      at all times of Guarantor's current address. Unless otherwise provided or
      required by law, if there is more than one Guarantor, any notice given by Lender
      to any Guarantor is deemed to be notice given to all Guarantors.

    

    No
      Waiver by Lender.
      Lender
      shall not be deemed to have waived any rights under this Guaranty unless such
      waiver is given in writing and signed by Lender. No delay or omission on the
      part of Lender in exercising any right shall operate as a waiver of such right
      or any other right. A waiver by Lender of a provision of this Guaranty shall
      not
      prejudice or constitute a waiver of Lender's right otherwise to demand strict
      compliance with that provision or any other provision of this Guaranty. No
      prior
      waiver by Lender, nor any course of dealing between Lender and Guarantor, shall
      constitute a waiver of any of Lender's rights or of any of Guarantor's
      obligations as to any future transactions. Whenever the consent of Lender is
      required under this Guaranty, the granting of such consent by Lender in any
      instance shall not constitute continuing consent to subsequent instances where
      such consent is required and in all cases such consent may be granted or
      withheld in the sole discretion of Lender.

    

    Successors
      and Assigns.
      Subject
      to any limitations stated in this Guaranty on transfer of Guarantor's interest,
      this Guaranty shall be binding upon and inure to the benefit of the parties,
      their successors and assigns.

    

    Waive
      Jury. Lender and Guarantor hereby waive the right to any jury trial in any
      action, proceeding, or counterclaim brought by either Lender or Borrower against
      the other.

    

    DEFINITIONS.
      The
      following capitalized words and terms shall have the following meanings when
      used in this Guaranty. Unless specifically stated to the contrary, all
      references to dollar amounts shall mean amounts in lawful money of the United
      States of America. Words and terms used in the singular shall include the
      plural, and the plural shall include the singular, as the context may require.
      Words and terms not otherwise defined in this Guaranty shall have the meanings
      attributed to such terms in the Uniform Commercial Code:

    

    Borrower.
      The word
      "Borrower" means CC TOLLGATE LLC.

    

    Guarantor.
      The word
      "Guarantor" means each and every person or entity signing this Guaranty,
      including without limitation CENTURY CASINOS, INC..

    

    Guaranty.
      The word
      "Guaranty" means the guaranty from Guarantor to Lender, including without
      limitation a guaranty of all or part of the Note.

    

    Indebtedness.
      The word
      "Indebtedness" means Borrower's indebtedness to Lender as more particularly
      described in this Guaranty.

    

    Lender.
      The word
      "Lender" means COLORADO BUSINESS BANK, its successors and assigns.

    

    Note.
      The word
      "Note" means and includes without limitation all of Borrower's promissory notes
      and/or credit agreements evidencing Borrower's loan obligations in favor of
      Lender, together with all renewals of, extensions of, modifications of,
      refinancings of, consolidations of and substitutions for promissory notes or
      credit agreements.

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
               

            	
              COMMERCIAL
                GUARANTY

            	
               

            
	
              Loan
                No:
                519650

            	
              (Continued)

            	
              Page
                3

            

    

    

    

    Related
      Documents.
      The
      words "Related Documents" mean all promissory notes, credit agreements, loan
      agreements, environmental agreements, guaranties, security agreements,
      mortgages, deeds of trust, security deeds, collateral mortgages, and all other
      instruments, agreements and documents, whether now or hereafter existing,
      executed in connection with the Indebtedness.

    

    EACH
      UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS
      GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT
      THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND DELIVERY OF THIS
      GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN
      THE
      MANNER SET FORTH IN THE SECTION TITLED "DURATION OF GUARANTY" NO FORMAL
      ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY
      IS DATED APRIL 4, 2005.

    

    GUARANTOR:

    

    

    CENTURY
      CASINOS, INC.

    

    
      	
              By:

            	
              /s/
                Larry Hannappel

            	
               

            
	
               

            	
              LARRY
                HANNAPPEL, Senior Vice President of 

            	
               

            
	
               

            	
              CENTURY
                CASINOS, INC.

            	
               

            

    

    

    

    

    
      	
               

            

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    *000000000000519650022004042005*

    COMMERCIAL
      GUARANTY

    

    
      	
              Principal

            	
              Loan
                Date

            	
              Maturity

            	
              Loan
                No

            	
              Call/Coll

            	
              Account

            	
              Officer

              030

            	
              Initials

            
	
              References
                in the shaded area are for Lender's use only and do not limit the
                applicability of this document to any particular loan or item. Any
                item
                above containing ''*'' has been omitted due to text length
                limitations.

            

    

    

    

    
      	
              Borrower:

            	
              CC
                TOLLGATE LLC

            	
               

            	
              Lender:

            	
              COLORADO
                BUSINESS BANK

            
	
               

            	
              1263A
                LAKE PLAZA DR

            	
               

            	
               

            	
              DENVER

            
	
               

            	
              COLORADO
                SPRINGS, CO 80906

            	
               

            	
               

            	
              821
                17TH STREET

            
	
               

            	
               

            	
               

            	
               

            	
              DENVER,
                CO 80202

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Guarantor:
                

            	
              CENTURY
                CASINOS TOLLGATE, INC.

            	
               

            	
               

            	
               

            
	
               

            	
              1263A
                LAKE PLAZA DR.

            	
               

            	
               

            	
               

            
	
               

            	
              COLORADO
                SPRINGS, CO 80906

            	
               

            	
               

            	
               

            

    

    

    AMOUNT
      OF GUARANTY. The
      amount of this Guaranty is Unlimited.

    

    CONTINUING
      UNLIMITED GUARANTY.
      For good
      and valuable consideration, CENTURY CASINOS TOLLGATE, INC. ("Guarantor")
      absolutely and unconditionally guarantees and promises to pay to COLORADO
      BUSINESS BANK ("Lender") or its order, in legal tender of the United States
      of
      America, the indebtedness (as that term is defined below) of CC TOLLGATE LLC
      ("Borrower") to Lender on the terms and conditions set forth in this Guaranty.
      Under this Guaranty, the liability of Guarantor is unlimited and the obligations
      of Guarantor are continuing.

    

    INDEBTEDNESS
      GUARANTEED.
      The
      indebtedness guaranteed by this Guaranty includes any and all of Borrower's
      indebtedness to Lender and is used in the most comprehensive sense and means
      and
      includes any and all of Borrower's liabilities, obligations and debts to Lender,
      now existing or hereinafter incurred or created, including, without limitation,
      all loans, advances, interest, costs, debts, overdraft indebtedness, credit
      card
      indebtedness, lease obligations, other obligations, and liabilities of Borrower,
      or any of them, and any present or future judgments against Borrower, or any
      of
      them; and whether any such indebtedness is voluntarily or involuntarily
      incurred, due or not due, absolute or contingent, liquidated or unliquidated,
      determined or undetermined; whether Borrower may be liable individually or
      jointly with others, or primarily or secondarily, or as guarantor or surety;
      whether recovery on the Indebtedness may be or may become barred or
      unenforceable against Borrower for any reason whatsoever; and whether the
      Indebtedness arises from transactions which may be voidable on account of
      infancy, insanity, ultra vires, or otherwise.

    

    DURATION
      OF GUARANTY.
      This
      Guaranty will take effect when received by Lender without the necessity of
      any
      acceptance by Lender, or any notice to Guarantor or to Borrower, and will
      continue in full force until all Indebtedness incurred or contracted before
      receipt by Lender of any notice of revocation shall have been fully and finally
      paid and satisfied and all of Guarantor's other obligations under this Guaranty
      shall have been performed in full. If Guarantor elects to revoke this Guaranty,
      Guarantor may only do so in writing. Guarantor's written notice of revocation
      must be mailed to Lender, by certified mail, at Lender's address listed above
      or
      such other place as Lender may designate in writing. Written revocation of
      this
      Guaranty will apply only to advances or new Indebtedness created after actual
      receipt by Lender of Guarantor's written revocation. For this purpose and
      without limitation, the term "new indebtedness" does not include Indebtedness
      which at the time of notice of revocation is contingent, unliquidated,
      undetermined or not due and which later becomes absolute, liquidated, determined
      or due. This Guaranty will continue to bind Guarantor for all indebtedness
      incurred by Borrower or committed by Lender prior to receipt of Guarantor's
      written notice of revocation, including any extensions, renewals, substitutions
      or modifications of the Indebtedness. All renewals, extensions, substitutions,
      and modifications of the indebtedness granted after Guarantor's revocation,
      are
      contemplated under this Guaranty and, specifically will not be considered to
      be
      new Indebtedness. This Guaranty shall bind Guarantor's estate as to Indebtedness
      created both before and after Guarantor's death or incapacity, regardless of
      Lender's actual notice of Guarantor's death. Subject to the foregoing.
      Guarantor's executor or administrator or other legal representative may
      terminate this Guaranty in the same manner in which Guarantor might have
      terminated it and with the same effect. Release of any other guarantor or
      termination of any other guaranty of the Indebtedness shall not affect the
      liability of Guarantor under this Guaranty. A revocation Lender receives from
      any one or more Guarantors shall not affect the liability of any remaining
      Guarantors under this Guaranty. It
      is anticipated that fluctuations may occur in the aggregate amount of
      indebtedness covered by this Guaranty, and Guarantor specifically acknowledges
      and agrees that reductions in the amount of Indebtedness, even to zero dollars
      ($0.00), prior to Guarantor's written revocation of this Guaranty shall not
      constitute a termination of this Guaranty. This Guaranty is binding upon
      Guarantor and Guarantor's heirs, successors and assigns so long as any of the
      guaranteed indebtedness remains unpaid and even though the indebtedness
      guaranteed may from time to time be zero dollars ($0.00).

    

    GUARANTOR'S
      AUTHORIZATION TO LENDER.
      Guarantor authorizes Lender, either before or after any revocation hereof,
      without
      notice or demand and without lessening Guarantor's liability under this
      Guaranty, from time to time:
      (A)
      prior to revocation as set forth above, to make one or more additional secured
      or unsecured loans to Borrower, to lease equipment or other goods to Borrower,
      or otherwise to extend additional credit to Borrower; (B) to alter, compromise,
      renew, extend, accelerate, or otherwise change one or more times the time for
      payment or other terms of the Indebtedness or any part of the Indebtedness,
      including increases and decreases of the rate of interest on the Indebtedness;
      extensions may be repeated and may be for longer than the original loan term;
      (C) to take and hold security for the payment of this Guaranty or the
      Indebtedness, and exchange, enforce, waive, subordinate, fail or decide not
      to
      perfect, and release any such security, with or without the substitution of
      new
      collateral; (D) to release, substitute, agree not to sue, or deal with any
      one
      or more of Borrower's sureties, endorsers, or other guarantors on any terms
      or
      in any manner Lender may choose; (E) to determine how, when and what application
      of payments and credits shall be made on the Indebtedness; (F) to apply such
      security and direct the order or manner of sale thereof, including without
      limitation, any nonjudicial sale permitted by the terms of the controlling
      security agreement or deed of trust, as Lender in its discretion may determine;
      (G) to sell, transfer, assign or grant participations in all or any part of
      the
      Indebtedness; and (H) to assign or transfer this Guaranty in whole or in
      part.

    

    GUARANTOR'S
      REPRESENTATIONS AND WARRANTIES.
      Guarantor represents and warrants to Lender that (A) no representations or
      agreements of any kind have been made to Guarantor which would limit or qualify
      in any way the terms of this Guaranty; (B) this Guaranty is executed at
      Borrower's request and not at the request of Lender; (C) Guarantor has full
      power, right and authority to enter into this Guaranty; (D) the provisions
      of
      this Guaranty do not conflict with or result in a default under any agreement
      or
      other instrument binding upon Guarantor and do not result in a violation of
      any
      law, regulation, court decree or order applicable to Guarantor; (E) Guarantor
      has not and will not, without the prior written consent of Lender, sell, lease,
      assign, encumber, hypothecate, transfer, or otherwise dispose of all or
      substantially all of Guarantor's assets, or any interest therein; (F) upon
      Lender's request. Guarantor will provide to Lender financial and credit
      information in form acceptable to Lender, and all such financial information
      which currently has been, and all future financial information which will be
      provided to Lender is and will be true and correct in all material respects
      and
      fairly present Guarantor's financial condition as of the dates the financial
      information is provided; (G) no material adverse change has occurred in
      Guarantor's financial condition since the date of the most recent financial
      statements provided to Lender and no event has occurred which may materially
      adversely affect Guarantor's financial condition; (H) no litigation, claim,
      investigation, administrative proceeding or similar action (including those
      for
      unpaid taxes) against Guarantor is pending or threatened; (l) Lender has made
      no
      representation to Guarantor as to the creditworthiness of Borrower; and (J)
      Guarantor has established adequate means of obtaining from Borrower on a
      continuing basis information regarding Borrower's financial condition Guarantor
      agrees to keep adequately informed from such means of any facts, events, or
      circumstances which might in any way affect Guarantor's risks under this
      Guaranty, and Guarantor further agrees that, absent a request for information,
      Lender shall have no obligation to disclose to Guarantor any information or
      documents acquired by Lender in the course of its relationship with
      Borrower.

    

    GUARANTOR'S
      WAIVERS. Except
      as
      prohibited by applicable law, Guarantor waives any right to require Lender
      (A)
      to continue lending money or to extend other credit to Borrower; (B) to make
      any
      presentment, protest, demand, or notice of any kind, including notice of any
      nonpayment of the Indebtedness or of any nonpayment related to any collateral,
      or notice of any action or nonaction on the part of Borrower, Lender, any
      surety, endorser, or other guarantor in connection with the Indebtedness or
      in
      connection with the creation of new or additional loans or obligations; (C)
      to
      resort for payment or to proceed directly or at once against any person,
      including Borrower or any other guarantor; (D) to proceed directly against
      or
      exhaust any collateral held by Lender from Borrower, any other guarantor, or
      any
      other person; (E) to give notice of the terms, time, and place of any public
      or
      private sale of personal property security held by Lender from Borrower or
      to
      comply with any other applicable provisions of the Uniform Commercial Code;
      (F)
      to pursue any other remedy within Lender's power; or (G) to commit any act
      or
      omission of any kind, or at any time, with respect to any matter
      whatsoever.

    

    Guarantor
      also waives any and all rights or defenses arising by reason of (A) any "one
      action" or "anti-deficiency" law or any other law which may prevent Lender
      from
      bringing any action, including a claim for deficiency, against Guarantor, before
      or after Lender's commencement or completion of any foreclosure action, either
      judicially or by exercise of a power of sale; (B) any election of remedies
      by
      Lender which destroys or otherwise adversely affects Guarantor's subrogation
      rights or Guarantor's rights to proceed against Borrower for reimbursement,
      including without limitation, any loss of rights Guarantor may suffer by reason
      of any law limiting, qualifying, or discharging the Indebtedness; (C) any
      disability or other defense of Borrower, of any other guarantor, or of any
      other
      person, or by reason of the cessation of Borrower's liability from any cause
      whatsoever, other than payment in full in legal tender, of the indebtedness;
      (D)
      any right to claim discharge of the indebtedness on the basis of unjustified
      impairment of any collateral for the indebtedness; (E) any statute of
      limitations, if at any time any action or suit brought by Lender against
      Guarantor is commenced, there is outstanding indebtedness of Borrower to Lender
      which is not barred by any applicable statute of limitations; or (F) any
      defenses given to guarantors

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
               

            	
              COMMERCIAL
                GUARANTY

            	
               

            
	
              Loan
                No:
                519650

            	
              (Continued)

            	
              Page
                2

            

    

    

    at
      law or
      in equity other than actual payment and performance of the Indebtedness. If
      payment is made by Borrower, whether voluntarily or otherwise, or by any third
      party, on the Indebtedness and thereafter Lender is forced to remit the amount
      of that payment to Borrower's trustee in bankruptcy or to any similar person
      under any federal or state bankruptcy law or law for the relief of debtors,
      the
      Indebtedness shall be considered unpaid for the purpose of the enforcement
      of
      this Guaranty.

    

    Guarantor
      further waives and agrees not to assert or claim at any time any deductions
      to
      the amount guaranteed under this Guaranty for any claim of setoff, counterclaim,
      counter demand, recoupment or similar right, whether such claim, demand or
      right
      may be asserted by the Borrower, the Guarantor, or both.

    

    GUARANTOR'S
      UNDERSTANDING WITH RESPECT TO WAIVERS.
      Guarantor warrants and agrees that each of the waivers set forth above is made
      with Guarantor's full knowledge of its significance and consequences and that,
      under the circumstances, the waivers are reasonable and not contrary to public
      policy or law. If any such waiver is determined to be contrary to any applicable
      law or public policy, such waiver shall be effective only to the extent
      permitted by law or public policy.

    

    RIGHT
      OF SETOFF.
      To the
      extent permitted by applicable law, Lender reserves a right of setoff in all
      Guarantor's accounts with Lender (whether checking, savings, or some other
      account). This includes all accounts Guarantor holds jointly with someone else
      and all accounts Guarantor may open in the future. However, this does not
      include any IRA or Keogh accounts, or any trust accounts for which setoff would
      be prohibited by law. Guarantor authorizes Lender, to the extent permitted
      by
      applicable law, to hold these funds if there is a default, and Lender may apply
      the funds in these accounts to pay what Guarantor owes under the terms of this
      Guaranty.

    

    SUBORDINATION
      OF BORROWER'S DEBTS TO GUARANTOR.
      Guarantor agrees that the indebtedness of Borrower to Lender, whether now
      existing or hereafter created, shall be superior to any claim that Guarantor
      may
      now have or hereafter acquire against Borrower, whether or not Borrower becomes
      insolvent. Guarantor hereby expressly subordinates any claim Guarantor may
      have
      against Borrower, upon any account whatsoever, to any claim that Lender may
      now
      or hereafter have against Borrower. In the event of insolvency and consequent
      liquidation of the assets of Borrower, through bankruptcy, by an assignment
      for
      the benefit of creditors, by voluntary liquidation, or otherwise, the assets
      of
      Borrower applicable to the payment of the claims of both Lender and Guarantor
      shall be paid to Lender and shall be first applied by Lender to the Indebtedness
      of Borrower to Lender. Guarantor does hereby assign to Lender all claims which
      it may have or acquire
      against Borrower or against any assignee or trustee in bankruptcy of Borrower;
      provided however, that such assignment shall be effective only for the purpose
      of assuring to Lender full payment in legal tender of the Indebtedness. If
      Lender so requests, any notes or credit agreements now or hereafter evidencing
      any debts or obligations of Borrower to Guarantor shall be marked with a legend
      that the same are subject to this
      Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender is
      hereby authorized, in the name of Guarantor, from time to time to file financing
      statements and continuation statements and to execute documents and to take
      such
      other actions as Lender deems necessary or appropriate to perfect, preserve
      and
      enforce its rights under this Guaranty.

    

    MISCELLANEOUS
      PROVISIONS.
      The
      following miscellaneous provisions are a part of this Guaranty:

    

    Amendments.
      This
      Guaranty, together with any Related Documents, constitutes the entire
      understanding and agreement of the parties as to the matters set forth in this
      Guaranty. No alteration of or amendment to this Guaranty shall be effective
      unless given in writing and signed by the party or parties sought to be charged
      or bound by the alteration or amendment.

    

    Attorneys'
      Fees; Expenses.
      Guarantor agrees to pay upon demand all of Lender's reasonable costs and
      expenses, including Lender's attorneys' fees and Lender's legal expenses,
      incurred in connection with the enforcement of this Guaranty. Lender may hire
      or
      pay someone else to help enforce this Guaranty, and Guarantor shall pay the
      reasonable costs and expenses of such enforcement. Costs and expenses include
      Lender's attorneys' fees and legal expenses whether or not there is a lawsuit,
      including attorneys' fees and legal expenses for bankruptcy proceedings
      (including efforts to modify or vacate any automatic stay or injunction),
      appeals, and any anticipated post-judgment collection services. Guarantor also
      shall pay all court costs and such additional fees as may be directed by the
      court.

    

    Caption
      Headings.
      Caption
      headings in this Guaranty are for convenience purposes only and are not to
      be
      used to interpret or define the provisions of this Guaranty.

    

    Governing
      Law. This Guaranty will be governed by federal law applicable to Lender and,
      to
      the extent not preempted by federal law, the laws of the State of Colorado
      without regard to its conflicts of law provisions. This Guaranty has been
      accepted by Lender in the State of Colorado.

    

    Integration.
      Guarantor further agrees that Guarantor has read and fully understands the
      terms
      of this Guaranty; Guarantor has had the opportunity to be advised by Guarantor's
      attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor's
      intentions and parol evidence is not required to interpret the terms of this
      Guaranty. Guarantor hereby indemnifies and holds Lender harmless from all
      losses, claims, damages, and costs (including Lender's attorneys' fees) suffered
      or incurred by Lender as a result of any breach by Guarantor of the warranties,
      representations and agreements of this paragraph.

    

    Interpretation.
      In all
      cases where there is more than one Borrower or Guarantor, then all words used
      in
      this Guaranty in the singular shall be deemed to have been used in the plural
      where the context and construction so require; and where there is more than
      one
      Borrower named in this Guaranty or when this Guaranty is executed by more than
      one Guarantor, the words "Borrower" and "Guarantor" respectively shall mean
      all
      and any one or more of them. The words "Guarantor," "Borrower," and "Lender"
      include the heirs, successors, assigns, and transferees of each of them. If
      a
      court finds that any provision of this Guaranty is not valid or should not
      be
      enforced, that fact by itself will not mean that the rest of this Guaranty
      will
      not be valid or enforced. Therefore, a court will enforce the rest of the
      provisions of this Guaranty even if a provision of this Guaranty may be found
      to
      be invalid or unenforceable. If any one or more of Borrower or Guarantor are
      corporations, partnerships, limited liability companies, or similar entities,
      it
      is not necessary for Lender to inquire into the powers of Borrower or Guarantor
      or of the officers, directors, partners, managers, or other agents acting or
      purporting to act on their behalf, and any indebtedness made or created in
      reliance upon the professed exercise of such powers shall be guaranteed under
      this Guaranty.

    

    Notices.
      Any
      notice required to be given under this Guaranty shall be given in writing,
      and,
      except for revocation notices by Guarantor, shall be effective when actually
      delivered, when actually received by telefacsimile (unless otherwise required
      by
      law), when deposited with a nationally recognized overnight courier, or, if
      mailed, when deposited in the United States mail, as first class, certified
      or
      registered mail postage prepaid, directed to the addresses shown near the
      beginning of this Guaranty. All revocation notices by Guarantor shall be in
      writing and shall be effective upon delivery to Lender as provided in the
      section of this Guaranty entitled "DURATION OF GUARANTY." Any party may change
      its address for notices under this Guaranty by giving formal written notice
      to
      the other parties, specifying that the purpose of the notice is to change the
      party's address. For notice purposes, Guarantor agrees to keep Lender informed
      at all times of Guarantor's current address. Unless otherwise provided or
      required by law, if there is more than one Guarantor, any notice given by Lender
      to any Guarantor is deemed to be notice given to all Guarantors.

    

    No
      Waiver by Lender.
      Lender
      shall not be deemed to have waived any rights under this Guaranty unless such
      waiver is given in writing and signed by Lender. No delay or omission on the
      part of Lender in exercising any right shall operate as a waiver of such right
      or any other right. A waiver by Lender of a provision of this Guaranty shall
      not
      prejudice or constitute a waiver of Lender's right otherwise to demand strict
      compliance with that provision or any other provision of this Guaranty. No
      prior
      waiver by Lender, nor any course of dealing between Lender and Guarantor, shall
      constitute a waiver of any of Lender's rights or of any of Guarantor's
      obligations as to any future transactions. Whenever the consent of Lender is
      required under this Guaranty, the granting of such consent by Lender in any
      instance shall not constitute continuing consent to subsequent instances where
      such consent is required and in all cases such consent may be granted or
      withheld in the sole discretion of Lender.

    

    Successors
      and Assigns.
      Subject
      to any limitations stated in this Guaranty on transfer of Guarantor's interest,
      this Guaranty shall be binding upon and inure to the benefit of the parties,
      their successors and assigns.

    

    Waive
      Jury. Lender and Guarantor hereby waive the right to any jury trial in any
      action, proceeding, or counterclaim brought by either Lender or Borrower against
      the other.

    

    DEFINITIONS.
      The
      following capitalized words and terms shall have the following meanings when
      used in this Guaranty. Unless specifically stated to the contrary, all
      references to dollar amounts shall mean amounts in lawful money of the United
      States of America. Words and terms used in the singular shall include the
      plural, and the plural shall include the singular, as the context may require.
      Words and terms not otherwise defined in this Guaranty shall have the meanings
      attributed to such terms in the Uniform Commercial Code:

    

    Borrower.
      The word
      "Borrower" means CC TOLLGATE LLC.

    

    Guarantor.
      The word
      "Guarantor" means each and every person or entity signing this Guaranty,
      including without limitation CENTURY CASINOS TOLLGATE, INC.

    

    Guaranty.
      The word
      "Guaranty" means the guaranty from Guarantor to Lender, including without
      limitation a guaranty of all or part of the Note.

    

    Indebtedness.
      The word
      "Indebtedness" means Borrower's indebtedness to Lender as more particularly
      described in this Guaranty.

    

    Lender.
      The word
      "Lender" means COLORADO BUSINESS BANK, its successors and assigns.

    

    Note.
      The word
      "Note" means and includes without limitation all of Borrower's promissory notes
      and/or credit agreements evidencing Borrower's loan obligations in favor of
      Lender, together with all renewals of, extensions of, modifications of,
      refinancings of, consolidations of and substitutions for promissory notes or
      credit agreements.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
               

            	
              COMMERCIAL
                GUARANTY

            	
               

            
	
              Loan
                No:
                519650

            	
              (Continued)

            	
              Page
                3

            

    

    

    Related
      Documents.
      The
      words "Related Documents" mean all promissory notes, credit agreements, loan
      agreements, environmental agreements, guaranties, security agreements,
      mortgages, deeds of trust, security deeds, collateral mortgages, and all other
      instruments, agreements and documents, whether now or hereafter existing,
      executed in connection with the Indebtedness.

    

    EACH
      UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS
      GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT
      THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND DELIVERY OF THIS
      GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN
      THE
      MANNER SET FORTH IN THE SECTION TITLED "DURATION OF GUARANTY" NO FORMAL
      ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY
      IS DATED APRIL 4, 2005.

    

    GUARANTOR:

    

    CENTURY
      CASINOS TOLLGATE, INC.

    

    
      	
              By:

            	
              /s/
                Larry Hannappel

            	
               

            
	
               

            	
              LARRY
                HANNAPPEL, CEO and Secretary of 

            	
               

            
	
               

            	
              CENTURY
                CASINOS TOLLGATE, INC.

            	
               

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    *000000000000519650022004042005*

    COMMERCIAL
      GUARANTY

    

    
      	
              Principal

            	
              Loan
                Date

            	
              Maturity

            	
              Loan
                No

            	
              Call
                / Coll

            	
              Account

            	
              Officer

              030

            	
              Initials

            
	
              References
                in the shaded area are for Lender's use only and do not limit the
                applicability of this document to any particular loan or item. Any
                item
                above containing ''*'' has been omitted due to text length
                limitations.

            

    

    

    

    
      	
              Borrower:

            	
              CC
                TOLLGATE LLC

            	
               

            	
              Lender:

            	
              COLORADO
                BUSINESS BANK

            
	
               

            	
              1263A
                LAKE PLAZA DR

            	
               

            	
               

            	
              DENVER

            
	
               

            	
              COLORADO
                SPRINGS, CO 80906

            	
               

            	
               

            	
              821
                17TH STREET

            
	
               

            	
               

            	
               

            	
               

            	
              DENVER,
                CO 80202

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Guarantor:
                

            	
              CENTRAL
                CITY VENTURE, LLC.

            	
               

            	
               

            	
               

            
	
               

            	
              2493
                W. COSTILLA.

            	
               

            	
               

            	
               

            
	
               

            	
              LITTLETON,
                CO 80120

            	
               

            	
               

            	
               

            

    

    

    AMOUNT
      OF GUARANTY. The
      amount of this Guaranty is Unlimited.

    

    CONTINUING
      UNLIMITED GUARANTY.
      For good
      and valuable consideration, CENTRAL CITY VENTURE, LLC ("Guarantor") absolutely
      and unconditionally guarantees and promises to pay to COLORADO BUSINESS BANK
      ("Lender") or its order, in legal tender of the United States of America, the
      indebtedness (as that term is defined below) of CC TOLLGATE LLC ("Borrower")
      to
      Lender on the terms and conditions set forth in this Guaranty. Under this
      Guaranty, the liability of Guarantor is unlimited and the obligations of
      Guarantor are continuing.

    

    INDEBTEDNESS
      GUARANTEED.
      The
      indebtedness guaranteed by this Guaranty includes any and all of Borrower's
      indebtedness to Lender and is used in the most comprehensive sense and means
      and
      includes any and all of Borrower's liabilities, obligations and debts to Lender,
      now existing or hereinafter incurred or created, including, without limitation,
      all loans, advances. interest, costs, debts, overdraft indebtedness, credit
      card
      indebtedness, lease obligations, other obligations, and liabilities of Borrower,
      or any of them, and any present or future judgments against Borrower, or any
      of
      them; and whether any such indebtedness is voluntarily or involuntarily
      incurred, due or not due, absolute or contingent, liquidated or unliquidated,
      determined or undetermined; whether Borrower may be liable individually or
      jointly with others, or primarily or secondarily, or as guarantor or surety;
      whether recovery on the Indebtedness may be or may become barred or
      unenforceable against Borrower for any reason whatsoever; and whether the
      Indebtedness arises from transactions which may be voidable on account of
      infancy, insanity, ultra vires, or otherwise.

    

    DURATION
      OF GUARANTY.
      This
      Guaranty will take effect when received by Lender without the necessity of
      any
      acceptance by Lender, or any notice to Guarantor or to Borrower, and will
      continue in full force until all Indebtedness incurred or contracted before
      receipt by Lender of any notice of revocation shall have been fully and finally
      paid and satisfied and all of Guarantor's other obligations under this Guaranty
      shall have been performed in full. If Guarantor elects to revoke this Guaranty,
      Guarantor may only do so in writing. Guarantor's written notice of revocation
      must be mailed to Lender, by certified mail, at Lender's address listed above
      or
      such other place as Lender may designate in writing. Written revocation of
      this
      Guaranty will apply only to advances or new Indebtedness created after actual
      receipt by Lender of Guarantor's written revocation. For this purpose and
      without limitation, the term "new indebtedness" does not include Indebtedness
      which at the time of notice of revocation is contingent, unliquidated,
      undetermined or not due and which later becomes absolute, liquidated, determined
      or due. This Guaranty will continue to bind Guarantor for all indebtedness
      incurred by Borrower or committed by Lender prior to receipt of Guarantor's
      written notice of revocation, including any extensions, renewals, substitutions
      or modifications of the Indebtedness. All renewals, extensions, substitutions,
      and modifications of the indebtedness granted after Guarantor's revocation,
      are
      contemplated under this Guaranty and, specifically will not be considered to
      be
      new Indebtedness. This Guaranty shall bind Guarantor's estate as to Indebtedness
      created both before and after Guarantor's death or incapacity, regardless of
      Lender's actual notice of Guarantor's death. Subject to the foregoing,
      Guarantor's executor or administrator or other legal representative may
      terminate this Guaranty in the same manner in which Guarantor might have
      terminated it and with the same effect. Release of any other guarantor or
      termination of any other guaranty of the Indebtedness shall not affect the
      liability of Guarantor under this Guaranty. A revocation Lender receives from
      any one or more Guarantors shall not affect the liability of any remaining
      Guarantors under this Guaranty. It
      is anticipated that fluctuations may occur in the aggregate amount of
      indebtedness covered by this Guaranty, and Guarantor specifically acknowledges
      and agrees that reductions in the amount of Indebtedness, even to zero dollars
      ($0.00), prior to Guarantor's written revocation of this Guaranty shall not
      constitute a termination of this Guaranty. This Guaranty is binding upon
      Guarantor and Guarantor's heirs, successors and assigns so long as any of the
      guaranteed indebtedness remains unpaid and even though the indebtedness
      guaranteed may from time to time be zero dollars ($0.00).

    

    GUARANTOR'S
      AUTHORIZATION TO LENDER.
      Guarantor authorizes Lender, either before or after any revocation hereof,
      without
      notice or demand and without lessening Guarantor's liability under this
      Guaranty, from time to time:
      (A)
      prior to revocation as set forth above, to make one or more additional secured
      or unsecured loans to Borrower, to lease equipment or other goods to Borrower,
      or otherwise to extend additional credit to Borrower; (B) to alter, compromise,
      renew, extend, accelerate, or otherwise change one or more times the time for
      payment or other terms of the Indebtedness or any part of the Indebtedness,
      including increases and decreases of the rate of interest on the Indebtedness;
      extensions may be repeated and may be for longer than the original loan term;
      (C) to take and hold security for the payment of this Guaranty or the
      Indebtedness, and exchange, enforce, waive, subordinate, fail or decide not
      to
      perfect, and release any such security, with or without the substitution of
      new
      collateral; (D) to release, substitute, agree not to sue, or deal with any
      one
      or more of Borrower's sureties, endorsers, or other guarantors on any terms
      or
      in any manner Lender may choose; (E) to determine how, when and what application
      of payments and credits shall be made on the Indebtedness; (F) to apply such
      security and direct the order or manner of sale thereof, including without
      limitation, any nonjudicial sale permitted by the terms of the controlling
      security agreement or deed of trust, as Lender in its discretion may determine;
      (G) to sell, transfer, assign or grant participations in all or any part of
      the
      Indebtedness; and (H) to assign or transfer this Guaranty in whole or in
      part.

    

    GUARANTOR'S
      REPRESENTATIONS AND WARRANTIES.
      Guarantor represents and warrants to Lender that (A) no representations or
      agreements of any kind have been made to Guarantor which would limit or qualify
      in any way the terms of this Guaranty; (B) this Guaranty is executed at
      Borrower's request and not at the request of Lender; (C) Guarantor has full
      power, right and authority to enter into this Guaranty; (D) the provisions
      of
      this Guaranty do not conflict with or result in a default under any agreement
      or
      other instrument binding upon Guarantor and do not result in a violation of
      any
      law. regulation, court decree or order applicable to Guarantor; (E) Guarantor
      has not and will not, without the prior written consent of Lender, sell, lease,
      assign, encumber, hypothecate, transfer, or otherwise dispose of all or
      substantially all of Guarantor's assets, or any interest therein; (F) upon
      Lender's request. Guarantor will provide to Lender financial and credit
      information in form acceptable to Lender, and all such financial information
      which currently has been, and all future financial information which will be
      provided to Lender is and will be true and correct in all material respects
      and
      fairly present Guarantor's financial condition as of the dates the financial
      information is provided; (G) no material adverse change has occurred in
      Guarantor's financial condition since the date of the most recent financial
      statements provided to Lender and no event has occurred which may materially
      adversely affect Guarantor's financial condition; (H) no litigation, claim,
      investigation, administrative proceeding or similar action (including those
      for
      unpaid taxes) against Guarantor is pending or threatened; (l) Lender has made
      no
      representation to Guarantor as to the creditworthiness of Borrower; and (J)
      Guarantor has established adequate means of obtaining from Borrower on a
      continuing basis information regarding Borrower's financial condition Guarantor
      agrees to keep adequately informed from such means of any facts, events, or
      circumstances which might in any way affect Guarantor's risks under this
      Guaranty, and Guarantor further agrees that, absent a request for information,
      Lender shall have no obligation to disclose to Guarantor any information or
      documents acquired by Lender in the course of its relationship with
      Borrower.

    

    GUARANTOR'S
      WAIVERS. Except
      as
      prohibited by applicable law, Guarantor waives any right to require Lender
      (A)
      to continue fending money or to extend other credit to Borrower; (B) to make
      any
      presentment, protest, demand, or notice of any kind, including notice of any
      nonpayment of the Indebtedness or of any nonpayment related to any collateral,
      or notice of any action or nonaction on the part of Borrower, Lender, any
      surety, endorser, or other guarantor in connection with the Indebtedness or
      in
      connection with the creation of new or additional loans or obligations; (C)
      to
      resort for payment or to proceed directly or at once against any person,
      including Borrower or any other guarantor; (D) to proceed directly against
      or
      exhaust any collateral held by Lender from Borrower, any other guarantor, or
      any
      other person; (E) to give notice of the terms, lime, and place of any public
      or
      private sale of personal property security held by Lender from Borrower or
      to
      comply with any other applicable provisions of the Uniform Commercial Code;
      (F)
      to pursue any other remedy within Lender's power; or (G) to commit any act
      or
      omission of any kind, or at any time, with respect to any matter
      whatsoever.

    

    Guarantor
      also waives any and all rights or defenses arising by reason of (A) any "one
      action" or "anti-deficiency" law or any other law which may prevent Lender
      from
      bringing any action, including a claim for deficiency, against Guarantor, before
      or after Lender's commencement or completion of any foreclosure action, either
      judicially or by exercise of a power of sale; (B) any election of remedies
      by
      Lender which destroys or otherwise adversely affects Guarantor's subrogation
      rights or Guarantor's rights to proceed against Borrower for reimbursement,
      including without limitation, any loss of rights Guarantor may suffer by reason
      of any law limiting, qualifying, or discharging the Indebtedness; (C) any
      disability or other defense of Borrower, of any other guarantor, or of any
      other
      person, or by reason of the cessation of Borrower's liability from any cause
      whatsoever, other than payment in full in legal tender, of the indebtedness;
      (D)
      any right to claim discharge of the indebtedness on the basis of unjustified
      impairment of any collateral for the indebtedness; (E) any statute of
      limitations, if at any time any action or suit brought by Lender against
      Guarantor is commenced, there is outstanding indebtedness of Borrower to Lender
      which is not barred by any applicable statute of limitations; or (F) any
      defenses given to guarantors

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              COMMERCIAL
                GUARANTY

            	
               

            
	
              Loan
                No:
                519650

            	
              (Continued)

            	
              Page
                2

            

    

    

    at
      law or
      in equity other than actual payment and performance of the Indebtedness. If
      payment is made by Borrower, whether voluntarily or otherwise, or by any third
      party, on the Indebtedness and thereafter Lender is forced to remit the amount
      of that payment to Borrower's trustee in bankruptcy or to any similar person
      under any federal or state bankruptcy law or law for the relief of debtors,
      the
      Indebtedness shall be considered unpaid for the purpose of the enforcement
      of
      this Guaranty.

    

    Guarantor
      further waives and agrees not to assert or claim at any time any deductions
      to
      the amount guaranteed under this Guaranty for any claim of setoff, counterclaim,
      counter demand, recoupment or similar right, whether such claim, demand or
      right
      may be asserted by the Borrower, the Guarantor, or both.

    

    GUARANTOR'S
      UNDERSTANDING WITH RESPECT TO WAIVERS.
      Guarantor warrants and agrees that each of the waivers set forth above is made
      with Guarantor's full knowledge of its significance and consequences and that,
      under the circumstances, the waivers are reasonable and not contrary to public
      policy or law. If any such waiver is determined to be contrary to any applicable
      law or public policy, such waiver shall be effective only to the extent
      permitted by law or public policy.

    

    RIGHT
      OF SETOFF.
      To the
      extent permitted by applicable law, Lender reserves a right of setoff in all
      Guarantor's accounts with Lender (whether checking, savings, or some other
      account). This includes all accounts Guarantor holds jointly with someone else
      and all accounts Guarantor may open in the future. However, this does not
      include any IRA or Keogh accounts, or any trust accounts for which setoff would
      be prohibited by law. Guarantor authorizes Lender, to the extent permitted
      by
      applicable law, to hold these funds if there is a default, and Lender may apply
      the funds in these accounts to pay what Guarantor owes under the terms of this
      Guaranty.

    

    SUBORDINATION
      OF BORROWER'S DEBTS TO GUARANTOR.
      Guarantor agrees that the indebtedness of Borrower to Lender, whether now
      existing or hereafter created, shall be superior to any claim that Guarantor
      may
      now have or hereafter acquire against Borrower, whether or not Borrower becomes
      insolvent. Guarantor hereby expressly subordinates any claim Guarantor may
      have
      against Borrower, upon any account whatsoever, to any claim that Lender may
      now
      or hereafter have against Borrower. In the event of insolvency and consequent
      liquidation of the assets of Borrower, through bankruptcy, by an assignment
      for
      the benefit of creditors, by voluntary liquidation, or otherwise, the assets
      of
      Borrower applicable to the payment of the claims of both Lender and Guarantor
      shall be paid to Lender and shall be first applied by Lender to the Indebtedness
      of Borrower to Lender. Guarantor does hereby assign to Lender all claims which
      it may have or acquire
      against Borrower or against any assignee or trustee in bankruptcy of Borrower;
      provided however, that such assignment shall be effective only for the purpose
      of assuring to Lender full payment in legal tender of the Indebtedness. If
      Lender so requests, any notes or credit agreements now or hereafter evidencing
      any debts or obligations of Borrower to Guarantor shall be marked with a legend
      that the same are subject to this
      Guaranty and shall be delivered to Lender. Guarantor agrees, and Lender is
      hereby authorized, in the name of Guarantor, from time to time to file financing
      statements and continuation statements and to execute documents and to take
      such
      other actions as Lender deems necessary or appropriate to perfect, preserve
      and
      enforce its rights under this Guaranty.

    

    MISCELLANEOUS
      PROVISIONS.
      The
      following miscellaneous provisions are a part of this Guaranty:

    

    Amendments.
      This
      Guaranty, together with any Related Documents, constitutes the entire
      understanding and agreement of the parties as to the matters set forth in this
      Guaranty. No alteration of or amendment to this Guaranty shall be effective
      unless given in writing and signed by the party or parties sought to be charged
      or bound by the alteration or amendment.

    

    Attorneys'
      Fees; Expenses.
      Guarantor agrees to pay upon demand all of Lender's reasonable costs and
      expenses, including Lender's attorneys' fees and Lender's legal expenses,
      incurred in connection with the enforcement of this Guaranty. Lender may hire
      or
      pay someone else to help enforce this Guaranty, and Guarantor shall pay the
      reasonable costs and expenses of such enforcement. Costs and expenses include
      Lender's attorneys' fees and legal expenses whether or not there is a lawsuit,
      including attorneys' fees and legal expenses for bankruptcy proceedings
      (including efforts to modify or vacate any automatic stay or injunction),
      appeals, and any anticipated post-judgment collection services. Guarantor also
      shall pay all court costs and such additional fees as may be directed by the
      court.

    

    Caption
      Headings.
      Caption
      headings in this Guaranty are for convenience purposes only and are not to
      be
      used to interpret or define the provisions of this Guaranty.

    

    Governing
      Law. This Guaranty will be governed by federal law applicable to Lender and,
      to
      the extent not preempted by federal law, the laws of the State of Colorado
      without regard to its conflicts of law provisions. This Guaranty has been
      accepted by Lender in the State of Colorado.

    

    Integration.
      Guarantor further agrees that Guarantor has read and fully understands the
      terms
      of this Guaranty; Guarantor has had the opportunity to be advised by Guarantor's
      attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor's
      intentions and parol evidence is not required to interpret the terms of this
      Guaranty. Guarantor hereby indemnifies and holds Lender harmless from all
      losses, claims, damages, and costs (including Lender's attorneys' fees) suffered
      or incurred by Lender as a result of any breach by Guarantor of the warranties,
      representations and agreements of this paragraph.

    

    Interpretation.
      In all
      cases where there is more than one Borrower or Guarantor, then all words used
      in
      this Guaranty in the singular shall be deemed to have been used in the plural
      where the context and construction so require; and where there is more than
      one
      Borrower named in this Guaranty or when this Guaranty is executed by more than
      one Guarantor, the words "Borrower" and "Guarantor" respectively shall mean
      all
      and any one or more of them. The words "Guarantor," "Borrower," and "Lender"
      include the heirs, successors, assigns, and transferees of each of them. If
      a
      court finds that any provision of this Guaranty is not valid or should not
      be
      enforced, that fact by itself will not mean that the rest of this Guaranty
      will
      not be valid or enforced. Therefore, a court will enforce the rest of the
      provisions of this Guaranty even if a provision of this Guaranty may be found
      to
      be invalid or unenforceable. If any one or more of Borrower or Guarantor are
      corporations, partnerships, limited liability companies, or similar entities,
      it
      is not necessary for Lender to inquire into the powers of Borrower or Guarantor
      or of the officers, directors, partners, managers, or other agents acting or
      purporting to act on their behalf, and any indebtedness made or created in
      reliance upon the professed exercise of such powers shall be guaranteed under
      this Guaranty.

    

    Notices.
      Any
      notice required to be given under this Guaranty shall be given in writing,
      and,
      except for revocation notices by Guarantor, shall be effective when actually
      delivered, when actually received by telefacsimile (unless otherwise required
      by
      law), when deposited with a nationally recognized overnight courier, or, if
      mailed, when deposited in the United States mail, as first class, certified
      or
      registered mail postage prepaid, directed to the addresses shown near the
      beginning of this Guaranty. All revocation notices by Guarantor shall be in
      writing and shall be effective upon delivery to Lender as provided in the
      section of this Guaranty entitled "DURATION OF GUARANTY." Any party may change
      its address for notices under this Guaranty by giving formal written notice
      to
      the other parties, specifying that the purpose of the notice is to change the
      party's address. For notice purposes, Guarantor agrees to keep Lender informed
      at all times of Guarantor's current address. Unless otherwise provided or
      required by law, if there is more than one Guarantor, any notice given by Lender
      to any Guarantor is deemed to be notice given to all Guarantors.

    

    No
      Waiver by Lender.
      Lender
      shall not be deemed to have waived any rights under this Guaranty unless such
      waiver is given in writing and signed by Lender. No delay or omission on the
      part of Lender in exercising any right shall operate as a waiver of such right
      or any other right. A waiver by Lender of a provision of this Guaranty shall
      not
      prejudice or constitute a waiver of Lender's right otherwise to demand strict
      compliance with that provision or any other provision of this Guaranty. No
      prior
      waiver by Lender, nor any course of dealing between Lender and Guarantor, shall
      constitute a waiver of any of Lender's rights or of any of Guarantor's
      obligations as to any future transactions. Whenever the consent of Lender is
      required under this Guaranty, the granting of such consent by Lender in any
      instance shall not constitute continuing consent to subsequent instances where
      such consent is required and in all cases such consent may be granted or
      withheld in the sole discretion of Lender.

    

    Successors
      and Assigns.
      Subject
      to any limitations stated in this Guaranty on transfer of Guarantor's interest,
      this Guaranty shall be binding upon and inure to the benefit of the parties,
      their successors and assigns.

    

    Waive
      Jury. Lender and Guarantor hereby waive the right to any jury trial in any
      action, proceeding, or counterclaim brought by either Lender or Borrower against
      the other.

    

    DEFINITIONS.
      The
      following capitalized words and terms shall have the following meanings when
      used in this Guaranty. Unless specifically stated to the contrary, all
      references to dollar amounts shall mean amounts in lawful money of the United
      States of America. Words and terms used in the singular shall include the
      plural, and the plural shall include the singular, as the context may require.
      Words and terms not otherwise defined in this Guaranty shall have the meanings
      attributed to such terms in the Uniform Commercial Code:

    

    Borrower.
      The word
      "Borrower" means CC TOLLGATE LLC.

    

    Guarantor.
      The word
      "Guarantor" means each and every person or entity signing this Guaranty,
      including without limitation CENTRAL CITY VENTURE, LLC.

    

    Guaranty.
      The word
      "Guaranty" means the guaranty from Guarantor to Lender, including without
      limitation a guaranty of all or part of the Note.

    

    Indebtedness.
      The word
      "Indebtedness" means Borrower's indebtedness to Lender as more particularly
      described in this Guaranty.

    

    Lender.
      The word
      "Lender" means COLORADO BUSINESS BANK, its successors and assigns.

    

    Note.
      The word
      "Note" means and includes without limitation all of Borrower's promissory notes
      and/or credit agreements evidencing Borrower's loan obligations in favor of
      Lender, together with all renewals of, extensions of, modifications of,
      refinancings of, consolidations of and substitutions for promissory notes or
      credit agreements.

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              COMMERCIAL
                GUARANTY

            	
               

            
	
              Loan
                No:
                519650

            	
              (Continued)

            	
              Page
                3

            

    

    

    Related
      Documents.
      The
      words "Related Documents" mean all promissory notes, credit agreements, loan
      agreements, environmental agreements, guaranties, security agreements,
      mortgages, deeds of trust, security deeds, collateral mortgages, and all other
      instruments, agreements and documents, whether now or hereafter existing,
      executed in connection with the Indebtedness.

    

    EACH
      UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS
      GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT
      THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND DELIVERY OF THIS
      GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN
      THE
      MANNER SET FORTH IN THE SECTION TITLED "DURATION OF GUARANTY" NO FORMAL
      ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY
      IS DATED APRIL 4, 2005.

    

    GUARANTOR:

    

    CENTRAL
      CITY VENTURE, LLC

    

    
      	
              By:

            	
              /s/
                Elizabeth J. Zimpel

            	
               

            	
              By:

            	
              /s/
                John S. Zimpel

            
	
               

            	
              ELIZABETH
                J. ZIMPEL, Manager of CENTRAL CITY VENTURE, LLC

            	
               

            	
               

            	
              JOHN
                S. ZIMPEL, Manager of CENTRAL CITY VENTURE,
                LLCWells Fargo Commitment Letter

    September
      23, 2005

    

    

    CC
      Tollgate Casino, LLC

    1263
      Lake
      Plaza Drive

    Colorado
      Springs, CO 80906

    

    Attn:
      Larry Hannappel, Sr. V.P.

    

    Dear
      Mr.
      Hannappel:

    

    This
      will
      supplement the Confidential Commitment Letter issued by Wells Fargo Bank and
      accepted by CC Tollgate Casino, LLC on July 14, 2005 (the "Commitment Letter").
      In the Commitment Letter Wells Fargo committed to endeavor to form a syndicate
      of institutional lenders and accredited investors to provide the Revolving
      Facility and C/T Facility. We are pleased to inform you that we have been
      successful in forming the syndicate of institutional lenders and have procured
      commitments from such other lenders to fully syndicate both the Revolving
      Facility in the amount of $2,500,000.00 and the C/T Facility in the amount
      of
      $32,500,000.00 for total commitments in the amount of $35,000,000.00. We are
      now
      ready to proceed with loan closing subject to finalization of documentation
      and
      satisfaction of each of the other conditions precedent for closing as set forth
      in the Commitment Letter and the Term Sheet attached thereto and your additional
      agreement to provide a completion guaranty.

    

    In
      consideration of our successful efforts of fully syndicating the Revolving
      Facility and the C/T Facility, you agree that the Facility Fee shall be due
      Wells Fargo regardless of whether or not the financing is closed, unless the
      reason that the financing fails to close is caused by Wells Fargo or by one
      or
      more of the lenders.

    

    Please
      evidence your acknowledgement and agreement of the foregoing by executing this
      letter where indicated below.

    

    
      	 	
              Very
                truly yours,

               

              WELLS
                FARGO BANK, N.A.

               

              By
                /s/ Ryan Edde     

              Ryan
                Edde,

              Vice
                President

            

    

    

    ACKNOWLEDGED
      AND AGREED TO.

    

    CC
      TOLLGATE CASINO, LLC

    

    By: CENTURY
      CASINOS TOLLGATE, INC.,

    It's
      Manager

    

    By
      /s/
      Larry Hannappel    

    Larry
      Hannappel,

    Chief
      Executive Officer and

    Secretary

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    July
      14,
      2005

    

    

    

    CONFIDENTIAL

    

    CC
      Tollgate Casino, LLC

    1263
      Lake
      Plaza Drive

    Colorado
      Springs, CO 80906

    

    Attention:
      Larry Hannappel, Senior Vice President

     

    Gentlemen:

    

    Financing.
      CC
      Tollgate Casino, LLC, a Colorado limited liability company ("you", "Company"
      or
      "Borrower) has advised Wells Fargo Bank, National Association ("we", "us" or
      "WFB") that the Company would like to have up to $35,000,000.00 available to
      (i)
      fund the construction of a to-be-built casino, hotel and parking structure,
      including interest during construction, (ii) finance the purchase of
      gaming
      equipment, (iii) to finance pre-opening and transaction costs,
      (iv) fund ongoing working capital needs of the casino, and (v) refinance
      certain existing indebtedness; all as set forth by the term sheet. The financing
      we propose ("Financing") is described in the Summary of Terms and Conditions
      attached as Exhibit A ("Term Sheet"), and consists of (a) a Senior Secured
      Construction/Term Facility ("C/T Facility") in the principal amount of
      $32,500,000.00, and (b) a Senior Secured Revolving Facility ("Revolving
      Facility") in the maximum amount of $2,500,000.00.

    

    Commitment.
      Subject
      to the terms and conditions of this letter, we are pleased to commit up to
      $1,071,428.57 of the Revolving Facility and to commit up to $13,928,571.43
      of
      the C/T Facility and to endeavor to form a syndicate of institutional lenders
      and accredited investors acceptable to you and us to provide the remainder
      of
      the Revolving Facility and the C/T Facility plus, if we so decide, a portion
      of
      our commitment. Our commitment will be reduced as and when commitments to
      provide a portion of the Financing exceeding such remainder are received from
      such lenders.

     

    We
      will
      act as exclusive arranger and sole book runner for the Financing, and also
      as
      administrative agent for the syndicate of lenders. You agree that no additional
      agents, co-agents or arrangers will be appointed, no other titles will be
      awarded and no compensation (other than as set forth in this letter and the
      Term
      Sheet) will be paid in connection with the Financing, unless you and we agree
      in
      writing. 

    

    Conditions
      to Commitment. Our
      commitment is conditioned on (a) no material adverse change occurring in the
      business, assets, financial condition, performance or prospects of the Company
      or any of its material subsidiaries, or in the ability of the Company to operate
      in accordance with the financial projections and to comply with the financial
      covenants in the Term Sheet, in each case since the date of the latest financial
      statements provided to us, (b) our being satisfied with the results of our
      continuing due diligence review of the Company and discovering no information
      in
      the course of our due diligence or otherwise that we believe has a materially
      negative impact on any of the items in (a) above, (c) the information provided
      by the Company as described above being correct and complete in all material
      respects, (d) the conditions to be set forth in the loan documents being
      satisfied, (e) no material adverse change or disruption occurring in the bank
      loan syndication or capital markets, (f) no litigation or other action being
      pending or threatened seeking an injunction, damages or other relief relating
      to
      the Financing, (g) no material adverse change occurring in governmental
      regulation or policy that adversely affects you or us, (h) the Company's
      obtaining the proceeds of the Subordinated Loan, as provided in the Term Sheet,
      with net cash proceeds of at least $4,320,000.00 on terms and conditions
      satisfactory to us, and (i) successful syndication of the C/T Facility and
      Revolving Facility, as contemplated hereby. We note that the commitments of
      prospective lenders will be conditioned on their satisfaction with their own
      due
      diligence reviews.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Our
      commitment is also conditioned on the negotiation, execution and delivery of
      loan documents acceptable to you, us, the other lenders and respective counsel,
      not later than September 30, 2005. The Term Sheet does not include all of the
      conditions, business and financial covenants, representations, warranties,
      defaults, definitions and other terms to be contained in the loan documents,
      some of which must still be developed and agreed upon. We reserve the right
      to
      propose additional terms. 

    

    Syndication.
      We
      intend to commence syndication efforts promptly after you sign this letter.
      You
      agree to cooperate with us in good faith toward the execution and delivery
      of
      the loan documents ("Closing") and to take all actions we reasonably request
      of
      you to assist us in forming a syndicate of lenders and completing a syndication
      satisfactory to us. These actions will include (a) providing us with all
      information we consider necessary, and in the form we request, including
      information and projections relating to the Financing and its uses, (b)
      assisting us in preparing an information memorandum for use in connection with
      the syndication, and verifying the information contained therein, and (c) making
      senior officers and representatives of the Company available during the
      syndication to make presentations concerning the business and prospects of
      the
      Company at one or more meetings and conference calls we may arrange with
      prospective lenders. You also agree to refrain from any activity in the bank
      loan syndication market and the private placement market from the date you
      sign
      this letter until the Closing occurs and the syndication has been successfully
      completed. 

    

    You
      represent and warrant (in the case of industry information, to the best of
      your
      knowledge) that (a) all information (other than financial projections) that
      you
      or your representatives have provided or will provide to us or any prospective
      lender is, or when provided will be, complete and correct in all material
      respects and does not, or when provided will not, contain any untrue statement
      of a material fact or omit to state a material fact necessary in order to make
      the statements contained therein not materially misleading in light of the
      circumstances under which they are made, and (b) all financial projections
      that
      have been or will be so provided have been or will be prepared in good faith
      based on reasonable assumptions (it being understood that assumptions as to
      future results are inherently subject to uncertainty and contingencies, many
      of
      which are beyond your control, and that no assurance can be given that any
      particular projections will be realized). You agree to supplement such
      information and projections from time to time before the Closing and during
      the
      syndication so that these representations and warranties remain complete and
      correct. We will use the information and projections without independent
      verification in syndicating the Financing. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Indemnification
      and Expenses.
      You
      agree to indemnify and hold harmless us, the prospective lenders and our and
      their respective directors, officers, employees, agents, attorneys and
      affiliates (each, an "indemnified person") from and against all losses, claims,
      damages, liabilities and expenses which may be incurred by or asserted against
      an indemnified person in connection with or arising out of this letter, the
      Financing, the use of the proceeds thereof, or any related transaction,
      regardless of whether the indemnified person is a party thereto, and to
      reimburse each indemnified person on demand for all reasonable legal and other
      expenses incurred in connection with investigating or defending any of the
      foregoing, provided that this indemnity will not, as to any indemnified person,
      apply to losses, claims, damages, liabilities or expenses arising from the
      willful misconduct or gross negligence of such indemnified person or any breach
      by such indemnified person of its obligations under this letter. No party hereto
      will be liable to any other party hereto for indirect or consequential damages
      relating to any such matters. You also agree to pay all of our reasonable
      expenses (including fees and expenses of our outside counsel, consultants and
      other experts) incurred in connection with preparing, negotiating and enforcing
      this letter and the loan documents, conducting the due diligence reviews,
      syndicating the Financing (including the use of IntraLinks) and related matters.
      In this regard upon acceptance of this Commitment, you agree to deposit
      $50,000.00 into the trust account of our attorneys, Henderson & Morgan, LLC
      ("H&M") to be used to pay the attorneys fees and expenses of H&M
      incurred in connection with the negotiation of the Financing and preparation
      of
      Loan Documents on behalf of WFB. You and we agree that in the event this
      commitment terminates for any reason (other than due to the gross negligence
      or
      intentional misconduct of an indemnified person, in which case the deposit
      shall
      be returned to you) that the attorneys fees and costs shall be paid from such
      deposit and the excess shall be returned to you.

    

    General.
      Your
      obligations under Indemnification and Expenses above will survive the Closing
      or
      the expiration or termination of our commitments in this letter. Your
      representations and warranties under Syndication above will be superseded at
      the
      Closing by the representations and warranties in the loan documents.

    

    This
      letter is supplemented by a separate confidential fee letter dated the date
      hereof from us to you (the "Fee Letter"). This letter, the Term Sheet and the
      Fee Letter constitute the entire understanding of the parties hereto with
      respect to the subject matter hereof and supersede all prior and current
      understandings and agreements, whether written or oral, including, without
      limitation, the Commitment Letters and attached Term Sheets previously forwarded
      to you dated July 7, 2005 and July 12, 2005, respectively. Any changes
      to
      this letter, the Term Sheet or the Fee Letter must be agreed in writing by
      the
      parties hereto. This letter and the Fee Letter may be executed in any number
      of
      counterparts (and delivery of an executed counterpart by telecopier will be
      effective as delivery of a manually executed counterpart), which together will
      constitute one agreement, and will be governed by and construed in accordance
      with the internal laws of the State of Nevada. The parties hereto hereby waive
      any right to trial by jury with respect to any claim, action, suit or proceeding
      arising out of or contemplated by this letter and/or the Fee Letter.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    You
      agree
      not to disclose this letter, the Term Sheet, the Fee Letter or any of their
      terms, directly or indirectly, to any person other than your employees, agents
      and advisors who are directly involved in the Financing or related transactions
      and agree not to disclose the same, except as may be required by law (in which
      case you agree to inform us promptly thereof); provided that after you sign
      and
      return this letter and the Fee Letter, the foregoing restrictions will cease
      to
      apply to this letter, but shall continue to apply to the Fee Letter. This letter
      is for your benefit only and may not be relied upon by, and does not create
      any
      rights in favor of, any other person or entity, including those who are
      authorized to receive copies hereof.

    

    If
      you
      are in agreement with the foregoing, please sign and return to us a copy of
      this
      letter and the Fee Letter and remit the $50,000.00 deposit to Henderson &
      Morgan, LLC, no later than 5:00 p.m., Pacific time, on July 15, 2005. Our
      commitment and other agreements herein will expire at that time if by then
      we
      have not received such signed letters.

    

    We
      look
      forward to working with you on this transaction.

    

    

    
      	 	
              Very
                truly yours,

               

            
	 	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION

               

            
	 	 	
               

              By:

            	 /s/
              Ryan Edde
	 	 	
               

              Name:

            	
               

              Ryan
                Edde, Vice President

            
	
               

              Accepted
                and agreed to:

               

            	 
	
              CC
                TOLLGATE CASINO, LLC

               

            	 
	
               

              By:

            	 /s/
              Larry Hannappel 	 	 
	
               

              Name:

            	 Larry
              Hannappel    	 	 
	
               

              Title:

            	 CEO
              and Secretary	 	 
	
               

              Dated:

            	
               

              July
                14, 2005

            	 	 

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Wells Fargo

    
 

    Summary
      of Indicative Terms & Conditions

    $32,500,000
      Senior Secured Construction/Term Facility &

    $2,500,000
      Senior Secured Revolving Facility

    Tollgate,
      LLC

    Dated
      July 14, 2005

    

    Borrower: CC Tollgate
      Casino, LLC (“Borrower”).

    

    Lenders: Wells
      Fargo Bank, acting as the agent (“Agent”), along with a group of financial
      institutions and investors (“Participants”). The Agent and Participants are
      collectively referred to as the “Lenders”.

    

    Senior
      Secured 

    Construction/Term

    Facility: A
      $32,500,000 construction loan, with a maturity not to exceed 12 months, which
      shall convert to a 60-month term loan (the “Construction/Term Facility” or “C/T
      Facility”) at such time as construction of the Casino has been completed and the
      Casino has been opened to the general public (“Term Out Date” or “TOD”). The
      Term Out Date shall occur no later than 12 months after closing of the C/T
      Facility. Construction advances shall be subject to Agent’s review of Borrower’s
      construction budgets. In the event the borrowing needs for the Borrower are
      less
      than anticipated due to a) construction and/or equipment costs for the Casino
      being less than budgeted or, b) an equity contribution(s) from an outside party
      (including any affiliate of Borrower, or of Century Casinos, Inc.) or proceeds
      from Junior Subordinated Debt, which in either case are used to reduce the
      borrowing need, (provided that any such equity shall be contributed or Junior
      Subordinated Debt proceeds received prior to the Term Out Date) by Lenders;
      then, in either event, unused commitments will be terminated and only the amount
      outstanding at the Term Out Date shall be termed out. 

    

    Senior
      Secured 

    Revolving
      Facility: A
      72-month, $2,500,000 revolving line of credit (the “Revolving Facility”).
Any
      amounts borrowed and later repaid may be re-borrowed up to the maximum
      commitment under the Revolving Facility.

    

    The
      Construction/Term Facility and the Revolving Facility are referred to
      collectively as “the Facilities”. 

    

    Purpose: To
      (i)
      fund the construction of a to-be-built casino, hotel and parking structure
      (the
“Casino”), including interest during construction (construction to be completed
      no later than 12-months from closing of the Facilities) (ii) to finance gaming
      equipment (iii) to refinance an existing loan from Colorado Business Bank with
      a
      principal balance not to exceed $5,000,000.00 (iv) to finance pre-opening and
      transaction costs (transaction costs to be financed may include obligations
      to
      Canyon Capital Advisors, LLC and Innovation Capital Holdings, LLC, for advisory
      services rendered in connection with the transactions contemplated hereby
      provided that the aggregate of such obligations does not exceed $1,000,000);
      and
      (v) to fund ongoing working capital needs of the Casino. 

    

    Maturity:  Seventy
      two (72) months from the date of closing.

    

    Amortization: The
      Revolving Facility shall be interest only. Any amounts borrowed and later repaid
      may be re-borrowed up to the maximum commitment under the Revolving Facility
      from the closing through Maturity. The C/T Facility shall be interest only
      from
      the closing date through the Term Out Date (with interest during such period
      to
      be paid with proceeds of the C/T Facility). Beginning at the end of the first
      full fiscal quarter following the Term Out Date, the outstanding principal
      amount of the C/T Facility shall be reduced quarterly as follows (“Quarterly
      Reductions”): 

    

    
      
        	
                Full
                  Fiscal Quarters After TOD

              	
                Quarterly
                  Reduction

              
	
                1st
                  through 4th 

              	
                $600,000

              
	
                5th
                  through 8th 

              	
                $725,000

              
	
                9th
                  through 12th 

              	
                $850,000

              
	
                13th
                  through 16th 

              	
                $1,00,000

              
	
                17th
                  through 19th

              	
                $1,100,000

              
	
                20th
                  (Maturity)

              	
                Balance
                  Outstanding

              

      
In
      addition to the Quarterly Reductions, a Surplus Cash Flow Prepayment (“SCF
      Prepayment”) equal to 50% of Surplus Cash Flow will be required. SCF Prepayments
      shall be made on the 30th
      day
      after each fiscal quarter which follows the Term Out Date (except for those
      fiscal quarters for which Borrower meets the SCF Ratio Requirement referred
      to
      below). Surplus Cash Flow shall mean quarterly EBITDAM (which includes device
      fee rebates from Central City) minus quarterly maintenance capital expenditures
      minus required quarterly debt service on all outstanding indebtedness of the
      Borrower (exclusive of SCF Prepayments). The SCF Prepayments shall be applied
      towards satisfaction of the Quarterly Reductions in the inverse order of their
      maturity. Borrower shall not be required to make SCF Prepayments for those
      fiscal quarters with respect to which Borrower has reduced its Senior Leverage
      Ratio (defined below) to less than 2.50x as of the end of such fiscal quarter,
      measured on a trailing twelve-month basis (the “SCF Ratio
      Requirement”).

    

    Any
      unpaid principal on the Facilities will be due at Maturity.

    

    Interest
      Rate:  The
      interest rate on the Facilities will be the Prime Rate plus 4.0% with a floor
      of
      8.5%. Interest on the Facilities will be payable monthly. An Unused Fee, at
      the
      rate of three quarters of one percent (.75%) per annum, shall be assessed on
      the
      unused portion of the Revolving Facility and, prior to the Term Out Date, on
      the
      unused portion of the C/T Facility. The Unused Fee on each Facility shall be
      payable quarterly, in arrears. 

     

    
      	 	 	
              “Prime
                Rate” means at any time the rate of interest most recently announced
                within Wells Fargo at its principal office in San Francisco as its
                Prime
                Rate, with the understanding that Wells Fargo's Prime Rate is one
                of its
                base rates and serves as the basis upon which effective rates of
                interest
                are calculated for those loans making reference thereto, and is evidenced
                by the recording thereof after its announcement in such internal
                publication or publications as Wells Fargo may designate. Each change
                in
                the Prime Rate will be effective on the day the change is announced
                within
                Wells Fargo.

            

    

     

    After
      an
      event of default, interest will accrue at the rate otherwise applicable plus
      4.00% per annum.

     

    

    Interest
      Rate Protection: Borrower
      will be required to enter into interest rate protection agreements satisfactory
      to Lenders (such agreements to include swaps, caps, or collars) to synthetically
      fix at least 75% of Borrower’s total indebtedness. Such agreements shall be
      entered into within a period after the closing date which is acceptable to
      Lenders.

    Security: The
      Borrower will grant to Lender a first priority security interest and/or a deed
      of trust in the Casino and all of Borrower’s other assets, all including,
      without limitation, real estate, FF&E, intangibles, accounts and the
      proceeds thereof and other gaming equipment and assignment of all major leases,
      contracts, franchise agreements, intellectual property rights pertaining to
      the
      Casino now owned or hereafter acquired, and a first priority exclusive security
      interest in the cash and revenues derived from the operations of the Casino
      (“Revenues”). 

     

    Requirements: Annual
      Audit of the Borrower
      within
      one hundred and twenty (120) days of the end of the Borrower’s fiscal
      year.

    

    Monthly
      Operating Statements of the Borrower no
      later
      than thirty (30) days after the close of each calendar month. 

    

    Quarterly
      Compliance Certificate
      no later
      than thirty (30) days of the end of each of the Borrower’s fiscal quarters.

    

    5-year
      Budget of the Casino
      within
      forty five (45) days of
      the
      end of the Borrower’s fiscal years to include a summary balance sheet and income
      statement in accordance with GAAP. The budget should also include a summary
      of
      assumptions used in determining the budget (i.e. revenue growth rate, EBITDA,
      EBITDA margin, EBITDAM, EBITDAM margin, maintenance capital expenditures,
      project capital expenditures made, distributions, etc).

    

    Other
      Reporting Requirements to be determined by Lenders.

    

    Primary
      Financial

    Covenants: Unless
      otherwise noted, covenants will be measured on a trailing twelve-month basis.
      Management Fees will be required to be subordinated to the Facilities. Borrower
      shall certify as to compliance with all financial covenants
      quarterly.

    

    Adjusted
      Fixed Charge 

    Coverage
      Ratio: The
      Borrower will be required to maintain an Adjusted Fixed Charge Coverage Ratio
      (“AFCC Ratio”) no less than the following minimum coverages: 

    
      
        	
                Full
                  Fiscal Quarters After TOD

              	
                Minimum
                  AFCC Ratio

              
	
                1st
                  through 4th 

              	
                1.10:1.00

              
	
                5th
                  through Maturity

              	
                1.15:1.00

              

      
“AFCC
      Ratio” shall be defined as the ratio of EBITDAM (which includes device fee
      rebates from Central City) minus dividends and minus maintenance capital
      expenditures of the Casino to annual debt service on all outstanding
      indebtedness of the Borrower (exclusive of SCF Prepayments.

    

    Maximum
      

    Senior
      Leverage Ratio:  The
      Borrower will maintain a Leverage Ratio defined as Senior Funded Debt to EBITDAM
      as follows:

    
      	
              Full
                Fiscal Quarters After TOD

            	
              Maximum
                Senior Leverage Ratio

            
	
              1st
                through 4th 

            	
              4.25:1.00

            
	
              5th
                through 8th 

            	
              3.75:1.00

            
	
              9th
                through 12th 

            	
              3.25:1.00

            
	
              13th
                through 16th 

            	
              2.75:1.00

            
	
              17th
                through Maturity

            	
              2.25:1.00

            

    

    

    Maximum
      

    Total
      Leverage Ratio:  Borrower
      will maintain a Leverage Ratio defined as Total Funded Debt to EBITDAM as
      follows:

    

    
      	
              Full
                Fiscal Quarters After TOD

            	
              Maximum
                Total Leverage Ratio

            
	
              1st
                through 4th 

            	
              4.75:1.00

            
	
              5th
                through 8th 

            	
              4.50:1.00

            
	
              9th
                through 12th 

            	
              4.00:1.00

            
	
              13th
                through 16th 

            	
              3.25:1.00

            
	
              17th
                through Maturity

            	
              2.75:1.00

            

    

    

    Minimum
      EBITDAM: Borrower
      shall maintain minimum EBITDAM as follows:

    
      	
              Full
                Fiscal Quarters After TOD

            	
              Minimum
                EBITDAM

            
	
              1st
                through 8th 

            	
              $8,000,000

            
	
              9th
                through 16th 

            	
              $8,250,000

            
	
              17th
                through Maturity

            	
              $8,500,000

            

    

    

    Other
      Indebtedness Except
      as
      set forth below; Borrower shall be prohibited from incurring Indebtedness in
      addition to the Facilities without obtaining the consent of the Lenders. The
      Lenders’ credit agreement shall permit Borrower to incur Indebtedness as follows
      without the consent of the Lenders so long as no default or event of default
      exists under the Loan Documents (collectively, “Other Permitted
      Indebtedness”):

                                i)  Up
      to
      $500,000 of purchase money Indebtedness, which may be secured by the assets
      purchased with such indebtedness.

                                

     ii)  $1,000,000
      in existing indebtedness payable by Borrower to Central City Venture, LLC,
      a
      Delaware limited liability company (the “CCV Note Payable”) provided that such
      indebtedness shall be fully subordinated to the Lenders with all payments
      prohibited thereunder and with no enforcement rights in favor of the holder
      of
      such indebtedness, in each case, until 18 months after the Term Out Date.
      Thereafter, no payments shall be made under the CCV Note Payable if: (i)
      Borrower is in default of its obligations under the Loan Documents; or (ii)
      circumstances exist, or would be caused by such a payment, that would result
      in
      a default with notice or lapse of time. The CCV Note Payable shall not bear
      interest in excess of 8% per annum and shall be unsecured. The instrument(s)
      evidencing the CCV Note Payable, and related documentation, shall be subject
      to
      Lenders’ review and approval. 

     

    iii)  Up
      to
      $1,000,000 of additional Indebtedness, which shall be unsecured.

     

    iv)  Borrower
      will be required to obtain $4,500,000 of senior subordinated Indebtedness (the
      "Senior Subordinated Loan") which shall be fully subordinated to Lenders with
      all payments of principal and interest prohibited thereunder and with no
      enforcement rights in favor of such subordinated lender until the C/T Facility
      and the Revolving Facility have been fully repaid. Such Senior Subordinated
      Loan
      shall have a maturity at least 6 months after Maturity of the C/T Facility
      and
      Revolving Facility. The Senior Subordinated Loan shall be secured by a second
      lien on the Security. The net cash proceeds of the Senior Subordinated Loan,
      which shall be at least $4,320,000 shall be received by Borrower and funded
      into
      the construction of the Casino prior to the initial disbursement of funds under
      the Construction/Term Facility and the Revolving Facility. The instrument(s)
      evidencing the Senior Subordinated Loan, and related documentation, shall be
      subject to Lenders’ review and approval.

     

    v)  Borrower
      may incur additional subordinated Indebtedness (the "Junior Subordinated Debt")
      which shall be fully subordinated to Lenders and to the Senior Subordinated
      Loan
      with all payments of principal and interest prohibited thereunder and with
      no
      enforcement rights in favor of such junior subordinated lender until the C/T
      Facility, the Revolving Facility and the Senior Subordinated Loan have been
      fully repaid. Such Junior Subordinated Debt shall have a maturity at least
      6
      months after Maturity of the Senior Subordinated Loan. The Junior Subordinated
      Debt shall be unsecured. The instrument(s) evidencing the Junior Subordinated
      Debt, and related documentation, shall be subject to Lenders' review and
      approval.

    

    

    Capital
      Expenditures: Beginning
      the first full fiscal quarter following opening, Borrower will be required
      to
      make Maintenance Capital Expenditures with respect to the Casino in each fiscal
      year as follows:

    

    

    
      	
              Full
                Fiscal Quarters After Opening

            	
              Min.
                Maintenance Capex (as a % of gross gaming rev.)

            	
              Max.
                Maintenance Capex (as a % of gross gaming
                rev.)

            
	
              1st
                through 4th

            	
              1.0%

            	
              6%

            
	
              5th
                through 8th

            	
              1.5%

            	
              6%

            
	
              9th
                through Maturity

            	
              2.0%

            	
              6%

            

    

    

    Dividends:   After
      a
      period of time following the opening of the Casino, to be determined by Lenders,
      dividends may be made in any calendar quarter provided that the Borrower remains
      in compliance (on a pro forma basis) with the Lenders’ credit agreement
      generally as well as the financial covenants.

    

    Restriction
      on Liens:  The
      Borrower shall not permit any person to have Recourse with respect to the
      Security except (i) pursuant to the Loan Documents and (ii) as permitted
      with respect to Other Permitted Indebtedness.

    

    Investments:   Borrower
      is prohibited from transferring funds out of the Casino via capital expenditure,
      loan, investment, advance, acquisition or any other form without prior written
      approval from Lenders. 

    

    Insurance:  Borrower
      shall maintain insurance coverage on its businesses and assets at levels
      acceptable to Lenders. Insurance levels will be review by Lenders insurance
      consultant (who will work at Borrower’s expense).

    

    Contingent
      Liabilities: The
      Borrower shall be prohibited from guaranteeing or otherwise incurring any
      additional contingent indebtedness without prior written approval from
      Lenders.

    Restrictions

    on
      Subsidiaries: Borrower
      shall not create any subsidiaries without prior written approval from
      Lenders.

    

    Construction
      Controls: The
      Borrower’s plans, contracts and budgets for the construction project will be
      subject to review by Lenders’ construction consultant (who will work at
      Borrower’s expense) prior to funding of the Facilities. Borrower will permit the
      Lenders' construction consultant to inspect and audit construction work and
      all
      budgets, plans, designs and specifications during the term of construction
      as
      requested. Construction advances shall be subject to Agent’s review of
      construction budgets. 

    

    Management
      Contract: The
      Borrower’s management contract shall be fully subordinated to
      Lenders.

    

    Licensing: On
      or
      before the Term Out Date, Borrower shall obtain such licenses and other
      governmental approvals which are necessary to operate the Casino as contemplated
      including, without limitation, all necessary licenses and approvals from the
      Colorado gaming authorities (the “Gaming License”). Prior to closing, Borrower
      shall provide Lenders with a “comfort letter” from the Colorado gaming
      authorities, in a form and substance acceptable to Lenders, providing assurances
      that the Colorado gaming authorities are unaware of any significant impediments
      to issuance of the Gaming License.

    

    Other: Restrictions
      will apply to: changes in the nature of the Borrower’s business, management and
      ownership; sale of all or a substantial or material part of the Borrower's
      assets; mergers, acquisitions, reorganizations and recapitalizations;
      sale-leasebacks; lease expenditures; and transactions with affiliates.

    

    Transaction
      Costs: The
      Borrower will be responsible for the fees and expenses of Lenders’ legal
      counsel. 

    

    Governing
      Law: State
      of
      Nevada

    

    Counsel
      to Lender: Henderson
      & Morgan, LLC.

    

    Confidentiality: This
      letter is delivered to you with the understanding that neither it nor its
      substance shall be disclosed to any third persons except those who are in a
      confidential relationship to you (such as your legal counsel, consultants or
      accountants, or where the same is required by law), and except as otherwise
      provided by the commitment letter to which this term sheet is
      attached.

    

    This
      Summary of Terms and Conditions is not intended to be, and should not be
      construed as an attempt to establish all of the terms and conditions relating
      to
      the proposed Facilities. It is not intended to preclude negotiations within
      the
      general scope of these terms and conditions. The loan documents containing
      final
      terms and conditions will be subject to approval by Borrower, Wells Fargo and
      all Lenders.

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