CENTURY CASINOS, INC' Review of Financial Results of Operations and Financial Condition as of and fo

1
CENTURY CASINOS, INC.Review of Financial
Results of Operations andFinancial Condition as
of and for the quarter ended September 30,
2005November 4, 2005
CENTURY CASINOS
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CENTURY CASINOS
Disclosure This presentation may contain
forward-looking statements that involve risks and
uncertainties. Among the important factors which
could cause actual results to differ materially
from those in the forward-looking statements are
economic, competitive, and governmental factors
affecting the companys operations, markets,
services and prices, as well as other factors
detailed in the Companys filings with the
Securities and Exchange Commission, including its
recent filings on Forms 10-K,10-Q, and 8-K,
including the Companys Form 8-K dated October 3,
2005, which contains updated Risk Factors and
other information. Century Casinos, Inc.
disclaims any obligation to revise or update any
forward-looking statement that may be made from
time to time by it or on its behalf. The
information presented in this presentation should
be read in conjunction with the Companys
Quarterly Report as filed on Form 10-Q for the
period endedSeptember 30, 2005 with the
Securities and Exchange Commissionon November 4,
2005. This presentation contains certain non-GAAP
financial measures. Reconciliations to the most
directly comparable GAAP financial measures are
contained in the 10-Q filing and are fully
incorporated herein by this reference.
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CENTURY CASINOS

• Balance Sheet
• Total Assets
• 58.3 million as of Sept. 30, 2004 compared to
  90.0 million as of Sept. 30, 2005
• 12.7 million increase in Cash primarily through
  long-term debt
• 15.0 million increase in PPE through the
  investment in CC Tollgate, LLC.
• 5.5 million increase in PPE through the
  investment in Century Resorts Alberta
• 19.1 compound annual growth rate (CAGR) since
  1994.
• Total Liabilities
• 21.4 million as of Sept. 30, 2004 compared to
  46.3 million as of Sept. 30, 2005
• 24.9 million increase during the last twelve
  trailing months are primarily the result of 1)
  9.5 million borrowed through Nedbank to repay
  ABSA loan and existing shareholder debt, 2)
  7.6 million borrowed to fund the construction of
  the Central City, Colorado project, 3) 4.2
  million borrowed on the Companys revolving
  credit facility, of which 3.5 million was
  used to fund the Companys investment in the
  Central City, Colorado project, 4) an increase
  of 5.6 million in the minority interest
  liability, primarily associated with the
  investments in Central City, Colorado and
  Edmonton, Canada, and 5) an unsecured note in
  the amount of 1.0 million to the minority
  partner in Central City, offset by the
  repayment of 3.0 million of the ABSA term loan
  for Caledon.

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CENTURY CASINOS
Balance Sheet

• Long -Term Debt

• 20.6 million was available under the RCF as of
  September 30, 2005, subject to covenant
  limitations.
• Long-term debt breakdown (excluding minority
  interest liability)

Total Long-Term Debt
33,688
15,058
17,366

• Other debt at September 30, 2005 includes
  amounts due to our minority partners in
  Central City, Colorado.

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CENTURY CASINOS

• Debt/Equity Mix

Source Reuters.com, October 25, 2005

• Equity
• 36.9 million as of Sept. 30, 2004 compared to
  43.7 million as of Sept. 30, 2005.
• 13.2 CAGR since 1994.
• As of September 30, 2005, book value per share
  was 2.87 a total of 15,247,900 shares
  outstanding.
• In October 2005, 7,132,667 additional shares
  issued on Vienna Stock Exchange in the form
  of Austrian Depositary Certificates net proceeds
  from the offering were approximately 47
  million.

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CENTURY CASINOS
3rd Qtr Operating Results
Dollar amounts in thousands (unaudited)

• Net earnings (after taxes) were negatively
  impacted by
• 230K for legal and consulting fees relating
  to Sarbanes Oxley work.
• 52K for additional staffing and infrastructure
  to support the Companys growth.
• 127K charge resulting from the early
  repayment of the high interest rate loan
  through ABSA bank.
• Caledon incurred approximately 73K of costs
  relating to the implementation of cashless
  gaming and approximately 30K for security
  and maintenance expenditures.

(1) EBITDA is defined as earnings before
interest, taxes, depreciation and amortization,
and is not considered a measure of performance
recognized as an accounting principle
generally accepted in the United States of
America. Management believes that EBITDA is a
valuable measure of performance among the
companys operating segments. Please see EBITDA
reconciliation to net earnings in Form 10-Q for
the period ended September 30, 2005.
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CENTURY CASINOS
Earnings per Share
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CENTURY CASINOS
YTD Operating Results
Dollar amounts in thousands (unaudited)

• Net earnings (after taxes) were negatively
  impacted by
• 356K for legal and consulting fees relating
  to Sarbanes Oxley work.
• 195K for additional staffing and
  infrastructure to support the Companys
  growth.
• Approximately 149K increase in interest
  expense on borrowings primarily associated
  with an increase in debt.
• Caledon impact of road closure resulted in a
  reduction in net earnings of approximately
  200K.
• 127K charge resulting from the early
  repayment of the high interest rate loan
  through ABSA bank.

(1) EBITDA is defined as earnings before
interest, taxes, depreciation and amortization,
and is not considered a measure of performance
recognized as an accounting principle
generally accepted in the United States of
America. Management believes that EBITDA is a
valuable measure of performance among the
companys operating segments. Please see EBITDA
reconciliation to net earnings in Form 10-Q for
the period ended September 30, 2005.
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CENTURY CASINOS
Earnings per Share
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CENTURY CASINOS

• Cash Flows
• Operating Free Cash Flow
• Operating free cash flow is cash provided from
  operating activities less capital
  expenditures.

• 2005 capital expenditures consists of
• A) 5.8 million relating to construction
  of Central City, Colorado project,B) 2.7
  million relating to construction of Edmonton,
  Alberta, Canada project,C) 0.4 million for
  gaming equipment on the cruise ships,D) 0.3
  million for gaming equipment at Womacks, and E)
  1.4 million for property improvements, gaming
  equipment and security equipment at
  Caledon.

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CENTURY CASINOS

• Outstanding Shares
• Outstanding Shares of Common Stock
• 13,681,900 as of Sept. 30, 2004 and 15,247,900
  as of Sept. 30, 2005.
• 1,566,000 shares issued since October 1, 2004
  for stock option exercises in cash.
• In October 2005, 7,132,667 shares were issued in
  the form of Austrian Depositary Certificates
  to be traded on the Vienna Stock Exchange.
• As of November 4, 2005, there are 22,380,567
  shares of common stock outstanding.

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CENTURY CASINOS
Contribution by Segment
(1) Shown net operating revenues exclude
Corporate and Other, Central City and Edmonton
segments net operating revenues of 88
thousand and 22 thousand for Q3 2004 and Q3
2005, respectively, not eliminated in
consolidation.
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CENTURY CASINOS
Contribution by Segment
(1) Shown net operating revenues exclude
Corporate and Other, Central City and Edmonton
segments net operating revenues of 125
thousand and 99 thousand for YTD 2004 and YTD
2005, respectively, not eliminated in
consolidation.
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CENTURY CASINOS
Womacks Casino and Hotel

• 603 slot machines
• 6 table games
• 21 hotel rooms
• 1 restaurant
• approximately 161 employees

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WOMACKS CASINO AND HOTEL
Operating Results Dollar amounts in thousands
(unaudited)
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WOMACKS CASINO AND HOTEL
Dollar amounts in thousands, except for average
win per day (unaudited)

• Market Data

• Average Win per Slot Machine per Day

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WOMACKS CASINO AND HOTEL
Operating Results Dollar amounts in thousands
(unaudited)
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WOMACKS CASINO AND HOTEL
Dollar amounts in thousands, except for average
win per day (unaudited)

• Market Data

• Average Win per Slot Machine per Day

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WOMACKS CASINO AND HOTEL

• Managements Focus

• Since the beginning of 2004, the Company has
  spent approximately 3 million to upgrade the
  product mix on the gaming floor, improve the
  player tracking system and introduce cashless
  gaming machines. These upgrades have increased
  the Companys overall depreciation expense.
• Management uses points and coupons to attract
  customers with the expectation of increasing
  gaming revenue.
• The Company has not yet decided on the next
  phase of expansion, but owns all of the
  vacant property adjacent to the casino and is
  able to expand once it feels comfortable that
  the additional cost of the expansion will improve
  net earnings.
• The Company has notified the leaseholder of its
  rented property in Cripple Creek that it
  intends to exercise its 1.3 million purchase
  option for the property.
• Net operating revenues are down under continued
  competitive pressure. The Companys marketing
  strategy is tailored to compete by promoting the
  Gold Club in which patrons can earn rewards
  that can be redeemed for discounted or free
  meals, rooms, cash and other prizes. During the
  first nine months of 2005, 66.7 of play came
  from Gold Club members, compared to 62.7 during
  the same period last year.
• Net earnings and EBITDA have increased for the
  third quarter of 2005. Casino expenses
  decreased by 6.4, primarily a result of the
  elimination of television advertising and a
  reduction in coupon redemption.

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CENTURY CASINOS
Caledon Hotel, Spa Casino

• 300 slot machines
• 9 table games
• 81 hotel rooms
• 3 restaurants
• 2 bars
• conference facilities
• approximately 288 full time employees

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CALEDON HOTEL, SPA CASINO
Operating Results (in USD) Dollar amounts in
thousands (unaudited)
Note Management fees payable to Century Casinos
Africa (CCA), interest on shareholders loan
payable to CCA, and South African
corporate expenses are excluded from shown
results. Interest on shareholders loan was
0.3 million and 0.2 million in the third
quarters of 2004 and 2005, respectively.
Management fees were 0.3 and 0.4
million in the third quarters of 2004 and 2005,
respectively.
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CALEDON HOTEL, SPA CASINO
Operating Results (in Rand) Rand amounts in
thousands (unaudited)
Note Management fees payable to Century Casinos
Africa (CCA), interest on shareholders loan
payable to CCA, and South African
corporate expenses are excluded from shown
results. Interest on shareholders loan was
R1.8 million and R1.3 million in the third
quarters of 2004 and 2005, respectively.
Management fees were R2.2 million and
R2.5 million in the third quarters of 2004 and
2005, respectively.
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CALEDON HOTEL, SPA CASINO

• Gross Gaming Revenue
• Dollar and Rand amounts in thousands,
  except for average win per day (unaudited)

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CALEDON HOTEL, SPA CASINO
Operating Results (in USD) Dollar amounts in
thousands (unaudited)
Note Management fees payable to Century Casinos
Africa (CCA), interest on shareholders loan
payable to CCA, and South African
corporate expenses are excluded from shown
results. Interest on shareholders loan was
0.8 million for each of the first nine
months of 2004 and 2005, respectively. Management
fees were 0.9 million and 1.1
million for the first nine months of 2004 and
2005, respectively.
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CALEDON HOTEL, SPA CASINO
Operating Results (in Rand) Rand amounts in
thousands (unaudited)
Note Management fees payable to Century Casinos
Africa (CCA), interest on shareholders loan
payable to CCA, and South African
corporate expenses are excluded from shown
results. Interest on shareholders loan was
R5.3 million and R4.8 million for the first
nine months of 2004 and 2005, respectively.
Management fees were R5.6 million and
R6.8 million for the first nine months of 2004
and 2005, respectively.
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CALEDON HOTEL, SPA CASINO

• Gross Gaming Revenue
• Dollar and Rand amounts in thousands,
  except for average win per day (unaudited)

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CALEDON HOTEL, SPA CASINO

• Operational Results
• YTD revenue growth, excluding the effect of
  exchange rate fluctuations (USD/RAND), was
  12.6.
• Overall casino revenues have increased even as
  they were negatively impacted by the closure of
  the N2 highway for 47 days of the second
  quarter due to heavy flooding. Local management
  conservatively estimates the loss in revenue in
  the 300,000 to 400,000 range. The estimated
  impact on net earnings was approximately
  200,000.
• The full implementation of cashless gaming
  impacted revenue growth in the current year as
  we went through a phase of customer education
  and continuous system upgrades. The impact on
  earnings from the additional accumulation of
  points and coupons by our players resulted in an
  after tax charge of approximately 73K.
• In an effort to reduce overall interest charges,
  the existing loan with ABSA bank was paid off in
  July 2005 with proceeds from a new 9.4 million
  loan with Nedbank. A 181K charge was incurred
  relating to this early repayment. As a result
  of the transaction, for the quarter we lowered
  our effective interest rate on outstanding
  term loans from 16.9 to a current 9.0.
• In the third quarter 2005, Caledon outsourced
  its security and upgraded casino related
  software. The total impact on earnings for
  these transactions was approximately 30K.

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CENTURY CASINOS
Cruise Ships

• Silversea Cruises (3 ships)
• 52 slot machines
• 10 table games
• 15 employees
• The World of ResidenSea
• 20 slot machines
• 3 table games
• 2 employees
• Oceania Cruises (2 ships)
• 72 slot machines
• 10 table games
• 12 employees

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CRUISE SHIPS
Operating Results Dollar amounts in thousands
(unaudited)
? The cruise ships operational
results are, to a large extent, conditional upon
the quality of players, which is beyond
managements control.
? The concession agreement with the
Silver Shadow terminated at the end of September
2005 and will not be renewed. The Nautica
will resume operations in November 2005.
Therefore, the Company will have 7 ships under
agreement for the fourth quarter of 2005.
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CRUISE SHIPS
Operating Results Dollar amounts in thousands
(unaudited)
? The cruise ships operational
results are, to a large extent, conditional upon
the quality of players, which is beyond
managements control.
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CASINO MILLENNIUM

• Casino Millennium
• 38 slot machines
• 15 table games
• approximately 70 employees
• Casino Millennium operational results are
  accounted for under the equity method and are
  not consolidated in Companys financial
  statements.

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CENTURY CASINOS

• Central City, Colorado
• On December 30, 2004 the company contributed
  3.5 million towards its 65 interest in the
  proposed 48.7 million Central City project.
  The project is planned to include a 60,000 square
  foot casino and back of house with 625 slot
  machines, six table games, 27 hotel rooms,
  retail, food and beverage amenities and a
  500-space on-site covered parking garage.
  Construction has begun and is expected to be
  completed during the third quarter of 2006.
• We are in the process of closing on project
  financing with Wells Fargo Bank and obtaining
  licensing from the Colorado Division of
  Gaming. On September 23, 2005, the Company
  obtained a letter of commitment from Wells
  Fargo Bank to provide approximately 35.0 million
  in project financing.

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CENTURY CASINOS

• Edmonton, Canada
• On February 24, 2005, through our wholly owned
  subsidiary, Century Resorts International, we
  acquired a 56.4 interest in Century Resorts
  Alberta, Inc. for approximately 2.4 million
  (3.0 million Canadian) in the proposed 26.7
  million (31.3 million Canadian) Celebrations
  Casino and Hotel Project. The project is
  expected to include a casino with 600 gaming
  machines, 31 gaming tables, food and beverage
  amenities, a dinner theater, a 300 space
  underground parking facility, approximately 600
  surface parking spaces and a 26-room hotel.
• Construction has begun and is expected to take
  approximately 14 months from finalization of
  funding arrangements. On September 23, 2005,
  CRA agreed to the terms of a 20.0 million
  Canadian (17.2 million) credit facility with
  Canadian Western Bank for the development of the
  property.

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CENTURY CASINOS

• Potential Growth Opportunities
• Newcastle, South Africa In June 2005, we
  entered into a letter of intent for the purchase
  of a 60 controlling interest in Balele
  Leisure (Pty) Ltd., which owns the Monte Vista
  Casino in Newcastle, South Africa. The
  current casino is a temporary facility that has
  200 slot machines and seven gaming tables. A
  new permanent facility is proposed to be
  constructed in 2006. The initial gaming mix in
  the permanent facility is expected to be 220
  slot machines and nine gaming tables. We are in
  the process of completing a definitive
  agreement with the sellers of the interest. The
  purchase price would be 57.5 million Rand (9.0
  million), subject to adjustment (but not to
  exceed 60.0 million Rand (9.5 million)) based
  primarily on casino revenue in the first 12
  months of operation of the new permanent
  facility. The agreement will contain
  significant conditions to closing, including
  gaming and other regulatory approvals. Assuming
  that all sellers agree to and approve the
  transaction, we would not expect closing to occur
  until at least the first quarter of 2006.
• In Cripple Creek, having spanned the alley
  behind the existing casino, Womacks is positioned
  to continue building out the casino on a
  single level to the rear of the property to
  Meyers Avenue. This could result in Womacks
  having the largest casino floor on one level in
  Cripple Creek. The Company has not yet decided
  on the next phase of expansion, but is in the
  position to expand once it feels comfortable that
  the additional cost of the expansion will
  improve net earnings.
• In Caledon, we own over 600 acres of land with
  a direct off-ramp from the main Cape Town
  Durban highway, giving us tremendous
  development opportunities. Building on the
  success of the existing casino, hotel,
  conference and spa resort, we could accommodate
  two 18 hole golf courses, a residential
  community, water activities and other
  attractions.
• Externally, we are always looking for
  profitable opportunities. We are not excluding
  any well-regulated market worldwide, and, on
  an opportunistic basis, continue to pursue these
  opportunities, including in the United
  Kingdom.