Century Casinos, Inc. Announces First Quarter 2013 Results

May 15, 2013

PRESS RELEASE

Century Casinos, Inc. Announces First Quarter 2013Results

Colorado Springs, Colorado - May 15, 2013- Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today announced its financial results for the three months ended March 31, 2013.

First Quarter 2013Highlights*

·

Net operating revenue was $18.0million, a 2%increase compared to the three months ended March 31, 2012.

·

Adjusted EBITDA**was $3.2million, a 17%increase from the three months ended March 31, 2012.

·

Net earningswere$1.7million, a 47%%increase from the three months ended March 31, 2012.

·

Earnings per share were$0.07, a40%increase from the three months ended March 31, 2012.

For the Three Months

Amounts in thousands, except share and per share data

Ended March 31,

Consolidated Results:

2013

2012

% Change

Net operating revenue

$

17,991

$

17,569
2%

Earnings from operations

2,048 1,572 30%

Net earnings

1,662 1,133 47%

Adjusted EBITDA**

$

3,240

$

2,760
17%

Earnings per share:

Basic and Diluted

$

0.07

$

0.05
40%

Weighted-average common shares:

Basic

24,128 23,877

Dilutive

24,154 24,011

*Amounts presented are rounded.  As such, rounding differences could occur in period over period changes and percentages reported.

**Adjusted EBITDA is a Non-GAAP financial measure.  See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.

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"We posted excellent results in the first quarter. Specifically, earnings from operationsand AdjustedEBITDA increased significantlyfor the three months ended March 31, 2013compared to the same period in 2012. Our property in Edmonton, Canada, ledthe way with a 9% increase in net operating revenueand anAdjustedEBITDA margin of 37%.  We now own a 66.66% controlling majority of Casinos Poland Ltd., the market share leader in Poland's casino industry, and are excited about the growth potential this brings for our company",said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos.

Three Months Ended March 31, 2013Results*

Net operating revenue increased by $0.4million, or 2%, for the three months ended March 31, 2013compared to the three months ended March 31, 2012. Following is a summary of the change in net operating revenue by property or category for the three months ended March 31, 2013compared to the three months endedMarch 31, 2012:

Net Operating Revenue

For the Three Months

Ended March 31,

2013/2012

Amounts in millions

Change

% Change

Century Casino & Hotel, Edmonton

$

0.5
9%

Century Casino, Calgary

(0.2) (10%)

Century Casino & Hotel, Central City

(0.1) (1%)

Century Casino & Hotel, Cripple Creek

0.0 1%

Cruise Ships & Other

0.2 13%

Total

$

0.4
2%

*Amounts presented are rounded.  As such, rounding differences could occur in period over period changes and percentages reported.

**Adjusted EBITDA is a Non-GAAP financial measure.  See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.

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Earnings from operations increased by$0.5million, or 30%,for the three months ended March 31, 2013compared to the three months ended March 31, 2012. Following is a summary of the change in earnings from operations by property or category for the three months ended March 31, 2013compared to the three months ended March 31, 2012:

Earnings from Operations

For the Three Months

Ended March 31,

2013/2012

Amounts in millions

Change

% Change

Century Casino & Hotel, Edmonton

$

0.5
28%

Century Casino, Calgary

0.1 133%

Century Casino & Hotel, Central City

(0.1) (7%)

Century Casino & Hotel, Cripple Creek

0.2 75%

Cruise Ships & Other

0.1 52%

Corporate Other

(0.3) (26%)

Total

$

0.5
30%

Net earnings increased by $0.5million, or 47%,for the three months ended March 31, 2013compared to the three months ended March 31, 2012. Following is a summary of the change in net earnings by property or category for the three months ended March 31, 2013compared to the three months ended March 31, 2012:

Net Earnings

For the Three Months

Ended March 31,

2013/2012

Amounts in millions

Change

% Change

Century Casino & Hotel, Edmonton

$

0.5
49%

Century Casino, Calgary

0.1 1463%

Century Casino & Hotel, Central City

0.0 (6%)

Century Casino & Hotel, Cripple Creek

0.1 75%

Cruise Ships & Other

0.1 57%

Corporate Other

(0.3) (46%)

Total

$

0.5
47%

Items deducted from or added to earnings from operations to arrive at net earnings include interest income,interest expense,gains/losseson foreign currency transactionsand income tax expense or benefit.

Overall,the increase in earnings from operations and net earnings in the three months ended March 31, 2013compared to the three months ended March 31, 2012wasdue to increased efforts to attract customers and generate additional revenuewhile controllingcosts.

*Amounts presented are rounded.  As such, rounding differences could occur in period over period changes and percentages reported.

**Adjusted EBITDA is a Non-GAAP financial measure.  See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.

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Propertyand Category Results

(in thousands)

The following are property and category results for net operating revenue and Adjusted EBITDA.

Net Operating Revenue

Adjusted EBITDA**

For the Three Months

For the Three Months

Ended March 31,

Ended March 31,

2013

2012

2013

2012

Century Casino & Hotel, Edmonton

$

6,455

$

5,940

$

2,372

$

1,888

Century Casino, Calgary

2,355 2,603 347 254

Century Casino & Hotel, Central City

4,447 4,510 897 974

Century Casino & Hotel, Cripple Creek

2,892 2,879 717 525

Cruise Ships & Other

1,842 1,638 318 237

Corporate

0 0 (1,411) (1,118)

Consolidated

$

17,991

$

17,569

$

3,240

$

2,760

Balance Sheet and Liquidity

As of March 31, 2013, the Company had $32.1million in cash and cash equivalents and$10.6million in debt obligations on itsbalance sheet compared to $24.7million in cash and cash equivalents and $3.6million in debt obligations at December 31, 2012. On February 21, 2013, the Company borrowed an additional $7.3 million from its Bank of Montrealcredit agreement to pay for the additional 33.3% investment in CPL, which closed on April 8, 2013. The credit agreement has a term of five years and is guaranteed by the Company.Once repaid, these amounts cannot be reborrowed.As of March 31, 2013, the Company had approximately $14.9 million available for borrowing under the credit agreement.

Conference Call Information

Today the Company will post a copy of the Form 10-Qfiled with the SEC for the quarter ended March 31, 2013on its website atcorporate.cnty.com/investor-relations/sec-filings.

Century Casinos will host its first quarter 2013earnings conference call May 15, 2012at 10:00 am MDT; 6:00 pm CET, respectively. U.S. domestic participants should dial 1-888-395-3227. For all other international participants,please use 0800-293-5500to dialin.Participants may also listen to the call live or obtain a recording of the call on the Company's websiteuntil May 29,2013atcorporate.cnty.com/investor-relations/sec-filings.

(continued)

*Amounts presented are rounded.  As such, rounding differences could occur in period over period changes and percentages reported.

**Adjusted EBITDA is a Non-GAAP financial measure.  See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.

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CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION - US GAAP BASIS

For the Three Months                                                  Ended March 31,

Amounts in thousands, except for per share information

2013

2012

Operating revenue:

Gaming

$

15,696

$

15,259

Hotel, bowling, food and beverage

3,252 3,321

Other

947 943

Gross revenue

19,895 19,523

Less: Promotional allowances

(1,904) (1,954)

Net operating revenue

17,991 17,569

Operating costs and expenses:

Gaming

6,932 7,233

Hotel, bowling, food and beverage

2,450 2,437

General and administrative

5,274 5,304

Depreciation

1,191 1,178

Total operating costs and expenses

15,847 16,152

Earnings from equity investment

(96) 155

Earnings from operations

2,048 1,572

Non-operating income (expense):

Interest income

6 6

Interest expense

(82) (148)

Gains (losses) on foreign currency transactions & other

7 (5)

Non-operating (expense) income, net

(69) (147)

Earnings before income taxes

1,979 1,425

Income tax provision (benefit)

317 292

Net earnings

$

1,662

$

1,133

Earnings per share:

Basic

$

0.07

$

0.05

Diluted

$

0.07

$

0.05

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CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION - US GAAP BASIS

Century Casinos, Inc.

Condensed Consolidated Balance Sheets

(Amounts in thousands)

March 31,

December 31,

2013

2012

Assets

Current assets

$

34,170

$

26,535

Property and equipment, net

97,785 99,526

Other assets

11,253 11,275

Total assets

$

143,208

$

137,336

Liabilities and Shareholders' Equity

Current liabilities

$

12,308

$

13,071

Non-current liabilities

12,293 6,109

Shareholders' equity

118,607 118,156

Total liabilities and shareholders' equity

$

143,208

$

137,336

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CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Century Casinos, Inc.

Adjusted EBITDA Margins ** by Property or Category (Unaudited)

For the Three Months

Ended March 31,

2013

2012

Century Casino & Hotel, Edmonton

37% 32%

Century Casino, Calgary

15% 10%

Century Casino & Hotel, Central City

20% 22%

Century Casino & Hotel, Cripple Creek

25% 18%

Cruise Ships & Other

17% 15%

Consolidated Adjusted EBITDA Margin

18% 16%

Amounts in thousands

Three Months Ended March 31, 2013

Edmonton

Calgary

Central City

Cripple Creek

Cruise Ships & Other

Corporate

Total

Net earnings (loss)

$

1,599

$

125

$

356

$

296

$

199

$

(913)

$

1,662

Interest income

0 0 0 0 0 (6) (6)

Interest expense

90 0 0 0 (8) 0 82

Income taxes (benefit)

447 (7) 217 182 22 (544) 317

Depreciation

260 233 329 239 101 29 1,191

Non-cash stock based compensation

0 0 0 0 0 2 2

Foreign currency losses (gains)

(24) (4) 0 0 0 21 (7)

(Gain) loss on disposition of fixed assets

0 0 (5) 0 4 0 (1)

Adjusted EBITDA**

$

2,372

$

347

$

897

$

717

$

318

$

(1,411)

$

3,240

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CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Century Casinos, Inc.

Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by Property or Category (Unaudited)

Amounts in thousands

Three Months Ended March 31, 2012

Edmonton

Calgary

Central City

Cripple Creek

Cruise Ships & Other

Corporate

Total

Net earnings (loss)

$

1,076

$

8

$

380

$

169

$

127

$

(627)

$

1,133

Interest income

(3) 0 0 0 0 (3) (6)

Interest expense

147 0 0 0 0 1 148

Income taxes (benefit)

413 44 233 104 13 (515) 292

Depreciation

242 205 355 252 97 27 1,178

Non-cash stock based compensation

0 0 0 0 0 4 4

Foreign currency losses (gains)

13 (3) 0 0 0 (5) 5

(Gain) loss on disposition of fixed assets

0 0 6 0 0 0 6

Adjusted EBITDA**

$

1,888

$

254

$

974

$

525

$

237

$

(1,118)

$

2,760

*  The Company definesAdjusted EBITDA as net earnings (loss) before interest, income taxes, depreciation, amortization, pre-opening expenses, non-cash stock based compensation charges, asset impairment costs, gains (losses) on disposition of fixed assets, discontinued operations, realized foreign currency gains (losses) and certain other one-time items. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings and Adjusted EBITDA reported for each property. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated resultsas reported under accounting principles generally accepted in the United Statesof America ("US GAAP"). Adjusted EBITDA is not considered a measure of performance recognized under US GAAP. Management believes that Adjusted EBITDA is a valuable measure of the relative performanceof its properties and the Company. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to compare the relative operating performance of separate operating units by eliminating the above mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue, and the often high cost of acquiring existing operations. EBITDA (Earnings before interest, taxes, depreciation and amortization) is used by the Company's lending institution to gauge operating performance. The Company's computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companieswithin the gaming industry. Please see the reconciliation of Adjusted EBITDA to net earnings (loss) above.

**  The Company defines Adjusted EBITDA marginas Adjusted EBITDA divided by net operating revenue. Management uses this margin as one of several measures to evaluate the efficiency of the Company's casino operations.

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CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

About Century Casinos, Inc.:

Century Casinos, Inc. is an international casino entertainment company that owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary, Alberta, Canada. The Company also operates casinos aboard twelve luxury cruise vessels (Regatta, Nautica, Marina, Riviera, Mein Schiff 1, Mein Schiff 2, Wind Surf, Wind Star, Wind Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven Seas Navigator). Through its Austrian subsidiary, Century Casinos Europe GmbH, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of ten casinos in Poland. The Company also manages the operations of the casino at the Radisson Aruba Resort, Casino & Spa in Aruba, Caribbean. Century Casinos, Inc. continues to pursue other international projects in various stages of development.

For more information about Century Casinos, visit our website at www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ Capital Market® and the Vienna Stock Exchange under the symbol CNTY.

This release may contain "forward-looking statements" within the meaning of Section 27A of the Security Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding future results of operations(including results for Casinos Poland Ltd.), operatingefficiencies, synergies and operational performance, economic improvements in 2013, debt repaymentandplans for our casinosand our Company. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2012. Century Casinos 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.

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