PRESS RELEASE

March 28, 2013

Century Casinos, Inc. Announces Fourth Quarter 2012 Results

Colorado Springs, Colorado – March 28, 2013 – Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today announced its financial results for the three months and year ended December 31, 2012.  

2012 Highlights*

Fourth Quarter 2012 Highlights*

"We are pleased to report another quarter with growth in revenue and net earnings, even though business levels softened a bit in the latter part of the year. We expect to close the Casinos Poland transaction, which we expect will be immediately accretive, in April and are very excited about the growth potential it brings for our company,” said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos. “During 2012, we made significant progress on the implementation of our strategy to increase shareholder value and improve our financial flexibility and we successfully executed this strategy against a backdrop of ongoing macroeconomic uncertainty,” they continued.

Three Months  and Year Ended December 31, 2012 Results*

Net operating revenue increased by $0.1 million, or 0.8%, and $1.0 million, or 1.4%, for the three months and year ended December 31, 2012 compared to the three months and year ended December 31, 2011. Following is a summary of net operating revenue changes by property or category for the three months and year ended December 31, 2012 compared to the three months and year ended December 31, 2011, respectively:

Earnings from operations decreased by ($0.1) million, or (9.1%), and increased by $1.5 million, or 35.4%, for the three months and year ended December 31, 2012 compared to the three months and year ended December 31, 2011. The increase in earnings from operations was due to increased efforts to attract customers, generate additional revenue and control costs. Following is a summary of earnings from operations changes by property or category for the three months and year ended December 31, 2012 compared to the three months and year ended December 31, 2011, respectively: 

Net earnings increased by less than $0.1 million, or 5.8%, and $1.1 million, or 35.4%, for the three months and year ended December 31, 2012 compared to the three months and year ended December 31, 2011. Following is a summary of net earnings changes by property or category for the three months and year ended December 31, 2012 compared to the three months and year ended December 31, 2011: 

Items deducted from or added to earnings from operations to arrive at net earnings include interest income, interest expense, gains or losses on foreign currency transactions and income tax expense or benefit.

Property and Category Results*

(in thousands)

The following table shows net operating revenue and Adjusted EBITDA** by property or category for the three months and year ended December 31, 2012 and December 31, 2011.

Balance Sheet and Liquidity

As of December 31, 2012, the Company had $24.8 million in cash and cash equivalents and $3.6 million in debt obligations on its balance sheet compared to $25.2 million in cash and cash equivalents and $9.1 million in debt obligations at December 31, 2011.

Conference Call Information

Today the Company will post a copy of the Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2012 on its website at http://corporate.cnty.com/investor-relations/sec-filings.  

Century Casinos will host its fourth quarter 2012 earnings conference call today, March 28, 2013 at 8:00 am MDT; 3:00 pm CET, respectively. U.S. domestic participants should dial 1-866-952-1906. For all other international participants, please use +1-785-424-1825 to dial-in. Participants may also listen to the call live or obtain a recording of the call on the Company’s website until April 3, 2013 at http://corporate.cnty.com/investor-relations/financial-results/.

(continued)

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

The following tables show Adjusted EBITDA margins and Adjusted EBITDA to net earnings reconciliations by property or category. The Company defines Adjusted EBITDA margin as 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. A discussion of Adjusted EBITDA follows the tables.

Century Casinos, Inc.

Adjusted EBITDA Margins by Property or Category

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

For the three months ended December 31, 2012

Amounts in thousands

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Century Casinos, Inc.

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

For the three months ended December 31, 2011

Amounts in thousands

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

For the Year Ended December 31, 2012

Amounts in thousands

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Century Casinos, Inc.

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

For the Year Ended December 30, 2011

Amounts in thousands

** The Company defines Adjusted 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 results as reported under accounting principles generally accepted in the United States (“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 performance of the Company and its properties. 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 companies within the gaming industry. Please see the reconciliation of Adjusted EBITDA to net earnings (loss) above.

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 33.3% ownership interest in Casinos Poland Ltd., the owner and operator of nine 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 Casinos Poland,  future results of operations, operating efficiencies, synergies and operational performance, and plans for our casinos and 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.