ex99-1.htm

For the fourth quarter of 2007, net operating revenue was $23,196,000 and consolidated Adjusted EBITDA* was $5,189,000. This represents a 29% increase in net operating revenue over the same quarter of last year ($17,972,000 in the fourth quarter of 2006) and a 74% increase in consolidated Adjusted EBITDA* ($2,980,000 in the fourth quarter of 2006).

The Company reported net earnings of $401,000, or $0.02 per basic share for the quarter ended December 31, 2007. Net earnings for the 2006 fourth quarter were $2,757,000, or $0.12 per basic share. The 2007 fourth quarter reflects increases in depreciation charges, primarily related to the opening of the three new casinos in 2006. In addition, stock-based compensation expense increased $328,000 primarily due to the issuance of stock options and restricted stock in July 2007. The Company also recorded a $1,000,000 charge ($620,000, net of taxes) in the fourth quarter of 2007 related to the purchase of a loan held by our former minority partner in Central City, Colorado. The 2006 pre-tax results for the fourth quarter include pre-opening expenses of $1,848,000 ($1,418,000, net of taxes) and income of $5,231,000 ($5,074,000, net of taxes) resulting from the sale of our interest in a casino project located in South Africa.

For the year ended December 31, 2007, net operating revenue was $91,654,000 and consolidated Adjusted EBITDA* was $21,052,000. This represents a 63% increase in net operating revenue over the same period of last year ($56,285,000 for the year ended December 31, 2006) and a 67% increase in consolidated Adjusted EBITDA* ($12,641,000 for the year ended December 31, 2006).

The Company reported net earnings of $4,933,000, or $0.21 per basic share for the year ended December 31, 2007. The 2007 results reflect increases in depreciation charges and net interest charges, primarily related to the opening and financing of three new casinos in 2006. Net earnings for the year ended December 31, 2006 were $7,629,000, or $0.33 per basic share. The 2006 pre-tax results include $3,964,000 ($3,160,000, net of taxes) in pre-opening expenses and income of $5,231,000 ($5,074,000, net of taxes) resulting from the sale of our interest in a casino project located in South Africa.

On December 31, 2007, the Company acquired the remaining 35% of all issued and outstanding partnership units from the minority investor in our casino in Central City, Colorado. In accordance with U.S. accounting standards, the Company recorded a $1,000,000 charge ($624,000, net of taxes) due to the assumption of an outstanding loan from the former minority partner. In addition, the Company will now recognize the casino’s net income or losses at 100% (instead of the previous 65%) going forward.

Century Casino and Hotel (Edmonton, Alberta, Canada) – We opened the casino in November 2006 with 600 slot machines and since opening the number of machines on the floor has increased to 650. We also increased the number of tables at the casino to 35 in March 2008 from 32 as of December 31, 2007. We opened the hotel portion of the facility in March 2007. Net operating revenue for the quarter ended December 31, 2007 was $5,735,000 compared to $2,322,000 in the fourth quarter of 2006. Adjusted EBITDA* for the fourth quarter of 2007 was $2,022,000 compared to $620,000 in the fourth quarter of 2006. Net operating revenue for the year ended December 31, 2007 (the first full year of operation for the casino) was $19,297,000 and Adjusted EBITDA* was $5,673,000 compared to net operating revenue of $2,325,000 and Adjusted EBITDA* of $620,000 for the year ended December 31, 2006.

Womacks Casino (Cripple Creek, Colorado, USA) - Net operating revenue at Womacks Casino in Cripple Creek, Colorado decreased 16% to $3,212,000 for the fourth quarter of 2007 compared to $3,721,000 for the same period in 2006. Womacks’ Adjusted EBITDA* for the fourth quarter of 2007 was $635,000 compared to $1,157,000 in the fourth quarter of 2006. The decrease in Adjusted EBITDA* is primarily due to the decline in revenue, which management believes was a result of the above mentioned renovation.

Womacks’ net operating revenue was $16,722,000 for the year ended December 31, 2007 compared to $16,255,000 for the year ended December 31, 2006. Womacks’ Adjusted EBITDA* for the year ended December 31, 2007 was $5,439,000 compared to $6,104,000 in the same 2006 period. The decrease in Adjusted EBITDA* is primarily due to $325,000 in increased marketing charges primarily related to a special marketing promotion in the third quarter of 2007.

Century Casino and Hotel (Central City, Colorado, USA) – Net operating revenue at the Century Casino and Hotel increased 23% to $4,845,000 for the fourth quarter of 2007 compared to $3,929,000 reported for the same period in 2006. Adjusted EBITDA* for the fourth quarter of 2007 was $1,020,000 compared to $416,000 in the fourth quarter of 2006. The increase in Adjusted EBITDA* is primarily due to improved revenue. Net operating revenue for the quarter ended December 31, 2007 increased due to an improved floor layout and gaming machine mix.

The Century Casino and Hotel’s net operating revenue was $20,374,000 for the year ended December 31, 2007 compared to $8,617,000 for the year ended December 31, 2006. The property commenced operations in July 2006. The Century Casino and Hotel’s Adjusted EBITDA* for the year ended December 31, 2007 was $4,922,000 compared to $1,245,000 in the same 2006 period. Adjusted EBITDA* for the year ended December 31, 2006 excludes approximately $1,726,000 of pre-opening expenditures. As of December 31, 2007, the Company owns 100% of CC Tollgate LLC.

The Caledon Hotel, Spa and Casino (Caledon, South Africa) – Net operating revenue at the Caledon increased 7% to $4,815,000 for the fourth quarter of 2007 compared to $4,511,000 reported for the same period in 2006. Net operating revenue in South African Rand (“Rand”) was ZAR 32,624,000 for the quarter ended December 31, 2007 compared to ZAR 33,810,000 for the quarter ended December 31, 2006. Adjusted EBITDA* for the fourth quarter of 2007 was $1,763,000 compared to $2,002,000 in the fourth quarter of 2006. The decline in Adjusted EBITDA* is primarily due to increased marketing costs aimed at strengthening casino revenue and general escalations in overhead costs during the quarter.

The Caledon’s net operating revenue was $18,139,000 for the year ended December 31, 2007 compared to $18,294,000 for the year ended December 31, 2006. The decrease was due to the weakening of the Rand versus the US Dollar on a year over year basis. Net operating revenue in Rand was ZAR 127,837,000 for the year ended December 31, 2007 compared to ZAR 123,509,000 for the year ended December 31, 2006. The Caledon’s Adjusted EBITDA* for the year ended December 31, 2007 was $7,080,000 compared to $7,633,000 in the same 2006 period. The decrease in Adjusted EBITDA* is primarily due to the weakening of the Rand versus the US Dollar on a year to date basis and the payment of an additional $138,000 (as compared to the year ended December 31, 2006) in dividends to preference shareholders.

Century Casino and Hotel (Newcastle, South Africa) – Net operating revenue increased 52% to $3,400,000 for the fourth quarter of 2007 compared to $2,235,000 reported for the same period in 2006. Newcastle’s Adjusted EBITDA* for the fourth quarter of 2007 was $1,316,000 compared to $874,000 for the fourth quarter of 2006. We opened a new casino facility in December 2006. Prior to this date, casino operations were held in a temporary facility. Management believes that the increases in net operating revenue and Adjusted EBITDA* are directly related to the opening of our new facility, which management believes is superior to the old facility. Adjusted EBITDA* for the quarter ended December 31, 2006 excludes approximately $323,000 of pre-opening expenditures.

We acquired a 60% ownership interest in Newcastle, South Africa, on April 1, 2006. For the year ended December 31, 2007, Newcastle’s net operating revenue was $11,995,000 compared to $6,176,000 for the year ended December 31, 2006. The casino provided the Company with Adjusted EBITDA* of $4,072,000 for the year ended December 31, 2007 compared to Adjusted EBITDA* of $2,166,000 for the year ended December 31, 2006.

Other Operations – The Company’s other operations, which include the Century Casino Millennium in Prague and the Company’s ship-based casinos, contributed net operating revenue of $1,181,000 and Adjusted EBITDA* of $34,000 for the quarter ended December 31, 2007 compared to net operating revenue of $1,249,000 and Adjusted EBITDA* of $205,000 for the quarter ended December 31, 2006. These operations contributed net operating revenue of $5,069,000 and $4,601,000 for the years ended December 31, 2007 and 2006, respectively and contributed Adjusted EBITDA* of $513,000 and $911,000 for the years ended December 31, 2007 and 2006, respectively. The decline in Adjusted EBITDA* is primarily due to the reduction in the number of ship-based casinos and the write-off of costs associated with a contract that the Company decided not to pursue.

Corporate – Corporate operations reported negative Adjusted EBITDA* of $1,601,000 for the quarter ended December 31, 2007 compared to negative Adjusted EBITDA* of $2,294,000 for the quarter ended December 31, 2006. The increase in Adjusted EBITDA* is due to the recognition of $472,000 of equity earnings from our investment in Casinos Poland and foreign currency gains of $206,000. We acquired a 33.3% interest in Casinos Poland in March 2007. Corporate general and administrative expenses, excluding stock compensation expenses were $2,287,000 for the quarter ended December 31, 2007 compared to $2,296,000 for the quarter ended December 31, 2006.

Corporate operations reported negative Adjusted EBITDA* of $6,647,000 for the year ended December 31, 2007 compared to negative Adjusted EBITDA* of $6,038,000 for the year ended December 31, 2006. The decrease in Adjusted EBITDA* is primarily due to an increase in general and administrative expenses of $1,770,000 relating to travel expenses, professional fees and insurance charges, offset by the recognition of $563,000 of equity earnings from our investment in Casinos Poland and foreign currency gains of $557,000. Corporate general and administrative expenses, excluding stock compensation expenses were $8,188,000 for the year ended December 31, 2007 compared to $6,418,000 for the year ended December 31, 2006.

On Tuesday, March 18, 2008, Century Casinos will host a “Q4 2007 Earnings” conference call, at 11:00am EDT; 4:00pm CET respectively. US domestic participants please dial +1-800-894-5910, all other international participants please use +1-785-424-1052 to dial-in. For a recording of the call, please visit our website at www.cnty.com/corporate/investor/financial-results/.

Century Casinos, Inc.
Condensed Consolidated Statements of Earnings (Unaudited)
(Amounts in thousands, except for share information)

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2007			2006			2007			2006
Operating Revenue:
Casino	$	21,130		$	17,832		$	85,671		$	54,499
Hotel, food and beverage		3,490			2,085			12,815			6,066
Other		573			416			2,062			1,174
Gross revenue		25,193			20,333			100,548			61,739
Less promotional allowances		(1,997	)		(2,361	)		(8,894	)		(5,454	)
Net operating revenue		23,196			17,972			91,654			56,285

Operating Costs and Expenses:
Casino		8,824			7,853			34,614			22,221
Hotel, food and beverage		2,811			2,391			10,738			5,828
General and administrative		7,370			6,678			27,176			19,345
Impairments and other write-offs, net of (recoveries)		(148	)		1,299			31			894
Depreciation		2,321			1,749			8,631			4,747
Total operating costs and expenses		21,178			19,970			81,190			53,035
Earnings from Unconsolidated Subsidiary		472			-			563			-
Earnings (Loss) from Operations		2,490			(1,998	)		11,027			3,250

Non-Operating Income (Expense):
Interest income		173			301			975			896
Interest expense		(1,591	)		(1,629	)		(6,871	)		(3,406	)
Gain on sale of Gauteng interest		-			5,231			-			5,231
Other income, net		82			169			723			469
Non-operating (expense) income, net		(1,336	)		4,072			(5,173	)		3,190
Earnings before Income Taxes, Minority Interest and Preferred Dividends		1,154			2,074			5,854			6,440
(Benefit) provision for income taxes		(382	)		(260	)		273			134
Earnings before Minority Interest and Preferred Dividends		1,536			2,334			5,581			6,306
Minority interest in subsidiary losses, net		(1,076	)		561			(254	)		1,461
Preferred dividends issued by subsidiary		(59	)		(138	)		(394	)		(138	)
Net Earnings	$	401		$	2,757		$	4,933		$	7,629

Century Casinos, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in thousands)

	December 31, 2007		December 31, 2006
Assets
Current Assets	$	21,109	$	40,208
Other Assets		176,974		157,652
Total Assets	$	198,083	$	197,860

Liabilities and Shareholders’ Equity
Current Liabilities	$	23,903	$	35,991
Non-Current Liabilities		62,191		61,442
Shareholders’ Equity		111,989		100,427
Total Liabilities and Shareholders’ Equity	$	198,083	$	197,860

Century Casinos, Inc.
Net Operating Revenue by Property (Unaudited)
(Amounts in thousands)

	For the Three Months Ended December 31,				For the Year Ended December 31,
	2007		2006		2007		2006
Century Casino & Hotel, Edmonton	$	5,735	$	2,322	$	19,297	$	2,325
Womacks Casino & Hotel (Cripple Creek)		3,212		3,721		16,722		16,255
Century Casino & Hotel, Central City		4,845		3,929		20,374		8,617
Caledon Hotel, Spa & Casino		4,815		4,511		18,139		18,294
Century Casino & Hotel, Newcastle		3,400		2,235		11,995		6,176
Century Casino Millennium		605		654		2,467		1,610
Cruise Ships		576		595		2,602		2,991
Corporate		8		5		58		17
Consolidated net operating revenue	$	23,196	$	17,972	$	91,654	$	56,285

Century Casinos, Inc.
Adjusted EBITDA Margins** by Property (Unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2007			2006			2007			2006
Century Casino & Hotel, Edmonton		35	%		27	%		29	%		27	%
Womacks Casino & Hotel (Cripple Creek)		20	%		31	%		33	%		38	%
Century Casino & Hotel. Central City		21	%		11	%		24	%		14	%
Caledon Hotel, Spa & Casino		37	%		44	%		39	%		42	%
Century Casino & Hotel, Newcastle		39	%		39	%		34	%		35	%
Century Casino Millennium		-4	%		13	%		9	%		10	%
Cruise Ships		10	%		20	%		11	%		25	%
Corporate		-			-			-			-
Consolidated Adjusted EBITDA Margin**		22	%		17	%		23	%		22	%

Century Casinos, Inc.
Adjusted EBITDA* by Property (Unaudited)
For the Three Months Ended December 31, 2007
(Amounts in thousands)
	Edmonton			Cripple Creek			Central City			Caledon			Newcastle			Casino Millennium & Cruise Ships			Corporate			Total

Net Earnings	$	866		$	129		$	(733	)	$	823		$	471		$	(128	)	$	(1027	)	$	401
Minority Interest		-			-			937			-			71			-			68			1,076
Interest Income		(22	)		-			(13	)		(27	)		(6	)		(7	)		(98	)		(173	)
Interest Expense		425			(41	)		695			185			214			-			113			1,591
Income Taxes		378			77			(449	)		440			309			(1	)		(1,136	)		(382	)
Depreciation		370			408			741			342			255			144			61			2,321
Stock Compensation		-			-			-			-			-			-			421			421
Impairments and Other Write-Offs		-			-			(158	)		-			10			-			-			(148	)
Loss on disposition of fixed assets		5			62			-			-			(8	)		26			(3	)		82
Adjusted EBITDA*	$	2,022		$	635		$	1,020		$	1,763		$	1,316		$	34		$	(1,601	)	$	5,189

Century Casinos, Inc.
Adjusted EBITDA* by Property (Unaudited)
For the Three Months Ended December 31, 2006
(Amounts in thousands)
	Edmonton			Cripple Creek			Central City			Caledon			Newcastle			Casino Millennium & Cruise Ships			Corporate			Total

Net Earnings	$	(893	)	$	428		$	(371	)	$	944		$	339		$	(238	)	$	2,548		$	2,757
Minority Interest		-			-			(900	)		-			113			-			226			(561	)
Interest Income		(28	)		(503	)		-			(18	)		(16	)		(4	)		268			(301	)
Interest Expense		344			573			602			183			59			19			(151	)		1,629
Income Taxes		(448	)		264			(222	)		498			77			1			(430	)		(260	)
Depreciation		161			395			739			303			19			114			18			1,749
Pre-opening Exp		1,487			-			-			-			323			-			-			1,810
Stock Comp		-			-			-			-			-			-			93			93
Impairments and Other Write-Offs		-			-			567			57			-			309			366			1,299
Gain on sale of Gauteng interest		-			-			-			-			-			-			(5,231	)		(5,231	)
Loss on disposition of fixed assets		(3	)		-			1			35			(40	)		4			(1	)		(4	)
Adjusted EBITDA*	$	620		$	1,157		$	416		$	2,002		$	874		$	205		$	(2,294	)	$	2,980

Century Casinos, Inc.
Adjusted EBITDA* by Property (Unaudited)
For the Year Ended December 31, 2007
(Amounts in thousands)
	Edmonton			Cripple Creek			Central City			Caledon			Newcastle			Casino Millennium & Cruise Ships			Corporate			Total

Net Earnings	$	2,004		$	2,384		$	(426	)	$	3,378		$	1,329		$	(22	)	$	(3,714	)	$	4,933
Minority Interest		-			-			(212	)		-			268			-			198			254
Interest Income		(79	)		(8	)		(19	)		(110	)		(19	)		(23	)		(717	)		(975	)
Interest Expense		1,456			(51	)		3,084			730			766			-			886			6,871
Income Taxes		964			1,460			(261	)		1,745			778			1			(4,414	)		273
Depreciation		1,324			1,591			2,914			1,315			854			401			232			8,631
Stock Comp		-			-			-			-			-			-			879			879
Impairments and Other Write-Offs		-			-			(158	)		28			98			63			-			31
Loss on disposition of fixed assets		4			63			-			(6	)		(2	)		93			3			155
Adjusted EBITDA*	$	5,673		$	5,439		$	4,922		$	7,080		$	4,072		$	513		$	(6,647	)	$	21,052

Century Casinos, Inc.
Adjusted EBITDA* by Property (Unaudited)
For the Year Ended December 31, 2006
(Amounts in thousands)
	Edmonton			Cripple Creek			Central City			Caledon			Newcastle			Casino Millennium & Cruise Ships			Corporate			Total

Net Earnings	$	(1,156	)	$	2,563		$	(1,026	)	$	3,816		$	906		$	192		$	2,334		$	7,629
Minority Interest		-			-			(2,165	)		-			331			-			373			(1,461	)
Interest Income		(44	)		(515	)		-			(31	)		(16	)		(11	)		(279	)		(896	)
Interest Expense		454			879			2,368			773			67			42			(1,177	)		3,406
Income Taxes		(574	)		1,571			(623	)		1,796			433			15			(2,484	)		134
Depreciation		175			1,606			1,190			1,185			163			360			68			4,747
Pre-opening Exp		1,769			-			933			-			322			-			-			3,024
Stock Comp		-			-			-			-			-			-			373			373
Impairments and Other Write-Offs		-			-			567			31			-			309			(13	)		894
Gain on sale of Gauteng interest		-			-			-			-			-			-			(5,231	)		(5,231	)
Loss on disposition of fixed assets		(4	)		-			1			63			(40	)		4			(2	)		22
Adjusted EBITDA*	$	620		$	6,104		$	1,245		$	7,633		$	2,166		$	911		$	(6,038	)	$	12,641

* The Company defines Adjusted EBITDA as earnings before interest, income taxes, depreciation, amortization, minority interest, pre-opening expenses, non-cash stock based compensation charges, asset impairment costs, gains (losses) on disposition of fixed assets, discontinued operations and certain other one-time items. Inter-company transactions consisting primarily of management fees and interest, along with their related tax effects, are excluded from the presentation of net earnings and Adjusted EBITDA reported for each property. These adjustments have no effect on the consolidated results. Adjusted EBITDA is not considered a measure of performance recognized under accounting principles generally accepted in the United States of America. Management believes that Adjusted EBITDA is a valuable measure of the relative performance among its operating segments. 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 our lending institutions 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. Not all of the aforementioned benefits and costs occur in each reporting period, but have been included in the definition based on historic activity.

Century Casinos, Inc. is an international casino entertainment company that owns and operates the Womacks Casino and Hotel in Cripple Creek, Colorado, the Century Casino & Hotel in Central City, Colorado, the Century Casino & Hotel in Edmonton, Alberta, Canada, and the Century Casino Millennium in the Marriott Hotel in Prague, Czech Republic. The Company also operates casinos aboard the Silver Cloud, The World of ResidenSea, and the vessels of Oceania Cruises. Through its subsidiary Century Casinos Africa (Pty) Limited, it owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa, as well as 60% of, and provides technical casino services to, Century Casino Newcastle, in Newcastle, South Africa. Furthermore, the Company's Austrian subsidiary, Century Casinos Europe GmbH, holds a 33.3% ownership interest in Casinos Poland Ltd, the owner and operator of seven full casinos and one slot casino in Poland. The Company continues to pursue other international projects in various stages of development.

This release may contain “forward-looking statements“ within the meaning of 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 revenue growth, marketing efforts, progress at our casinos, gaming market growth, the impact of improvements at our properties and the impact of the Colorado law banning smoking in casinos. 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 filed on March 17, 2008. 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.

Earnings Per Share:
Basic	$	0.02	$	0.12	$	0.21	$	0.33
Diluted	$	0.02	$	0.12	$	0.21	$	0.32

Weighted Average Shares Outstanding:
Basic		23,221,045		22,990,958		23,088,140		22,777,707
Diluted		23,814,723		23,974,572		23,894,873		23,926,749