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Century Casinos, Inc. Announces Fourth Quarter 2012 Results



         Century Casinos, Inc. Announces Fourth Quarter 2012 Results

  PR Newswire

  COLORADO SPRINGS, Colorado, March 28, 2013

COLORADO SPRINGS, Colorado, March 28, 2013 /PRNewswire/ -- 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*

  * Net operating revenue was $71.8 million, a 1% increase from the year ended
    December 31, 2011.
  * Net earnings were $4.1 million, a 35% increase from the year ended
    December 31, 2011.
  * Earnings per share were $0.17
  * Book value per share** at December 31, 2012 was $4.90.

Fourth Quarter 2012 Highlights*

  * Net operating revenue was $17.7 million, a 1% increase from the three
    months ended December 31, 2011.
  * Net earnings were $0.6 million, a 6% increase from the three months ended
    December 31, 2011.
  * Earnings per share were $0.03

                              For the Three Months         For the Year
Amounts in thousands,
except share and per share
data                           Ended December 31,       Ended December 31,
Consolidated Results:        2012    2011   % Change  2012    2011   % Change
Net operating revenue       $17,745 $17,603       1% $71,828 $70,866       1%
Earnings from operations        894     984     (9%)   5,776   4,265      35%
Net earnings                    624     590       6%   4,091   3,021      35%
Adjusted EBITDA***           $2,123  $2,329     (9%) $10,563 $10,692     (1%)
Earnings per share:
Basic                         $0.03   $0.03       0%   $0.17   $0.13      31%
Diluted                       $0.03   $0.03       0%   $0.17   $0.13      31%

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

** The Company defines book value per share as total shareholders' equity
divided by outstanding common shares.

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

Weighted-average common shares:
Basic                           24,126,727 23,877,362  24,004,166 23,891,874
Dilutive                        24,144,772 24,044,231  24,104,616 24,070,634

"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:

                                               Net Operating Revenue
                                      For the Three Months    For the Year
                                       Ended December 31,  Ended December 31,
                                           2012/2011           2012/2011
Amounts in millions                          Change              Change
Century Casino & Hotel, Edmonton                      $0.4               $0.6
Century Casino, Calgary                              (0.1)              (0.3)
Century Casino & Hotel, Central City                   0.0                0.5
Century Casino & Hotel, Cripple Creek                (0.2)              (0.3)
Cruise Ships & Other                                   0.0                0.4
Total                                                 $0.1               $1.0

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:

                                             Earnings from Operations
                                      For the Three Months    For the Year
                                       Ended December 31,  Ended December 31,
                                           2012/2011           2012/2011
Amounts in millions                          Change              Change
Century Casino & Hotel, Edmonton                      $0.2               $0.5
Century Casino, Calgary                              (0.2)              (0.5)
Century Casino & Hotel, Central City                 (0.1)                1.0
Century Casino & Hotel, Cripple Creek                  0.0                0.1
Cruise Ships & Other                                 (0.1)                0.0
Corporate Other                                        0.1                0.5
Total                                               ($0.1)               $1.5

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:

                                                   Net Earnings
                                      For the Three Months    For the Year
                                       Ended December 31,  Ended December 31,
                                           2012/2011           2012/2011
Amounts in millions                          Change              Change
Century Casino & Hotel, Edmonton                      $0.4               $0.4
Century Casino, Calgary                              (0.1)              (0.4)
Century Casino & Hotel, Central City                 (0.1)                0.6
Century Casino & Hotel, Cripple Creek                  0.0                0.1
Cruise Ships & Other                                 (0.1)                0.0
Corporate Other                                      (0.1)                0.4
Total                                                 $0.0               $1.1

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.

               Net Operating     Adjusted      Net Operating     Adjusted
                  Revenue        EBITDA**         Revenue        EBITDA**
               For the Three   For the Three
                  Months          Months       For the Year    For the Year
              Ended December  Ended December  Ended December  Ended December
                    31,             31,             31,             31,
               2012    2011    2012    2011    2012    2011    2012    2011
Century
Casino &
Hotel,
Edmonton       $6,499  $6,116  $2,141  $1,963 $24,536 $23,906  $7,959  $7,899
Century
Casino,
Calgary         2,594   2,703     159     302   9,929  10,206     228     620
Century
Casino &
Hotel,
Central City    4,354   4,306     714     858  18,501  17,980   3,875   3,779
Century
Casino &
Hotel,
Cripple Creek   2,524   2,682     261     277  11,931  12,236   2,385   2,296
Cruise Ships
& Other         1,766   1,796     157     261   6,923   6,538     929   1,027
Corporate           8       0 (1,309) (1,332)       8       0 (4,813) (4,929)
Consolidated  $17,745 $17,603  $2,123  $2,329 $71,828 $70,866 $10,563 $10,692

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/ .

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

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS
                                For the Three Months Ended For the Year Ended
                                       December 31,           December 31,
Amounts in thousands, except
for per share information           2012          2011       2012      2011
Operating revenue:
  Gaming                              $15,125      $15,081   $62,871  $62,070
  Hotel, bowling, food and
beverage                                3,545        3,410    13,190   12,946
  Other                                 1,119        1,138     4,206    4,033
           Gross revenue               19,789       19,629    80,267   79,049
Less: Promotional allowances          (2,044)      (2,026)   (8,439)  (8,183)
Net operating revenue                  17,745       17,603    71,828   70,866
Operating costs and expenses:
  Gaming                                7,562        7,550    30,208   29,365
  Hotel, bowling, food and
beverage                                2,670        2,465    10,061   10,094
  General and administrative            5,443        5,158    21,452   21,587
  Depreciation                          1,221        1,312     4,757    6,144
Total operating costs and
expenses                               16,896       16,485    66,478   67,190
Earnings from equity investment            45        (134)       426      589
Earnings from operations                  894          984     5,776    4,265
Non-operating income (expense):
  Interest income                           1           25        37       38
  Interest expense                       (70)        (173)     (670)    (802)
  (Losses) gains on foreign
currency transactions      

  & other                                 (5)           25      (24)      187
Non-operating (expense) income,
net                                      (74)        (123)     (657)    (577)
Earnings before income taxes              820          861     5,119    3,688
Income tax provision                      196          271     1,028      667
Net earnings                             $624         $590    $4,091   $3,021
Earnings per share:
  Basic                                 $0.03        $0.03     $0.17    $0.13
  Diluted                               $0.03        $0.03     $0.17    $0.13
CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS
Century Casinos, Inc.
Condensed Consolidated Balance
Sheets
(Amounts in thousands)
                                December 31,  December 31,
                                    2012          2011
Assets
Current assets                        $26,535      $27,286
Property and equipment, net            99,526       99,605
Other assets                           11,275        9,836
Total assets                         $137,336     $136,727
Liabilities and Shareholders'
Equity
Current liabilities                   $13,071      $21,359
Non-current liabilities                 6,109        2,828
Shareholders' equity                  118,156      112,540
Total liabilities and
shareholders' equity                 $137,336     $136,727

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
                               For the Three Months         For the Year
                                Ended December 31,       Ended December 31,
                                2012          2011        2012        2011
Century Casino & Hotel,
Edmonton                              33%          32%         32%        33%
Century Casino, Calgary                6%          11%          2%         6%
Century Casino & Hotel,
Central City                          16%          20%         21%        21%
Century Casino & Hotel,
Cripple Creek                         10%          10%         20%        19%
Cruise Ships & Other                   9%          15%         13%        16%
Consolidated Adjusted
EBITDA Margin                         12%          13%         15%        15%

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

For the three months ended December 31, 2012
Amounts in thousands
                              Three Months Ended December 31, 2012
                                                     Cruise
                                     Central Cripple Ships &
                    Edmonton Calgary  City    Creek   Other  Corporate Total
Net earnings (loss)   $1,407   ($45)    $236      $7     $30  ($1,011)   $624
Interest income            0       0       0       0       0       (1)    (1)
Interest expense          57       0       0       0      11         2     70
Income taxes
(benefit)                417    (35)     145       5       5     (341)    196
Depreciation             264     230     329     247     113        38  1,221
Non-cash stock
based compensation         0       0       0       0       0       (4)    (4)
Foreign currency
losses (gains)           (4)       5       0       0     (1)         5      5
(Gain) loss on
disposition of
fixed assets               0       4       4       2     (1)         1     10
Other write-offs           0       0       0       0       0         2      2
Adjusted EBITDA**     $2,141    $159    $714    $261    $157  ($1,309) $2,123
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
                              Three Months Ended December 31, 2011
                                                     Cruise
                                     Central Cripple Ships &
                    Edmonton Calgary  City    Creek   Other  Corporate Total
Net earnings (loss)   $1,057     $27    $307     $11    $137    ($949)   $590
Interest income          (8)       0       0       0       0      (17)   (25)
Interest expense         168       3       0       0       0         2    173
Income taxes
(benefit)                450      75     177       6      14     (451)    271
Depreciation             308     202     373     260     110        59  1,312
Non-cash stock
based compensation         0       0       0       0       0         4      4
Foreign currency
(gains)                 (12)     (5)       0       0       0       (8)   (25)
(Gain) loss on
disposition of
fixed assets               0       0     (4)       0       0        28     24
Other write-offs           0       0       5       0       0         0      5
Adjusted EBITDA**     $1,963    $302    $858    $277    $261  ($1,332) $2,329

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

For the Year Ended December 31, 2012

Amounts in thousands
                                  Year Ended December 31, 2012
                                                    Cruise
                                    Central Cripple Ships &
                   Edmonton Calgary  City    Creek   Other  Corporate  Total
Net earnings
(loss)               $4,688  ($527)  $1,561    $854    $450  ($2,935)  $4,091
Interest income        (12)     (1)       0       0       0      (24)    (37)
Interest expense        656       0       0       0      11         3     670
Income taxes
(benefit)             1,595   (117)     956     522      49   (1,977)   1,028
Depreciation          1,010     860   1,350   1,007     404       126   4,757
Non-cash stock
based compensation        0       0       0       0       0       (4)     (4)
Foreign currency
(gains) losses           20       9       0       0       0       (5)      24
(Gain) loss on
disposition of
fixed assets              2       4       8       2      15         1      32
Other write-offs          0       0       0       0       0         2       2
Adjusted EBITDA**    $7,959    $228  $3,875  $2,385    $929  ($4,813) $10,563
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
                                  Year Ended December 31, 2011
                                                    Cruise
                                    Central Cripple Ships &
                   Edmonton Calgary  City    Creek   Other  Corporate  Total
Net earnings
(loss)               $4,298  ($126)    $983    $788    $456  ($3,378)  $3,021
Interest income        (21)       0       0       0       0      (17)    (38)
Interest expense        794       4       0       0       0         4     802
Income taxes
(benefit)             1,424    (68)     553     482      86   (1,810)     667
Depreciation          1,422     779   2,227   1,031     442       243   6,144
Non-cash stock
based compensation        0       0       0       0       0       199     199
Foreign currency
losses (gains)         (18)      31       0       0       0     (200)   (187)
(Gain) loss on
disposition of
fixed assets              0       0      11     (5)      43        30      79
Other write-offs          0       0       5       0       0         0       5
Adjusted EBITDA**    $7,899    $620  $3,779  $2,296  $1,027  ($4,929) $10,692

** 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.

Website: http://www.centurycasinos.com
Contact: Peter Hoetzinger, Co CEO & President, +1-719-689-5813,
+43-664-355-3935, peter.hoetzinger@cnty.com
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