COLORADO SPRINGS, Colo., March 15 /PRNewswire-FirstCall/ -- Century Casinos, Inc. (Nasdaq and Vienna Stock Exchange: CNTY) announced today its financial results for the three months and year ended December 31, 2009.

Fourth Quarter 2009

    Amounts in thousands, except share       For the Three Months     data                                     Ended December 31,    Consolidated Results:                     2009           2008     % Change                                              ----           ----     --------      Net operating revenue                $12,131        $11,673        3.9%      Operating loss from continuing       operations                           (9,027)          (553)        NM      Loss from continuing operations       (9,220)        (1,873)        NM      Earnings from discontinued       operations                            1,582          1,189       33.1%      Net loss                              (7,638)          (684)        NM      Net loss attributable to Century       Casinos, Inc.                        (7,638)          (651)        NM      Adjusted EBITDA                        1,725          1,527       13.0%    Earnings per share:      Loss from continuing operations       $(0.39)        $(0.08)        NM      Net loss                              $(0.32)        $(0.03)        NM    Weighted-average common shares,     basic and diluted                  23,630,045     23,524,067        0.5%

For the fourth quarter of 2009, net operating revenue from continuing operations was $12.1 million and consolidated Adjusted EBITDA* was $1.7 million. This represents a 3.9% increase in net operating revenue from continuing operations over the same quarter of last year ($11.7 million in the fourth quarter of 2008) and a 13.0% increase in consolidated Adjusted EBITDA* ($1.5 million in the fourth quarter of 2008). Net operating revenue at the Edmonton, Alberta, Canada casino, as reported in U.S. dollars, was 13.9% higher than the same period in 2008. Management attributes the increase in net operating revenue in Edmonton to a 12.9% increase in the average exchange rate between the U.S. dollar and Canadian dollar in the fourth quarter of 2009 compared to the fourth quarter of 2008. In Canadian dollars, net operating revenue remained flat when compared to the prior year quarter. The increase in revenue at Edmonton was offset by decreased net operating revenue at the Company's casino in Central City, Colorado. Management attributes most of the decline in revenue at the Company's Central City casino to a competitor opening a new hotel in the market and overall difficult economic conditions.

Operating loss from continuing operations was $9.0 million in the fourth quarter of 2009 compared to operating losses from continuing operations of $0.6 million for the fourth quarter of 2008, primarily due to the write-down of our investment in Casinos Poland ("CPL") by $9.0 million during the fourth quarter of 2009. Effective January 1, 2010, the gaming laws in Poland changed, increasing the gaming tax rate from 45% to 50% and now requiring all licensees to go through a renewal process once their current licenses have expired. Also, all slot arcades are now required to cease operations at the end of their current license period. As a result of these changes, the Company determined that its investment in Poland suffered a decline in value that was other than temporary. The Company recorded an impairment of $9.0 million in the value of CPL to bring the value of the Company's investment in CPL in line with management's estimate of CPL's fair market value based on expectations of CPL's future cash flows.

The Company reported a loss from continuing operations of $9.2 million, or $0.39 per share, for the fourth quarter of 2009, compared to a loss from continuing operations of $1.9 million, or $0.08 per share, for the fourth quarter of 2008. Partially offsetting the increase in operating loss from continuing operations was a decrease in interest expense of $0.7 million and an increase in foreign currency gains of $0.9 million when comparing the fourth quarter of 2009 to the fourth quarter of 2008. Adjusted for the one-time write-down of CPL and foreign currency transaction gains, the loss from continuing operations was $0.6 million*, or $0.03 per share, for the fourth quarter of 2009.

Including discontinued operations, the Company reported a net loss attributable to Century Casinos, Inc. and subsidiaries of $7.6 million, or $0.32 per share, for the fourth quarter of 2009. During the fourth quarter of 2009, the Company recorded a gain of $1.6 million that was previously deferred from the disposition of its South African casinos ("See Sale of CCA" below). The Company reported a net loss attributable to Century Casinos, Inc. and subsidiaries of $0.7 million, or $0.03 per share, for the fourth quarter of 2008.

Year ended December 31, 2009

                                                  Amounts in thousands, except              For the Year     share data                             Ended December 31,    Consolidated Results:                  2009           2008  % Change                                           ----           ----  --------      Net operating revenue             $49,738        $53,042       (6.2%)      Operating loss from continuing       operations                        (8,370)        (9,257)       9.6%      Loss from continuing       operations                       (12,903)       (17,857)      27.7%      Earnings from discontinued       operations                        24,722          4,662         NM      Net earnings (loss)                11,819        (13,195)        NM      Net earnings (loss)       attributable to Century       Casinos, Inc.                     10,883        (13,473)        NM      Adjusted EBITDA                     7,941          8,377       (5.2%)    Earnings per share:      Loss from continuing       operations                        $(0.55)        $(0.76)      27.6%      Net earnings (loss)                 $0.46         $(0.57)        NM    Weighted-average common     shares, basic and diluted       23,575,709     23,455,351        0.5%

For the year ended December 31, 2009, net operating revenue from continuing operations was $49.7 million and consolidated Adjusted EBITDA* was $7.9 million. This represents a 6.2% decrease in net operating revenue from continuing operations over 2008 ($53.0 million for the year ended December 31, 2008) and a 5.2% decrease in consolidated Adjusted EBITDA* ($8.4 million for the year ended December 31, 2008). This decrease is due to declines in net operating revenue at the Company's properties in Colorado, resulting in a decrease in its Colorado casinos' market share in the Cripple Creek and the Central City/Black Hawk market. In addition, net operating revenue in Edmonton, Alberta, Canada, as reported in U.S. dollars, was 7.3% lower than in 2008, but essentially comparable in Canadian dollars. The reported results were negatively affected by a 7.0% decrease in the average exchange rate between the U.S. dollar and Canadian dollar for the year ended December 31, 2009, compared to the year ended December 31, 2008.

Operating loss from continuing operations was $8.4 million for the year ended December 31, 2009 compared to an operating loss from continuing operations of $9.3 million for the year ended December 31, 2008. For the year ended December 31, 2009, the Company recorded a write-down of $9.0 million in the value of CPL. For the year ended December 31, 2008, the Company recorded goodwill impairments of $9.3 million related to its investments in Central City, Colorado and Cripple Creek, Colorado. Excluding these items, the Company had operating earnings from continuing operations of $0.6 million* and $0.1* million for the years ended December 31, 2009 and 2008, respectively. The increase in operating earnings from continuing operations (adjusted for the write-downs) is primarily due to a decrease in depreciation expense at the Company's Colorado properties on a year-over-year basis. The Company substantially offset the decline in gaming revenue in 2009 by controlling its general and administrative expenses.

The Company reported a loss from continuing operations of $12.9 million, or $0.55 per share for the year ended December 31, 2009 and a loss from continuing operations of $17.9 million, or $0.76 per share, for 2008. In addition to the decrease in operating losses from continuing operations, the Company's loss from continuing operations decreased due to the Company establishing a valuation allowance on its U.S. deferred taxes of approximately $6.0 million during the third quarter of 2008. The tax effect on subsequent net operating income or losses incurred in the U.S. reduces or increases this valuation allowance. The recording of the valuation allowance and the subsequent effect of not taking a tax benefit on U.S. losses has contributed to a $3.2 million decrease in our tax expense when comparing the year ended December 31, 2009 to the year ended December 31, 2008. The Company continues to not recognize tax benefits on operating losses incurred in the U.S. In addition to the decline in tax expense, foreign currency losses for 2009 declined by $0.4 million compared to the prior year. Adjusted for the write-down of the investment in CPL, the one-time write-off of deferred financing charges resulting from the early repayment of the Company's Colorado third party debt (See "Sale of CCA" below) and foreign currency transaction losses, the loss from continuing operations was $2.9 million*, or $0.12 per share, for the year ended December 31, 2009.

Including discontinued operations, the Company reported net earnings attributable to Century Casinos, Inc. and subsidiaries of $10.9 million, or $0.46 per share, for the year ended December 31, 2009. During the year ended December 31, 2009, the Company reported a gain of $21.9 million, or $0.93 per share, on the disposition of Century Casinos Africa ("CCA") and a gain of $915,000, or $0.04 per share, on the previously reported disposition of the Century Casino Millennium.

Sale of CCA

On December 19, 2008, the Company entered into an agreement to sell all of the outstanding shares of CCA for a gross selling price of ZAR 460.0 million ($59.4 million), less the balance of third party South African debt and other agreed-to amounts. CCA owned the Caledon Hotel, Spa & Casino and 60% of the Century Casino & Hotel in Newcastle, South Africa. The Company received total net proceeds of ZAR 373.2 million ($47.9 million) from the sale of CCA.

During the fourth quarter of 2009, the Company realized a previously deferred gain of $1.7 million resulting from the sale of CCA

With the proceeds from the sale of CCA, the Company repaid all of its third party debt in Colorado (approximately $15.9 million) and purchased the Silver Dollar Casino in Calgary, Alberta, Canada. In conjunction with the repayment of the third party debt in Colorado, the Company wrote off approximately $1.0 million in deferred finance charges.

Purchase of Silver Dollar Casino

On December 15, 2009, the Company announced that its subsidiary, Century Casinos Europe GmbH ("CCE"), entered into a definitive agreement to acquire 100% of the issued and outstanding shares of Frank Sisson's Silver Dollar Ltd. ("FSSD") and 100% of the issued and outstanding shares of EGC Properties Ltd. ("EGC") from Grant Thornton Limited, as receiver and manager of EGC Holdings Ltd. ("Holdings"), FSSD and EGC. Prior to the closing of the transaction, FSSD and EGC collectively owned and operated the Silver Dollar Casino ("Silver Dollar") and related land in Calgary.

The Silver Dollar is a 93,000 square-foot casino facility located on approximately seven acres of land in Calgary. The casino facility includes 504 slot machines, 16 table games, 25 video lottery terminals, two restaurants, a lounge, a 5,000 square-foot showroom, an 18,000 square-foot convention center and a 30-lane bowling alley.

The total consideration for the transaction was $10.7 million plus a working capital adjustment of $0.8 million, for a total of $11.5 million. The transaction closed on January 13, 2010.

Share Repurchases

In March 2000, the Company's board of directors approved a discretionary program to repurchase up to $5.0 million of the Company's outstanding common stock. In November 2009, the board of directors approved an increase of the amount available to be repurchased to $15.0 million under the repurchase program. The repurchase program has no set expiration or termination date. In December 2009, the Company repurchased 53,557 shares of common stock at a weighted average price of $2.43 per share.

Property Results (Continuing Operations)

The following discussion of the Company's property results is for the fourth quarter of 2009 and 2008. For a discussion of year-over-year property results, please refer to the Company's 2009 10-K filed with the Securities and Exchange Commission ("SEC") on March 15, 2010.

                           Property Highlights                          (Amounts in thousands)                            Net Operating Revenue     Adjusted EBITDA*                            For the Three Months    For the Three Months                              Ended December 31,     Ended December 31,                               2009         2008   2009           2008                               ----         ----   ----           ----    Century Casino &     Hotel, Edmonton         $5,635       $4,948 $2,023         $1,658    Womacks Casino &     Hotel (Cripple     Creek)                   2,385        2,416    286            338    Century Casino &     Hotel, Central City      3,604        3,756    775            671    Cruise Ships                507          549    102            123    Corporate                     -            4 (1,461)        (1,263)                                ---          --- ------         ------       Consolidated net        operating revenue   $12,131      $11,673 $1,725         $1,527                            =======      ======= ======         ======

Century Casino & Hotel (Edmonton, Alberta, Canada) - Net operating revenue at the Century Casino & Hotel in Edmonton increased by 13.9% to $5.6 million for the fourth quarter of 2009 compared to $4.9 million for the fourth quarter of 2008, primarily due to a 12.9% increase in the average exchange rate between the U.S. dollar and the Canadian dollar. In Canadian dollars, net operating revenue in the fourth quarter of 2009 remained flat at CAD 6.0 million compared to the prior year quarter. Declines in gaming revenue (reported in Canadian dollars) were offset by an increase in hotel, food and beverage revenue, particularly due to increased activity at the property's showroom. Management believes that revenue at the Edmonton casino was negatively impacted by a slow economy and that road construction in front of the casino during a portion of 2009 adversely affected access to the casino. The construction ended in the first week of November 2009.

Adjusted EBITDA* was $2.0 million for the fourth quarter of 2009, an increase of 22.0% from $1.7 million for the fourth quarter of 2008, which management attributes primarily to the favorable exchange rate. In Canadian dollars, Adjusted EBITDA* increased by 6.4% to CAD 2.1 million for the three months ended December 31, 2009 from CAD 2.0 million for the three months ended December 31, 2008, which management attributes to the increased hotel, food and beverage revenue.

Womacks Casino (Cripple Creek, Colorado, USA) -Net operating revenue at Womacks Casino in Cripple Creek, Colorado for the fourth quarter of 2009 remained flat at $2.4 million compared to the prior year quarter. A 3.1% increase in gaming revenue was offset by a comparable decrease in hotel, food and beverage revenue. On July 2, 2009, gaming establishments in Colorado were permitted to raise the maximum betting limit to $100, be open for 24 hours and have roulette and craps tables. The Company has implemented these changes at its Colorado casinos. Management believes that any benefit achieved from the change in gaming laws was offset by the continued slow economy. The Cripple Creek gaming market as a whole increased by 2.2% during the fourth quarter of 2009. Womacks' Adjusted EBITDA* for both the fourth quarter of 2009 and the fourth quarter of 2008 was $0.3 million, primarily due to flat revenue on a year over year basis and continued cost control.

Century Casino and Hotel (Central City, Colorado, USA) - Net operating revenue at the Century Casino and Hotel in Central City decreased 4.0% to $3.6 million for the fourth quarter of 2009 compared to $3.8 million for the fourth quarter of 2008. The combined Central City/Black Hawk gaming market as a whole increased 13.1%. The Company's share of Central City/Black Hawk gaming revenue decreased from 3.2% for the three months ended December 31, 2008 to 2.7% for the three months ended December 31, 2009. During the fourth quarter 2009, our largest competitor in the market opened a 536-room hotel with pool and spa facilities in which they invested approximately $235 million. Management believes that this negatively impacted Century Casino and Hotel's revenue. Adjusted EBITDA* for the Century Casino and Hotel in Central City for the fourth quarter of 2009 increased by 15.5% to $0.8 million compared to $0.7 million in the fourth quarter of 2008. The increase is primarily due to a decline in property taxes for which we reduced our property tax accrual by $0.2 million during the fourth quarter 2009.

The Company expects that in 2010 a new casino will open across from its casino in Central City. Management believes that this casino will have approximately 200 slot machines, 5 table games, a video poker sports bar and a banquet room, and will provide further competition to the Company's casino in Central City.

Cruise Ships - The Company's ship-based casinos contributed net operating revenue of $0.5 million and Adjusted EBITDA* of $0.1 million for each of the fourth quarters of 2009 and 2008.

Corporate - Corporate operations reported negative Adjusted EBITDA* of $1.5 million for the fourth quarter of 2009 compared to negative Adjusted EBITDA* of $1.3 million for the fourth quarter of 2008. The lower negative Adjusted EBITDA* is primarily due to an increase in our bonus compensation awards of $0.2 million when comparing the fourth quarter of 2009 to the fourth quarter of 2008.

Liquidity

Cash and cash equivalents totaled $37.0 million at December 31, 2009 and the Company had working capital (current assets minus current liabilities) of $28.6 million. During 2009, the Company received net cash of $47.9 million and net cash of $1.6 million from the sales of its casinos in South Africa and the Czech Republic, respectively. With the proceeds from these sales and from its operations, the Company repaid $24.6 million of its debt during 2009.

Subsequent to December 31, 2009, the Company has paid $10.5 million towards its acquisition of the Silver Dollar Casino in Calgary. In the second quarter of 2010, the Company expects to close on the purchase of land in Cripple Creek, Colorado to be used as a parking lot. The expected cost to purchase the land is $2.2 million.

The Company will post a copy of its 2009 Form 10-K filed with the SEC on its website at www.cnty.com/corporate/investor/sec-filings/ on Monday, March 15, 2010.

Century Casinos will host its Q4 2009 Earnings Conference Call today at 8:30 am MDT; 3:30 pm CET, respectively. U.S. domestic participants please dial +1-800-894-5910; all other international participants please use +1-785-424-1052 to dial in. Participants may also listen to the call live or obtain a recording of the call on our website at www.cnty.com/corporate/investor/financial-results/.

* See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

                               Century Casinos, Inc.        Condensed Consolidated Statements of (Loss) Earnings (Unaudited)                  (Amounts in thousands, except for share information)                            For the Three Months             For the Year                             Ended December 31,           Ended December 31,                             2009          2008           2009          2008                             ----          ----           ----          ----    Operating revenue:      Gaming              $11,082       $10,841        $46,496       $49,949      Hotel, food and       beverage             2,202         2,075          8,417         8,669      Other                   519           466          1,914         1,935                              ---           ---          -----         -----         Gross revenue     13,803        13,382         56,827        60,553      Less promotional       allowances           1,672         1,709          7,089         7,511                            -----         -----          -----         -----         Net operating          revenue          12,131        11,673         49,738        53,042                           ------        ------         ------        ------    Operating costs     and expenses:      Gaming                4,814         4,651         19,068        20,432      Hotel, food and       beverage             1,618         1,683           6624         6,961      General and       administrative       4,336         4,287         17,652        19,586      Impairments and       other write-offs     8,983             -          8,985         9,357      Depreciation          1,490         1,648          6,138         6,772                            -----         -----          -----         -----         Total operating          costs and          expenses         21,241        12,269         58,467        63,108    Earnings from     unconsolidated     subsidiary                83            43            359           809                              ---           ---            ---           ---    Operating loss     from continuing     operations            (9,027)         (553)        (8,370)       (9,257)                           ------          ----         ------        ------    Non-operating     income (expense):      Interest income           7             5             50            31      Interest expense       (340)       (1,043)        (3,773)       (4,130)      Gains (losses) on       foreign currency       transactions and       other                  446          (472)            15          (441)                              ---          ----            ---          ----        Non-operating         income (expense),         net                  113        (1,510)        (3,708)       (4,540)                              ---        ------         ------        ------     Loss from      continuing      operations before      income taxes         (8,914)       (2,063)       (12,078)      (13,797)       Income tax        provision        (benefit)             306          (190)           825         4,060                              ---          ----            ---         -----    Loss from     continuing     operations            (9,220)       (1,873)       (12,903)      (17,857)                           ------        ------        -------       -------    Discontinued     operations:      Earnings from       discontinued       operations               -         1,218          2,674         5,448      Gain on       disposition of       Century Casino       Millennium               -             -            915             -      Gain on       disposition of       Century Casinos       Africa               1,582             -         21,859             -      Provision for       income taxes             -            29            726           786                              ---           ---            ---           ---    Earnings from     discontinued     operations             1,582         1,189         24,722         4,662                            -----         -----         ------         -----    Net (loss)     earnings              (7,638)         (684)        11,819       (13,195)      Less: Net (loss)       earnings       attributable to       the       noncontrolling       interests       (continuing       operations)              -           (46)           (42)           77      Less: Net earnings       attributable to       the       noncontrolling       interests       (discontinued       operations)              -            13            978           201                              ---           ---            ---           ---    Net (loss)     earnings     attributable     to Century     Casinos, Inc.     and     subsidiaries         $(7,638)        $(651)        $10,883     $(13,473)

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

                                      Century Casinos, Inc.                                       Earnings per Share                           For the Three Months          For the Year                             Ended December 31,        Ended December 31,                            2009           2008        2009        2008                            ----           ----        ----        ----    Basic (loss)     earnings per     share:      Loss from       continuing       operations         $(0.39)        $(0.08)     $(0.55)     $(0.76)      Earnings from       discontinued       operations           0.07           0.05        1.01        0.19                            ----           ----        ----        ----      Net (loss)       earnings           $(0.32)        $(0.03)      $0.46      $(0.57)                          ======         ======       =====      ======    Diluted (loss)     earnings per     share:      Loss from       continuing       operations         $(0.39)        $(0.08)     $(0.55)     $(0.76)      Earnings from       discontinued       operations           0.07           0.05        1.01        0.19                            ----           ----        ----        ----      Net (loss)       earnings           $(0.32)        $(0.03)      $0.46      $(0.57)                          ======         ======       =====      ======    Weighted Average     Shares     Outstanding:      Basic & Diluted 23,630,045     23,524,067  23,575,709  23,455,351    Amounts     attributable to     Century     Casinos, Inc.     and     subsidiaries     common     shareholders:      Loss from       continuing       operations        $(9,220)       $(1,827)   $(12,861)   $(17,934)      Earnings from       discontinued       operations          1,582          1,176      23,744       4,461                           -----          -----      ------       -----      Net (loss)       earnings          $(7,638)         $(651)    $10,883    $(13,473)                         =======          =====     =======    ========

                                 Century Casinos, Inc.                   Condensed Consolidated Balance Sheets (Unaudited)                                 (Amounts in thousands)                                             December 31,       December 31,                                                2009               2008                                             ------------       ------------    Assets      Current Assets, excluding       assets held for sale                   $39,627             $9,707      Assets held for sale (all       current)                                     -             35,983      Other Assets                             95,683            104,316                                               ------            -------      Total Assets                           $135,310           $150,006                                             ========           ========    Liabilities and Shareholders'     Equity      Current Liabilities, excluding       liabilities related to assets       held for sale                          $10,984            $17,521      Liabilities related to assets       held for sale (all current)                  -             10,770      Non-Current Liabilities                  16,037             29,231      Shareholders' Equity                    108,289             92,484                                              -------             ------      Total Liabilities and       Shareholders' Equity                  $135,310           $150,006                                             ========           ========

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

                                  Century Casinos, Inc.                    Adjusted Operating (Loss) Earnings from Continuing                                        Operations                                  (Amounts in thousands)                            For the Three Months            For the Year                              Ended December 31,          Ended December 31,                              2009         2008          2009           2008                              ----         ----          ----           ----     Operating      Loss from      Continuing      Operations            $(9,027)       $(553)      $(8,370)       $(9,257)     Impairments      and other      write-offs              8,983            -         8,985          9,357                              -----          ---         -----          -----        Adjusted         Operating         (Loss)         Earnings         from         Continuing         Operations            $(44)       $(553)         $615           $100                               ====        =====          ====           ====

                           Century Casinos, Inc.                  Adjusted Net (Loss) Earnings (Unaudited)                           (Amounts in thousands)                        For the Three Months              For the Year                         Ended December 31,           Ended December 31,                         2009         2008           2009            2008                         ----         ----           ----            ----     Loss from      Continuing      Operations        $(9,220)     $(1,873)      $(12,903)       $(17,857)     Impairments      and other      write-offs          8,983            -          8,985           9,357     Tax      valuation      allowance               -            -              -           6,021     Write-off      of deferred      financing charges       -            -            945               -     Foreign      currency      losses (gains)       (406)         486             55             455                           ----          ---            ---             ---        Adjusted Net         (Loss) Earnings  $(643)      $1,387        $(2,918)        $(2,024)                          =====       ======        =======         =======

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

                                 Century Casinos, Inc.                    Adjusted EBITDA Margins by Property (Unaudited)                              For the Three Months           For the Year                               Ended December 31,          Ended December 31,                               2009         2008          2009           2008                               ----         ----          ----           ----     Century Casino      & Hotel,      Edmonton                  36%          34%           35%            36%     Womacks Casino      & Hotel      (Cripple      Creek)                    12%          14%           18%            15%