COLORADO SPRINGS, Colorado, November 9 /PRNewswire/ -- Century Casinos, Inc. (NASDAQ Capital Market(R) and Vienna StockExchange: CNTY) announced today the financial results for the three and ninemonths ended September 30, 2009.

Third Quarter 2009

For the third quarter of 2009, net operating revenue from continuingoperations was US$13,724,000 and consolidated Adjusted EBITDA* wasUS$2,554,000. This represents a 2% decrease in net operating revenue fromcontinuing operations over the same quarter of last year (US$13,966,000 inthe third quarter of 2008) and a less than 1% decrease in consolidatedAdjusted EBITDA* (US$2,568,000 in the third quarter of 2008). Net operatingrevenue in Edmonton, Canada, as reported in U.S. dollars, was 10% lower thanthe same period in 2008, but only declined by 5% in the local currency(Canadian dollar). Management attributes the decline in net operating revenuein Edmonton to a slow economy and road construction in front of the casinoduring the summer of 2009 which adversely affected access to the casino. Theroad construction ended the first week of November 2009. The reported resultswere negatively affected by a 6% decrease in the average exchange ratebetween the U.S. dollar and Canadian dollar in the third quarter of 2009compared to the third quarter of 2008. This decline was offset by improvednet operating revenue at the Company's properties in Colorado, primarily dueto new gaming laws that went into effect on July 2, 2009.

Operating earnings from continuing operations were US$788,000 in thethird quarter of 2009 compared to operating losses from continuing operationsof US$8,927,000 for the third quarter of 2008, primarily due to improvedoperations at the Company's Colorado properties and the impact of thegoodwill write off that was recorded during the third quarter of 2008. TheCompany reported a loss from continuing operations of US$1,179,000, or a lossof US$0.05 per basic and fully diluted share, for the third quarter of 2009,compared to a loss of US$15,335,000, or a loss of US$0.65 per basic and fullydiluted share, for the third quarter of 2008. Adjusted for the one-time writeoff of deferred financing charges and foreign currency transaction losses,the loss from continuing operations is US$52,000*, or US$0.00 per basic andfully diluted share, for the third quarter 2009. In addition to the increasein operating earnings from continuing operations, the Company's loss fromcontinuing operations decreased in the third quarter of 2009 due to theCompany establishing a valuation allowance on its U.S. deferred taxes ofapproximately US$6,021,000 during the third quarter of 2008. The tax effecton net operating income or losses incurred in the U.S. will reduce orincrease this valuation allowance. The Company continues to not recognize taxbenefits on operating losses incurred in the U.S. As of September 30, 2009,the Company has accumulated deferred tax assets of US$8.5 million which canbe applied against the tax on potential future U.S. income.

Including discontinued operations, the Company reported a net lossattributable to Century Casinos, Inc. and subsidiaries of US$727,000, or aloss of US$0.03 per basic and fully diluted share, for the third quarter of2009. During the third quarter of 2009, the Company wrote off deferredfinancing charges of approximately US$945,000 relating to debt at its CentralCity property that was paid off in October 2009. The Company reported a netloss attributable to Century Casinos, Inc. and subsidiaries of US$14,198,000,or a loss of US$0.60 per basic and fully diluted share, for the third quarterof 2008. During 2008, the Company recorded goodwill impairments ofUS$9,357,000 and a valuation allowance of approximately US$6,021,000established for U.S. deferred tax assets.

Nine months ended September 30, 2009

For the nine months ended September 30, 2009, net operating revenue fromcontinuing operations was US$37,607,000 and consolidated Adjusted EBITDA* wasUS$6,216,000. This represents a 9% decrease in net operating revenue fromcontinuing operations over the same nine months of last year (US$41,369,000for the nine months ended September 30, 2008) and a 9% decrease inconsolidated Adjusted EBITDA* (US$6,851,000 for the nine months endedSeptember 30, 2008), due to declines in net operating revenue at theCompany's properties in Colorado, resulting in a decrease in its Coloradocasinos' market share in the Cripple Creek and the Central City/Black Hawkmarket. In addition, net operating revenue in Edmonton, Canada, as reportedin U.S. dollars, was 13% lower than the same period in 2008, but only down 1%in the local currency (Canadian dollar). The reported results were negativelyaffected by a 15% decrease in the average exchange rate between the U.S.dollar and Canadian dollar for the nine months ended September 30, 2009,compared to the same period in 2008.

Operating earnings from continuing operations were US$657,000 for thenine months ended September 30, 2009 compared to operating losses ofUS$8,704,000 for the nine months ended September 30, 2008, primarily due tothe impact of the goodwill write off that was recorded during the thirdquarter of 2008, partially offset by a decrease in earnings of US$490,000from the Company's equity investment in Casinos Poland in 2009. The Companyreported a loss from continuing operations of US$3,683,000, or a loss ofUS$0.15 per basic and fully diluted share for the nine months ended September30, 2009 and a loss of US$15,984,000, or a loss of US$0.69 per basic andfully diluted share, for the same period in 2008. Adjusted for the one-timewrite off of deferred financing charges and foreign currency transactionlosses, the loss from continuing operations is US$2,275,000* or a loss ofUS$0.10 per basic and fully diluted share, for the nine months endedSeptember 30, 2009. In addition to the increase in operating earnings fromcontinuing operations, the Company's loss from continuing operationsdecreased due to the Company establishing a valuation allowance on its U.S.deferred taxes of approximately US$6,021,000 during the third quarter of2008, partially offset by losses realized on the exchange of foreign currencythat reduced earnings by approximately US$462,000 in 2009, primarily due tothe transfer of currency between Mauritius and the U.S. The tax effect on netoperating income or losses incurred in the U.S. will reduce or increase thisvaluation allowance. The Company continues to not recognize tax benefits onoperating losses incurred in the U.S. As of September 30, 2009, the Companyhas accumulated deferred tax assets of US$8.5 million which can be appliedagainst the tax on potential future U.S. income.

Including discontinued operations, the Company reported net earningsattributable to Century Casinos, Inc. and subsidiaries of US$18,521,000, orUS$0.79 per basic and fully diluted share, for the nine months endedSeptember 30, 2009. During the nine months ended September 30, 2009, theCompany reported a gain of US$20,277,000, or US$0.86 per basic and fullydiluted share, on the disposition of Century Casinos Africa ("CCA") and again of US$915,000, or US$0.04 per basic and fully diluted share, on thepreviously reported disposition of the Century Casino Millennium. The Companyreported a net loss attributable to Century Casinos, Inc. and subsidiaries ofUS$12,822,000, or a loss of US$0.55 per basic and fully diluted share, forthe first nine months of 2008. During 2008, the Company recorded goodwillimpairments of US$9,357,000, or US$0.40 per basic and fully diluted share,and a valuation allowance of approximately US$6,021,000, or US$0.26 per basicand fully diluted share, established for U.S. deferred tax assets.

Update on Sale of CCA

On December 19, 2008, the Company, through a subsidiary, entered into anagreement to sell all of the outstanding shares of CCA for a gross sellingprice of ZAR 460.0 million (US$59.4 million) less the balance of third partySouth African debt and other agreed to amounts. Net proceeds of ZAR 253.5million (US$32.8 million) were paid to the Company at closing on June 30,2009. CCA owned the Caledon Hotel, Spa & Casino and 60% of the Century Casino& Hotel in Newcastle, Africa. On September 29, 2009, the Company received anadditional ZAR 17.3 million (US$2.3 million) that was previously held inretention and an additional ZAR 3.2 million (US$0.4 million) for the increasein the net asset value of CCA between December 31, 2008 and June 30, 2009.

Final transaction approval by the KwaZulu-Natal Gambling Board wasreceived on October 7, 2009. On October 14, 2009, the Company received thefinal outstanding payment of ZAR 98.8 million (US$13.4 million). Anadditional gain of ZAR 12.2 million (approximately US$1.6 million) will berecorded in October 2009.

Net operating revenue from discontinued operations was US$11,248,000 forthe nine months ended September 30, 2009 compared to US$23,018,000 for thenine months ended September 30, 2008. Earnings from discontinued operationswere US$23,140,000 and US$3,473,000 for the nine months ended September 30,2009 and 2008, respectively. During the nine months ended September 30, 2009,the Company recorded gains of US$20,277,000 and US$915,000 on the sales ofCCA and the Century Casino Millennium, respectively.

Property Results (Continuing Operations)

Century Casino & Hotel (Edmonton, Alberta, Canada) - Net operatingrevenue at the Century Casino & Hotel in Edmonton decreased by 10% toUS$5,090,000 for the third quarter of 2009 compared to US$5,656,000 for thethird quarter of 2008, primarily due to a decline in gaming revenue and a5.5% decline in the average exchange rate between the U.S. dollar and theCanadian dollar. In Canadian dollars, net operating revenue decreased by 5%to CAD 5,594,000 for the third quarter of 2009 compared to CAD 5,889,000 forthe third quarter of 2008. This decrease is the result of a decrease of 17%in table revenue and 3.1% decrease in slot revenue. Management believes thatrevenue at the Edmonton casino was negatively impacted by a slow economy andthat road construction in front of the casino during the summer of 2009adversely affected access to the casino. The construction ended in the firstweek of November 2009. Adjusted EBITDA* was US$1,776,000 for the thirdquarter of 2009, a decrease of 13% from US$2,037,000 for the third quarter of2008, which management attributes to the same factors above. In Canadiandollars, Adjusted EBITDA* decreased by 8%, from CAD 2,127,000 for the threemonths ended September 30, 2008 to CAD 1,953,000 for the three months endedSeptember 30, 2009.

Net operating revenue at the Century Casino & Hotel in Edmonton decreasedby 13% to US$14,729,000 for the nine months ended September 30, 2009 comparedto US$17,008,000 for the nine months ended September 30, 2008, due to a 15%decline in the average exchange rate between the U.S. dollar and the Canadiandollar and the road construction. In Canadian dollars, net operating revenuedecreased by 1% to CAD 17,215,000 for the first nine months of 2009 comparedto CAD 17,319,000 for the first nine months of 2008. Adjusted EBITDA* wasUS$5,105,000 for the first nine months of 2009, a decrease of 18% fromUS$6,213,000 for the first nine months of 2008, which management attributesto the decline in the average exchange rate between the U.S. dollar and theCanadian dollar. In Canadian dollars, Adjusted EBITDA* decreased by 6%, fromCAD 6,331,000 for the first nine months of 2008 to CAD 5,979,000 for thefirst nine months of 2009.

Womacks Casino (Cripple Creek, Colorado, USA) - Net operating revenue atWomacks Casino in Cripple Creek, Colorado increased 5% to US$3,246,000 forthe third quarter of 2009 from US$3,086,000 for the third quarter of 2008.This is primarily attributable to an increase in gaming revenue resultingfrom a change in Colorado gaming laws. On July 2, 2009, gaming establishmentsin Colorado were permitted to raise the maximum betting limit to US$100, beopen for 24 hours and have roulette and craps tables. The Company implementedthese changes at its Colorado casinos. The Cripple Creek gaming market as awhole increased by 2% during the third quarter of 2009. Womacks' AdjustedEBITDA* for the third quarter of 2009 was US$768,000 compared to US$616,000in the third quarter of 2008, an increase of 25%. The increase in AdjustedEBITDA* is primarily due to the increase in revenue and a decrease in generaland administrative expenses, partially offset by an increase in gamingexpenses resulting from additional staffing and gaming taxes.

Net operating revenue at Womacks decreased 6% to US$8,259,000 for thefirst nine months of 2009 from US$8,827,000 for the first nine months of2008. This is mostly attributable to an 8% decrease in overall market share.Our share of the slot machines in the Cripple Creek market declined 12%. TheCripple Creek gaming market as a whole has remained flat, reflecting a downmarket for the first six months of 2009, partially offset by an improvedmarket as of July 2009 resulting from the new gaming laws. The Company isreviewing strategies to improve revenue at Womacks. Womacks' Adjusted EBITDA*for the first nine months of 2009 was US$1,613,000 compared to US$1,329,000for the first nine months of 2008, an increase of 21%. The increase inAdjusted EBITDA* is primarily due to improved revenue resulting from the newgaming laws and cost cutting measures at the casino.

Century Casino and Hotel (Central City, Colorado, USA) - Net operatingrevenue at the Century Casino and Hotel in Central City increased 3% toUS$4,791,000 for the third quarter of 2009 compared to US$4,655,000 for thethird quarter of 2008, primarily due to an increase in gaming revenue whichmanagement attributes to the new gaming laws. The combined Central City/BlackHawk gaming market as a whole increased 10%. Our share of the Central Citygaming revenue decreased from 28.6% for the three months ended September 30,2008 to 27.5% for the three months ended September 30, 2009. Adjusted EBITDA*for the Century Casino & Hotel in Central City for the third quarter of 2009decreased to US$1,176,000 compared to US$1,184,000 in the third quarter of2008, a 1% decrease. The decrease is primarily due to an increase in gamingexpenses due to the cost of new hires and various start up expensesassociated with the new games and extended hours that were introduced as ofJuly 2, 2009.

Net operating revenue at the Century Casino and Hotel in Central Citydecreased 4% to US$13,132,000 for the first nine months of 2009 compared toUS$13,679,000 reported for the first nine months of 2008. The CentralCity/Black Hawk gaming market as a whole remained flat. Adjusted EBITDA* forthe Century Casino & Hotel in Central City decreased slightly to US$3,219,000for the first nine months of 2009 compared to US$3,235,000 for the first ninemonths of 2008. Management believes that cost cutting measures at the casinohave offset the decline in gaming revenue at the casino.

Cruise Ships - The Company's ship-based casinos contributed net operatingrevenue of US$597,000 and Adjusted EBITDA* of US$156,000 for the thirdquarter of 2009 compared to net operating revenue of US$569,000 and AdjustedEBITDA* of US$79,000 for the third quarter of 2008. The ship-based casinoscontributed net operating revenue of US$1,487,000 and Adjusted EBITDA* ofUS$266,000 for the first nine months of 2009 compared to net operatingrevenue of US$1,852,000 and Adjusted EBITDA* of US$331,000 during the firstnine months of 2008. Management believes that the cruise ships havesignificantly reduced their ticket prices in an effort to attract morepassengers. Management believes that this has resulted in consumers with lessdiscretionary income traveling on the ships, indirectly leading to less playat the Company's casinos.

Corporate - Corporate operations reported negative Adjusted EBITDA* ofUS$1,322,000 for the third quarter of 2009 compared to negative AdjustedEBITDA* of US$1,348,000 for the third quarter of 2008. The slightly lowernegative Adjusted EBITDA* is primarily due to a decrease in general andadministrative expenses of US$212,000 resulting from a decrease in payrollexpenses and travel expenses, offset by a decrease in earnings recorded fromthe Company's equity investment in Casinos Poland of US$185,000. TheCompany's earnings from Casinos Poland decreased due to a decrease in gamingrevenue and a decline in the average exchange rate between the U.S. dollarand the Polish zloty of 33% for the three months ended September 30, 2009compared to the three months ended September 30, 2008. The Company's earningsin Casinos Poland decreased by 76% from PLN 427,000 in the third quarter of2008 to PLN 103,000 in the third quarter of 2009.

Corporate operations reported negative Adjusted EBITDA* of US$3,987,000for the first nine months of 2009 compared to negative Adjusted EBITDA* ofUS$4,257,000 for the first nine months of 2008. The lower negative AdjustedEBITDA* is primarily due to a decrease in general and administrative expensesof US$754,000 resulting from a decrease in payroll expenses, travel expensesand professional fees. These decreases were offset by a decline in earningsrecorded from the Company's equity investment in Casinos Poland ofUS$490,000. The Company's earnings from Casinos Poland decreased due to alower hold percentage on both slot and table games during the first quarterof 2009 and a decline in the average exchange rate between the U.S. dollarand the Polish zloty of 43% for the nine months ended September 30, 2009compared to the nine months ended September 30, 2008. The Company's earningsin Casinos Poland decreased by 45% from PLN 1,627,000 for the first ninemonths of 2008 to PLN 887,000 for the first nine months of 2009.

The Company will post a copy of the Form 10-Q filed with the SEC for thethird quarter of 2009 on its web site atwww.cnty.com/corporate/investor/sec-filings/ on Monday, November 9, 2009.

On Monday, November 9, 2009, Century Casinos will host its Q3 2009Earnings Conference Call, at 10:30 am MST; 6:30 pm CET, respectively. USdomestic participants please dial +1-800-895-0198; all other internationalparticipants please use +1-785-424-1053 to dial in. Participants may alsolisten to the call live or obtain a recording of the call on our website atwww.cnty.com/corporate/investor/financial-results/.

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

(All figures in financial tables are in US$ unless otherwise noted)

        CENTURY CASINOS, INC. AND SUBSIDIARIES    SUPPLEMENTAL INFORMATION                              Century Casinos, Inc.            Condensed Consolidated Statements of Earnings (Unaudited)              (Amounts in thousands, except for share information)                                 For the Three            For the Nine                                  Months Ended            Months Ended                                  September 30,           September 30,                                2009           2008     2009       2008                                ----           ----     ----       ----       Operating revenue:         Gaming               $12,804        $13,122  $35,414    $39,108         Hotel, food          and beverage          2,279          2,396    6,215      6,594         Other                    523            511    1,395      1,469                                  ---            ---    -----      -----          Gross revenue        15,606         16,029   43,024     47,171       Less        promotional        allowances              1,882          2,063    5,417      5,802                                -----          -----    -----      -----          Net operating           revenue             13,724         13,966   37,607     41,369                               ------         ------   ------     ------     Operating costs      and expenses:       Gaming                   5,196          5,284   14,254     15,781       Hotel, food        and beverage            1,807          1,918    5,006      5,278       General and        administrative          4,440          4,793   13,318     15,299       Impairments        and other        write-offs                  -          9,357        -      9,357       Depreciation             1,526          1,759    4,648      5,124                                -----          -----    -----      -----          Total           operating           costs and           expenses            12,969         23,111   37,226     50,839     Earnings from      unconsolidated      subsidiary                   33            218      276        766                                   --            ---      ---        ---       Operating        earnings        (loss) from        continuing        operations                788         (8,927)     657     (8,704)                                  ---        -------      ---    -------     Non-operating      income      (expense):       Interest        income                     33              4       43         26       Interest        expense                (1,618)          (879)  (3,433)    (3,087)       (Losses) gains        on foreign        currency        transactions        and other                (182)           (70)    (431)        31                                -----           ----    -----         --         Non-operating         (expense), net        (1,767)          (945)  (3,821)    (3,030)                              -------          -----  -------    -------       Loss from        continuing        operations        before income        taxes                    (979)        (9,872)  (3,164)   (11,734)       Income tax        provision                 200          5,463      519      4,250                                  ---          -----      ---      -----       Loss from        continuing        operations             (1,179)       (15,335)  (3,683)   (15,984)                              -------       --------  -------   --------     Discontinued      operations:       Earnings from        discontinued        operations                (38)         1,515    2,674      4,229       Gain on        disposition        of Century        Casino        Millennium                  -              -      915          -       Gain on        disposition        of Century        Casinos        Africa                    429              -   20,277          -       Provision for        income taxes              (70)           247      726        756                                 ----            ---      ---        ---     Earnings from      discontinued      operations                  461          1,268   23,140      3,473                                  ---          -----   ------      -----     Net (loss)      earnings                   (718)       (14,067)  19,457    (12,511)       Less: Net        earnings        attributable        to the        noncontrolling        interests        (continuing        operations)                (5)           119      (42)       123       Less: Net        earnings        attributable        to the        noncontrolling        interests        (discontinued        operations)                14             12      978        188                                   --             --      ---        ---     Net (loss)      earnings      attributable      to Century      Casinos, Inc.      and      subsidiaries              $(727)      $(14,198) $18,521   $(12,822)                                =====       ========  =======   ========

        CENTURY CASINOS, INC. AND SUBSIDIARIES    SUPPLEMENTAL INFORMATION                                Century Casinos, Inc.                                 Earnings per Share                                   For the Three            For the Nine                                    Months Ended            Months Ended                                    September 30,           September 30,                                2009           2008       2009        2008                                ----           ----       ----        ----     Basic (loss)      earnings per      share:       Loss from        continuing        operations             $(0.05)       $(0.65)     $(0.15)     $(0.69)       Earnings from        discontinued        operations               0.02          0.05        0.94        0.14                                 ----          ----        ----        ----       Net (loss)        earnings               $(0.03)       $(0.60)      $0.79      $(0.55)                               ======        ======       =====      ======     Diluted (loss)      earnings per      share:       Loss from        continuing        operations             $(0.05)       $(0.65)     $(0.15)     $(0.69)       Earnings from        discontinued        operations               0.02          0.05        0.94        0.14                                 ----          ----        ----        ----       Net (loss)        earnings               $(0.03)       $(0.60)      $0.79      $(0.55)                               ======        ======       =====      ======     Weighted Average      Shares      Outstanding:       Basic               23,622,974    23,522,763  23,557,398  23,432,279       Diluted             23,622,974    23,522,763  23,557,398  23,432,279     Amounts      attributable to      Century      Casinos, Inc.      and      subsidiaries      common      shareholders:       Loss from        continuing        operations            $(1,174)     $(15,454)    $(3,641)   $(16,107)       Earnings from        discontinued        operations                447         1,256      22,162       3,285                                  ---         -----      ------       -----       Net (loss)        earnings                $(727)     $(14,198)    $18,521    $(12,822)                                =====       ========     =======    ========

                                   Century Casinos, Inc.                Condensed Consolidated Balance Sheets (Unaudited)                             (Amounts in thousands)                                                  September 30,  December 31,                                                      2009           2008                                                      ----           ----     Assets       Current Assets, excluding assets held        for sale                                     $45,521         $9,707       Assets held for sale (all current)                  -         35,983       Other Assets                                  105,091        104,316                                                     -------        -------       Total Assets                                 $150,612       $150,006                                                    ========       ========     Liabilities and Shareholders' Equity       Current Liabilities, excluding        liabilities related to assets held        for sale                                     $19,329        $17,521       Liabilities related to assets held        for sale (all current)                             -         10,770       Non-Current Liabilities                        15,897         29,231       Shareholders' Equity                          115,386         92,484                                                     -------         ------       Total Liabilities and Shareholders'        Equity                                      $150,612       $150,006                                                    ========       ========    CENTURY CASINOS, INC. AND SUBSIDIARIES    SUPPLEMENTAL INFORMATION                                   Century Casinos, Inc.                        Net Operating Revenue by Property (Unaudited)                                  (Amounts in thousands)                                        For the Three          For the Nine                                        Months Ended           Months Ended                                        September 30,          September 30,                                      2009         2008      2009        2008                                      ----         ----      ----        ----     Century Casino & Hotel,      Edmonton                       $5,090       $5,656   $14,729    $17,008     Womacks Casino & Hotel      (Cripple Creek)                 3,246        3,086     8,259      8,827     Century Casino & Hotel,      Central City                    4,791        4,655    13,132     13,679     Cruise Ships                       597          569     1,487      1,852     Corporate                            -            -         -          3                                        ---          ---       ---        ---        Consolidated net operating         revenue                    $13,724      $13,966   $37,607    $41,369                                    =======      =======   =======    =======                                     Century Casinos, Inc.                             Adjusted Net Loss (Unaudited)                                  (Amounts in thousands)                                        For the Three          For the Nine                                        Months Ended           Months Ended                                        September 30,          September 30,                                      2009         2008      2009        2008                                      ----         ----      ----        ----     Loss from Continuing      Operations                   $(1,179)    $(15,335)  $(3,683)  $(15,984)     Impairments and other      write-offs                         -        9,357         2      9,357     Tax valuation allowance             -        6,021         -      6,021     Write-off of deferred      financing charges                945            -       945          -     Foreign currency losses      (gains)                          182           70       461        (31)                                       ---           --       ---       ----        Adjusted Net (Loss) Earnings  $(52)        $113   $(2,275)     $(637)                                      ====         ====   =======      =====

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

                                     Century Casinos, Inc.                    Adjusted EBITDA Margins by Property (Unaudited)                                        For the Three          For the Nine                                        Months Ended           Months Ended                                        September 30,          September 30,                                      2009         2008      2009        2008                                      ----         ----      ----        ----     Century Casino & Hotel,      Edmonton                         35%          36%       35%         37%     Womacks Casino & Hotel      (Cripple Creek)                  24%          20%       20%         15%     Century Casino & Hotel,      Central City                     25%          25%       25%         24%     Cruise Ships                      26%          14%       18%         18%     Corporate                          -            -         -           -     Consolidated Adjusted EBITDA      Margin**                         19%          18%       17%         17%

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

The Company defines Adjusted EBITDA as earnings from continuingoperations before interest, income taxes, depreciation, amortization,pre-opening expenses, non-cash stock based compensation charges, assetimpairment costs, gains (losses) on disposition of fixed assets, discontinuedoperations, realized foreign currency gains (losses) and certain otherone-time items. Intercompany transactions consisting primarily of managementfees and interest, along with their related tax effects, are excluded fromthe presentation of net earnings and Adjusted EBITDA reported for eachproperty. These