Form 8-K CENTURY CASINOS INC /CO/ For: May 06

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Form 8-K CENTURY CASINOS INC /CO/ For: May 06

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May 6, 2016 6:03 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2016

CENTURY CASINOS, INC.

(Exact Name of Registrant as specified in its charter)

Delaware0-2290084-1271317

(State or other jurisdiction(Commission(I.R.S. Employer

of incorporation)File Number) Identification Number)

455 E. Pikes Peak Ave., Suite 210, Colorado Springs, Colorado 80903

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:719-527-8300

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2016, Century Casinos, Inc., a Delaware corporation (the “Company”), issued a press release reporting its financial results for the first quarter of 2016. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report.

Item 7.01 Regulation FD Disclosure.

The Company is furnishing as Exhibit 99.2 a presentation to be used in connection with the Company’s first quarter 2016 earnings conference call on Friday, May 6, 2016, and for future meetings with investors, stockholders and analysts.

The information in this report and Exhibits 99.1 and 99.2 attached hereto (i) is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and (ii) shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

This report (including Exhibits 99.1 and 99.2) may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 that has been filed with the Securities and Exchange Commission. The Company does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Century Casinos, Inc.

Date: May 6, 2016

By: /s/ Margaret Stapleton

Margaret Stapleton

Executive Vice President and Principal Financial/Accounting Officer

Exhibit Index

May 6, 2016

PRESS RELEASE

Century Casinos, Inc. Announces First Quarter 2016 Results

Colorado Springs, Colorado – May 6, 2016 – Century Casinos, Inc. (NASDAQ Capital Market®: CNTY) today announced its financial results for the three months ended March 31, 2016.

First Quarter 2016 Highlights*

Net operating revenue was $32.5 million, a 7% increase from the three months ended March 31, 2015.

Adjusted EBITDA** was $5.6 million, an 18% increase from the three months ended March 31, 2015.

Earnings from operations were $3.4 million, a 61% increase from the three months ended March 31, 2015.

Net earnings attributable to Century Casinos, Inc. shareholders were $1.9 million, a 3% increase from the three months ended March 31, 2015.

Earnings per share were $0.08.

Book value per share*** at March 31, 2016 was $5.24.

The period over period increases in net operating revenue, Adjusted EBITDA** and net earnings attributable to Century Casinos, Inc. shareholders primarily relate to the operating results of Century Downs Racetrack and Casino (“CDR”) and Century Bets! Inc. (“CBS”). CDR opened its casino on April 1, 2015 and held its first horse race on April 25, 2015. CBS began operating the pari-mutuel off-track betting network in southern Alberta on May 4, 2015. The Company owns 75% of each of CDR and CBS through one of its subsidiaries.

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

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

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

1/12


	For the Three Months
Amounts in thousands, except per share data	Ended March 31,
Consolidated Results:			2016		2015	% Change
Net operating revenue		$	32,530	$	30,405	7%
Earnings from operations			3,385		2,100	61%
Net earnings attributable to Century Casinos, Inc. shareholders		$	1,894	$	1,845	3%

Adjusted EBITDA**		$	5,611	$	4,766	18%

Earnings per share:
Basic		$	0.08	$	0.08	0%
Diluted		$	0.08	$	0.08	0%

In 2015, we amended our concession agreement with TUI Cruises to include our operation of the ship-based casinos onboard Mein Schiff 5 and Mein Schiff 6, two new 2,500 passenger cruise ships that are expected to begin operations in the third quarter of 2016 and 2017, respectively. In March 2016, we announced that we had signed an agreement with Thomson Cruises to operate the ship-based casino onboard the TUI Discovery, a 2,067 passenger cruise ship that is expected to begin operations in the second quarter of 2016. In addition, we signed an agreement with Taihu International Cruise Company and Diamond Cruise International to operate the ship-based casino onboard Glory Sea, a 1,200 passenger cruise ship that is expected to begin operations in the second quarter of 2016.

“We are pleased with our performance for the quarter, including the 61% growth in earnings from operations, which reflects the results of our business development efforts as well as the underlying strength and stability of our geographically diverse portfolio of casino assets,” Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos, said. “We look forward to the opening of additional cruise ship casinos in the second quarter and to further advance the Company through organic growth as well as the acquisition of additional properties,” they continued.

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

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

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

2/12

Three Months Ended March 31, 2016 Results*

The table below shows the Company’s operating segments that are included in each of the Company’s reportable segments:


Reportable Segment	Operating Segment
Canada	Century Casino & Hotel - Edmonton
Canada	Century Casino Calgary
Canada	Century Downs Racetrack and Casino
Canada	Century Bets!
United States	Century Casino & Hotel – Central City
United States	Century Casino & Hotel – Cripple Creek
Poland	Casinos Poland
Corporate and Other	Cruise Ships & Other
Corporate and Other	Corporate Other

Net operating revenue increased by $2.1 million, or 7%, for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. Following is a summary of the changes in net operating revenue by segment for the three months ended March 31, 2016 compared to the three months ended March 31, 2015:


	Net Operating Revenue
	For the Three Months
	Ended March 31,
	2016/2015
Amounts in millions			Change	% Change
Canada		$	3.9	46%
United States			0.3	4%
Poland			(1.3)	(9%)
Corporate and Other			(0.7)	(46%)
Total		$	2.1	7%

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

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

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

3/12

Earnings from operations increased by $1.3 million, or 61%, for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. Following is a summary of the changes in earnings from operations by segment for the three months ended March 31, 2016 compared to the three months ended March 31, 2015:


	Earnings from Operations
	For the Three Months
	Ended March 31,
	2016/2015
Amounts in millions			Change	% Change
Canada		$	0.6	27%
United States			0.0	4%
Poland			0.0	(4%)
Corporate and Other			0.7	33%
Total		$	1.3	61%

Net earnings (loss) attributable to Century Casinos, Inc. shareholders increased by less than $0.1 million, or 3%, for the three months ended March 31, 2016 compared to the three months ended March 31, 2015. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by segment for the three months ended March 31, 2016 compared to the three months ended March 31, 2015:


	Net Earnings (Loss) Attributable to
	Century Casinos, Inc. Shareholders
	For the Three Months
	Ended March 31,
	2016/2015
Amounts in millions			Change	% Change
Canada		$	(0.5)	(23%)
United States			0.1	14%
Poland			(0.1)	(15%)
Corporate and Other			0.6	38%
Total		$	0.0	3%

Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.

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

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

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

4/12

Segment Results (in thousands)*

The following are segment results for net operating revenue and Adjusted EBITDA**.


	Net Operating Revenue						Adjusted EBITDA**
	For the Three Months						For the Three Months
	Ended March 31,						Ended March 31,
	2016		2015		% Change		2016		2015		% Change
Canada	$	12,298	$	8,445		46%	$	3,518	$	3,014		17%
United States		7,080		6,793		4%		1,504		1,479		2%
Poland		12,264		13,534		(9%)		1,704		1,854		(8%)
Corporate and Other		888		1,633		(46%)		(1,115)		(1,581)		29%
Consolidated	$	32,530	$	30,405		7%	$	5,611	$	4,766		18%

Balance Sheet and Liquidity

As of March 31, 2016, the Company had $29.9 million in cash and cash equivalents and $37.9 million in outstanding debt on its balance sheet compared to $29.4 million in cash and cash equivalents and $36.5 million in outstanding debt at December 31, 2015. The $37.9 million in outstanding debt as of March 31, 2016 includes $21.1 million related to the Company’s Bank of Montreal credit agreement, $1.3 million related to Casinos Poland, Ltd. and $15.6 million related to a long-term land lease and capital leases of CDR, net of $0.2 million in deferred financing costs.

Conference Call Information

Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended March 31, 2016 on its website at http://corporate.cnty.com/investor-relations/sec-filings. The Company will also post a presentation on the first quarter results on its website at http://corporate.cnty.com/investor-relations/presentations-and-interviews.

Century Casinos will host its first quarter 2016 earnings conference call today at 8:00 am MDT; 4:00 pm CEST, respectively. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at https://centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company’s website until May 31, 2016 at http://corporate.cnty.com/investor-relations/sec-filings.

5/12

(continued)

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

Century Casinos, Inc.

Condensed Consolidated Statements of Earnings



	For the Three Months
	Ended March 31,
Amounts in thousands, except for per share information		2016		2015
Operating revenue:
Net operating revenue		$	32,530	$	30,405
Operating costs and expenses:
Total operating costs and expenses			29,145		28,305
Earnings from operations			3,385		2,100
Non-operating income (expense), net			(563)		(169)
Earnings before income taxes			2,822		1,931
Income tax provision			598		434
Net earnings			2,224		1,497
Net (earnings) loss attributable to non-controlling interest			(330)		348
Net earnings attributable to Century Casinos, Inc. shareholders		$	1,894	$	1,845

Earnings per share attributable to Century Casinos, Inc.:
Basic		$	0.08	$	0.08
Diluted		$	0.08	$	0.08

Weighted average common shares
Basic			24,436		24,381
Diluted			24,662		24,420

6/12

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS


Century Casinos, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
	March 31,		December 31,
	2016		2015
Assets
Current assets	$	34,894	$	34,540
Property and equipment, net		136,053		131,582
Other assets		22,538		20,961
Total assets	$	193,485	$	187,083

Liabilities and Equity
Current liabilities	$	22,010	$	23,300
Non-current liabilities		37,986		36,508
Century Casinos, Inc. shareholders' equity		127,911		122,416
Non-controlling interest		5,578		4,859
Total liabilities and equity	$	193,485	$	187,083

7/12

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Century Casinos, Inc.

Constant Currency Results* (unaudited)


	For the three months
	ended March 31,
		2016		2015	% Change
Net operating revenue as reported (GAAP)	$	32,530	$	30,405	7%
Unfavorable foreign currency impact vs. 2015		2,005
Net operating revenue constant currency (non-GAAP)*	$	34,535	$	30,405	14%

Adjusted EBITDA as reported**	$	5,611	$	4,766	18%
Unfavorable foreign currency impact vs. 2015		485
Adjusted EBITDA constant currency (non-GAAP)*	$	6,096	$	4,766	28%

Century Casinos, Inc.

Adjusted EBITDA Margins *** by Segment (unaudited)


	For the Three Months
	March 31,
	2016	2015
Canada	29%	36%
United States	21%	22%
Poland	14%	14%
Corporate and Other	(126%)	(97%)
Consolidated Adjusted EBITDA Margin	17%	16%

8/12

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Century Casinos, Inc.

Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Segment


	For the Three Months Ended March 31, 2016
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net earnings (loss)		$	1,648	$	543	$	666	$	(963)	$	1,894
Interest expense (income), net			749		0		15		(3)		761
Income taxes (benefit)			444		333		267		(446)		598
Depreciation and amortization			697		626		602		85		2,010
Non-controlling interest			(2)		0		332		0		330
Non-cash stock-based compensation			0		0		0		190		190
(Gain) loss on foreign currency transactions and other			(20)		0		(200)		22		(198)
Loss on disposition of fixed assets			2		2		22		0		26
Adjusted EBITDA		$	3,518	$	1,504	$	1,704	$	(1,115)	$	5,611

Century Casinos, Inc.

Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Segment


	For the Three Months Ended March 31, 2015
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net earnings (loss)		$	2,138	$	476	$	781	$	(1,550)	$	1,845
Interest expense (income), net			632		0		35		(3)		664
Income taxes (benefit)			348		369		248		(531)		434
Depreciation and amortization			418		634		610		149		1,811
Non-controlling interest			(739)		0		391		0		(348)
Non-cash stock-based compensation			0		0		0		388		388
(Gain) loss on foreign currency transactions and other			(164)		0		(333)		2		(495)
Loss on disposition of fixed assets			0		0		122		0		122
Acquisition costs			36		0		0		(36)		0
Preopening expenses			345		0		0		0		345
Adjusted EBITDA		$	3,014	$	1,479	$	1,854	$	(1,581)	$	4,766

9/12

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

* The impact of foreign exchange rates is highly variable and difficult to predict. The Company uses a Constant Currency basis to show the impact from foreign exchange rates on current period revenue compared to prior period revenue using the prior period’s foreign exchange rates. In order to properly understand the underlying business trends and performance of the Company’s ongoing operations, management believes that investors may find it useful to consider the impact of excluding changes in foreign exchange rates from the Company’s net operating revenue and Adjusted EBITDA.

** The Company defines Adjusted EBITDA as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions and other, gain on business combination 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 (loss) and Adjusted EBITDA reported for each segment. 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 of America (“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. Adjusted EBITDA 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.

*** 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.

10/12

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

About Century Casinos, Inc.:

Century Casinos, Inc. is an international casino entertainment company that operates worldwide. The Company 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. Through its Austrian subsidiary, Century Casinos Europe GmbH (“CCE”), the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of nine casinos in Poland. The Company, through CCE, also holds a 75% ownership interest in both CDR, which began operations in the north metropolitan area of Calgary, Alberta, Canada in April 2015, and CBS, which began operating the pari-mutuel off-track horse betting network in southern Alberta, Canada in May 2015. The Company operates ten ship-based casinos onboard ships of the following cruise lines: TUI Cruises and Windstar Cruises. The Company manages the operations of the casino at the Hilton Aruba Caribbean Resort and Casino. The Company, through CCE, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company continues to pursue other international projects in various stages of development.

Century Casinos’ common stock trades on The NASDAQ Capital Market® under the symbol CNTY.

For more information about Century Casinos, visit our website at www.cnty.com.

11/12

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities 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 future results of operations, operating efficiencies, synergies and operational performance, the prospects for projects in development, debt repayment, investments in joint ventures, outcomes of legal proceedings 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, 2015. 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.

12/12

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide1.PNG$ Financial Results Q1 2016

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide2.PNG$ Forward - Looking Statements, Business Environment and Risk Factors This presentation may contain “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933, as amended, Section 21 E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. In addition, Century Casinos, Inc. (together with its subsidiaries, the “Company”) may make other written and oral communications from time to time that contain such statements. Forward - looking statements include statements as to industry trends and future expectations of the Company and other matters that do not relate strictly to historical facts and are based on certain assumptions by management at the time such statements are made. These statements are often identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue,” and similar expressions or variations. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. 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 1 A in our Annual Report on Form 10 - K for the year ended December 31, 2015. We caution the reader to carefully consider such factors. Furthermore, such forward - looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward - looking statements to reflect events or circumstances after the date of such statements. In this presentation the term “USD” refers to US dollars, the term “CAD” refers to Canadian dollars and the term “PLN” refers to Polish zloty. Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin. Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported throughout this presentation.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide3.PNG$ Q1 2016 Results by Segment (in USD) *Adjusted EBITDA is a non - GAAP financial measure. See Appendix A for the definition and reconciliation of Adjusted EBITDA. **Adjusted EBITDA for Corporate and Other represents only our cruise ship, Aruba and MCE agreements. Adjusted EBITDA from Corporate Other is excluded. Canada 38% United States 22% Poland 37% Corporate and Other 3% Net Operating Revenue Canada 49% United States 21% Poland 24% Corporate and Other** 6% Adjusted EBITDA*

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide4.PNG$ Net Operating Revenue per Quarter (in USD)

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide5.PNG$ Income Statement and Balance Sheet (select information as of March 31, 2016) In USD mil (except EPS and BVPS) Q1 2016 Q1 2015 Change Net Operating Revenue 32.5 30.4 7% Adjusted EBITDA* 5.6 4.8 18% Earnings per Share 0.08 0.08 0% Total Assets 193.5 183.2 6% Book Value per Share 5.24 4.73 11% Net Debt** 7.9 15.4 *Adjusted EBITDA is a non - GAAP financial measure. See Appendix A for the definition and reconciliation of Adjusted EBITDA. **Net Debt is calculated as total debt minus cash and cash equivalents. Debt as of March 31, 2016 includes $21.1 million related to our Bank of Montreal credit agreement, $1.3 million related to Casinos Poland, Ltd. and $15.6 million related to Century Downs Racetrack and Casino’s long - term land lease and capital lease agreements, net of $0.2 million in deferred financing costs. The Company adopted Accounting Standard Update No. 2015 - 03, Simplifying the Presentation of Debt Issuance Costs, and, as a result, total assets and net debt for Q1 2015 were adjusted by $0.4 million for comparability.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide6.PNG$ Constant Currency Results In USD millions Q1 2016 Q1 2015 Change Net Operating Revenue a s reported (GAAP) 32.5 30.4 7% Unfavorable foreign currency impact vs. 2015 2.0 Net Operating Revenue constant currency (non - GAAP)* 34.5 30.4 14% Adjusted EBITDA as reported (non - GAAP)* 5.6 4.8 18% Unfavorable foreign currency impact vs. 2015 0.5 Adjusted EBITDA constant currency (non - GAAP)* 6.1 4.8 28% * Net Operating Revenue on a constant currency basis and Adjusted EBITDA as reported and on a constant currency basis are non - GAAP financial measures. See Appendix A.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide7.PNG$ Debt to Adjusted EBITDA (in USD)

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide8.PNG$ Q1 Highlights – Canada (Selected Information as of March 31, 2016) In CAD mil Q1 2016 Q1 2015 Change Net Operating Revenue 16.8 10.5 61% Operating Costs and Expenses 13.0 7.7 68% Adjusted EBITDA* 4.8 3.7 29% Adjusted EBITDA Margin* 29% 36 * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide9.PNG$ Q1 Highlights – Canada (Selected Information as of March 31, 2016) Edmonton In CAD mil Q1 2016 Q1 2015 Change Net Operating Revenue 7.7 7.5 2% Operating Costs and Expenses 5.1 4.7 7% Adjusted EBITDA* 2.9 3.1 (5%) Adjusted EBITDA Margin* 38% 41%. As of March 31, 2016, the facility had 777 slot machines, 34 tables and 17 video lottery terminals. * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide10.PNG$ Q1 Highlights – Canada (Selected Information as of March 31, 2016) Calgary In CAD mil Q1 2016 Q1 2015 Change Net Operating Revenue 2.9 2.9 (1%) Operating Costs and Expenses 2.4 2.4 3% Adjusted EBITDA* 0.6 0.7 (13%) Adjusted EBITDA Margin* 23% 26%. As of March 31, 2016, the facility had 504 slot machines, 16 tables and 25 video lottery terminals. * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide11.PNG$ Q1 Highlights – Canada (Selected Information as of March 31, 2016) Century Downs Racetrack and Casino In CAD mil Q1 2016 Q1 2015 Change Net Operating Revenue 4.9 0.0 100% Operating Costs and Expenses 3.2 0.5 493% Adjusted EBITDA* 2.1 (0.1) 2223% Adjusted EBITDA Margin* 45% N/A. In March 2015, we increased our ownership interest in Century Downs by 60% to a total ownership interest of 75%. Casino and racetrack opened in April 2015. 2016 racing season is from February to November. As of March 31, 2016, the facility had 544 slot machines and 7 video lottery terminals. * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide12.PNG$ Q1 Highlights – Canada (Selected Information as of March 31, 2016) Century Bets In CAD mil Q1 2016 Q1 2015 Change Net Operating Revenue 1.4 0.1 1800% Operating Costs and Expenses 2.3 0.1 2345% Adjusted EBITDA* (0.9) 0.0 (3333%) Adjusted EBITDA Margin* (61%) 35%. Century Bets was formed in January 2015. Century Bets began operating the pari-mutuel off - track betting network for southern Alberta in May 2015. As of March 31, 2016, Century Bets provided pari-mutuel wagering content and live video to 17 off - track betting parlors throughout southern Alberta. Q1 2016 results were negatively impacted by higher overhead costs and higher off - track betting related expenses. * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide13.PNG$ Q1 Highlights – United States (Selected Information as of March 31, 2016) In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 7.1 6.8 4% Operating Costs and Expenses 6.2 5.9 4% Adjusted EBITDA* 1.5 1.5 2% Adjusted EBITDA Margin* 21% 22% * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide14.PNG$ Q1 Highlights – United States (Selected Information as of March 31, 2016) Central City In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 4.2 4.1 3% Operating Costs and Expenses 3.7 3.5 5% Adjusted EBITDA* 0.9 0.9 (7%) Adjusted EBITDA Margin* 21% 23%. Central City market increased by 6%. Our share of the Central City market was 28% for Q1 2016, a decrease of 5% as compared to Q1 2015. As of March 31, 2016, the facility had 499 slot machines and 8 tables. * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide15.PNG$ Q1 Highlights – United States (Selected Information as of March 31, 2016) Cripple Creek In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 2.8 2.7 7% Operating Costs and Expenses 2.5 2.4 4% Adjusted EBITDA* 0.6 0.5 17% Adjusted EBITDA Margin* 22% 20%. The Cripple Creek market increased by 5%. Our share of the Cripple Creek market was 10% in Q1 2016, a decrease of 1% as compared to Q1 2015. As of March 31, 2016, the facility had 443 slot machines and 6 tables. * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide16.PNG$ Q1 Highlights – Poland (Selected Information as of March 31, 2016) In PLN mil Q1 2016 Q1 2015 Change Net Operating Revenue 48.4 50.2 (4%) Operating Costs and Expenses 44.2 46.2 (4%) Adjusted EBITDA* 6.7 6.8 2% Adjusted EBITDA Margin* 14% 14%. Casinos Poland operates 9 casinos throughout Poland. As of March 31, 2016, the facilities had 505 slot machines and 81 tables. * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide17.PNG$ Q1 Highlights – Corporate and Other (Selected Information as of March 31, 2016) In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 0.9 1.6 (46%) Operating Costs and Expenses 2.3 3.7 (39%) Adjusted EBITDA* (1.1) (1.6) 30% Adjusted EBITDA Margin* N/A N/A * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide18.PNG$ Q1 Highlights – Corporate and Other (Selected Information as of March 31, 2016) Cruise Ships and Other In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 0.9 1.6 (46%) Operating Costs and Expenses 0.5 1.6 (68%) Adjusted EBITDA* 0.4 0.2 120% Adjusted EBITDA Margin* 48% 12%. In March 2015, we mutually agreed with Norwegian Cruise Line Holdings to terminate the concession agreements for the eight cruise ship-based casinos we operated with Oceania Cruises and Regent Seven Seas Cruises effective as of June 1, 2015. In June 2015, we began a two-year consulting agreement with Norwegian Cruise Line Holdings for a total consideration of $2.0 million payable quarterly beginning July 2015. As of March 31, 2016, we had 155 slot machines and 22 tables onboard the 10 ship-based casinos that we operated. We plan to start operating casinos on the Mein Schiff 5, TUI Discovery and Glory Sea in 2016. * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide19.PNG$ Q1 Highlights – Corporate and Other (Selected Information as of March 31, 2016) Corporate Other In USD mil Q1 2016 Q1 2015 Change Net Operating Revenue 0.0 0.0 0% Operating Costs and Expenses 1.8 2.2 (18%) Adjusted EBITDA* (1.5) (1.8) 13% Adjusted EBITDA Margin* N/A N/A . Expenses incurred by Corporate Other consist primarily of legal and accounting fees, corporate travel expenses, corporate payroll, amortization of stock - based compensation and other expenses not directly related to any of our individual properties * Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP financial measures. See Appendix A for the definition and reconciliation of Adjusted EBITDA and Adjusted EBITDA margin.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide20.PNG$ Appendix A – Non - GAAP Financial Measures The Company supplements its condensed consolidated financial statements prepared in accordance with U. S. generally accepted accounting principles (“US GAAP”) by using the following non - GAAP financial measures, which management believes are useful in properly understanding the Company’s short-term and long-term financial trends. Management uses these non - GAAP financial measures to forecast and evaluate the operational performance of the Company as well as to compare results of current periods to prior periods on a consolidated basis. Adjusted EBITDA. Adjusted EBITDA margin. Constant currency results Management believes presenting the non - GAAP financial measures used in this presentation provides investors greater transparency to the information used by management for financial and operational decision - making and allows investors to see the Company’s results “through the eyes” of management. Management also believes providing this information better enables our investors to understand the Company’s operating performance and evaluate the methodology used by management to evaluate and measure such performance. The adjustments made to GAAP financial measures result from facts and circumstances that vary in frequency and impact on the Company’s results of operations. The following is an explanation of each of the adjustments that management excludes in calculating its non - GAAP financial measures.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide21.PNG$ Appendix A – Non - GAAP Financial Measures The Company defines Adjusted EBITDA as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non - controlling interest (earnings) losses and transactions, pre - opening expenses, acquisition costs, non - cash stock - based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions and other, gain on business combination 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 (loss) and Adjusted EBITDA reported for each segment and 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 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. Adjusted EBITDA 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) attributable to Century Casinos, Inc. shareholders below. 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. The impact of foreign exchange rates is highly variable and difficult to predict. The Company uses a Constant Currency basis to show the impact from foreign exchange rates on current period revenue compared to prior period revenue using the prior period’s foreign exchange rates. In order to properly understand the underlying business trends and performance of the Company’s ongoing operations, management believes that investors may find it useful to consider the impact of excluding changes in foreign exchange rates from the Company’s net operating revenue and Adjusted EBITDA.

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide22.PNG$ Appendix A (continued) Reconciliation of Adjusted EBITDA – Canada (in thousands)

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide23.PNG$ Appendix A (continued) Reconciliation of Adjusted EBITDA – United States (in thousands)

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide24.PNG$ Appendix A (continued) Reconciliation of Adjusted EBITDA – Poland (in thousands)

$X:\Century Casinos\SEC Filings\2016\Press Releases\Q1 2016\Presentation\Financial Results Presentation Q1 2016 FINAL\Slide25.PNG$ Appendix A (continued) Reconciliation of Adjusted EBITDA – Corporate and Other (in thousands)

Exhibit No.

Description

Century Casinos, Inc. Press Release dated May 6, 2016

Century Casinos, Inc. Investor Presentation dated May 6, 2016