Century Announces Approval for the Celebrations

Century
Casinos, Inc. announced today that, through a subsidiary, Century Resorts
Alberta, Inc., it has moved to step eight of the licensing process
which grants approval to build the Celebrations Casino and Hotel project
in Edmonton, Canada by the Alberta Gaming and Liquor Commission (AGLC). As
customary, the issuance of the license will occur at the completion of
construction and after all federal and provincial legislation, regulation
and policies, and municipal requirements, permits, licenses and/or
authorizations have been met. The development costs are estimated to be $23.5 million Canadian dollars
($19.2 million) and the project will take approximately fourteen months
from finalization of funding arrangements and commencement of
construction. The project is planned to include a casino with 600 slot
machines and approximately 31 table games, food and beverage amenities, a
dinner theater, a 300 space underground parking garage and an existing
40-room hotel. Phase two of the Celebrations Casino and Hotel is planned
to open 36 months later, and would include an expansion of the hotel and a
10,000 square foot convention center.

The Company, through a wholly owned subsidiary, will contribute $3.0
million Canadian dollars ($2.4 million) to the project for a 56.4%
ownership in CRA and has entered into a long term agreement to manage the
facility. The Company’s local partner, 746306 Alberta Ltd., will
contribute the 7.25 acre facility site and the 40 room hotel for a 43.6%
ownership.

“We are very pleased with this opportunity and look forward to working
with the community and the AGLC as we develop this facility in Edmonton,”
said Erwin Haitzmann, Chairman and CEO of Century Casinos. “The expansion
of the Company into the Canadian market is a very important step as we
further grow Century Casinos, Inc.”
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