CNTY Century Casinos Inc

Century Casinos Submits Application for Casino License in Franklin County, Iowa CRIPPLE CREEK, Colo., Nov. 11 /PRNewswire-FirstCall/ -- Century Casinos, Inc. (NASDAQ:CNTY) announced today that, through Landmark Gaming LC, it has jointly submitted as co-applicant with the Franklin County Development Association (FCDA) a casino facility license application to the Iowa Racing and Gaming Commission (IRGC) for a casino in Franklin County, Iowa. The proposed project, The Landmark Hotel and Casino, is a moored barge casino, hotel and entertainment facility in the Mississippi riverboat style. Landmark Gaming LC will be 40% owned by Century Casinos Iowa, Inc, a wholly owned subsidiary of Century Casinos, Inc. if a license is granted. The other 60% will be owned by Gayle Burnett, Roger Burnett and Michael Dunn, the Iowa residents that own the land and land options which will be developed into the Landmark project. Century Casinos Management, Inc. is expected to enter into a long term agreement to manage the casino. If a casino license is awarded to the Company, the Landmark Hotel and Casino is projected to be open within 15 months of license award and finalization of funding arrangements. The proposal includes a casino with up to 1,200 slot machines, 34 tables, 120 hotel rooms, 1,000 covered parking spaces and will employ approximately 430 people. Total revenues in the first year are expected to be $72 million according to a study prepared by Gaming & Resort Development, Inc. Total capital costs for the project are estimated to be approximately $67 million. There are currently ten river boats, three racetrack slot machine operations, and three Class III Indian gaming venues in the state of Iowa. The ten river boat casinos have generated approximately $715 million in gross gaming revenues in fiscal year 2004 (from July 2003 to June 2004; as per information available on the website of the IRGC). Licensing requires sponsorship by an approved charitable organization that receives a percentage of the gaming revenues. The FCDA is the sponsoring charitable organization for this project. Casino licenses are awarded based on the merit of the project. The number of licenses awarded is determined by the IRGC. The site of the proposed project is located approximately 80 miles north of Des Moines, Iowa and 52 miles south of the Iowa-Minnesota border. The proposed project will be located on a manmade body of water adjacent to, and with a clear view for travelers on Interstate 35, Iowa's primary north-south link between Minneapolis and Des Moines, along Iowa Highway 3. The Company believes that the proposed casino's proximity to major roadways and its location in a county that is very supportive of the project and proactive in seeking a large businesses such as this to provide employment opportunities for the residences of Franklin and surrounding counties could give the county an edge over others competing for a license. "The opportunity to participate in the expansion of casino gaming in the heartland of America is very exciting," said Erwin Haitzmann, Chairman and CEO of Century Casinos. "The experience of Century Casinos' senior management and the introduction of a casino on the rural I35 corridor present us with yet another opportunity in a market suited to our talents." About Century Casinos, Inc.: Century Casinos is an international casino company that owns and operates Womacks Casino and Hotel in Cripple Creek, Colorado; owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa; operates the casinos aboard the ultra-luxury vessels of Silversea Cruises, The World of ResidenSea, and Oceania Cruises; and owns 50% of, and provides technical casino services to the Casino Millennium in the Marriott Hotel in Prague, Czech Republic. The Company continues to pursue other international projects in various stages of development. The address for the U.S. offices is 1263A Lake Plaza Dr., Colorado Springs, CO 80906. Telephone: (719) 527-8300. Fax: (719) 527-8301. E-Mail: . For more information about Century Casinos, please visit the Company's web site at http://www.centurycasinos.com/. Century Casinos' common stock trades on The NASDAQ Stock Market(R) under the symbol CNTY. This release contains forward-looking statements that involve risks and uncertainties. Among the other important factors which could cause actual results to differ materially from those in the forward-looking statements are receiving a license by the IRGC, the significant conditions to completion of the casino and hotel project, which cannot be assured, acceptance by the public of gaming at the new casino, other economic, competitive, and governmental factors affecting the Company's operations, markets, services and prices, as well as other factors detailed in the Company's filings with the Securities and Exchange Commission, including its recent filings on Forms 10-K, 10-Q, and 8-K. 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. DATASOURCE: Century Casinos, Inc. CONTACT: Larry Hannappel of Century Casinos, Inc., +1-719-527-8300, Web site: http://www.centurycasinos.com/

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