FOR IMMEDIATE RELEASE
Company Contact
Debbie McQuaid
(719) 689-9100
investor@cnty.com
CENTURY CASINOS ANNOUNCES AMENDED RELATIONSHIP WITH MR. JAMES FORBES
CRIPPLE CREEK, Colorado, May 1, 2003 - Century Casinos, Inc. (NASDAQ: CNTY)
today announced that the Company and Mr. James Forbes have mutually agreed to
restructure and amend their relationship. In connection with this development,
Mr. Forbes has resigned his directorship of the Company and various of its
subsidiaries with immediate effect, but will remain on the board of Century
Casinos Caledon (Pty) Ltd. (South Africa) and will continue to assist the
Company in its efforts to secure a casino license for Johannesburg in the
Gauteng province of South Africa.
According to both Mr. Forbes and the Company, this agreement and Mr. Forbes
resignation as a director of the parent company were not as a result of any
disagreement between them, but rather were occasioned by the desire of the
company to streamline its organizational structure and with Mr. Forbes' wish to
pursue other personal interests.
"James has been a valued member of the Company's board and executive management
since 1993 and we are confident that this new structure allows him to focus even
more on our project in Gauteng while providing him the flexibility to pursue his
other interests", said Erwin Haitzmann, Chairman of the Board and Chief
Executive Officer.
Mr. Forbes has decided to exercise all 618,000 of his options carrying an
average strike price of $1.306. He will pay for these options by transferring to
the Company 357,080 of Century stock that he has owned since 1994 at $2.26 per
share and has offered to sell to the Company 132,184 shares of the Company's
common stock also at $2.26 per share, an offer which the Company has accepted.
After the resignation of Mr. Forbes, the Company's board of directors has
decided that, given the relatively small size of the Company, it is in the best
interest of the Company and the shareholders that the number of board members be
kept at five. The remaining members of the board are Mr. Erwin Haitzmann
(Chairman), Mr. Peter Hoetzinger (Vice Chairman) , Mr. Robert Eichberg, Mrs.
Dinah Corbaci and Mr. Gottfried Schellmann.
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 Casino, Hotel & Spa 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 10% of, and manages the Millennium Casino 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 157 E. Warren Ave. (P.O. Box 1006), Cripple
Creek, CO, 80813. Telephone: (719) 689-9100. Fax: (719) 689-5782. E-Mail:
investor@cnty.com. For more information about Century Casinos, visit the
Company's web site at www.centurycasinos.com. Century Casinos' common stock
trades on The NASDAQ Stock Market(R)under the symbol CNTY.
This release may contain 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
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 8K. 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.