Amendment 1
Amendment 2
EMPLOYMENT AGREEMENT - ERWIN HAITZMANN
 
                              EMPLOYMENT AGREEMENT
 
 
THIS EMPLOYMENT AGREEMENT is made effective for all purposes and in all respects
as of the 18th day of February,  2003, by and between CENTURY  CASINOS,  INC., a
Delaware  corporation   (hereinafter  referred  to  as  the  "Employer"  or  the
"Company"), and ERWIN HAITZMANN (hereinafter referred to as the "Employee").
 
 
                                WITNESSETH THAT:
 
     WHEREAS, Employee is presently  employed,  and has since 1993 been employed
          by the Company; and
 
     WHEREAS, the  Employee's  performance of his duties of the Company has been
          and continues to be critical to the success of the Company; and
 
     WHEREAS, both the Company  and the  Employee  desire to set forth the terms
          and  conditions  of their  agreements  and  understandings  (as agreed
          verbally and as consummated  and acted on immediately  before entering
          into this Agreement),  and for their mutual benefit to extend the term
          of Employee's employment hereunder;
 
     NOW, THEREFORE,  in consideration of the foregoing,  of the mutual promises
          herein contained,  and of other good and valuable  consideration,  the
          receipt and sufficiency of which are hereby acknowledged, the parties,
          intending legally to be bound, agree as follows:
 
 
 
1. Term of Agreement.
 
     The term of this  Agreement  shall  commence  on the 18th day of  February,
2003, and shall  continue  until  December 31, 2008, and shall be  automatically
renewed for additional,  successive  periods of five (5) years each  thereafter,
unless sooner terminated in accordance with the provisions of Paragraph 5.
 
2. Duties of Employee.
 
     A strong focus of the Company's  operations and future  developments  lies,
and will continue to lie, overseas  (outside the US). The continuous  management
and  supervision  of the  existing  international  operations,  as  well  as the
acquisition  of  new  international   projects  and   developments,   require  a
substantial  amount of  international  traveling.  In accepting this  Employment
Agreement,  Employee shall  undertake and assume the  responsibility  of looking
after the Company's  international  businesses and shall devote his best efforts
to such duties.
 
3. Compensation.
 
     3.1 Salary.  As compensation for the services  rendered by Employee for the
Company  pursuant to this  Agreement,  Employee  shall be paid not less than the
following  base  annual  salary,  on a monthly  basis,  during the term  hereof:
$24,000, plus annual increases and bonuses, and such other incentives, benefits,
insurance  policies and  compensation as may have been and may be awarded to him
from time to time by the Compensation Committee of the Board of Directors of the
Company.
 
     3.2 Employees'  Equity  Incentive Plan.  Employee shall be a participant in
the Company's  Employees'  Equity Incentive Plan, as it may be amended from time
to time by the Board of Directors; provided, that if any change - after the date
of this Agreement - in any tax rules and  regulations,  or in the application or
applicability  of any tax rules as a result of  Employee's  employment  with the
Company, or required accounting principles shall negatively impact the amount of
Employee's total after tax compensation  under this Section 3, the Company shall
increase Employee's other compensation and incentives  accordingly to completely
offset such negative impact.
 
     3.3 Salary  Review.  Employee's  salary  will be  reviewed  annually by the
Compensation Committee.
 
4. Additional Benefits.
 
     In addition to, and not in limitation of, the  compensation  referred to in
Section 3, Employee shall be paid the following
 
 
                                       1
                                     <PAGE>
 
 
additional benefits during the term hereof:
 
     4.1  Reimbursement.  The Company shall continue to either provide  Employee
with, or shall reimburse  Employee for, all Reasonable  Expenses incurred by him
in  connection  with the  performance  of his  duties  as an  executive  for the
Company, in substantially at least the same form and fashion as it has been done
during the past twelve (12) months preceding the date of this Agreement.
 
 
     4.2 Death or Disability Payments.
 
     (a) In the event of the Employee's  disability or death, during the term of
his employment  hereunder,  Employee's salary in effect at the time of his death
or disability  shall continue to be paid to the Employee,  or to his designee or
heirs,  for a period of twelve  (12)  calendar  months from the date of death or
from the date of Employee's termination of employment by reason of disability.
 
     (b) For the purposes of this Employment  Agreement,  the obligations of the
Company to make the payments upon the  disability  of Employee  shall not become
effective  unless  and  until  all of  the  following  conditions  are  met,  as
determined (referring to (i) and (ii) below) by the Employee's regular physician
and an independent physician selected by the Employee (or his immediate family):
 
          (i) Employee shall become physically or mentally incapable  (excluding
     infrequent  and temporary  absences due to ordinary  illnesses) of properly
     performing the services  required of him in accordance with his obligations
     under Section 2 hereof or similar provisions of any renewal agreement;
 
          (ii) Such incapacities shall exist or be reasonably  expected to exist
     for more than one hundred  eighty  (180) days in the  aggregate  during the
     period of twelve (12) consecutive months; and
 
          (iii)  Either the  Employee or the Company  shall have given the other
     sixty (60) days written  notice of his or its  intention  to terminate  the
     active employment of Employee because of such disability.
 
5. Termination.
 
     5.1  Termination By Either Party Without Cause. At any time during the term
hereof,  or at the end of the term or any  renewal  term under  Section 1 above,
this  Employment  Agreement  may be  terminated  "without  cause" by either  the
Company or the Employee upon sixty (60) days written notice to the other party.
 
          (a) Termination By Employee. In the event of such termination "without
     cause" by Employee,  the Company shall have the option either (i) to accept
     Employee's  resignation,  effective  immediately on receipt of such written
     notice;  or (ii) to require  Employee  to  continue  to perform  his duties
     hereunder,  for a period  not to  exceed  six (6)  months  from the date of
     receipt of such written notice.
 
          In either event, the Employee's  compensation  and benefits  hereunder
     shall continue only until the date on which the Employee  ceases to perform
     any further duties for the Company.
 
          (b) Termination By Company. In the event of such termination  "without
     cause" by the Company,  Employee shall be continued at the same base salary
     for a period of six (6) months from the date on which the Employee receives
     written  notice  of  termination.  Such  compensation  shall be paid to the
     Employee in six (6) equal,  successive  monthly payments,  beginning on the
     1st day of the month  immediately  following the date on which the Employee
     receives written notice of termination.
 
          Employee  shall  continue  to make  himself  available  to,  and shall
     cooperate  with the Company,  as may be  reasonably  required to assist the
     Company during the six-month transition period.
 
          (c) In the event Employee's  employment hereunder is terminated by the
     Company  "without cause" pursuant to this Section 5.1(b),  during the first
     three (3) years after a "Change of  Control," as defined in Annexure A, has
     occurred, then the provisions of Section 5.3(b) shall apply.
 
 
                                       2
                                     <PAGE>
 
 
     5.2 Termination By Company For Cause.
 
          Notwithstanding  any other provision hereof, the Company may terminate
     Employee's  employment  under this  Agreement  at any time for  cause.  The
     termination  shall be effected by written  notice  thereof to the Employee,
     which shall specify the exact cause for termination.
 
          Upon such valid  termination for cause by the Company,  Employee shall
     not receive  any  termination  pay or benefits  beyond the date on which he
     receives final written notice of termination.
 
     5.3 Termination By Employee For Cause.
 
          (a) Notwithstanding any other provision hereof, Employee may terminate
     his employment  with Company under this Agreement at any time for cause and
     no later than three (3) years after such cause has  occurred,  upon written
     notice  thereof to the Company  specifying  the exact cause for  Employee's
     termination.
 
          (b) In the event of termination by the Employee for cause hereunder:
 
               (1)  All  of   Employee's   (including   Employee's   trusts  and
          foundations)  unvested stock and stock options shall  immediately vest
          100% and Employee (including  Employee's trusts and foundations) shall
          have the option to either  (a)  receive  an  immediate  payment of the
          Stock  Value of 100% of his  Stock  and the  higher  of (i) the  value
          according to the Black and Scholes  model,  or (ii) the  "in-the-money
          value" of his stock  options/warrants  as of the date of such  written
          notice,  or (b)  receive an  immediate  cash  bonus  from the  Company
          enabling Employee (including Employee's trusts and foundations), after
          full payment of all of  Employee's  (including  Employee's  trusts and
          foundations)  taxes on such cash bonus,  to exercise 100% of his stock
          options/warrants, and to continue to hold his Stock, with the right to
          "put" or sell the Stock back to the Company  for cash at Stock  Value.
          This right to "put" or sell the Stock back to the Company  shall be in
          full force and effect and valid and exercisable at any time and as how
          many times as Employee wishes,  in whole or in part,  within three (3)
          years after Employee's termination for cause, at Employee's (including
          Employee's trusts and foundations) sole election.
 
               (2) A lump sum cash retirement benefit payment of three (3) times
          the  Employee's  then current  annual  salary plus three (3) times the
          Employee's  average  bonus for the last three  years  shall be made to
          Employee within 30 days of such written notice.
 
               (3) Employee may also,  in addition to, and not in  limitation of
          payments under Section 5.3(b)(1) and Section 5.3(b)(2)  hereunder,  at
          his sole option,  elect to serve as a consultant  to Company  (working
          from his then current residence) for an additional period of three (3)
          years at his then  current  salary,  his  previous  year's  bonus  and
          current  benefits,  including but not limited to  reimbursement of all
          Reasonable Expenses.  During such consulting period, Employee would be
          required to keep himself reasonably available to the Company to render
          advice or to provide  services  for no more than  thirty (30) days per
          year.
 
               (4) Employee (including  Employee's trusts and foundations) shall
          be made whole on an after-tax  basis (in a timely fashion and in a way
          not to create any liability for Employee,  including Employee's trusts
          and  foundations)  with respect to any taxes that might become payable
          as a result of any action or provision in connection  with a Change of
          Control.
 
 
     5.4  Effective  Date  of  Termination.   Unless  otherwise  specified,  the
effective date of  termination,  as used in this Section 5, shall be the date on
which Employee  receives written notice of termination from the Company or gives
written notice of termination to the Company.
 
 
                                       3
                                     <PAGE>
 
 
6. Indemnification.
 
     So long as  Employee  is not  found  by a court  of law to be  guilty  of a
willful and material breach of this Agreement,  or to be guilty of willful gross
misconduct,  he shall be indemnified by the Company from and against any and all
losses,  liability,   claims  and  expenses,   damages,  or  causes  of  action,
proceedings or investigations, or threats thereof (including reasonable attorney
fees and expenses of counsel  satisfactory to and selected by Employee) incurred
by  Employee,  arising  out of, in  connection  with,  or based upon  Employee's
services  and  the  performance  of  his  duties  pursuant  to  this  Employment
Agreement,  or any  other  matter  contemplated  by this  Employment  Agreement,
whether or not resulting in any such liability; and Employee shall be reimbursed
by the Company as and when incurred for any  reasonable  legal or other expenses
incurred by Employee in connection with  investigating or defending  against any
such loss, claim, damage, liability, action, proceeding, investigation or threat
thereof, or producing  evidence,  producing documents or taking any other action
in respect thereto  (whether or not Employee is a defendant in or target of such
action, proceeding or investigation).
 
7. Burden and Benefit.
 
     Unless the express  provisions  of a particular  section of this  Agreement
state otherwise,  or performance thereunder would be impossible,  this Agreement
shall be binding upon, and shall inure to the benefit of, Employer and Employee,
and their respective heirs, personal and legal representatives,  successors, and
assigns. It shall also be expressly binding upon and inure to the benefit of any
person or entity  assuming the  Corporation/Company,  by merger,  consolidation,
purchase  of  assets or stock,  or  otherwise.  The  interests  of the  Employee
hereunder  are  not  subject  to the  claims  of his  creditors,  and may not be
voluntarily or involuntarily assigned,  alienated or encumbered;  provided, that
Employee  may  assign  all or any part of his  rights,  duties  and  obligations
hereunder to any entity (e.g., a partnership  or management  company) so long as
the services to be performed hereunder are personally performed by him.
 
8. Governing Law.
 
     It is understood and agreed that the  construction  and  interpretation  of
this Agreement shall at all times and in all respects be governed by the laws of
the country of the Company's and/or the Employee's residence. The Company agrees
to cover all costs,  including  legal,  arising  in  connection  with  drafting,
interpreting and implementing  this Employment  Agreement,  both for the Company
and for Employee.
 
9. Severability.
 
     The  provisions  of this  Agreement  shall  be  deemed  severable,  and the
invalidity  or  unenforceability  of any one or more of the  provisions  of this
Agreement  shall  not  affect  the  validity  and  enforceability  of the  other
provisions.
 
10. Notice.
 
     Any notice  required to be given  hereunder shall be sufficient if it is in
writing and sent by certified or  registered  mail,  return  receipt  requested,
first-class postage prepaid, to the following  respective  addresses,  which may
hereafter be changed by written notice to the other party:
 
         Employer:         Century Casinos, Inc.
                           200 - 220 East Bennett Avenue
                           Cripple Creek, CO. 80813
                           USA
 
         Employee:         Dr. Erwin Haitzmann
                           Zacharias Werner - Gasse 24
                           A-2344 Maria Enzersdorf am Gebirge
                           Austria / Europe
 
 
                                       4
                                     <PAGE>
 
 
11. Interpretation, Adjustments.
 
     11.1 No representations,  promises, agreements, or understandings,  written
or oral,  not  contained  herein  shall be of any force or effect.  No change or
modification of this Agreement shall be valid or binding unless it is in writing
and signed by the party intended to be bound. No waiver of any provision of this
Agreement shall be valid unless it is in writing and signed by the party against
whom the waiver is sought to be enforced.  No valid  waiver of any  provision of
this  Agreement  at any time shall be deemed a waiver of any other  provision of
this Agreement at such time or at any other time.
 
     11.2 The  Compensation  Committee  shall have absolute  authority to amend,
interpret  and  administer  this  Agreement,  in  good  faith,  and in the  best
interests of both the Company and  Employee,  and may make such  adjustments  or
amendments hereto as may be reasonably  required,  if the rights of the Employee
are not adversely affected thereby.
 
12. Confidentiality.
 
     Other than in the performance of his duties hereunder,  Employee agrees not
to disclose,  either during the term of his  employment by the Company or at any
time thereafter, to any person, firm or corporation any confidential information
concerning the business affairs, financial affairs, know-how, private documents,
reports, plans, proposals,  marketing and sales plans, or similar information of
the Company. Any such documents,  techniques, methods, processes or technologies
used by the Company shall be considered  confidential  and a "trade  secret" for
the purposes of this Agreement.
 
13. Counterparts and Annexure.
 
     The Agreement may be executed in two or more counterparts, any one of which
shall be deemed  the  original  without  reference  to the  others.  Annexure  A
(Definitions)  shall be an integral  part of this  Agreement  and the  Agreement
shall not be complete without it.
 
     IN WITNESS WHEREOF, Employer and Employee have duly executed this Agreement
as of the day and year first above written.
 
                                    EMPLOYER:
 
                                       CENTURY CASINOS, INC.
 
                                                            /s/ Peter Hoetzinger
                                       By:    __________________________________
                                           Vice Chairman, Compensation Committee
 
 
                                                               /s/ Dinah Corbaci
                                        By:   __________________________________
                                                  Member, Compensation Committee
 
 
 
                                    EMPLOYEE:
 
 
                                                             /s/ Erwin Haitzmann
                                       By:    __________________________________
                                                                 Erwin Haitzmann
 
 
                                       5
                                     <PAGE>
 
 
 
                                   ANNEXURE A
 
 
Definitions:
 
As used in this  Agreement,  the  following  terms  shall  have  the  respective
meanings indicated.
 
Reasonable  Expenses.  Reasonable expenses shall include, but not be limited to,
all out-of-pocket expenses for entertainment, travel (economy flights within the
USA, wherever reasonably available, business class on other continental flights,
and one class above business class on inter-continental  long distance flights),
meals,  lodging,  automobile  expenses,  communications and office costs and the
like incurred by the Employee.
 
Cause (as used in 5.2).  For purposes  hereof,  the term "cause"  shall mean the
failure of Employee  for any reason,  within  thirty (30) days after  receipt by
Employee of written  notice  thereof from the  Company,  to correct,  cease,  or
otherwise  alter (i) any specific  action or omission to act that  constitutes a
material  and  willful  breach of this  Agreement  likely to result in  material
damage to the Company;  or (ii) any willful gross misconduct likely to result in
material damage to the Company.
 
Cause (as used in 5.3).  For purposes  hereof,  the term "for cause" shall mean:
(i) the failure of the Company  for any  reason,  within  thirty (30) days after
receipt by the Company of written notice from Employee,  to correct,  cease,  or
otherwise  alter any material  adverse  change in the  conditions  of Employee's
employment,  including,  but not  limited to any change in  Employee's  title or
position,  or the duties of such  position  (such as, but not limited to another
person assuming the same or similar title, position or duties, or one or more of
the Employee's  primary duties being assigned to be performed by the Employee in
a country other than his country of primary residence), unless Employee consents
in writing to such change;  or (ii) a "Change of Control" of the Company occurs,
or has previously occurred at any time during Employee's  employment  hereunder.
"Change of  Control"  as used herein  shall mean any of the  following:  (a) any
person or entity (not  affiliated  with the  Employee)  becoming the  beneficial
owner of a  majority  of the voting  rights of the  Company's  then  outstanding
securities;  (b) the triggering of the issuance of stock rights to  Shareholders
pursuant to the Company's Stock Rights Agreement,  as amended from time to time;
(c)  the  replacement  during  any  two  calendar  years  of half or more of the
existing Board of Directors of the Company;  (d) the  replacement,  or rejection
(i.e.  through  a  proxy  fight),  of one or  more  person(s),  nominated  to be
Director(s)  by the Company's  Board of Directors  before any Change of Control;
(e) the election of one or more persons to the Company's Board of Directors that
have not been nominated by the Company's Board of Directors before any Change of
Control;  (f) Mr. Peter  Hoetzinger  is no longer Vice  Chairman of the Company,
unless  because  of his  death  or  permanent  disability;  (g)  holders  of the
Company's  securities  approve a merger,  consolidation  or  liquidation  of the
Company.
 
Stock Value. The Stock Value shall be calculated  according to the provisions of
the Company's  Certificate of  Incorporation,  article NINTH,  C. (b) (i) (a) to
(D).  The  reference  to  these  provisions  in  the  Company's  Certificate  of
Incorporation shall be applicable for the one and only reason of determining the
Stock Value.
 
Stock.  The term "Stock" shall include any and all shares of common and/or stock
awards (whether  restricted or not) and/or preferred stock of the Company and of
any subsidiary of the Company owned by the Employee (including Employee's trusts
and foundations), no matter how and when acquired (including through exercise of
options and/or warrants).
 
                  ---------------------------------------------
 
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                                     <PAGE>
#Top of the Document
 
                        AMENDMENT TO EMPLOYMENT AGREEMENT
                             DATED FEBRUARY 3, 2005
 
 
This  Amendment  to  Employment  Agreement  ("EA") is  amending  the  Employment
Agreement  that was entered  into and signed on February 18, 2003 by and between
Century  Casinos,   Inc.,  a  Delaware   corporation  and  Dr.  Erwin  Haitzmann
("Employee"), an Austrian citizen, as follows:
 
     A)   The first  paragraph of the EA is amended to reflect that the Austrian
          subsidiary of Century  Casinos,  Inc.,  namely Century  Management und
          Beteiligungs  GmbH,  is the new  contract  partner  of  Employee.  The
          amended paragraph reads as follows:
 
          "THIS  EMPLOYMENT  AGREEMENT is made effective for all purposes and in
          all  respects  as of the  1st day of  January,  2005,  by and  between
          CENTURY  MANAGEMENT  UND  BETEILIGUNGS   GMBH,   registered  with  the
          Commercial Register of the Commercial Court of Vienna under FN 30856 b
          and its business  address at  Schoenbrunnerstrasse  222 - 228,  A-1120
          Vienna,  Austria, an Austrian corporation  (hereinafter referred to as
          the "Employer" or the "Company"),  Century Casinos,  Inc., a Delaware,
          USA corporation,  (hereinafter referred to as "Century") and DR. ERWIN
          HAITZMANN (hereinafter referred to as the "Employee")."
 
     B)   The first two "whereas" paragraphs are amended with two text additions
          (which are printed in bold) to read as follows:
 
          "WHEREAS,  Employee  is  presently  employed,  and has since 1993 been
          employed by Century and has since  September 30, 1999 been employed by
          the Company; and
 
               WHEREAS, the Employee's  performance of his duties of the Company
          has been and  continues  to be  critical to the success of the Company
          and of Century; and"
 
     C)   Section 1 is amended to reflect a new term and reads as follows:
 
          "1. Term of Agreement.
 
               The  term  of this  Agreement  shall  commence  on the 1st day of
          January,  2005,  and shall continue until December 31, 2009, and shall
          be automatically  renewed for additional,  successive  periods of five
          (5) years each thereafter, unless sooner terminated in accordance with
          the provisions of Paragraph 5."
 
                                  Page 1 of 4
<PAGE>
 
     D)   Section 3.1., which addresses Employee's compensation has been amended
          to read as follows:
 
          "3.1 Salary. As compensation for the services rendered by Employee for
          the Company  pursuant to this  Agreement,  Employee  shall be paid not
          less than the  following  base  annual  salary,  on a  monthly  basis,
          fourteen  times  per  year,  with the 13th and 14th  salary to be paid
          together with the monthly  salaries for May and  November,  during the
          term  hereof:  (euro)  70,000  (Euro  seventy  thousand),  plus annual
          increases and bonuses, and such other incentives,  benefits, insurance
          policies and  compensation  as may have been and may be awarded to him
          from  time to time  by the  Compensation  Committee  of the  Board  of
          Directors of the Company."
 
     E)   The first sentence of Section 3.2 "Employees'  Equity  Incentive Plan"
          has been amended to read as follows:
 
          "Employee  shall  be a  participant  in  Century's  Employees'  Equity
          Incentive  Plan, as it may be approved by the  shareholders of Century
          and  amended  from time to time by the  Incentive  Plan  Committee  of
          Century;"
 
     F)   Section 4.1.  "Reimbursement" has been amended with two text additions
          (which are printed in bold) to read as follows:
 
          "The  Company or Century  shall  continue to either  provide  Employee
          with,  or  shall  reimburse  Employee  for,  all  Reasonable  Expenses
          incurred by him in connection with the performance of his duties as an
          executive for the Company, in substantially at least the same form and
          fashion as it has been done by the Company and Century during the past
          twelve (12) months preceding the date of this Agreement."
 
     G)   The following new Section 4.2 has been added:
 
          "4.2 Employee  shall  continue to be entitled to use at his disposal a
          car for business and private purposes. In case of a replacement of the
          existing vehicle,  the leasing costs shall be roughly the same as they
          are for the car presently leased by the Company,  plus adjustments for
          changes in consumer price index, if any, since the last lease contract
          has been entered into."
 
     H)   Old Section 4.2 becomes new Section 4.3 in the amended Agreement.
 
     I)   Section 5.1 (b) and (c) have been amended to read as follows:
 
          "(b) Termination by Company. In the event of such termination "without
          cause" by the Company,  Employee shall be continued at the same salary
          (including bonuses, if any) for a period of three (3) years (and three
          years
 
                                  Page 2 of 4
<PAGE>
 
          only) from the date on which the Employee  receives  written notice of
          termination,  irrespective  of the term that lies  between the date of
          termination and the date that this Agreement ends according to Section
          1 above.  Such  compensation  shall be paid to the  Employee in equal,
          successive  monthly  payments,  beginning  on the 1st day of the month
          immediately  following the date on which the Employee receives written
          notice of termination.
 
          Employee  shall  continue  to make  himself  available  to,  and shall
          cooperate  with the Company,  as may be reasonably  required to assist
          the Company during a six-month transition period.
 
          (c) In the event Employee's  employment hereunder is terminated by the
          Company "without cause", the provisions of Sections 5.1(b), 5.3(b)(1),
          (3) and (4) shall apply."
 
     J)   Section 7. Burden and Benefit has been amended with one text  addition
          (which is printed in bold) to read as follows:
 
          "Unless  the  express  provisions  of a  particular  section  of  this
          Agreement  state  otherwise,   or  performance   thereunder  would  be
          impossible,  this Agreement  shall be binding upon, and shall inure to
          the benefit of,  Employer and Employee,  and their  respective  heirs,
          personal and legal representatives,  successors, and assigns. It shall
          also be expressly  binding upon and inure to the benefit of any person
          or entity assuming Century or the Company,  by merger,  consolidation,
          purchase  of assets or  stock,  or  otherwise.  The  interests  of the
          Employee hereunder are not subject to the claims of his creditors, and
          may  not  be  voluntarily  or  involuntarily  assigned,  alienated  or
          encumbered;  provided, that Employee may assign all or any part of his
          rights,  duties  and  obligations  hereunder  to any entity  (e.g.,  a
          partnership  or  management  company)  so long as the  services  to be
          performed hereunder are personally performed by him."
 
     K)   In Section 10. Notice, the address of the Employer has been amended to
          read as follows:
 
         "Employer:        Century Management und Beteiligungs GmbH
                           c/o Huebner & Huebner
                           Schoenbrunnerstrasse 222 - 228
                           A-1120 Wien
                           Austria /Europe".
 
     L)   Section 11.2 has been amended with one text addition (which is printed
          in bold) to read as follows:
 
          "11.2 The  Compensation  Committee  of  Century  shall  have  absolute
          authority to amend,  interpret and administer this Agreement,  in good
          faith, and in the best
 
                                  Page 3 of 4
<PAGE>
 
          interests  of  both  the  Company  and  Employee,  and may  make  such
          adjustments or amendments hereto as may be reasonably required, if the
          rights of the Employee are not adversely affected thereby."
 
     M)   The following new Section 14. has been added:
 
          "14. Century as Guarantor
 
          Century  guarantees all  obligations of Employer under this Employment
          Agreement."
 
 
IN WITNESS  WHEREOF,  Employer and Employee have duly executed this Agreement as
of the day and year first above written.
 
 
                                   EMPLOYER - CENTURY MANAGEMENT UND
                                   BETEILIGUNGS GMBH:
 
 
                                   By: /s/ Peter Hoetzinger
                                       ----------------------------------------
                                       Mag. Peter Hoetzinger, Geschaeftsfuehrer
 
 
                                   EMPLOYEE:
 
                                   By: /s/ Erwin Haitzmann
                                       ----------------------------------------
                                       Dr. Erwin Haitzmann
 
 
                                   FOR CENTURY CASINOS, INC. AND
                                   COMPENSATION COMMITTEE:
 
                                   By: /s/ Gottfried Schellmann
                                       ----------------------------------------
                                       Mag. Gottfried Schellmann, Director and
                                       Member of  Compensation Committee
 
                                   By: /s/ Dinah Corbaci
                                       ----------------------------------------
                                       Dr. Dinah Corbaci, Director and Member
                                       of Compensation Committee
 
                                  Page 4 of 4

 

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AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT, DR. ERWIN HAITZMANN

 

Exhibit 10.178

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT

DATED SEPTEMBER 1, 2006

 

 

This Amendment No. 2 to Employment Agreement (“EA”) is amending the Employment Agreement that was entered into and signed on February 18, 2003, and amended on February 3, 2005, by and between Century Casinos, Inc., a Delaware corporation and Dr. Erwin Haitzmann (“Employee”), an Austrian citizen, as follows:

 

A)   The following sentence shall be added to Section 2 (Duties of Employee): “Employee shall plan, schedule and book all business travels at his discretion.”

 

B)

A new Section 4.4 shall be added to read as follows: “Employer shall provide pension insurance for the benefit of Employee (or Employee’s dependents in case of death of  Employee). The contract value of the pension insurance shall be €500,000 (five hundred thousand Euros); it is expected that the monthly cost to Employer for this pension insurance will be in the range of €1,500 to €2,500. In case any of the following Sections of the EA becomes effective, Employee shall promptly receive the contract value of the pension insurance as a cash payment from the Company or Century: 5.1(a), 5.1(b), 5.3.”

 

C)

Section 5.4 (Effective Date of Termination) has been amended in its entirety to read as follows: “Unless otherwise specified, the effective date of termination, as used in this Section 5, shall be the date on which (i) Employee receives written notice of termination from the Company and such termination is not contested by Employee, or, if contested by Employee, such termination has been found legally correct and there are no further possibilities for Employee to challenge such legal decision, or (ii) Employee gives written notice of termination to the Company.”

 

 

IN WITNESS WHEREOF, Employer and Employee have duly executed this Amendment No. 2 as of the day and year first above written.

 

 

EMPLOYER                           EMPLOYEE:

CENTURY CASINOS EUROPE GMBH:

 

 /s/ Christian Gernert                         /s/ Erwin Haitzmann         

By:    Dr. Christian Gernert,                  By:  Dr. Erwin Haitzmann

      Geschäftsführer

 

 

FOR CENTURY CASINOS, INC.

AND THE COMPENSATION COMMITTEE:

 

 /s/ Gottfried Schellmann       

By:  Mag. Gottfried Schellmann,

    Director and Member of the Compensation Committee

 

 

 /s/ Dinah Corbaci          

By:  Dr. Dinah Corbaci,

    Director and Member of the Compensation Committee

 

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