CENTURY CASINOS INC
SC 13G, 1998-05-18
MISCELLANEOUS AMUSEMENT & RECREATION
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<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934





                              Century Casinos, Inc.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                          Common Stock, $.01 par value
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    156492100
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

  Lloyd I. Miller, III, 4550 Gordon Drive, Naples, Florida 34102 (941) 262-8577
- --------------------------------------------------------------------------------
           (Name, Address and Telephone Number of Person Authorized to
                      Receive Notices and Communications)

                                   May 5, 1998
             ------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)

     Check the appropriate box to designate the rule pursuant to which this
                               Schedule is filed:


                                |_| Rule 13d-1(b)
                                |X| Rule 13d-1(c)
                                |_| Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



<PAGE>   2



                                  SCHEDULE 13G

- ----------------------                                    ----------------------
CUSIP No.    156492100                                         Page 2 of 4 Pages
- ----------------------                                    ----------------------


1         NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- --------------------------------------------------------------------------------
          Lloyd I. Miller, III                  ###-##-####
- --------------------------------------------------------------------------------
2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*     (a)        |_|

                                                                (b)        |_|
- --------------------------------------------------------------------------------
3         SEC USE ONLY

- --------------------------------------------------------------------------------
4         CITIZENSHIP OR PLACE OF ORGANIZATION

          United States
- --------------------------------------------------------------------------------
                                  5        SOLE VOTING POWER
            NUMBER OF                      427,376
             SHARES               ----------------------------------------------
          BENEFICIALLY            6        SHARED VOTING POWER 
            OWNED BY                       434,150             
              EACH                ----------------------------------------------
            REPORTING             7        SOLE DISPOSITIVE POWER  
             PERSON                        427,376                 
              WITH                ----------------------------------------------
                                  8        SHARED DISPOSITIVE POWER         
                                           434,150                  
- --------------------------------------------------------------------------------
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         861,526
- --------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
                                                                          / /
- --------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.6%
- --------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON

         IN-IA
- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!




<PAGE>   3


                                                                     Page 3 of 4



Item 1(a). Name of Issuer: Century Casinos, Inc.

Item 1(b). Address of Issuers's Principal Executive Offices:

                    200-220 E. Bennett Ave
                    Cripple Creek, Colorado 80913.

Item 2(a). Name of Person Filing: Lloyd I. Miller, III

Item 2(b). Address of Principal Business Office or, if None, Residence:

                4550 Gordon Drive, Naples, Florida 34102

Item 2(c). Citizenship: U.S.A.

Item 2(d). Title of Class of Securities: Common Stock, $0.01 par value

Item 2(e). CUSIP Number: 156492100

Item 3.   IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b) OR 13d-2(b) or
          (c), CHECK WHETHER THE PERSON FILING IS A:

          Not Applicable, this statement is filed pursuant to 13d-1(c)


Item 4.   OWNERSHIP:

          (a)      861,526

          (b)      5.6%

          (c)      (i) sole voting power: 427,376

                   (ii) shared voting power: 434,150

                   (iii) sole dispositive power: 427,376

                   (iv) shared dispositive power: 434,150


Item 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

          Not Applicable


Item 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:

          Persons other than Lloyd I. Miller III have the right to receive
          dividends from, or the proceeds from the sale of, the reported
          securities. None of these persons has the right to direct such
          dividends or proceeds.





<PAGE>   4


                                                                     Page 4 of 4

Item 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
          SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:

          Not Applicable

Item 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:

          Not Applicable

Item 9.   NOTICE OF DISSOLUTION OF GROUP:

          Not Applicable

Item 10.  CERTIFICATION:

          By signing below I certify that, to the best of my knowledge and
          belief, the securities referred to above were not acquired and are not
          held for the purpose of or with the effect of changing or influencing
          the control of the issuer of the securities and were not acquired and
          are not held in connection with or as a participant in any transaction
          having that purposes or effect.

                                    SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

                                                       May 18, 1998
                                                       -----------------------




                                                       /s/ Lloyd I. Miller III
                                                       -----------------------
                                                       Lloyd I. Miller, III










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