<PAGE>



                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                   FORM 10-QSB
                                   -----------

[X]     Quarterly  Report  pursuant  to  Section  13  or 15(d) of the Securities
        Exchange  Act  of  1934

        For  the  quarterly  period  ended  September  30,  2001

[   ]   Transition  Report  pursuant  to Section 13 or 15(d) of the Securities
        Exchange  Act  of  1934

        For  the  transition  period  from  __________  to  __________

        Commission  File  Number  0-30375

                             LAS VEGAS GAMING, INC.
                             ----------------------
        (Exact name of Small Business Issuer as specified in its charter)

Nevada                                        88-0392994
------                                        ----------
(State  or other jurisdiction of              (IRS Employer
incorporation)                                 Identification  No.)

          3120 SOUTH RAINBOW BLVD. SUITE 204   LAS VEGAS, NEVADA 89146
          ------------------------------------------------------------
                    (Address of principal executive offices)
                    ----------------------------------------

                                  702-733-9703
                                  ------------
                           (Issuer's telephone number)
                           ---------------------------

        _________________________________________________________________
     (Former name, former address and former fiscal year if changed since last
                                     report)


State the number of shares outstanding of each of the issuer's classes of common
equity,  as of the latest practicable date:  5,772,958 shares of Common Stock as
of  October  19,  2001.

Transitional  Small  Business  Disclosure Format (check one):  Yes [  ]   No [X]





<PAGE>
                                     ------
                         PART I.  FINANCIAL INFORMATION

Item  1.          Financial  Statements

GENERAL

The  Company's unaudited financial statements included with this Form 10-QSB are
as  follows:

  (a)     Balance  Sheets  as  of  September  30,  2001  and  December  31,
          2000;

  (b)     Statements  of  Operations  three months and nine months ended
          September 30,  2001 and  three  months  and  nine  months  ended
          September  30,  2000;

  (c)     Statement  of  Stockholders'  Equity  -January  1, 2001 to
          September 30, 2001;

  (d)     Statement of Cash Flows - nine months ended September 30, 2001 and
          2000;

  (e)     Notes  to  Unaudited  Financial  Statements.

The  unaudited  financial  statements  have  been  prepared  in  accordance with
generally  accepted  accounting principles for interim financial information and
the  instructions to Form 10-QSB.  In the opinion of management, all adjustments
(consisting  only  of  normal  recurring adjustments) considered necessary for a
fair  presentation have been included.  Operating results for interim period are
not  necessarily  indicative  of  the  results that can be expected for the full
year.

Until  June  30,  2001,  the  Company was in the development stage (See note 2).








                                       2

<PAGE>
LAS VEGAS GAMING, INC.
BALANCE SHEETS
----------------------------------------------------------------------------


                                               September 30,   December 31,
                                                   2001            2000
                                                (Unaudited)
                                               -------------  -------------
ASSETS
------
Current assets:
Cash                                             $4,804,426   $    682,227
Accounts receivable, net of allowance                13,162         16,250
Due from related parties                              6,271         10,000
Jackpot reserve deposits                          3,500,000      4,000,000
                                              -------------  -------------
                                                  8,323,859      4,708,477

Equipment and software, net of
  accumulated depreciation                          584,804        428,912

Other assets:
Patents and other intangibles, net                        0         42,778
Notes receivable - officers                         430,000              0
Deposits and other                                   92,887         41,291
                                              -------------  -------------
                                                 $9,431,550     $5,221,458
                                              =============  =============

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable                                 $   46,913   $     96,493
Progressive jackpot liability                       144,812              0
                                              -------------  -------------
                                                    191,725         96,493

Stockholders' equity:
Common stock, $.001 par, 25,000,000
  shares authorized, 5,772,958 and 3,066,823
  shares issued, issuable and outstanding             5,916          3,067
Preferred stock, $.001 par, 5,000,000
  shares authorized, 565,400 and 1,017,100
  shares issued and outstanding                         565          1,017
Additional paid-in capital                       12,318,850      6,874,112
Deficit accumulated during development stage     (2,254,496)    (1,753,231)
Deficit                                            (651,011)             0
Treasury stock                                     (180,000)             0
                                              -------------  -------------
                                                  9,239,825      5,124,965
                                              -------------  -------------
                                                 $9,431,550   $  5,221,458
                                              =============  =============

See notes to financial statements
                                       3
<Page>


LAS VEGAS GAMING, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE MONTH PERIODS ENDED SEPTEMBER 30 2001 AND 2000 (unaudited)
----------------------------------------------------------------------------

                                                   Three        Three
                                                   Months       Months
                                                   Ended         Ended
                                                September 30, September 30,
                                                    2001          2000
                                               -------------  -------------

Sales                                            $   78,051   $        952
                                               -------------  -------------
Costs and expenses
  Gaming operations                                 160,905              0
  Selling, general and administrative               649,945        205,438
  Research and development                            6,000              0
                                               -------------  -------------
                                                    816,850        205,438
                                               -------------  -------------
Loss before interest income                      $ (738,799)  $   (204,486)

Interest income                                      87,788         26,364
                                               -------------  -------------
Net loss                                         $ (651,011)  $   (178,122)
                                               =============  =============
Basic and diluted net loss per share             $    (0.14)  $      (0.06)

Weighted average shares outstanding               4,812,467      2,936,303




See notes to financial statements.

                                       4
<Page>

LAS VEGAS GAMING, INC.
STATEMENTS OF OPERATIONS
FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30 2001 AND 2000 (unaudited)
----------------------------------------------------------------------------



                                                    Nine         Nine
                                                   Months       Months
                                                   Ended         Ended
                                                September 30, September 30,
                                                    2001          2000
                                               -------------  -------------
                                                                 (Note 5)

Sales                                            $   78,816   $    172,248
                                               -------------  -------------
Costs and expenses
  Gaming operations                                 160,905              0
  Selling, general and administrative             1,313,258        742,622
  Research and development                            6,000              0
                                               -------------  -------------
                                                  1,480,163        742,622
                                               -------------  -------------
Loss before interest income                      (1,401,347)      (570,374)

Interest income                                     249,071         26,364
                                               -------------  -------------
Net loss                                        $(1,152,276)  $   (544,010)
                                               =============  =============
Basic and diluted net loss per share            $     (0.30)  $      (0.19)

Weighted average shares outstanding               3,819,220      2,793,704





See notes to financial statements.

                                       5
<Page>




LAS VEGAS GAMING, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE PERIOD FROM JANUARY 1, 2001 TO SEPTEMBER 30, 2001 (unaudited)
----------------------------------------------------------------------------


                                           Preferred  Common      Additional
                                             Stock     Stock       Paid-In
                                           Par Value Par Value     Capital
                                           --------  ----------  -----------
Balances, December 31, 2000                $  1,017  $  3,067    $6,874,112

Net loss

Stock - based compensation                                          115,600

Stock options exercised                                   911       609,089

Sale of 978,107 shares of preferred stock       978               4,864,557

Conversion of preferred shares to
  common shares                              (1,430)    1,573          (143)

Fees paid incident to conversion of
  preferred stock                                                  (144,000)

364,727 common shares issued in
  connection with preferred stock
  offering                                               365           (365)

Purchase of 39,560 treasury shares
                                           --------  ----------  -----------
Balances, September 30, 2001               $    565  $  5,916    $12,318,850
                                           ========  ==========  ===========


                                  (CONTINUED)
<Page>

LAS VEGAS GAMING, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE PERIOD FROM JANUARY 1, 2001 TO SEPTEMBER 30, 2001 (unaudited)
----------------------------------------------------------------------------


                                             Deficit
                                           Accumulated
                                             During
                                           Development             Treasury
                                             Stage       Deficit    Stock
                                           ------------  ------- ----------
Balances, December 31, 2000                $(1,753,231)  $     0 $       0

Net Loss                                      (501,265) (651,011)

Stock - Based Compensation

Stock Options Exercised

Sale of 978,107 Shares of Preferred Stock

Conversion of Preferred Shares to
  Common Shares

Fees Paid Incident to Conversion of
  Preferred Stock

364,727 Common Shares Issued in
  Connection with Preferred Stock
  Offering

Purchase of 39,560 Treasury Shares                                (180,000)
                                           ------------  ------- ----------
Balances, September 30, 2001               $(2,697,980)$(651,011)$(180,000)
                                           ============  ======= ==========



See Notes To Financial Statements.
                                       6
<Page>




LAS VEGAS GAMING, INC.
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2001 AND 2000  (Unaudited)
----------------------------------------------------------------------------



                                                    Nine         Nine
                                                   Months       Months
                                                   Ended         Ended
                                                September 30, September 30,
                                                    2001          2000
                                               -------------  -------------
Operating activities:
Net cash used in operating activities          $   (751,693)   $  (348,025)

Investing activities:
Jackpot reserves                                    500,000              0
Deposits                                            (51,596)             0
Purchase of equipment                              (296,048)       (11,769)
                                               -------------  -------------
Net cash provided by (used in)
  investing activities                              152,356        (11,769)

Financing activities:
Proceeds from sale of common stock                        0        149,056
Proceeds from sale of preferred stock             4,890,535      3,126,501
Loans to officers & others                                0              0
Proceeds from borrowings                                  0        150,000
Repayment of borrowings                                   0        (87,482)
Cash offering costs and conversion fees             168,999        (66,929)
                                               -------------  -------------
Net cash provided by financing activities         4,721,536      3,271,146

Increase in cash                                  4,122,199      2,911,352

Balance, beginning of period                        682,227         19,545
                                               -------------  -------------
Balance, end of period                         $  4,804,426    $ 2,930,897
                                               =============  =============


See notes to financial statements.
                                       7
<Page>

LAS  VEGAS  GAMING,  INC.
NOTES  TO  UNAUDITED  FINANCIAL  STATEMENTS

1.     Basis  of  Presentation:

The accompanying financial statements have been prepared by the Company pursuant
to  the rules and regulations of the Securities and Exchange Commission relating
to  interim financial statements.  Accordingly, certain information and footnote
disclosures  normally  included  in  the annual financial statements prepared in
accordance  with generally accepted accounting principles have been condensed or
omitted.  For  further  information,  please  refer  to  the  annual  financial
statements  of the Company, and the related notes, included within the Company's
Annual  Report  on  Form  10-KSB  for  the  fiscal year ended December 31, 2000,
previously  filed  with  the  Securities  &  Exchange Commission, from which the
information  as  of  December  31,  2000,  is  derived.

In  the  opinion  of  management,  all necessary adjustments (consisting only of
normal  recurring  adjustments  The  results  for  the  interim period
considered necessary  for  a  fair  presentation  have  been  included  are not
necessarily indicative  of  the  results  to  be  expected  for  the  full
year.

2.     Nature  of  Business:

The  Company is in the business of developing, marketing and distributing casino
games  and  related  supplies. Prior  to  July  1,  2001,  the  Company  was  in
the  development  stage.

3.     Stock-Related  Transactions:

Preferred  Stock.  In  June  2001,  the  Company  made an offer to its preferred
shareholders  to  convert  their preferred shares into common stock at a rate of
1.1  shares  of  common  for  each  share  of  preferred stock.  This conversion
offering  continued  until  September 30, 2001.  Of the 1,995,107 shares issued,
1,429,707 shares  were  converted.

4.     Contingencies:

Gaming  regulations  and  licensing.  The  Company is licensed to conduct gaming
operations  in  Nevada, Arizona, Oregon and certain Native American tribes.  The
Company  is  attempting  to  secure  licensure  in Iowa and Nebraska.
Failure  to  obtain  and retain the necessary licenses would prevent the Company
from fully implementing its business plans and have a material adverse effect on
the  Company.

Additionally,  many  of  the  Company's  games  must  be  licensed  in  various
jurisdictions.  Failure  to  obtain  and  retain  the  necessary  licenses would
prevent  the  Company  from  fully  implementing  its  business plans and have a
material  adverse  effect  on  the  Company.

5.  Prior  Period  Adjustment:

In the Company's previously issued 2000 interim statement of operations, options
granted  to  officers and others were not valued in accordance with management's
accounting  policy.  Therefore,  the  2000 interim statements of operations have
been  retroactively  restated  to  value  these  options  using  the  method and
assumptions described in Note 6 to the annual financial statements as of and for
the  year

                                       8
<Page>

ended  December  31,  2000,  included  in  form  10-KSB.  The  net effect of the
adjustment  was  to increase general and administrative expense and decrease net
income  by  $27,000  ($.01 per share) for the nine-month period ending September
30,  2000,  and  $0  for  the  three-month  period  ended  September  30,  2000.

6.  Related  Party  Transactions

During  June 2001, three officers/directors/stockholders were loaned $610,000 by
the  Company.  This money was immediately returned to the Company as a result of
the  officer/directors/shareholders  exercising  non-qualified  stock options to
purchase  911,000  shares  of common stock.  The exercise of the options enabled
the Company to reduce the percentage of ownership held by certain non-affiliated
shareholders,  and  thus  to  apply for gaming licenses in several jurisdictions
without  those  individuals  being  directly  involved.

On  August 29, 2001, Kenneth L. Maul resigned from his position as Secretary and
Director  of  the Company.  In connection with his resignations, Mr. Maul agreed
to  cancel  12,000 options and exchange 39,560 shares of common stock for a cash
consideration  and  elimination  of  his  debt  to  the  Company.

Item  2.     Management's  Discussion  and  Analysis  or  Plan  of  Operation

This  report  on  Form 10-QSB contains certain forward-looking statements within
the meaning of section 21(e) of the Securities Exchange Act of 1934, as amended,
and  other  applicable securities laws.  All statements other than statements of
historical  fact  are  "forward-looking  statements"  for  purposes  of  these
provisions,  including any projections of earnings, revenues, or other financial
items; any statements of the plans, strategies, and objectives of management for
future  operation; any statements concerning proposed new products, services, or
developments,  any  statements  regarding  future  economic  conditions  or
performance,  statements  of belief, and any statement of assumptions underlying
any  of  the foregoing.  Such forward-looking statements are subject to inherent
risks  and  uncertainties, and actual results could differ materially from those
anticipated  by  the  forward-looking  statements.

Overview

The  Company, recently emerged from the development stage, is in the business of
marketing  and  distributing  casino  games  and  related  supplies.  Operating
revenues  to  date  have  been  insignificant.  Currently,  the Company owns the
rights  to  a number of games, including, among others, "Nevada Numbers", "Vegas
Numbers",  "Match Pair Bingo", "Match Pair Poker", and "Fremont Street Numbers".
In  addition,  the Company has purchased the assets of Back to Back Gaming, Inc.
("B2B"),  which  included  the  rights  to  "B2B  Roulette".

On  February  22,  2001,  the Company entered into a five-year license agreement
with  Park  Place  Entertainment (PPE) whereby PPE provided five casinos to test
the  Company's  Nevada  Numbers  game.  The test began on June 25, 2001, and was
recently  completed.  Approval  from  the  Nevada  Gaming  Control Commission to
distribute  the  game throughout Nevada is expected by the end of

                                       9
<Page>

November  2001.  If  the  approval  is received, LVGI will be able to distribute
Nevada  Numbers  to  all  unrestricted  casinos  in  the  state  of  Nevada.

In  September,  the  Company contracted with Imagineering Systems, Inc. (ISI) to
develop the "Keno Kiosk" - a patron operated terminal that will allow players to
play  keno and Nevada Numbers without human intervention.  The Company agreed to
compensate  ISI  for  its engineering costs at a rate of $12,000 per month.  ISI
expects  to  complete  the  kiosk  by  early  February  2002.

Plan  of  Operations  over  the  Next  12  Months

The  Company currently intends to focus its primary efforts on the installation,
marketing  and  operation  of  its Nevada Numbers (NN) game.  The very near-term
focus  will  be  on  introducing  NN  to  as  many  casinos  as  possible.

In  addition, the Company intends to operate a game similar to Nevada Numbers in
Nebraska,  New  Mexico, and Arizona.   It is also investigating opportunities in
Latin  America.

The Company has been investigating several possible installations for Match Pair
Games  and hopes to have several games in place during the fourth quarter, 2001.
The  Company  recently  entered  into  a joint venture arrangement with GameTech
International  in  which  GameTech  International has been granted the rights to
distribute  the  game  throughout  the  world.

During  the  last  few months the Company increased staffing levels to assist in
the  management of the business.  The Company has added five full time employees
to  the  three  it  previously employed.  The Company also recently employed two
more  individuals  on  a  consulting  basis.  The Company has recently agreed to
lease  an additional 1,200 square feet of new office space adjacent to the 3,700
square  feet  it  currently  occupies.

There  is currently no public market for the Company's common stock.  Previously
the  Company  stated  that  it  had submitted an application to be traded on the
NASDAQ  Small  Cap market.  This application was denied.  The Company intends to
try  again  after  it  can  show  growing  revenues  from  operations.

FINANCING  AND  LIQUIDITY

Cash  Flow  and  Working  Capital  Requirements.  As  of September 30, 2001, the
Company  maintained  $4,804,426  in  cash and cash equivalents and $3,500,000 in
jackpot  reserve  deposits  (collectively,  "Liquid Resources").  The relatively
large  amount  of Liquid Resources is due to the conversion of a majority of the
Company's  preferred  stock  to  common  stock.

Capital  Expenditures.  Since  inception,  the  Company  has spent little of its
resources  on  capital equipment.  During the quarter, the Company spent $58,302
on  capital equipment, principally for Nevada Numbers equipment.  Going forward,
the Company estimates that it will spend $20,000 in capital outlay per casino to
launch  Nevada  Numbers.

                                      10
<PAGE>

                           PART II - OTHER INFORMATION

Item  1.          Legal  Proceedings

None

Item  2.     Changes  in  Securities  and  Use  of  Proceeds

Through June 30, 2001, the Company issued 1,995,107 shares of preferred stock to
approximately  190  investors  at  a  price  of  $5.00 per share.  The Company's
previous  Form  10QSB incorrectly indicated that there were 150 investors. These
shares were issued pursuant to Rule 506 of Regulation D of the 1933 Act and have
been  marked  "restricted".

The  Company  paid  finders fees in relation to the sale of preferred stock.  In
addition  to  the  payment  of cash in the amount of $48,500, the Company issued
350,000  shares  of  its  common  stock to 4 individuals, and issued warrants to
three  individuals  to  purchase  459,976  shares of common stock.  The exercise
price of the warrants varies as follows: warrants to purchase 150,000 shares are
exercisable  at  $6 per share; warrants to purchase 9,976 are exercisable at $5;
and  the  remaining  warrants  are  exercisable  at  $3  per  share.

Through  September  30,  2001,  approximately 72% of these preferred shares were
converted  to  common  stock on the basis of one share of preferred stock to 1.1
shares  of  common.  A  fee of approximately $295,000 was paid to Alexus Capital
(the firm that initially conducted the preferred stock offering) as compensation
for  services  rendered  in  relation to the conversion of preferred shares into
common  stock.

Item  3.        Defaults  Upon  Senior  Securities

None

Item  4.        Submission  of  Matters  to  a  Vote  of  Security  Holders

None

Item  5.        Other  Information

None

Item  6.        Exhibits  and  Reports  on  Form  8-K.

        (a)     Exhibits

                Exhibit  99.1     Agreement  and  Transfer  of  Shares
- Kenneth  Maul


                                      11
<Page>

        (b)    Reports on Form 8-K: A report on form 8-K was filed on August 29,
     2001  to  announce  the resignation of Ken Maul from the Company's Board of
     Directors and his position as Company secretary. Another report on form 8-K
     was  filed  on  July  19,  2001 announcing the appointments of Ken Maul and
     Michael Cane to the Company's Board of Directors. Mr. Maul was additionally
     appointed  Company  secretary.

                                      12
<PAGE>
                                   SIGNATURES

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.

                              LAS  VEGAS  GAMING,  INC.
                              (Registrant)



Date     November  19,  2001     /s/ Russell R. Roth
                                 -----------------------------
                                Russell  R.  Roth
                                Chairman of the Board and Chief Executive and
                                Chief  Financial  Officer

                                       13