<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  March  31,  2002

[   ]   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:  5,833,355 shares of Common Stock as
of  May  12,  2002.

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  March  31,  2002  and  December  31,  2001;

(b)     Statements  of  Operations  three  months ended March 31, 2002 and three
        months  ended  March  31,  2001;

(c)     Statement  of  Stockholders' Equity - January 1, 2002 to March 31, 2002;

(d)     Statement  of  Cash  Flows - three months ended March 31, 2002 and 2001;

(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 this interim period
are  not necessarily indicative of the results that can be expected for the full
year.









                                       2
<PAGE>


<TABLE>
<CAPTION>

LAS  VEGAS  GAMING,  INC.  AND  SUBSIDIARY
BALANCE  SHEETS


                             March  31,   December 31,
                               2002         2001
                            (Unaudited)
                                2002         2001
<S>                          <C>           <C>
                             ------------  ----------
ASSETS
Current assets:
Cash                         $ 3,109,779   $ 3,930,732
Accounts receivable,
 net of allowance                 48,040        50,803
Inventories                      189,079       130,513
Prepaid expense                   12,549        23,622
Jackpot reserve deposits       3,701,524     3,602,920
                             ------------   -----------
                               7,060,971     7,738,590

Equipment and software,
 net of accumulated
 depreciation                    605,583       508,423


Other assets:
Unamortized trademarks,
copyrights, patents
and other intangibles            144,500       162,500
Deposits and other                55,281        16,754
                             ------------   -----------
                             $ 7,866,335   $ 8,426,267
                             ============  ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable           $    86,730   $    53,039
Progressive jackpot liability    160,312       171,619
                             ------------  ------------
                                 247,042      224,658
Stockholders' equity:
Preferred stock,
$.001 par, 5,000,000
shares authorized,
552,400 shares
issued and outstanding               552           552
Common stock, $.001 par,
25,000,000 shares authorized,
5,833,355 and 5,789,268
shares issued, issuable
and outstanding                    5,833         5,789
Additional paid-in capital    12,143,104    12,121,104
Notes receivable - officers     (420,000)     (420,000)
Deficit                       (4,110,196)   (3,505,836)
                             ------------  ------------
                               7,619,293     8,201,609
                             ------------  ------------
                             $ 7,866,335   $ 8,426,267
                            ------------  ------------
</TABLE>

See  notes  to  financial  statements

                                       3
<PAGE>


<TABLE>
<CAPTION>

LAS  VEGAS  GAMING,  INC.  AND  SUBSIDIARY
STATEMENTS  OF  OPERATIONS
FOR  THE  THREE  MONTH  PERIODS  ENDED  MARCH  31,  2002  AND  2001  (Unaudited)




                                                    Three                   Three
                                                    Months                  Months
                                                     Ended                  Ended
                                                   March  31,              March  31,
                                                     2002                    2001
                                       ---------------------------------  ---------------------
<S>                                    <C>                                <C>
Sales                                  $                        179,224   $                764
                                       ---------------------------------  ---------------------

Costs and expenses
Gaming operations                                               392,532                      0
Selling, general and administrative                             318,954                200,380
Research and development                                         36,640                      0

Depreciation and amortization                                    71,011                 42,006
                                       ---------------------------------  ---------------------
                                                                819,137                242,386
                                       ---------------------------------  ---------------------
Loss before interest and other income                          (639,913)              (241,622)

Interest and other income                                        35,553                 71,819
                                       ---------------------------------  ---------------------

Net loss                               $                       (604,360)  $           (169,803)
                                       =================================  =====================

Basic and diluted net loss per share   $                          (0.10)                (0.05)
                                       =================================  =====================

Weighted average shares outstanding                           5,822,333              3,089,262
                                       =================================  =====================
</TABLE>



See  notes  to  financial  statements.


                                       4
<PAGE>



<TABLE>
<CAPTION>

LAS  VEGAS  GAMING,  INC.  AND  SUBSIDIARY
STATEMENT  OF  STOCKHOLDERS'  EQUITY
FOR  THE  PERIOD  FROM  JANUARY  1,  2002  TO  MARCH  31,  2002  (unaudited)



               Preferred   Common       Additional    Due  From
               Stock       Stock        Paid-In       Officers/
               Par Value   Par Value    Capital                    DEFICIT
               ----------- ----------- ------------- ------------  ------------
<S>            <C>         <C>         <C>            <C>          <C>
Balances,
  December 31,
2001            $      552  $    5,789  $ 12,121,104   $(420,000)   $(3,505,836)
Net loss                 -           -             -           -       (604,360)
Stock options
exercised                -          44        22,000           -
               ----------- ----------- ------------- ------------  ------------
Balances,
 March 31, 2002 $      552 $     5,833  $ 12,143,104    (420,000)  $ (4,110,196)
               ================================================================
</TABLE>


See  notes  to  financial  statements.

                                       5
<PAGE>


<TABLE>
<CAPTION>

LAS  VEGAS  GAMING,  INC.  AND  SUBSIDIARY
STATEMENTS  OF  CASH  FLOWS
FOR  THE  THREE  MONTH  PERIODS  ENDED  MARCH  31,  2002  AND  2001  (Unaudited)

                                                     Three               Three
                                                     Months              Months
                                                     Ended               Ended
                                                     March  31,          March  31,
                                                     2002                2001
                                       --------------------------------  -----------
<S>                                    <C>                               <C>
Operating activities:
Net cash used in operating activities  $                      (654,299)  $ (180,834)
                                       --------------------------------  -----------
Investing activities:
Deposits                                                       (38,527)           0
Purchase of equipment                                         (150,171)    (128,022)
                                       --------------------------------  -----------
Cash used in investing activities                             (188,698)    (128,022)
                                       --------------------------------  -----------
Financing activities:
Proceeds from sale of common stock                              22,044        8,165
Proceeds from sale of preferred stock                                0    1,490,298

Cash provided by financing activities                           22,044    1,498,463
                                       --------------------------------  ----------
Increase (decrease) in cash                                   (820,953)   1,189,607
Balance, beginning of period                                 3,930,732      682,227
                                       --------------------------------  -----------
Balance, end of period                 $                     3,109,779   $1,871,834
                                       ================================  ===========
</TABLE>

See  notes  to  financial  statements.

                                       6
<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, 2001,
previously  filed  with  the  Securities  &  Exchange Commission, from which the
information  as  of  December  31,  2001,  is  derived.

In  the  opinion  of  management,  all necessary adjustments (consisting only of
normal  recurring adjustments) considered necessary for a fair presentation have
been  included.  The  results  for  the  interim  period  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:

Option  exercise.  On  January  18,  2002,  a  shareholder  exercised options to
acquire  44,087  shares  of common stock at an exercise price of $.50 per share.
The  Company  received  $22,043.50  as  a  result  of  the  transaction.

4.     Contingencies:

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

                                       7
<PAGE>
Item  2.     Management's  Discussion  and  Analysis  and  Results of Operations

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  is  in  the  business  of marketing and distributing casino games.
Operating  revenues  in  the  current quarter were $179,224.  This was the first
quarter  that  the  Company  began  to  earn  meaningful revenue from its Nevada
Numbers  keno  game.  The  Company entered the quarter with six casinos offering
the game and ended the quarter with 17 casinos offering the game.  Currently the
game is offered in 22 casinos with 4 more under contract.  Management expects to
be  operating in approximately 30 to 35 casinos by the end of the second quarter
of  2002.  In  addition,  the Company expects to add two to three new bingo/keno
games  to  its  Nevada  Numbers  network  in  the  current  year.

In  March of 2002, the Company contracted with GameTech International and Triple
Win  to  develop  Nevada Bingo, a linked and progressive bingo game.  Management
expects  to begin the beta test for this game in the third quarter of this year.

Plan  of  Operations  over  the  Next  12  Months

Management  currently  intends to focus its primary efforts on the installation,
marketing  and  operation  of its Nevada Numbers (NN) game and the launch of its
Nevada  Bingo  game.  In  addition, management intends to apply to Nevada Gaming
for  approval  to install at least two more games on the Nevada Numbers network.
Management  also  expects  to  initiate  linked and/or progressive keno games in
Nebraska  and  Washington  and to expand its keno game network in New Mexico and
Arizona.   Management  is also investigating keno-related opportunities in Latin
and  South  America.

The  Company,  through  its  alliance  with  GameTech  International, has placed
several Match Pair Games on location in gaming venues.  Currently the game is on
trial  in  Minnesota  and  Georgia.

Management  expects  to consummate its acquisition of Imagineering Systems, Inc.
by  the  end  of  the  current  year.

There  is currently no public market for the Company's common stock.  Management
intends  to  apply  to  be  traded  on  an  exchange  as  soon as the Company is
generating sufficient revenues to support a trading price, or it is otherwise in
the  best  interests  of  the  Company  to  do  so.

                                       8
<PAGE>

RESULTS  OF  OPERATIONS

Net revenue for the three months ended March 31, 2002 increased to $179,224 from
$764  for  the  three months ended March 31, 2001.  This increase in revenue was
largely  due to new casino contracts put into operation during the past year and
within  the  period  reported.

The  Company's  operating  expenses  increased  to $819,137 for the three months
ended  March  31,  2002 from $242,386 for the three months ended March 31, 2001.
This  increase  in  expenses  was  largely due to the expansion of the Company's
gaming  operations,  and  increase  in  the  Company's  administrative needs and
selling efforts.  The Company incurred selling, general and administrative costs
in  the  amount  of  $318,954 for the three months ended March 31, 2002 compared
with  $200,380  for the three months ended March 31, 2001.  The Company incurred
expenses from gaming operations of $392,532 for the three months ended March 31,
2002  compared  with  $0  for  the  three  months  ended  March  31,  2001.

The  Company  had  net  losses  of $604,360 for the three months ended March 31,
2002,  up  from $169,803 for the same period ended March 31, 2001.    Generally,
the  increase in net losses was the result of the increase in operating expenses
incurred  by  the  Company as it expanded its operations and sales efforts.  The
basic  and diluted net loss per share for the three months ended March 31, 2002,
was  $0.10,  up  from  a  loss  of  $0.05 per share for the same period in 2001.

The  Company  anticipates  that losses will likely continue through the next few
quarters,  when  it  is  hoped  that  gaming  operations will produce sufficient
revenues  to  cover  operating  expenditures.

During  the  last  few months the Company increased staffing levels to assist in
the management of the business.  The Company has added one full-time employee to
the  ten  it  previously  employed.  It is currently seeking a computer software
engineer  and  a  salesperson.


Liquidity  and  Capital  Resources

As  of  March  31,  2002,  the  Company  maintained  $3,109,779 in cash and cash
equivalents  and  $3,701,524  in jackpot reserve deposits (collectively, "Liquid
Resources").  During  the first quarter of 2002, the Company spent approximately
$150,000 on capital equipment as it began to supply its customers with equipment
for  Nevada  Numbers.  This  represents  a significant increase from the nominal
expenditure  levels in the same period in 2001.  Management anticipates that the
Company  will  continue  to operate at a cash flow deficit over the next several
months  as  it  expends  cash  for,  among  other things, working capital needs,
operating  deficits, supporting new ventures, and the purchase of equipment for,
and  the  marketing  and  promotion  of,  Nevada  Numbers and Nevada Bingo.  The
capital  equipment  cost  for  each  casino  in which the Nevada Numbers game is
placed is approximately $10,000.  Management anticipates adding approximately 50
locations  during  2002.  Management  intends  to  finance these activities with
existing  cash.


                                       9
<PAGE>

                           PART II - OTHER INFORMATION

Item  1.          Legal  Proceedings

None

Item  2.     Changes  in  Securities  and  Use  of  Proceeds

On January 18, 2002, a shareholder exercised options to acquire 44,087 shares of
common  stock  at  an  exercise  price  of $.50 per share.  The Company received
$22,043.50  as  a  result  of  the  transaction.

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.


None

                                       10
<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)


                                       /s/ Russell R. Roth
Date:     May  14,  2002               --------------------------------
                                       Russell R. Roth
                                       Chairman of the Board and Chief
                                       Executive and
                                       Chief Financial Officer



                                       11