<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,  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  November  7,  2002.

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




<PAGE>

                         PART I.  FINANCIAL INFORMATION

Item 1.          Financial Statements

GENERAL

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

(a)  Balance  Sheets as of September 30, 2002 (unaudited) and December 31, 2001;

(b)  Statements  of Operations - three months ended September 30, 2002, and 2001
     (unaudited);

(c)  Statements  of  Operations  - nine months ended September 30, 2002 and 2001
     (unaudited);

(d)  Statement  of  Stockholders'  Equity - nine months ended September 30, 2002
     (unaudited);

(e)  Statement  of  Cash  Flows  - nine months ended September 30, 2002 and 2001
     (unaudited);

(f)  Notes  to  Financial  Statements.





                                       2

<PAGE>

LAS VEGAS GAMING, INC. AND SUBSIDIARY
BALANCE SHEETS__________________________________________________________________


                                                      September 30, December 31,
                                                          2002          2001
                                                      ------------  ------------
                                                       (Unaudited)

ASSETS
Current assets
Cash                                                  $ 1,730,625   $ 3,930,732
Accounts receivable, net of allowance                      53,564        50,803
Inventories                                               102,063       130,513
Prepaid expense                                             6,118        23,622
Jackpot reserve deposits                                3,949,671     3,602,920
                                                      ------------  ------------

                                                        5,842,041     7,738,590

Equipment and software, net of accumulated
 depreciation                                             721,738       508,423

Other assets
Unamortized trademarks, copyrights, patents
 and other intangibles                                    108,500       162,500
Due from officers                                          53,532
Deposits and other                                         68,803        16,754
                                                      ------------  ------------

                                                      $ 6,794,614   $ 8,426,267
                                                      ============  ============


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable                                      $    65,721   $    53,039
Progressive jackpot liability                             477,250       171,619
                                                      ------------  ------------
                                                          542,971       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                             12,165,604    12,121,104
Due from officers/shareholders                           (420,000)     (420,000)
Deficit                                                (5,500,346)   (3,505,836)
                                                      ------------  ------------

                                                        6,251,643     8,201,609
                                                      ------------  ------------

                                                      $ 6,794,614   $ 8,426,267
                                                      ============  ============



See  notes  to  financial  statements


                                       3

<PAGE>

LAS VEGAS GAMING, INC. AND SUBSIDIARY
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001 (Unaudited)______________




                                          2002         2001
                                       -----------  -----------

Sales                                  $  270,733   $   78,051
                                       -----------  -----------

Costs and expenses
Gaming operations                         462,221      160,095
Selling, general and administrative       372,641      563,376
Research and development                   62,952        6,000
Depreciation and amortization              73,662       86,659
                                       -----------  -----------
                                          971,476      816,850
                                       -----------  -----------

Loss before interest and other income    (700,743)    (738,799)

Interest and other income                  27,135       87,788
                                       -----------  -----------

Net loss                               $ (673,608)  $ (651,011)
                                       ===========  ===========

Basic and diluted net loss per share   $    (0.12)  $     (.14)
                                       ===========  ===========

Weighted average shares outstanding     5,833,355    4,812,467
                                       ===========  ===========




See  notes  to  financial  statements.


                                       4

<PAGE>

LAS VEGAS GAMING, INC. AND SUBSIDIARY
STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)____________________________________________________________________





                                           2002          2001
                                       ------------  ------------

Sales                                  $   743,211   $    78,816
                                       ------------  ------------

Costs and expenses
Gaming operations                        1,334,638       160,905
Selling, general and administrative      1,134,833     1,104,599
Research and development                   144,870         6,000
Depreciation and amortization              215,684       208,659
                                       ------------  ------------
                                         2,830,025     1,480,163
                                       ------------  ------------

Loss before interest and other income   (2,086,814)   (1,401,347)

Interest and other income                   92,304       249,071
                                       ------------  ------------

Net loss                               $(1,994,510)  $(1,152,276)
                                       ============  ============

Basic and diluted net loss per share   $     (0.34)  $     (0.30)
                                       ============  ============

Weighted average shares outstanding      5,828,946     3,819,220
                                       ============  ============




See  notes  to  financial  statements.


                                       5

<PAGE>

<TABLE>
<CAPTION>
LAS VEGAS GAMING, INC. AND SUBSIDIARY
STATEMENT OF STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 (Unaudited)________________________


                                Preferred     Common    Additional    Due From
                                  Stock        Stock      Paid-In     Officers/
                                Par Value    Par Value    Capital     Shareholders     Deficit
                              ------------  ----------  -----------  --------------  ------------
<S>                           <C>           <C>         <C>          <C>             <C>

Balances,
  December 31, 2001           $       552   $    5,789  $12,121,104  $    (420,000)  $(3,505,836)


Net loss                                                                              (1,994,510)

Issuance of common
stock purchase options
for consulting services                                      22,500

Stock options
exercised                                           44       22,000
                              ------------  ----------  -----------  --------------  ------------

Balances,
  September 30, 2002          $       552   $    5,833  $12,165,604  $    (420,000)  $(5,500,346)
                              ============  ==========  ===========  ==============  ============

</TABLE>




See  notes  to  financial  statements.


                                       6

<PAGE>

LAS VEGAS GAMING, INC. AND SUBSIDIARY
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)




                                                     2002         2001
                                                 ------------  -----------

Operating activities
Net cash used in operating activities            $(1,394,819)  $ (751,693)
                                                 ------------  -----------


Investing activities
Deposits and other                                  (105,582)     (51,596)
Jackpot reserves                                    (346,751)     500,000
Purchase of equipment                               (374,999)    (296,048)
                                                 ------------  -----------
Cash provided by investing activities               (827,332)     152,356
                                                 ------------  -----------

Financing activities
Proceeds from exercise of stock options               22,044
Proceeds from sale of preferred stock                           4,890,535
Cash offering costs and conversion fees                          (168,999)
                                                 ------------  -----------
Cash provided by (used in) financing activities       22,044    4,721,536
                                                 ------------  -----------

Increase (decrease) in cash                       (2,200,107)   4,122,199

Balance, beginning of period                       3,930,732      682,227
                                                 ------------  -----------


Balance, end of period                           $ 1,730,625   $4,804,426
                                                 ============  ===========




See  notes  to  financial  statements.


                                       7

<PAGE>

LAS VEGAS GAMING, INC.
NOTES TO 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.     Commitments  and  contingencies:

Gaming  regulations  and  licensing.  The  Company is licensed to conduct gaming
operations  in Nevada, Arizona, Nebraska, Oregon, Mississippi and certain Native
American  tribes.  The  Company is attempting to secure licensure in 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.

Progressive  jackpots.  The  Company  provides  cash  reserve  deposits  and may
directly  or  indirectly  purchase  insurance  to  fund  the progressive jackpot
liability.  The  Company's progressive jackpot commitment at September 30, 2002,
was  $3,589,105.  The  Company's  insurance  and  cash reserves exceed its total
commitment  by  approximately  $3,260,000.




                                       8

<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 $270,733.  This was the third
quarter  since  the  Company  began  to  earn meaningful revenue from its Nevada
Numbers keno game.  The Company entered the quarter with 25 casinos offering the
game  and  ended  the  quarter with 30 casinos offering the game.  Currently the
game  is offered in 31 casinos with six more under contract.  Management expects
to  be  operating  in  approximately  40  casinos  by  the  end  of  the  year.

In March 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 early next year, subject to Nevada
gaming  approval,  financing  and  market  conditions.

Management  currently  intends to focus its primary efforts on the installation,
marketing  and  operation  of its Nevada Numbers game and the launch of both its
Nevada  Bingo  game  and  its  new  linked, progressive, keno game, "The Million
Dollar  Ticket".

Management  expects  to consummate its acquisition of Imagineering Systems, Inc.
during  the  first  half  of  2003,  following the approval of the Nevada Gaming
Commission.

Management  has  engaged  an investment-banking firm to raise equity capital for
the  Company  via  a  private  offering.  The  funds  from  the  offering,  if
consummated,  will  be  used  to provide jackpot security for new games, working
capital, and funds for equipment purchases, among other potential business uses.

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.

RESULTS  OF  OPERATIONS

Net  revenue for the nine months ended September 30, 2002, increased to $743,211
from  $78,816  for  the  nine  months ended September 30, 2001.  The Company was
still  in  the  development  stage


                                       9

<PAGE>

during  the  earlier period. This increase in revenue was primarily attributable
to the licensing and placement of Nevada Numbers in casinos during the past year
and  within  the  period reported. Interest and other income for the nine months
ended  September  30,  2002, totaled $92,304 versus $249,071 for the nine months
ended  September  30,  2001.

The  Company's  operating  expenses  increased to $2,830,025 for the nine months
ended  September  30,  2002, from $1,480,163 for the nine months ended September
30,  2001.  This  increase  in  expenses was largely due to the expansion of the
Company's  gaming  operations,  and  increase  in  the  Company's administrative
requirements  and  selling  efforts  including the hiring of a computer software
engineer  and  a  salesperson.  The  Company  incurred  selling,  general  and
administrative  costs  in  the  amount  of  $1,134,833 for the nine months ended
September 30, 2002, compared with $1,104,599 for the nine months ended September
30,  2001.  The  Company  incurred expenses from gaming operations of $1,334,638
for  the  nine  months  ended September 30, 2002, compared with $160,905 for the
nine  months  ended September 30, 2001.  This increase in expenses was primarily
attributable  to the licensing and placement of Nevada Numbers in casinos during
the  past  year  and  within  the  period  reported.

The Company had net losses of $1,994,510 for the nine months ended September 30,
2002,  up  from its development stage net loss of $1,152,276 for the same period
ended  September 30, 2001.  Generally, the increase in net losses was the result
of  the increase in expenses attributable to its gaming operations, in excess of
its  increased  revenues,  as  it  marketed  and  continued to expand its Nevada
Numbers  network.  The  basic and diluted net loss per share for the nine months
ended  September  30, 2002, was $0.34, up from a loss of $0.30 per share for the
same  period  in  2001.

The  Company  anticipates  that  losses  will  likely continue through the first
quarter  of  next  year,  after  which the introduction of two new games and the
growth  of  Nevada  Numbers are expected to produce sufficient revenues to cover
operating  expenditures.

Liquidity  and  Capital  Resources

As  of  September  30,  2002, the Company maintained $1,730,625 in cash and cash
equivalents  and  $3,949,671  in jackpot reserve deposits (collectively, "Liquid
Resources").  During  the  first  nine  months  of  2002  the  Company  spent
approximately  $375,000  on  capital  equipment  as  it  continued 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,  supporting  new  ventures  including  the  proposed
acquisition of Imagineering Systems, Inc. and the purchase of equipment for, and
the  marketing  and  promotion  of Nevada Numbers, Nevada Bingo, and The Million
Dollar Ticket.  Management intends to fund the jackpot security requirements for
The  Million  Dollar Ticket from the proceeds of an equity offering.  Management
expects to fund other operating requirements from existing cash reserves and the
proceeds  from  a  future  equity  offering,  if  available.


                                       10

<PAGE>

ITEM  3.     CONTROLS  AND  PROCEDURES.

As  required  by  Rule  13a-15  under  the  Securities Exchange Act of 1934 (the
"Exchange Act"), we carried out an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures within the 90 days prior
to  the  filing  date of this report.  This evaluation was carried out under the
supervision  and with the participation of our Chief Executive Officer and Chief
Financial  Officer,  Mr.  Russell  Roth.  Based  upon that evaluation, our Chief
Executive  Officer  and  Chief  Financial  Officer concluded that our disclosure
controls  and procedures are effective in timely alerting management to material
information  relating  to us that is required to be included in our periodic SEC
filings.  There  have been no significant changes in our internal controls or in
other  factors  that  could significantly affect internal controls subsequent to
the  date  we  carried  out  our  evaluation.

Disclosure  controls  and  procedures are controls and other procedures that are
designed  to  ensure  that  information  required to be disclosed in our reports
filed or submitted under the Exchange Act is recorded, processed, summarized and
reported,  within  the  time  periods  specified  in the Securities and Exchange
Commission's  rules  and  forms.  Disclosure  controls  and  procedures include,
without  limitation, controls and procedures designed to ensure that information
required  to  be  disclosed  in  our  reports  filed  under  the Exchange Act is
accumulated  and  communicated  to  management,  including  our  Chief Executive
Officer  and  Chief  Financial  Officer,  to  allow  timely  decisions regarding
required  disclosure.






                                       11

<PAGE>

                           PART II - OTHER INFORMATION

Item 1.     Legal  Proceedings

None

Item 2.     Changes  in  Securities  and  Use  of  Proceeds

None

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.

EXHIBITS


Exhibit Number                   Description of Exhibit
--------------    --------------------------------------------------------------

   99.1           Certification of Chief Executive Officer and Chief Financial
                  Officer pursuant to 18 U.S.C. Section 1350, as adopted
                  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(1)

--------------------------------------------------------------------------------
(1)     Filed  as  an  Exhibit  to  this  Quarterly  Report  on  Form  10-QSB
--------------------------------------------------------------------------------



                                       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)


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




                                       13

<PAGE>

                                 CERTIFICATIONS

I,  RUSSEL  R.  ROTH, Chief Executive Officer and Chief Financial Officer of Las
Vegas  Gaming,  Inc.  (the  "Registrant"),  certify  that;

(1)  I  have  reviewed  this quarterly report on Form10-QSB of Las Vegas Gaming,
     Inc.;

(2)  Based  on  my  knowledge, this quarterly report does not contain any untrue
     statement  of a material fact or omit to state a material fact necessary to
     make  the  statements  made, in light of the circumstances under which such
     statements  were made, not misleading with respect to the period covered by
     this  quarterly  report;

(3)  Based  on  my  knowledge,  the  financial  statements,  and other financial
     information  included  in  this  quarterly  report,  fairly  present in all
     material  respects  the financial condition, results of operations and cash
     flows  of  the  Registrant  as  of,  and for, the periods presented in this
     quarterly  report;

(4)  The  Registrant's  other  certifying  officers  and  I  are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in  Exchange  Act  Rules  13a-14  and  15d-14) for the Registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to  ensure that
          material  information  relating  to  the  Registrant,  including  its
          consolidated  subsidiaries, is made known to us by others within those
          entities,  particularly  during  the  period  in  which this quarterly
          report  is  being  prepared;

     b)   evaluated  the  effectiveness  of the Registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this  quarterly  report  (the  "Evaluation  Date");  and

     c)   presented  in  this  quarterly  report  our  conclusions  about  the
          effectiveness  of  the disclosure controls and procedures based on our
          evaluation  as  of  the  Evaluation  Date;

(5)  The  Registrant's  other certifying officers and I have disclosed, based on
     our  most  recent  evaluation,  to  the Registrant's auditors and the audit
     committee  of  Registrant's  board  of directors (or persons performing the
     equivalent  functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which  could  adversely  affect  the Registrant's ability to
          record,  process,  summarize  and  report  financial  data  and  have
          identified  for  the  Registrant's auditors any material weaknesses in
          internal  controls;  and

     b)   any  fraud, whether or not material, that involves management or other
          employees  who  have  a  significant role in the Registrant's internal
          controls;  and

(6)  The  Registrant's  other  certifying  officers and I have indicated in this
     quarterly  report


                                       14

<PAGE>

     whether  or  not  there were significant changes in internal controls or in
     other facts that could significantly affect internal controls subsequent to
     the  date  of  our most recent evaluation, including any corrective actions
     with  regard  to  significant  deficiencies  and  material  weaknesses.

                                   /s/ Russell R. Roth
Date:  November 14, 2002           ___________________________________
                                   (Signature)
                                   President, Secretary and Treasurer
                                   Chief Executive Officer and
                                   Chief Financial Officer




                                       15