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, 1997

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

         For the transition period from                       to

Commission File Number 33-55254-37

                      NORAM GAMING AND ENTERTAINMENT, INC.
        (Exact name of Small Business Issuer as specified in its charter)

                          Nevada                         87-0485316
     (State or other jurisdiction of                 (IRS Employer
                      incorporation )              Identification No.)

             THREE CANTON SQUARE
                TOLEDO, OHIO                         43624
--------------------------------------------    ----------------
 (Address of principal executive offices)       (Zip Code)

Issuer's telephone number, including area code: (419) 255-1515

Indicate by a check mark  whether the issuer (1) has filed all reports  required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the issuer was required
to file such reports),  and (2) has been subject to such filing requirements for
the past 90 days [X] Yes [] No

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.

             Class                          Outstanding as of April 11, 1997
------------------------------------      ------------------------------------
$.001 par value Class A Common Stock               13,628,500 shares


<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1.       Financial Statements.

BASIS OF PRESENTATION

General

     The  accompanying  unaudited  financial  statements  have been  prepared in
accordance with the instructions to Form 10-QSB and,  therefore,  do not include
all information and footnotes necessary for a complete presentation of financial
position,  results of  operations,  cash  flows,  and  stockholders'  deficit in
conformity  with generally  accepted  accounting  principles.  In the opinion of
management,  all adjustments considered necessary for a fair presentation of the
results of  operations  and  financial  position have been included and all such
adjustments are of a normal recurring  nature.  Operating  results for the three
months ended March 31, 1997, are not necessarily  indicative of the results that
can be expected for the year ending December 31, 1997.

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations.

LIQUIDITY AND CAPITAL RESOURCES

     As of March 31, 1997,  the Company had $144,167 cash in the bank.  There is
no certainty that the Company can meet its current financial commitments.

     The  Company is a  development  stage  Company  engaged  in the  leasing of
facilities to charities that conduct bingo operations.

     Net loss was  $(504,661) for the three months ended March 31, 1997 compared
with net  income of  $23,423  for the same  period  in 1996.  All  increases  in
revenues  and cost of sales  for 1997  can be  attributed  to the fact  that the
Company had more  facilities in operation than in 1996. Net revenue was $334,912
for the three months ended March 31, 1997  compared  with  $219,135 for the same
period in 1996 for an increase of 53%.  Cost of sales for the three months ended
March 31, 1997 were $61,574  compared to $47,202 for the same period in 1996 for
an increase of 30%.

     General and  administrative  expenses  were  $206,409  for the three months
ended  March 31, 1997  compared  to $132,079  for the same period in 1996 for an
increase of 56%.  Depreciation and amortization expense was $7,722 for the three
months ended March 31, 1997  compared to $11,008 for the same period in 1996 for
a decrease of 30%.  Interest  expense for the three  months ended March 31, 1997
was $4,300 compared to $5,423 for the same period in 1996 for a decrease of 10%.




<PAGE>



     During the three  months  ended March 31, 1997 the Company  issued  938,500
shares of its  common  stock for  consulting  services  valued  at  $558,968  in
connection  with the  development  of new  overseas  markets  for the  Company's
services.

     For the three  months  ended  March 31,  1997 the Company had a net loss of
$(574,646)  and its subsidiary  had net income of $69,985 for  consolidated  net
loss of  $(504,661).  For the three  months  ended March 31, 1996 the entire net
income of $23,423 belonged to the subsidiary.

     At March 31, 1997 the  Company's  assets  were $8,195 and the  subsidiary's
assets were $291,655 for total consolidated  assets of $299,850.  Liabilities at
March 31, 1997 were $337,557 for the Company and $187,562 for the subsidiary for
total consolidated liabilities of $525,119.

                           PART II - OTHER INFORMATION

Item 6.       Exhibits and Reports on Form 8-K

     (a) Exhibits
         27 Financial Data Schedule
         99-1 Financial Statements as of March 31, 1997

     (b) Reports on Form 8-K
          none

<PAGE>



                                   SIGNATURES

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

                                       NORAM GAMING AND ENTERTAINMENT, INC.



DATED: May 15, 1997                    /S/ George C. Zilba
      -------------------------        -------------------
                                        George C. Zilba, President and Director



<PAGE>



               NORAM GAMING AND ENTERTAINMENT, INC. AND SUBSIDIARY
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                           March 31,
                                                                                             1997
                                                                                    ----------------------
ASSETS
     CURRENT ASSETS
<S>                                                                                 <C>                   
         Cash                                                                       $              144,167
         Prepaid expenses                                                                           16,867
         Inventory                                                                                  16,412
                                                                                    ----------------------
                                                            TOTAL CURRENT ASSETS                   177,446

     PROPERTY AND EQUIPMENT                                                                        115,852

     OTHER ASSETS
         Security deposits                                                                           6,552
                                                                                    ----------------------
                                                                                    $              299,850
                                                                                    ======================

LIABILITIES & (DEFICIT)
     CURRENT LIABILITIES
         Accounts payable                                                           $               23,022
         Bridge loans                                                                              215,000
         Current portion of long-term debt                                                           4,181
         Accrued expenses                                                                           40,234
         Accrued expenses - related parties                                                        191,400
                                                                                    ----------------------
                                                       TOTAL CURRENT LIABILITIES                   473,837

     LONG-TERM DEBT                                                                                 51,282
                                                               TOTAL LIABILITIES                   525,119

     STOCKHOLDERS' (DEFICIT) Common Stock $.001 par value:
              Authorized - 25,000,000 shares
              Issued and outstanding 13,578,500 shares                                              13,578
         Additional paid-in capital                                                                733,593
         Deficit accumulated during the development stage                                         (972,440)
                                                                                    -----------------------
                                                     TOTAL STOCKHOLDERS' DEFICIT                  (225,269)
                                                                                    ----------------------
                                                                                    $              299,850
                                                                                    ======================
</TABLE>

<PAGE>
               NORAM GAMING AND ENTERTAINMENT, INC. AND SUBSIDIARY
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                             3/14/90
                                                                              Three months ended            (Date of
                                                                                   March 31,               inception)
                                                                              1997           1996          to 3/31/97
                                                                         -------------  -------------   -----------------
<S>                                                                      <C>            <C>             <C>              
Net Sales                                                                $     334,912  $     219,135   $       1,942,128
Cost of sales                                                                   61,574         47,202             553,982
                                                                         -------------  -------------   -----------------
                                                           GROSS PROFIT        273,338        171,933           1,388,146

General and Administrative expenses                                            206,409        132,079           1,595,682
Depreciation and amortization                                                    7,722         11,008              71,464
Interest expense                                                                 4,900          5,423              59,868
                                                                         -------------  -------------   -----------------
                                                                               219,031        148,510           1,727,014
                                                                         -------------  -------------   -----------------
                                         NET INCOME (LOSS) BEFORE OTHER         54,307         23,423            (338,868)

Stock issued for consulting services                                          (558,968)             0            (558,968)
Termination of facility lease                                                        0              0             (74,604)
                                                                         -------------  -------------   -----------------
                                                      NET INCOME (LOSS)
                                                    BEFORE INCOME TAXES       (504,661)        23,423            (972,440)

INCOME TAX (BENEFIT)                                                                 0              0                   0
                                                                         -------------  -------------   -----------------

                                                      NET INCOME (LOSS)  $    (504,661) $      23,423   $        (972,440)
                                                                         ============== =============   ==================

Net income (loss) per weighted average share                             $        (.04) $         .00
                                                                         ============== =============

Weighted average number of common shares used to
   compute net income (loss) per weighted average share                     13,124,483     12,500,000
                                                                         =============  =============
</TABLE>




<PAGE>
               NORAM GAMING AND ENTERTAINMENT, INC. AND SUBSIDIARY
                          (A Development Stage Company)
      CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                                      Deficit
                                                                                                                    Accumulated
                                                  Common Stock               Additional            Stock              During
                                                 Par Value $.001               Paid-in         Subscription         Development
                                              Shares         Amount            Capital          Receivable             Stage
                                          -------------   -------------  -----------------   -----------------  ------------------
<S>                                       <C>             <C>            <C>                 <C>                <C>               
Balances at 3/14/90 (Date of inception)               0   $           0  $               0   $               0  $                0
   Issuance of common stock (restricted)
     at $.001 per share at 3/14/90            1,000,000           1,000                                 (1,000)
   Net income for period                                                                                                         0
                                          -------------   -------------  -----------------   -----------------  ------------------

Balances at 12/31/90                          1,000,000           1,000                  0              (1,000)                  0
   Cash received for stock subscription                                                                  1,000
   Net loss for year                                                                                                        (1,000)
                                          -------------   -------------  -----------------   -----------------  ------------------

Balances at 12/31/91                          1,000,000           1,000                  0                   0              (1,000)
   Net income for year                                                                                                           0
                                          -------------   -------------  -----------------   -----------------  ------------------

Balances at 12/31/92                          1,000,000           1,000                  0                   0              (1,000)
   Net income for year                                                                                                           0
                                          -------------   -------------  -----------------   -----------------  ------------------

Balances at 12/31/93                          1,000,000           1,000                  0                   0              (1,000)
   Issuance of common stock (restricted)
     for subsidiary at $.001 per share*      10,000,000          10,000             27,063
Net income for year                                                                                                          9,537
                                          -------------   -------------  -----------------   -----------------  ------------------

Balances at 12/31/94                         11,000,000          11,000             27,063                   0               8,537
   Sale of common stock (Regulation S)
     at $.10 per share at 8/30/95             1,500,000           1,500            148,500
   Net loss for year                                                                                                      (347,339)
                                          -------------   -------------  -----------------   -----------------  ------------------

Balances at 12/31/95                         12,500,000          12,500            175,563                   0            (338,802)
   Issuance of common stock (restricted)
     at $.001 per share for services at
     7/9/96                                     140,000             140
   Net loss for year                                                                                                      (128,977)
                                          -------------   -------------  -----------------   -----------------  ------------------

Balances at 12/31/96                         12,640,000          12,640            175,563                   0            (467,779)
   Issuance of common stock at $.50
     per share for services at 1/27/97          460,000             460            229,540
   Issuance of common stock at $.6875
     per share for services at 3/19/97          478,500             478            328,490
   Net loss for period                                                                                                    (504,661)
                                          -------------   -------------  -----------------   -----------------  ------------------
Balances at 3/31/97                          13,578,500   $      13,578  $         733,593   $               0  $         (972,440)
                                          =============   =============  =================   =================  ===================
</TABLE>

   * Transaction  actually occurred July 10, 1995 but is reflected earlier under
the pooling-of-interests method of accounting.

<PAGE>
               NORAM GAMING AND ENTERTAINMENT, INC. AND SUBSIDIARY
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                                3/14/90
                                                                         Three months ended                    (Date of
                                                                              March 31,                       inception)
                                                                     1997                  1996               to 3/31/97
                                                              ------------------    -----------------     ----------------
OPERATING ACTIVITIES
<S>                                                           <C>                   <C>                   <C>              
   Net income (loss)                                          $         (504,661)   $          23,423     $       (972,440)
   Adjustments to reconcile net income (loss) to cash
     provided (used) by operating activities:
       Net book value of terminated lease                                      0                    0               69,605
       Stock issued for services and expenses                            558,968                    0              559,108
       Depreciation & amortization                                         7,722               11,008               84,700
   Changes in assets and liabilities:
       Inventory                                                           5,143                1,100              (16,412)
       Prepaid expenses                                                   (6,110)             (18,216)             (16,867)
       Accounts payable                                                   (4,724)             (24,553)              23,022
       Accrued expenses                                                   (1,142)              19,351              231,634
                                                              -------------------   -----------------     ----------------
                                 NET CASH PROVIDED (USED) BY
                                        OPERATING ACTIVITIES              55,196               12,113              (37,650)

INVESTING ACTIVITIES
   Purchase of property and equipment                                     (3,100)              (5,070)            (234,204)
   Security deposits                                                           0                    0               (6,552)
                                                              ------------------    -----------------     -----------------
                                            NET CASH USED BY
                                        INVESTING ACTIVITIES              (3,100)              (5,070)            (240,756)

FINANCING ACTIVITIES
   Proceeds from sale of common stock                                          0                    0              188,063
   Loan proceeds                                                          44,000                5,000              259,000
   Loan repayments                                                        (1,007)                (911)             (24,490)
                                                              -------------------   ------------------    -----------------
                                        NET CASH PROVIDED BY
                                        FINANCING ACTIVITIES              42,993                4,089              422,573
                                                              ------------------    -----------------     ----------------

                                            INCREASE IN CASH
                                        AND CASH EQUIVALENTS              95,089               11,132              144,167

Cash and cash equivalents at beginning of period                          49,078               25,517                    0
                                                              ------------------    -----------------     ----------------

                                CASH AND CASH EQUIVALENTS AT
                                               END OF PERIOD  $          144,167    $          36,649     $        144,167
                                                              ==================    =================     ================

SUPPLEMENTAL INFORMATION Cash paid for:
     Interest                                                 $              304    $           1,223     $         31,785
                                                              ==================    =================     ================
</TABLE>