UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                  FORM 10-QSB


[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
    OF 1934
For the quarterly period ended September 30, 2007

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from       to

Commission File No. 000-05474

              NORTH AMERICAN GAMING AND ENTERTAINMENT CORPORATION

                    Delaware                           75-2571032
               -------------------------    -----------------------
       (State or other jurisdiction of     (IRS Employer Identification No.)
       incorporation or organization)

                   3300 Oak Lawn Avenue, Dallas, Texas 75219
    ----------------------------------------------------------------------
                   (Address of principal executive offices)

                                (972) 671-1133
                          --------------------------
                          (Issuer's telephone number)

Check  whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the  Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
                         [X] YES    [ ] NO

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act.
                         [X]    YES  [ ] NO

                 APPLICABLE TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether  the  registrant  filed  all documents and reports required to be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.
                 	  [ ]   YES  [ ] NO

                     APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of  each  of  the  issuer's  classes  of
common  equity,  as  of  the  latest  practicable  date:  September  30,  2007:
24,216,058

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

<PAGE>

<TABLE>
<CAPTION>

<S>							<C>		<C>
NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
BALANCE SHEETS (UNAUDITED)
                                                    September 30,  December 31,
                                                        2007          2006
                                            	     (UNAUDITED)
						      ---------	    ---------
ASSETS
Current assets:

Cash                                                  $   1,990     $	  784
Interest receivable                                      42,567        33,590
						      ---------	    ---------
Total current assets                                     44,557        33,590

Property and equipment, net of
   accumulated deprecation				  1,662         2,831
Note receivable                                         133,000       133,000
						      ---------	    ---------

Total assets                                          $ 179,219     $ 170,205
						      =========	    =========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Notes payable                                         $ 544,845     $ 419,704
Accounts payable and accrued liabilities                115,853        96,037
Preferred stock dividends payable                        15,003        15,003
						      ---------	    ---------
Total current liabilities                               675,701       530,744
						      ---------	    ---------
Commitments and contingencies

Stockholders' Deficit:

Common stock, $.01 par value, 100,000,000 shares
   authorized, 41,788,552 shares issued                 417,886       417,886
Additional paid-in capital                              517,214       517,214
Treasury stock, 17,572,494 shares, at cost             (489,258)     (489,258)
Accumulated deficit                                    (942,324)     (806,381)
						      ---------	    ---------
Total stockholders' deficit                            (496,482)     (360,539)
						      ---------	    ---------
Total liabilities and stockholders' deficit           $ 179,219     $ 170,205
						      =========	    =========

                                       1
   The accompanying notes are an integral part of the financial statements.

</TABLE>


<PAGE>


<TABLE>
<CAPTION>

<S>						<C>					<C>
NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
STATEMENTS OF OPERATIONS (UNAUDITED)

                                                      THREE MONTHS                       NINE MONTHS
                                                   ENDED SEPTEMBER 30,               ENDED SEPTEMBER 30,
					      ---------------------------	----------------------------
                                                   2007          2006                2007          2006
					      -----------    ------------	------------	------------
Costs and expenses:

General and administrative expenses           $    34,138    $     37,996      	$    111,871  	$    103,391
					      -----------    ------------	------------	------------
Operating loss                                    (34,138)        (37,996)          (111,871)       (103,391)

Interest expense                                  (11,688)         (8,053)           (33,049)        (22,419)
Interest income                                     2,992           2,993              8,977           8,979
					      -----------    ------------	------------	------------
Loss before provision
 for income taxes                                 (42,834)        (43,056)          (135,943)       (116,831)

Provision for income taxes                              -               -                  -               -
					      -----------    ------------	------------	------------
Net loss                                      $   (42,834)   $    (43,056)   	$   (135,943)   $   (116,831)
					      ===========    ============	============	============
Basic loss per share                                    *               *                  *               *
					      ===========    ============	============	============
Basic weighted average shares outstanding      24,216,058      24,216,058         24,216,058      24,216,058
					      ===========    ============	============	============

*Less than $.005 per share
                                       2
   The accompanying notes are an integral part of the financial statements.
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

<S>						<C>			<C>
NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
STATEMENTS OF CASH FLOWS (UNAUDITED)
                                               Nine Months Ended September 30,
					       ------------------------------
                                                    2007           2006
					         ----------	----------

Cash Flows From Operating Activities:
Net loss                                         $ (135,943)	$ (116,831)
Adjustments to reconcile net loss to net
   cash used in operating activities:
      Depreciation expense                            1,169            974
Changes in operating assets and liabilities:
   Increase in interest receivable                   (8,977)        (8,979)
   Increase in accounts payable and
      accrued liabilities  			     32,457         39,428
					         ----------	----------
Net Cash Used In Operating Activities              (111,294)       (85,408)
					         ----------	----------
Net Cash From Investing Activities:
   Purchase of furniture and fixtures                     0         (1,062)
					         ----------	----------
Net Cash Used in Investing Activities                     0         (1,062)

Cash Flows From Financing Activities:
   Borrowings under note payable                    112,500         89,992
   Payments on notes payable                              0         (3,000)
					         ----------	----------
Net Cash Provided By Financing Activities           112,500         86,992

Net Increase In Cash                                  1,206            522

Cash, beginning of period                               784          2,504
					         ----------	----------
Cash, end of period                              $    1,990	$    3,026
						 ==========	==========
Cash paid during the period for:
   Interest                                      $    7,030	$   11,899
						 ==========	==========



</TABLE>

                                       3
   The accompanying notes are an integral part of the financial statements.


<PAGE>
NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2007

1.  OPINION OF MANAGEMENT

The  preceding  financial information has been prepared by the Company pursuant
to the rules and  regulations of the Securities and Exchange Commission ("SEC")
and,  in  the opinion  of  the  Company,  includes  all  normal  and  recurring
adjustments necessary for a fair statement of the results of each period shown.
Certain information and footnote disclosures normally included in the financial
statements prepared in accordance with generally accepted accounting principles
have been condensed  or  omitted  pursuant  to  SEC rules and regulations.  The
Company believes that the disclosures made are adequate to make the information
presented not misleading.

Results  for  the  nine  months ended September 30, 2007  are  not  necessarily
indicative of the results to be realized during the full year.  These financial
statements should be read  in  conjunction  with the Company's Annual Report on
Form 10-KSB for the year ended December 31, 2006.

The  accompanying financial statements have been  prepared  assuming  that  the
Company  will  continue as a going concern.  However, the Company currently has
no sources of revenue or cash flow.  Management plans to continue operating the
business and pursue various business, investment and financing opportunities.

2.  NOTE RECEIVABLE

In March 2004, the  Company  entered into a loan agreement with US Daylighting,
L.L.C. (Daylighting).  Under the terms of the Note, the Company is to initially
advance up to $150,000 to Daylighting,  with  interest  due monthly at 9%.  The
Company may advance an additional $150,000 and has the option  to  convert  the
total  of all advances ($300,000) into a 25% interest in Daylighting.  Advances
under the  note  are due within six months of demand being made by the Company,
and the note is in  default  as  of September 30, 2007.  The note is secured by
various membership interests of Daylighting.   As  of  September  30, 2007, the
Company has advanced $133,000 under this note, and accrued interest  receivable
on  this  note  is $42,567 as of September 30, 2007.  No allowance for doubtful
accounts is considered  necessary,  due  to  the  terms  of the note payable to
related party, discussed in Note 3.

3.  NOTES PAYABLE

In May 2004, the Company issued a 12% promissory note to an  unrelated party in
the amount of $110,000.  The note is unsecured, and guaranteed by an officer of
the Company.  The note has been renewed repeatedly and is now  due February 18,
2008.   As of September 30, 2007, the balance of the note is $114,634.  At each
renewal  date,  the  renewal amount has included the outstanding principal  and
accrued interest payable.

                                       4

NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2007


3.  NOTES PAYABLE (Continued)

In July 2004, the Company issued an 8% promissory note to a related party.  The
note has been renewed  repeatedly  and  is  now  due  December 31, 2007.  As of
September  30,  2007,  the  balance  of  the  note is $417,512.   The  note  is
collateralized by the note receivable from Daylighting.  Under the terms of the
current renewal, the related party lender's sole  remedy  for  collection is to
foreclose  the  collateral  note receivable from Daylighting and seek  recovery
from Daylighting.  The related party lender also agreed it had no claim against
the Company for any deficiency  in  the collection, by the Company, of the note
receivable from Daylighting.  Interest  expense  on the note payable to related
party was $7,920 and $4,684 for the nine months ended  September  30,  2007 and
2006, respectively.

Other  notes payable in the amount of $12,700 at September 30, 2007 consist  of
amounts  due to former preferred stockholders of the Company.  Those notes bear
interest at  9%  and  were payable in 2001.  The notes are unsecured and are in
default at September 30, 2007.

4.  NEW ACCOUNTING PRONOUNCEMENTS

In September 2006, the  Financial  Accounting  Standards  Board  (FASB)  issued
Statement  of  Financial  Accounting  Standards  (SFAS)  No.  157,  "Fair Value
Measurements".   The statement defines fair value, establishes a framework  for
measuring fair value,  expands  disclosures  about  fair value measurements and
does not require any new fair value measurements. SFAS No. 157 is effective for
fiscal years beginning after November 15, 2007. We are currently evaluating the
impact  of  the  adoption  of SFAS  No. 157  on  our  consolidated  results  of
operations and financial condition.

In  February 2007,  the FASB issued SFAS No. 159, "The Fair  Value  Option  for
Financial Assets and  Financial  Liabilities". SFAS No. 159 permits entities to
choose to measure many financial instruments  and  certain  other items at fair
value  that  are  not  currently  required to be measured at fair  value.  SFAS
No. 197 is effective for fiscal years beginning after November 15, 2007. We are
currently  evaluating  the  impact of  the  adoption  of SFAS  No. 159  on  our
consolidated results of operations and financial condition.


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

LIQUIDITY AND CAPITAL RESOURCES

General: Until August 20, 2001,  the  Company  was  engaged in the video gaming
business  through  its partial ownership of three operating  companies.   These
companies operated video  poker  machines  located in truck stops in Louisiana.
Effective August 20, 2001, the Company sold its interests in these companies.
                                       5
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)

General Condition.  The Company ended the quarter  with $1,990 in cash, $42,567
in  accrued interest receivable, $1,662 in furniture  and  fixtures  (net)  and
$133,000 in note receivable.  Total liabilities, all of which are current, were
$675,701  at  September  30,  2007  and consist of accounts payable and accrued
liabilities  of  $122,291,  notes  payable  of  $538,407  and  preferred  stock
dividends payable of $15,003.  The Company's current liabilities increased from
$530,744 at December 31, 2006.  This  increase was due primarily to an increase
in unpaid accrued interest and additional borrowings from a related party.

Plan of Operations

Our independent accountants  have expressed substantial doubt about our ability
to continue as a going concern.

Effective August 20, 2001, the Company  sold  its  interests  in  video  gaming
business for cash and notes receivable. During 2003, the Company sold the notes
receivable  for  cash.  As  a result, the Company has no on-going operations or
revenues.  The  Company's  plan   is  to  continue  exploring  for  acquisition
opportunities  and the financing required  to  buy  and  support  an  operating
business. There  is no assurance that we will be able to do so, and during 2007
we will have to continue  to  rely on advances from management and shareholders
to pay our basic level of operating expense.

On July 17, 2007, the Registrant  received all signatures and deposits required
to make effective that certain Agreement  Concerning  the  Exchange  of  Common
Stock between the Registrant, Shaanxi Chang Jiang Si You Neng Yuan Fa Zhnag  Gu
Feng  You  Xiang Gong Si ("Chiang Jiang"), and the shareholders of Chiang Jiang
(the "Agreement"),  pursuant  to  which  the Registrant will acquire 80% of the
outstanding shares of Chiang Jiang through  the  acquisition  of  100%  of  the
outstanding  shares of the indirect parent of Chiang Jiang, in exchange for the
issuance by the  registrant  to  the  shareholders  of  Chiang Jiang of 500,000
shares of Series C Convertible Preferred Stock ("Series C  Preferred")  of  the
Registrant  (the  "Exchange"). The Series C shares will be reduced by an amount
sufficient to issue  4,500,000  shares  of  common  stock  to  Capital Advisory
Services, Inc. for its consulting services in connection with the  acquisition.
In  connection  with  the Exchange, Chiang Jiang will deliver $370,000  to  the
Registrant and certain non-affiliates of the Registrant will transfer to Chiang
Jiang or its designee a  total  of  3,800,000 shares of Common Stock, par value
$0.01 per share ("Common Stock"), of  the  Registrant  which  had been held for
longer than 2 years by such non-affiliates, in exchange for the issuance by the
Registrant  to each such non-affiliate of 2,250,000 shares of Common  Stock  of
the Registrant.   The  date of the original agreement was May 30, 2007, amended
to  July  5,  2007, but in  all  respects  subject  to  signatures,  regulatory
approvals in China  and  deposits  with  Chiang  Jiang's  attorneys, which were
completed  on  July  17,  2007.   Closing  of  the  Agreement will  occur  upon
satisfaction of all conditions, including due diligence  and  completion of the
audit of Chiang Jiang's financial statements.

As  a  result  of the Exchange pursuant to the Agreement described  above,  the
Registrant will  experience  a  change  in control.  The shareholders of Chiang
Jiang, through their ownership of 500,000  shares  of the Registrant's Series C
Preferred, will control the Registrant, as each share  of  Series  C  Preferred
carries with it the right to vote and convert into 1,218 shares of Common Stock
of  the Registrant, which, upon voting or conversion of all shares of Series  C
Preferred,  will  equal at least 96% of the total issued and outstanding Common
Stock of the Registrant on a fully diluted basis.

Comparison of the nine months  ended  September  30,  2007,  to the nine months
ended September 30, 2006.

Operating Expense

The Company recorded an operating loss of $135,943, comprised  of  general  and
administrative  costs during the nine months ended September 30, 2007, compared
to an operating loss  of  $116,831 also comprised of general and administrative
costs for the nine months ended  September  30, 2006.  The increase in the loss
from operations for the nine months ended September 30, 2007 as compared to the
loss  from  operations for the nine months ended  September  30,  2006  is  due
primarily to  acceleration  in timing and related accrual of our external audit
and an increase in legal fees  during  the nine months ended September 30, 2007
as compared to last year.

Interest Expense

The Company incurred interest expense of  $33,049  for  the  nine  months ended
September 30, 2007, compared to $22,419 for the nine months ended September 30,
2006.   The  increase in interest expense is due to additional borrowings  from
related and unrelated parties.

Interest Income

The Company recorded  interest  income  of  $8,977  for  the  nine months ended
September  30,  2007,  related  to  interest income on the convertible  secured
promissory note with U.S. Daylighting,  L.L.C.,  compared to interest income of
$8,979 for the nine months ended September 30, 2006.

ITEM 3.  CONTROLS AND PROCEDURES

a)  Within the 90-day period prior to the date of  this  report, we carried out
   an  evaluation,  under  the  supervision and with the participation  of  our
   management,  including  the Chief  Executive  Officer  and  Chief  Financial
   Officer, of the effectiveness  of the design and operation of our disclosure
   controls and procedures pursuant  to  Rule 13a-14 of the Securities Exchange
   Act of 1934 (the "Exchange Act"). Based  upon  that  evaluation,  the  Chief
   Executive  officer and Chief Financial Officer concluded that our disclosure
   controls and  procedures  are  effective in timely alerting them to material
   information relating to the Company  required to be included in our Exchange
   Act  filings.   The two Executive Officers  responsible  for  the  financial
   reporting and disclosure  are  in direct control of the books and records of
   the Company and are involved first-hand  in  the decision making process for
   material transactions.

b)  There have been no significant changes in our internal controls or in other
   factors, which could significantly affect internal  controls  subsequent  to
   the date we carried out our evaluation.


                                       7



Forward Looking Statements

Certain   statements  contained  in  this  Report  on  Form  10-QSB,  including
statements  of  the  Company's  current  expectations,  intentions,  plans  and
beliefs,   and  statements  containing  the  words  "believes",  "anticipates,"
"estimates," "expects," or "may," are forward-looking statements, as defined in
Section 21D  of  the  Securities  Exchange  Act  of 1934.  Such forward-looking
statements  involve  known and unknown risk, uncertainties  and  other  factors
which may cause the actual  results, performance, timing or achievements of the
Company to be materially different  from  any  results,  performance, timing or
achievements expressed or implied by such forward-looking statements.


                                       8



PART II - OTHER INFORMATION

Items 1 through 5 not applicable.

ITEM 6.    EXHIBITS

(a)   Exhibits required to be filed by Item 601 of Regulation S-B:

1.1    Certification of Chief Executive Officer and Chief Financial Officer
       Under Section 302
      of the Sarbanes-Oxley Act of 2002

32.1  Certification pursuant to 18 U.S.C. Section 1350, as  adopted pursuant to
      Section 906 of the Sarbanes-Oxley Act of 2002.

                                       9

                                  SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange  Act of 1934,
the  Company  has  duly  caused  this report to be signed on its behalf by  the
undersigned, thereunto duly authorized.

                                         NORTH AMERICAN GAMING AND
                                         ENTERTAINMENT CORPORATION


November 14, 2007
                                        /s/ E. H. Hawes, II, President
                                        ------------------------------
                                        E. H. Hawes,  II,  President
                                        and Chief Executive Officer
                                        (Principal Executive Officer
                                        and Principal Financial and
                                        Accounting Officer)




					10