<TABLE> <S> <C>

<PAGE>

<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF GREATE BAY CASINO CORPORATION AND
SUBSIDIARIES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<CIK>     0000030117
<NAME>    GREATE BAY CASINO CORPORATION
<MULTIPLIER> 1,000

<S>                             <C>                     <C>
<PERIOD-TYPE>                   3-MOS                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1999             DEC-31-1999
<PERIOD-START>                             JUL-01-1999             JAN-01-1999
<PERIOD-END>                               SEP-30-1999             SEP-30-1999
<CASH>                                           5,061                   5,061
<SECURITIES>                                         0                       0
<RECEIVABLES>                                      359                     359
<ALLOWANCES>                                         0                       0
<INVENTORY>                                        586                     586
<CURRENT-ASSETS>                                 7,993                   7,993
<PP&E>                                             753                     753
<DEPRECIATION>                                     395                     395
<TOTAL-ASSETS>                                  10,440                  10,440
<CURRENT-LIABILITIES>                           10,860                  10,860
<BONDS>                                         39,020                  39,020
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                           519                     519
<OTHER-SE>                                    (39,959)                (39,959)
<TOTAL-LIABILITY-AND-EQUITY>                    10,440                  10,440
<SALES>                                              0                       0
<TOTAL-REVENUES>                                 1,587                   5,677
<CGS>                                              462                   2,277
<TOTAL-COSTS>                                      994                   2,328
<OTHER-EXPENSES>                                   562                (86,282)
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                               1,467                   8,105
<INCOME-PRETAX>                                (1,898)                  79,249
<INCOME-TAX>                                        36                      63
<INCOME-CONTINUING>                            (1,934)                  79,186
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                   (1,934)                  79,186
<EPS-BASIC>                                      (.37)                   15.27
<EPS-DILUTED>                                    (.37)                   15.27


</TABLE>