SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                _________________

                                  FORM 10-KSB

(Mark One)

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934

For the fiscal year ended June 30, 2000

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 0-22450

                           COUNTRY WORLD CASINOS, INC.
                (Name of Small Business Issuer in its charter)

            Nevada                                   13-3140389
(State or Other Jurisdiction of                (IRS Employer Identification
 Incorporation or Organization)                 Number)


         200 Monument Road, Suite 9, Bala Cynwyd, Pennsylvania 19004
             (Address of Principal Executive Offices)(Zip Code)

Issuer's Telephone Number, Including Area Code: (610) 617-9990

Securities registered pursuant to Section 12(b) of the Exchange Act: None

Securities registered pursuant to Section 12(g) of the Exchange Act:

                         $.001 Par Value Common Stock
                              (Title of Class)

<PAGE>

     Check whether the issuer: (1) has filed all reports required to be filed
by Section 13 or 15 (d) of the Exchange Act during the past 12 months (or 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.

                           Yes   X        No

     Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B contained in this form, and no disclosure will be
contained, to the best of the Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-KSB.

     State the issuer's revenues for its most recent fiscal year. $ None

     The aggregate market value of the approximately 59,981,687 shares of the
Company's voting stock held by non-affiliates, computed at the average bid and
asked prices of such stock in the over-the-counter market, as quoted on the
Electronic Bulletin Board on September 20, 2000 was approximately $1,199,634.

Issuers Involved in Bankruptcy Proceedings During the Past Five Years

     Check whether the issuer has filed all documents and reports to be filed
by Section 12, 13 or 5(d) of the Exchange Act of the distribution of
securities under a plan confirmed by a court.

                           Yes   X        No

     Indicate the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: At September 30, 2000,
there were outstanding 61,581,687 shares of the issuer's Common Stock, par
value $.001.

<PAGE>

                                 PART I
                        Description of Business
Item 1
General Development of Business

     Country World Casinos, Inc., the Registrant (the "Company" or "Country
World") was incorporated on November 9, 1982 under the name, Innovative
Medical Technology, Inc.  The Company was organized to engage in the medical
industry.  The Company effected a public offering in 1983.  The Company was
essentially inactive until 1990 when it undertook the manufacturing of
monolithic composite panels for use in the construction of semi-truck
trailers, shipping containers and industrial buildings.  The Company
discontinued this business in September 1992.

     In 1993, the Company changed the focus of its planned business operations
to the construction of a large, full service, first class casino in Black
Hawk, Colorado.  In August 1993, the Company completed the acquisition of
certain real property located in Black Hawk, Colorado known as Mill Sites 12
and 13, and the Smith Lode Mining Claim, U.S. Survey No. 502 (the
"Property").  Since the Company's purchase of the Property in August 1993, the
Company's activities have focused on obtaining the necessary financing and
making preparations for construction of the casino on the Property.  Despite
commitments made by various parties throughout 1997 and 1998, none were able
to provide the required financing timely and all contracts to do so were
terminated prior to June 1999.

     In June 1999, the Company signed a Letter of Intent with Beverly
Hillbillies Gaming Company Inc. and Beverly Hillbillies Gaming Entertainment
LLC to enter into a joint venture to finalize development of and finance its
Black Hawk, Colorado Casino and Hotel project.

     Financing, financial advisory services and placement agent services would
have been provided by Westwood Capital, LLC of New York City, New York who is
an investment banking firm specializing in structured debt financing and
merger and acquisition transactions for companies in the financial services
and real estate industries.  Additionally, Westwood Capital provides project
and corporate financing for companies in the gaming and hospitality
industries.

     During September and October 1999, the Company completed final review of
an Admission and Operating Agreement securing the commitment of all parties to
bring the project to fruition.  Under the aforementioned agreements' terms,
Jethro's Black Hawk, LLC would have assumed all existing secured indebtedness
of the Company, begin making the required interest payments as of September
30, 1999, and make full payment of all such indebtedness by March 31, 2000.
As of March 31, 2000, the parties had not yet signed such agreements and no
debts were assumed as Beverly Hillbillies Gaming Entertainment LLC had
experienced problems in closing on its property for the Reno project.  The
Company had been advised, by Beverly Hillbillies Gaming that a resolve to
their Reno property issue has been delayed until at least July at which time
the companies will meet to establish a new schedule.  Additionally, they
advised that they and Westwood Capital remain committed to the project,
despite their Reno property acquisition delay.

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     As of July 31, 2000, the Company has had no further communications with
Beverly Hillbillies Gaming and it is assumed that all past and future hope for
this project with this group are terminated.  Despite the ongoing relationship
with Beverly Hillbillies Gaming throughout the year July 1999 to June 2000,
the Company continued to research other means of bringing the project to
fruition.  To that effect, in December 1999, the Company signed a short term
agreement with a Florida lending group to secure the necessary funds for the
project.  As of March 31, 2000, no results were attained for this source and
all agreements were terminated.

     In July 2000, the Company signed a memorandum of understanding with
Dartmouth General Capital Management, Ltd. (Dartmouth) to acquire certain
revenue producing assets, retire the outstanding debts of Country World and
provide $80 million in financing to finalize development of its Black Hawk,
Colorado casino and hotel project.

     Under the terms of the understanding, Dartmouth General will  assign to
Country World two income producing bond leases which generate approximately $7
million in revenue annually.  Additionally, Dartmouth General will provide
capital of approximately $14 million to pay the secured and unsecured debt of
the Company within 45 days.  Further, Dartmouth General will furnish and
supply Country World with five year interest free corporate bonds for an
aggregate of $80 million issued by Dartmouth Generale Equity Securities Trust
S.A., or its assigns, as securitization for the necessary financing to
finalize development and construct the casino/hotel complex.

     In exchange for Dartmouth General's contribution, Country World will
issue the balance of its authorized but unissued shares of common and
preferred Series B stock to Dartmouth General (approximately 13.4 and 3.9
million respectively) and company shareholders will contribute 6 million
shares of common stock and 500,000 shares of Series B preferred stock to
Dartmouth General.  With completion of the aforementioned transactions,
Dartmouth General will have acquired approximately 50.6% of the voting stock
of the Company.

     In March 2000, the Company was made aware of a listing problem with the
OTC Bulletin Board, due to the lack of an unqualified auditor's opinion letter
being a part of its June 30, 1999 10-KSB filing with the Securities and
Exchange Commission.  The Company's stock listing was moved to the pink sheets
effective April 4, 2000 as a market maker in the Company's stock filed for
listing accordingly.  The Company must remain a pink sheet listing for at
least 30 days, at which time if the Company's filings have been brought to an
acceptable level, can apply to be re-listed on the OTC Bulletin Board.

     In order to accomplish this task, the Company must pay its current
auditors a sum of approximately $55,000 for past services rendered and
contract with a new firm for which a $30,000 fee is required.  This process
will begin upon closing of an agreement with Dartmouth.

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     In March 2000, the Company's Chairman and CEO, Mr. Larry Berman resigned
his position citing a conflict of interest with regard to extensive loans made
to the Company, as well as personal issues.
     Although the Company is confident in the abilities of Dartmouth to
provide assets and financing to accomplish the aforementioned goals, there can
be no assurance that any of these items will be provided or completed
immediately or in the future.

     Black Hawk is a picturesque mountain town approximately 40 miles west of
Denver.  In the past year, July 1998 through June 1999, Black Hawk hosted
approximately 3 million visitors and generated over 60% of the state's gaming
revenues.  The Hotel Casino, on the northern most end of the Black Hawk gaming
district, will be in a most highly visible location as it is in a direct line
of site to all visitors approaching Black Hawk's Gregory Street intersection
on State Highway 119.   The Black Hawk and nearby Central City casino market
includes many small, privately held gaming facilities that the Company
believes offer limited amenities and are characterized by a shortage of
convenient on-site parking.  There are a few large facilities currently
operating with varying levels of services and amenities, as well as new
facilities planned.  The theme, hospitality, ample parking, modern hotel
accommodations and a full line of amenities, will set it apart from, and
should give it a competitive advantage over, the other casinos in the Black
Hawk/Central City market.

     The Hotel Casino complex will be designed and constructed pursuant to a
guaranteed maximum price agreement which is to be finalized prior to
construction.  The design and construction team consists of Semple Brown
Roberts, P.C., a Denver based architectural firm (the "Architect") and PCL
Construction Services, Inc., a multi-million dollar North American
construction firm with U.S. headquarters located in Denver.  The Architect is
the designer of Fitzgerald's Casino in Black Hawk, while the Contractor's
gaming credits include the MGM Grand Hotel Casino and Stratosphere Tower in
Las Vegas, Nevada, as well as the Chinook Winds Gaming and Convention Center
in Lincoln City, Oregon.

Colorado Gaming Regulations

     The State of Colorado created the Division of Gaming (the "Division")
within the Department of Revenue to license, implement, regulate and supervise
the conduct of limited gaming under the Colorado Limited Gaming Act and the
regulations promulgated thereunder (the "Colorado Gaming Act").  The Director
of the Division, under the supervision of a five-member Colorado Limited
Gaming Control Commission (the "Colorado Gaming Commission"), has been granted
broad power to ensure compliance with the Colorado Gaming Act.  The Director
may inspect, without notice, impound or remove any gaming device.  He may
examine and copy any licensee's records, may investigate the background and
conduct of licensees and their employees, and may bring disciplinary actions
against licensees and their employees.  He also may conduct detailed
background investigations of persons who loan money to the Company.

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     The Colorado Gaming Commission is empowered to issue five types of gaming
and gaming related licenses. The licenses are revocable and
non-transferrable.  The failure or inability of the Company or the Casino
Manager to obtain and maintain the necessary gaming licenses could prevent the
Company from operating the Casino and could have a material adverse effect on
the Company.  All persons employed by the Company and the Casino Manager and
involved, directly or indirectly, in gaming operations in Colorado also are
required to obtain a Colorado gaming license.  All licenses must be renewed
annually.

     The Company and its Officers will apply for their respective licenses at
the conclusion of financing to coincide with the start of construction.

     As a general rule, under the Colorado Gaming Act, it is a criminal
violation for any person to have a legal, beneficial, voting or equitable
interest, or right to receive profits, in more than three retail gaming
licenses in Colorado.  The Colorado Gaming Commission has ruled that a person
does not have an interest in a licensee for purposes of the multiple-license
prohibition if: (i) such person has less than a five percent (5%) interest in
an institutional investor which has an interest in a publicly traded licensee
or publicly traded company affiliated with a licensee (such as the Company);
(ii) a person has a five percent (5%) or more financial interest in an
institutional investor, but the institutional investor has less than a five
percent (5%) interest in a publicly traded licensee or publicly traded company
affiliated with a licensee; (iii) an institutional investor has less than a
five percent (5%) financial interest in a publicly traded licensee or publicly
traded company affiliated with a licensee;(iv) an institutional investor
possesses securities in a fiduciary capacity for another person, and does not
exercise voting control over five percent (5%) or more of the outstanding
voting securities of a publicly traded licensee or of a publicly traded
company affiliated with a licensee; (v) a registered broker or dealer retains
possession of securities of a publicly traded licensee or of a publicly traded
company affiliated with a licensee for its customers in street name or
otherwise, and exercises voting rights for less than five percent (5%) of the
publicly traded licensee's voting securities or of a publicly traded company
affiliated with a licensee; (vi) a registered broker or dealer acts as a
market maker for the stock of a publicly traded licensee or of a publicly
traded company affiliated with a licensee and possesses a voting interest in
less than five percent (5%) of the stock of the publicly traded licensee or of
a publicly traded company affiliated with a licensee; (vii) an underwriter is
holding securities of a publicly traded licensee or of a publicly traded
company affiliated with a licensee as part of an underwriting for no more than
90 days if it exercises voting rights of less than five percent (5%) of the
outstanding securities of a publicly traded licensee or of a publicly traded
company affiliated with a licensee; (viii) a stock clearinghouse holds voting
securities for third parties, if it exercises voting rights with respect to
less than five percent (5%) of the outstanding securities of a publicly traded
licensee or of a publicly traded company affiliated with a licensee; or (ix) a
person owns less than five percent (5%) of the voting securities of the
publicly traded licensee or publicly traded company affiliated with a
licensee. Hence, the Company's and its stockholders' business opportunities in
Colorado are limited to such interests that comply with the statute and
Commission's rule.

     Although attorneys for the Colorado legislature initially expressed
concern that the promulgation of the above-described regulation was beyond the

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Colorado Gaming Commission's statutory delegated authority, they appear to
have retreated from this position. Therefore, unless the Colorado legislature
repeals the regulation, it is likely that it will continue in effect.

     In addition, pursuant to the Colorado Gaming Act, no manufacturer or
distributor of slot machines may have an interest in any casino operator,
allow any of its officers to have such an interest, employ any person if such
person is employed by a casino operator, or allow any casino operator or
person with a substantial interest therein to have an interest in a
manufacturer's or distributor's business.  The Colorado Gaming Commission has
ruled that a person does not have a "substantial interest" if it directly or
indirectly has less than five percent (5%) of such voting securities of a
licensee.

     Under the Colorado Gaming Act, any person or entity having any direct or
indirect interest in a gaming licensee or an applicant for a gaming license,
including, but not limited to, the Company and stockholders of the Company,
maybe required to supply the Colorado Gaming Commission with substantial
information, including, but not limited to, background information, source of
funding information, a sworn statement that such person or entity is not
holding his interest for any other party, and finger prints. Such information,
investigation and licensing as an "associated person" automatically will be
required of all persons (other than certain institutional investors discussed
below) which directly or indirectly own ten percent (10%) or more of a direct
or indirect legal, beneficial or voting interest in the Company. Such persons
must report their interest and file appropriate applications within 45 days
after acquiring such interest.  Persons directly or indirectly having a five
percent (5%) or more interest (but less than 10%) in the Company, must report
their interest to the Colorado Gaming Commission within ten (10) days after
acquiring such interest and may be required to provide additional information
and to be found suitable.  If certain institutional investors provide certain
information to the Colorado Gaming Commission, such investors, at the Colorado
Gaming Commission's discretion, may be permitted to own up to 14.99% of the
Company, before being required to be found suitable.  All licensing and
investigation fees will have to be paid for by the person in question.

     The Colorado Gaming Commission also has the right to request information
from any person directly or indirectly interested in, or employed by, a
licensee, and to investigate the moral character, honesty, integrity, prior
activities, criminal record, reputation, habits and associations of (i) all
persons licensed pursuant to the Colorado Limited Gaming Act, (ii) all
officers, directors and stockholders of a licensed privately held corporation,
(iii) all officers, directors and stockholders holding either a five percent
(5%) or greater interest or a controlling interest in a licensed publicly
traded corporation, (iv) all general partners and all limited partners of a
licensed partnership, (v) all persons which have a relationship similar to
that of an officer, director or stockholder of a corporation (such as members
and managers of a limited liability company), (vi) all persons supplying
financing or loaning money to any licensee connected with the establishment or
operation of limited gaming, and (vii) all persons having a contract, lease or
ongoing financial or business arrangement with any licensee, where such
contract, lease or arrangement relates to limited gaming operations,
equipment, devices or premises.  For purposes of the Colorado Gaming Act, a
note secured by a deed of trust on casino property is considered a "lease."

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     In addition, under the Colorado Gaming Act regulations, every person who
is a party to a "gaming contract" with an applicant for a license, or with a
licensee, upon the request of the Colorado Gaming Commission or the Director,
promptly must provide to the Colorado Gaming Commission or Director all
information which may be requested concerning financial history, financial
holdings, real and personal property ownership, interests in other companies,
criminal history, personal history and associations, character, reputation in
the community, and all other information which might be relevant to a
determination whether a person would be suitable to be licensed by the
Colorado Gaming Commission.  Failure to provide all information requested
constitutes sufficient grounds for the Director or the Colorado Gaming
Commission to require a licensee or applicant to terminate its "gaming
contract" (as defined below) with any person who failed to provide the
information requested. In addition, the Director or the Colorado Gaming
Commission may require changes in "gaming contracts" before an application is
approved or participation in the contract is allowed.  A "gaming contract" is
defined as an agreement in which a person does business with or on the
premises of a licensed entity.

     An application for licensure or suitability may be denied for any cause
deemed reasonable by the Colorado Gaming Commission or the Director, as
appropriate. Specifically, the Colorado Gaming Commission and the Director
must deny a license to any applicant who (i) fails to prove by clear and
convincing evidence that the applicant is qualified; (ii) fails to provide
information and documentation requested; (iii) fails to reveal any fact
material to qualification, or supplies information which is untrue or
misleading as to a material fact pertaining to qualification; (iv) has been,
or has any director, officer, general partner, stockholder, limited partner or
other person who has a financial or equity interest in the applicant who has
been, convicted of certain crimes, including the service of a sentence upon
conviction of a felony in a correctional facility, city or county jail, or
community correctional facility or under the state board of parole or any
probation department within ten years prior to the date of the application,
gambling-related offenses, theft by deception or crimes involving fraud or
misrepresentation, is under current prosecution for such crimes (during the
pendency of which license determination may be deferred), is a career offender
or a member or associate of a career offender cartel, or is a professional
gambler; or (v) has refused to cooperate with any state or federal body
investigating organized crime, official corruption or gaming offenses.

     If the Colorado Gaming Commission determines that a person or entity is
unsuitable to own interests in the Company, then the Company may be
sanctioned, which may include the denial or revocation of the approvals and
licenses required to operate the Casino.

     The Colorado Gaming Commission does not need to approve in advance a
public offering of securities, but rather requires a filing of notice and
additional documents with regard to such public offering prior to such public
offering.  Under the regulations, the Colorado Gaming Commission may, in its
discretion, require additional information and prior approval of such public
offering.

     In addition, the Colorado Gaming Act regulations prohibit a licensee or
affiliated company thereof, such as the Company, from paying dividends,

                                   -8-
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interest or other remuneration to any unsuitable person, or recognizing the
exercise of any voting rights by any unsuitable person. Further, the Company
may repurchase the shares of anyone found unsuitable at the lesser of the cash
equivalent to the original investment in the Company or the current market
price. Further, the regulations require anyone with a material involvement
with a licensee, including a director or officer of a holding company, such as
the Company, to file for a finding of suitability if required by the Colorado
Gaming Commission.

     In addition to its authority to deny an application for a license or
suitability, the Colorado Gaming Commission has jurisdiction to disapprove a
change incorporate position of a licensee and may have such authority with
respect to any entity which is required to be found suitable by the Colorado
Gaming Commission. The Colorado Gaming Commission has the power to require the
Company to suspend or dismiss managers, officers, directors and other key
employees or sever relationships with other persons who refuse to file
appropriate applications or whom the authorities find unsuitable to act in
such capacities, and may have such power with respect to any entity which is
required to be found suitable.

     Once the Company obtains the required gaming licenses, a person or entity
will not be permitted to sell, lease, purchase, convey or acquire a
controlling interest in the Company without the prior approval of the Colorado
Gaming Commission, and the Company will be prohibited from selling any
interest in the Casino without the prior approval of the Colorado Gaming
Commission.

       The Casino may operate only between 8:00 am. to 2:00 am., and may
permit only individuals 21 years or older to gamble.  Only slot machines,
blackjack and poker, with a maximum single bet of $5.00, are permitted.  A
Colorado casino may not provide credit to its gaming patrons.  The Casino must
not exceed certain gaming square footage limits as a total of each floor and
the full building.

Other Regulations

     The sale of alcoholic beverages is subject to licensing, control and
regulation by the Colorado Liquor Agencies. All persons who directly or
indirectly own 10% or more of the Company must file applications and possibly
be investigated by the Colorado Liquor Agencies. The Colorado Liquor Agencies
also may investigate those persons who, directly or indirectly, loan money to
or have any financial interest in liquor licensees.  All licenses are
revocable and not transferable.  The Colorado Liquor Agencies have the full
power to limit, condition, suspend or revoke any such license and any such
disciplinary action could (and revocation would) have a material adverse
effect upon the operations of the Company.  No person with an interest in any
holder of a hotel and restaurant liquor license can have an interest in a
liquor licensee which holds anything other than a hotel and restaurant liquor
license, and specifically cannot have an interest in an entity which holds a
gaming tavern license.

     The Company's operations will be subject to a wide variety of other
federal, state and local laws and government regulations that could increase

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its costs of construction and its operating expenses.  Such regulations
include architectural and requirements, building codes, health and safety
laws, environmental laws, minimum wage and employment laws, and laws such as
the Americans With Disabilities Act that require public facilities such as the
Company's Hotel and Casino to be assessable and usable by people in wheel
chairs.

     Slot machines are the most popular gaming devices in Colorado, and the
Company expects that slot machines will be the greatest source of its gaming
revenues. Slot machines are less labor intensive and require less square
footage than table games, and also generate higher profit margins.  Slot
machines in Colorado permit play in denominations of nickels, quarters, half
dollars, dollars and five dollars.  Casinos are permitted to provide
"progressive jackpots" that increase with continued play at the designated
slot machines.  Slot machines come in both the mechanical spinning reels
variety and video slot machines.

     Twenty-five varieties of poker are authorized for play in Colorado
casinos.  Sixteen varieties of poker are "traditional" games in which the
players play against each other to win a "pot" built upon their own wagers.
These games include a variety of five-card draw, five-card and seven-card
stud, and "hold 'em" games. In those games, the casino takes a fee or "rake"
from each pot.  Nine other poker games the players play against the casino to
win payout.  The casino does not take a "rake" from the pot in those games,
but rather retains players' losses.

     Five varieties of blackjack or "21" are authorized for play in Colorado
casinos. Under Colorado rules, dealer must draw to hands of 16 or less and
must stand on hands of 17 or higher.  Players are allowed to split pairs,
double down (doubling the wager after seeing the first two cards, but drawing
not more than one additional card) and purchase "insurance".  An "insurance"
wager may be made when the dealer's face up card is an ace. The insurance
wager is up to 50% of the original wager and entitles the player to 2 to 1
payout if the dealer has a 10 or face card in the whole (a natural 21), but
the insurance wager is lost if the dealer's whole card has a value other than
10.

ITEM 2.  DESCRIPTION OF PROPERTY

     The Company's Property is located in the town of Black Hawk.  The town of
Black Hawk is part of the Central City and Black Hawk National historic
Landmark, established in 1989 by the United States Department of Interior,
National Park Service.  In conformance with this designation, the town of
Black Hawk in October 1990 established the Architectural and Design Review
Guidelines, authorizing the town to regulate historical and architectural
matters within the town.  These guidelines are used by Black Hawk's Historic
Architectural Review Commission ("HARC") to evaluate and approve all
applications for construction.

     Furthermore, the amendment to the Colorado Constitution authorizing
limited stakes gaming provides that such gaming shall be conducted in
structures which conform, as determined by the respective municipal governing
body, to the architectural styles and designs common to the area prior to
World War I and which conform to the requirements of applicable respective
municipal ordinances, regardless of the age of the structure.  Accordingly,

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the Company is designing its building in conformance with the requirements of
HARC, and the building design will reflect the architectural style consistent
with the guidelines.

     The site is located on Colorado State Highway 119, approximately
one-quarter mile past the Gregory Street turn-off that leads to Central City
through Black Hawk.  As such, the Company's casino facility will not be
contiguous  to the many casinos which are located on Gregory Street and Main
Street in Black Hawk.  The facility will be designed to allow for a maximum
exposure to approaching traffic, and will be in a direct site line from the
turn from the Highway into the town of Black Hawk.  The Company believes that
it is this ability, and ease of access that should provide the Company a
competitive benefit as compared to the other casinos which are located in the
central portion of town.  Moreover, many casinos in Black Hawk/Central City
lack contiguous or convenient parking and, as a result, have had difficulty in
attracting and retaining customers.  In contrast, the Company's site will
offer convenient valet and self parking to its customers, as well as a covered
on-site bus turnaround for the convenience of day trip customers.

Competition

          Most of the 32 casinos in the Black Hawk/Central City market are
small facilities that provide limited or no parking and do not provide hotel
accommodations.  Presently, the largest hotel in the Black Hawk/Central City
market is the 200+ rooms of the Isle of Capri in Black Hawk and 118-room
Harvey's Wagon Wheel located in Central City.  In contrast, the Company's
Hotel Casino will have 200+/-  hotel rooms and suites and will have a parking
garage that can accommodate approximately 1,000 cars.  Several of the larger
casinos are planning to expand their facilities to provide additional casino
space, hotel rooms and parking, and several new casinos are either planned,
under construction, or recently opened, including the Black Hawk/Jacobs Casino
which  includes 1,000 gaming devices and parking for 280 cars with provision
for a 50 room hotel.

     The Company hopes to attain a competitive advantage over the established
casinos by offering superior lodging, an entertainment lounge, in-door
self-parking, and dining facilities.  Guests will be able to access the
Company's Hotel Casino directly from State Highway 119, without having to
drive through Main Street or Gregory Street, which are the two main streets
that comprise the town of Black Hawk.  The location of the Hotel Casino at the
north end of the town will enable guests to avoid traffic congestion on the
two main streets of the town.  There is presently a shortage of parking space
in Black Hawk and Central City, especially parking spaces located close to the
casinos.  The Company's Hotel Casino will have an underground parking garage
that will be sheltered from inclement weather and will permit customers to
quickly park and retrieve their cars.  Valet parking will also be provided.
In addition, the Company plans to build a covered bus stop and turn-around
that will facilitate access to the Hotel Casino by customers on one-day,
over-night or weekend excursions.  The Company will also sponsor charter bus
services from the Denver metropolitan area as a promotional consideration.

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ITEM 3.  LEGAL PROCEEDINGS

     The Company was the plaintiff and a counterclaim defendant in a lawsuit
pending in Denver, Colorado District Court, Case No. 95CV2310.  This lawsuit
was commenced by the Company on May 26, 1995.  The lawsuit between the Company
and New Allied and TKCC was stayed upon the filing of the Company's bankruptcy
petition in October 1995.  That stay was lifted when the bankruptcy case was
dismissed in March 1997, and the Company moved forward with these
proceedings.  The Company filed for Summary Judgment in this matter and
hearings were held September and October 1998. Such Summary Judgement was
granted in favor of the Company in October 1998.  New Allied and TKCC appealed
the Court's ruling in July 1999.

     In addition, the Company filed an appeal of the Bankruptcy Court's
ruling.  New Allied cross appealed.  Such appeals were denied by the United
States District Court in August 1998 and the appeals matters continued as the
Company appealed this matter to a higher court unopposed. In June 1999, the
Tenth Circuit Court of Appeals ruled in favor of the Company in two of the
three appeal issues raised.  As the matters were unopposed by New Allied and
TKCC, the matter has been referred back to the Bankruptcy Court for a final
determination as to the amount New Allied and TKCC must return to the Company.

     In October 1999, the Company signed a settlement agreement and mutual
release finalizing the balance of all ongoing disputes with New Allied
Development Corporation and Tommy Knocker Casinos Corporation.  Under the
terms of the agreement, New Allied and Tommy Knocker converted 2,250,000
shares of Preferred A stock into 2,250,000 shares of common stock and agreed
to dismiss all pending appeals in exchange for the company dismissing all
pending litigation and appeals.

     The Company has no outstanding litigation at this time.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were submitted during the fiscal year covered by this Report
to a vote of security holders.

                                   -12-
<PAGE>

                                 PART II

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

     Until April 2000, the Company's Common Stock was traded in the
over-the-counter market and was quoted and was listed on the Electronic
Bulletin Board under the symbol, "CWRC".  Currently, the Company's common
stock is listed in the pink sheets under the same symbol.  The market for the
Company's Common Stock must be characterized as a limited market due to the
relatively low trading volume.  Set forth in the following table are high and
low bid quotations for the Company's common stock for the fiscal years ended
June 30, 1999 and 2000. The listing represents inter-dealer quotations without
retail markups, markdowns or commissions and may not represent actual
transactions.

Quarter Ended               High     Low
September 30, 1998          .16      .06
December 31, 1998           .14      .06
March 31, 1999              .21      .06
June 30, 1999               .20      .05
September 30, 1999          .11      .06
December 31, 1999           .07      .06
March 31, 2000              .11      .01
June 30, 2000               .10      .01

     At June 30, 2000, there were approximately 1,119 record holders of the
Company's Common Stock.

     The Company has not paid or declared cash distributions or dividends on
its common stock and does not intend to pay cash dividends in the foreseeable
future.  Future cash dividends will be determined by the Company's Board of
Directors based on the Company's earnings (if any), financial condition,
capital requirements and other relevant factors.

                                   -13-
<PAGE>

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

CERTAIN STATEMENTS INCLUDED HEREIN OR INCORPORATED BY REFERENCE CONSTITUTE
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGA
TION REFORM ACT OF 1995 (THE "REFORM ACT").  THE COMPANY DESIRES TO TAKE
ADVANTAGE OF CERTAIN "SAFE HARBOR" PROVISIONS OF THE REFORM ACT AND IS
INCLUDING THIS SPECIAL NOTE TO ENABLE THE COMPANY TO DO SO.  FORWARD-LOOKING
STATEMENTS INCLUDED OR INCORPORATED BY REFERENCE IN THIS PART INVOLVE KNOWN
AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH WOULD CAUSE THE
COMPANY'S ACTUAL RESULTS, PERFORMANCE (FINANCIAL OR OPERATING) OR ACHIEVEMENTS
TO DIFFER MATERIALLY FROM THE FUTURE RESULTS, PERFORMANCE (FINANCIAL OR
OPERATING) OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD LOOKING
STATEMENTS.

     Since the Company's purchase of the Black Hawk Property in August 1993,
the Company's activities have focused on obtaining the necessary financing and
making preparations for construction of the casino on the Property.  In July
1997, the Company signed a financing agreement with U2 Consulting, LLC., an
affiliate of Pacific Genesis, Inc. and Western Equities, Inc., to raise $79.5
million through the issuance of corporate bonds.  The parties had 180 days to
provide for the financing, were unable to complete same and said agreement
with U2 Consulting was terminated in December 1997.

     In January 1998, the Company again began the process of acquiring
financing. After much discussion and many contacts with a wide range of
financing groups, the Company has entered into three separate agreements to
provide the necessary financing, of which all terminated during the first half
of 1999.

     In June 1999, the Company signed a Letter of Intent with Beverly
Hillbillies Gaming Company Inc. and Beverly Hillbillies Gaming Entertainment
LLC to enter into a joint venture to finalize development of and finance its
Black Hawk, Colorado Casino and Hotel project.

     Financing, financial advisory services and placement agent services would
have been provided by Westwood Capital, LLC of New York City, New York who is
an investment banking firm specializing in structured debt financing and
merger and acquisition transactions for companies in the financial services
and real estate industries.  Additionally, Westwood Capital provides project
and corporate financing for companies in the gaming and hospitality
industries.

     During September and October 1999, the Company completed final review of
an Admission and Operating Agreement securing the commitment of all parties to
bring the project to fruition.  Under the aforementioned agreements' terms,
Jethro's Black Hawk, LLC would have assumed all existing secured indebtedness
of the Company, begin making the required interest payments as of September

                                   -14-
<PAGE>

30, 1999, and make full payment of all such indebtedness by March 31, 2000.
As of March 31, 2000, the parties had not yet signed such agreements and no
debts were assumed as Beverly Hillbillies Gaming Entertainment LLC had
experienced problems in closing on its property for the Reno project.  The
Company had been advised, by Beverly Hillbillies Gaming that a resolve to
their Reno property issue has been delayed until at least July at which time
the companies will meet to establish a new schedule.  Additionally, they
advised that they and Westwood Capital remain committed to the project,
despite their Reno property acquisition delay.

     As of July 31, 2000, the Company has had no further communications with
Beverly Hillbillies Gaming and it is assumed that all past and future hope for
this project with this group are terminated.  Despite the ongoing relationship
with Beverly Hillbillies Gaming throughout the year July 1999 to June 2000,
the Company continued to research other means of bringing the project to
fruition.  To that effect, in December 1999, the Company signed a short term
agreement with a Florida lending group to secure the necessary funds for the
project.  As of March 31, 2000, no results were attained for this source and
all agreements were terminated.

     In July 2000, the Company signed a memorandum of understanding with
Dartmouth General Capital Management, Ltd. (Dartmouth) to acquire certain
revenue producing assets, retire the outstanding debts of Country World and
provide $80 million in financing to finalize development of its Black Hawk,
Colorado casino and hotel project.

     Under the terms of the understanding, Dartmouth General will assign to
Country World two income producing bond leases which generate approximately $7
million in revenue annually.  Additionally, Dartmouth General will provide
capital of approximately $14 million to pay the secured and unsecured debt of
the Company within 45 days.  Further, Dartmouth General will furnish and
supply Country World with five year interest free corporate bonds for an
aggregate of $80 million issued by Dartmouth Generale Equity Securities Trust
S.A., or its assigns, as securitization for the necessary financing to
finalize development and construct the casino/hotel complex.

     In exchange for Dartmouth General's contribution, Country World will
issue the balance of its authorized but unissued shares of common and
preferred Series B stock to Dartmouth General (approximately 13.4 and 3.9
million respectively) and company shareholders will contribute 6 million
shares of common stock and 500,000 shares of Series B preferred stock to
Dartmouth General.  With completion of the aforementioned transactions,
Dartmouth General will have acquired approximately 50.6% of the voting stock
of the Company.

     In March 2000, the Company was made aware of a listing problem with the
OTC Bulletin Board, due to the lack of an unqualified auditor's opinion letter
being a part of its June 30, 1999 10-KSB filing with the Securities and
Exchange Commission.  The Company's stock listing was moved to the pink sheets
effective April 4, 2000 as a market maker in the Company's stock filed for
listing accordingly.  The Company must remain a pink sheet listing for at
least 30 days, at which time if the Company's filings have been brought to an
acceptable level, can apply to be re-listed on the OTC Bulletin Board.

                                   -15-
<PAGE>

     In order to accomplish this task, the Company must pay its current
auditors a sum of approximately $55,000 for past services rendered and
contract with a new firm for which a $30,000 fee is required.  This process
will begin upon closing of an agreement with Dartmouth.

     In March 2000, the Company's Chairman and CEO, Mr. Larry Berman resigned
his position citing a conflict of interest with regard to extensive loans made
to the Company, as well as personal issues.

     Although the Company is confident in the abilities of Dartmouth to
provide assets and financing to accomplish the aforementioned goals, there can
be no assurance that any of these items will be provided or completed
immediately or in the future.

     Black Hawk is a picturesque mountain town approximately 40 miles west of
Denver.  In the past year, July 1998 through June 1999, Black Hawk hosted
approximately 3 million visitors and generated over 60% of the state's gaming
revenues.  The Hotel Casino, on the northern most end of the Black Hawk gaming
district, will be in a most highly visible location as it is in a direct line
of site to all visitors approaching Black Hawk's Gregory Street intersection
on State Highway 119.   The Black Hawk and nearby Central City casino market
includes many small, privately held gaming facilities that the Company
believes offer limited amenities and are characterized by a shortage of
convenient on-site parking.  There are a few large facilities currently
operating with varying levels of services and amenities, as well as new
facilities planned.  The theme, hospitality, ample parking, modern hotel
accommodations and a full line of amenities, will set it apart from, and
should give it a competitive advantage over, the other casinos in the Black
Hawk/Central City market.

     The Hotel Casino complex will be designed and constructed pursuant to a
guaranteed maximum price agreement which is to be finalized prior to
construction.  The design and construction team consists of Semple Brown
Roberts, P.C., a Denver based architectural firm (the "Architect") and PCL
Construction Services, Inc., a multi-million dollar North American
construction firm with U.S. headquarters located in Denver.  The Architect is
the designer of Fitzgerald's Casino in Black Hawk, while the Contractor's
gaming credits include the MGM Grand Hotel Casino and Stratosphere Tower in
Las Vegas, Nevada, as well as the Chinook Winds Gaming and Convention Center
in Lincoln City, Oregon.

Liquidity & Capital Resources

     In March 1996, the Company borrowed $5 million from Kennedy Funding,
Inc.  The Company issued a Promissory Note effective May 20, 1996 payable at
the rate of 15% per annum until May 19, 1997 (the "First Year Interest
Obligation") and at a rate of 24% per annum thereafter.  Payments of principal
and interest are payable as follows: (a) the First Year Interest Obligation
was prepaid at closing; (b) commencing on May 19, 1997 and for each month
thereafter, the Company is to make interest only payments, in advance, in the
amount of 2% of the then existing principal balance due under the Note; and
(c) the entire outstanding principal balance, together with all accrued and
unpaid interest, if not previously paid, shall be finally due and payable on
May 19, 1999. Such loan was not paid and was extended by its new assignee

                                   -16-
<PAGE>

Norlar, Inc., pending completion of the newest financing effort.  The holder
of the Note may accelerate the due date for the entire balance of principal,
interest and other sums due upon maturity in the event of default under the
Note.  The annual rate of interest is 36% for the life of the loan.  The Note
is secured by a first deed of trust on the Property.  Norlar, Inc. is a
corporation beneficially owned by the Company's former Chairman and CEO, Mr.
Larry Berman and his wife.

     In May 1997, the Company issued a promissory note and second deed of
trust on the property to Norlar, Inc. for a maximum of $600,000 (First Norlar
Note), or so much thereof as may have been advanced by maker, for payments due
on the Kennedy loan and for general corporate purposes.  As of June 2000, the
Company owed $600,000 on the First Norlar Note.  In October 1997, the Company
issued a second promissory note (Second Norlar Note) and a fourth deed of
trust on the property to Norlar, Inc., again for a maximum of $600,000.  As of
June 2000, the Company owed $600,000 on the Second Norlar Note.  In April
1998, the Company issued a third promissory note (Third Norlar Note) and fifth
deed of trust on the property to Norlar, Inc. again for a maximum of
$600,000.  As of June 2000, the Company owed $600,000 on the Third Norlar
Note.  In August 1998, the Company issued a fourth promissory note (Fourth
Norlar Note) and sixth deed of trust on the property to Norlar, Inc. again for
$600,000.  As of June 2000, the Company owed $600,000 on the Fourth Norlar
note.  In January 1999, the Company issued a Fifth Promissory Note (Fifth
Norlar Note) and seventh deed of trust on the property to Norlar, Inc., again
for $600,000.  As of June 2000, the Company owed $600,000 on the Fifth Norlar
Note.  In July 1999, the Company issued a sixth promissory note (Sixth Norlar
Note) and eighth deed of trust on the property to Norlar, Inc. for
$1,000,000.  As of June 2000, the Company owed $1,000,000 on the Sixth Norlar
Note.  No further deeds of trust will be issued at this time and the total
amount due as of June 30, 2000 is $5,598,358.  In addition, for each $100,000
Norlar, Inc. has loaned to the Company, it has authorized the issuance of
500,000 warrants to purchase shares of common stock at $0.20 per share.
Norlar, Inc. is a closely held corporation beneficially owned by the Company's
former Chairman and CEO, Larry Berman and his wife.  The loans bear interest
at 12% per annum and is to be repaid upon the earlier of the sale of the
property, refinance of the property or the financing of the project.

     In September and October of 1997, PCL Construction Services, Inc.
advanced the Company $998,000 to begin the development and design process in
advance of funding.  As of June 2000, the Company owes PCL Construction
approximately $1,400,000, including interest.

     In July 1998, the Company settled an ongoing dispute with New Allied
Development Corporation with regard to a piece of property outside the gaming
district in Black Hawk, Colorado.  Title to such property was returned to New
Allied, therefore reducing the Company's debt by $750,000, plus applicable
taxes due.

     In October 1998, the Company converted $250,000 of debt to the Company's
officers into Series B Preferred stock.  In October 1999, half of the October
1998 issuance was converted into common stock in accordance with its terms.

                                   -17-
<PAGE>

     In October 1999, the Company signed a settlement agreement and mutual
release finalizing the balance of all ongoing disputes with New Allied
Development Corporation and Tommy Knocker Casinos Corporation.  Under the
terms of the agreement, New Allied and Tommy Knocker converted 2,250,000
shares of Preferred A stock into 2,250,000 shares of common stock and agreed
to dismiss all pending appeals in exchange for the company dismissing all
pending litigation and appeals.

     In April 2000, the Board of Directors was advised of a possible gain from
a buy and sell of stock by one of the Company's Directors.  In June 2000,
after review by corporate S.E.C. counsel, said director reimbursed the Company
$39,524 through reduction of debt to said individual.

     In April 2000, the Company converted $125,000 of debt to one of the
Company's officers into Series B preferred stock.

Results of Operations

     The Company has had no revenues from operations.  The Company continues
to incur losses of approximately $200,000 per month to service the assigned
Kennedy Funding Note to Norlar, Inc. and other ongoing obligations such as
rent and utilities for the Company's corporate office.  The Company has had
extraordinary gain on forgiveness of debt this fiscal year in the amount of
$2,356,929, due to elimination of a development contract booked as debt in
1997 and 1998 and allocation of other development expenses against the cost of
engineering and design of the facility.  The ability of the Company to achieve
revenues in the future will be dependent upon realization of its plans to
develop a gaming and hotel complex on the property.

ITEM 7.  FINANCIAL STATEMENTS

     See attached pages F1 - F9 for financials which fairly represent the
Company's status for the year ended June 30, 2000.

ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

     None

                                   -18-
<PAGE>

<PAGE>PART 111

ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE
COMPANY; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

     The following persons currently serve as officers and directors or the
Company:

Name                        Position

William H. Patrowicz        CEO, Secretary, Treasurer and Director
Roger D. Leclerc            President and Director

     The following is brief biographical information concerning the Company's
officers, directors and significant employees:

     William H. Patrowicz, age 52, has served as Secretary, Treasurer or the
Company since April 1995 and was formerly President of Holly Holdings, Inc.
from June 1992 to March 1998.  From 1982 to December 1991, Mr. Patrowicz was
employed by Gunnebo Fastening Corp., as Senior Vice President of Operations.

     Roger D. Leclerc, age 50, has served as President of the Company since
December 1994.  Prior thereto Mr. Leclerc served as the Company's project
manager for its proposed facility since May 1994.  Prior to his involvement
with the Country World Casino project, Mr. Leclerc was the General Manager for
the Bull Durham Casino in Black Hawk.  Immediately prior thereto, he served as
a General Manager of the Miner's Pick Casino in Central City.  From March 1990
to June 1992, he was the General Manager of A&L Enterprises Inc. in Deadwood,
South Dakota, which operated Ms. Kitty's Wilderness Edge Casino and Days Inn
Hotel and Casino.

     Section 16(a) of the Exchange Act requires the Company's officers and
directors and persons who own more than 10% of a registered class of the
Company's equity securities, to file reports of ownership and changes in
ownership to the Securities and Exchange Commission.  Officers, directors and
greater than 10% stockholders are required by the regulations of the
Commission to furnish the Company with copies of all Section 16(a) reports
received by it, the Company believes that all filing requirements applicable
to its current officers and directors were complied with for the fiscal year
ended June 30, 2000.  The Company is unaware of the compliance of its 10%
shareholders and its former officers and directors.

     In March 2000, the Company's Chairman and CEO, Mr. Larry Berman resigned
his position citing a conflict of interest with regard to extensive loans made
to the Company, as well as personal issues.

                                   -19-
<PAGE>

ITEM 10. EXECUTIVE COMPENSATION

     The following table sets forth all cash compensation paid by the Company
to each Executive Officer whose total annual salary and bonus exceeded
$100,000, including all cash compensation paid the Company's Chief Executive
Officer.

Name and Principal        Fiscal      Salary               Other Annual
Position                  Year          $        Bonus     Compensation

None

     The Company has no stock option, defined benefit or restricted stock
award plans.

     The Company estimates that Mr. Patrowicz spends substantially all of his
time in management activities relating to the Company. Mr. Patrowicz, although
holding an employment contract, has received no payment for current or
previously rendered services to date.  Consideration for remuneration will be
addressed after completion of the Company's financing activities.

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The following table sets forth the persons known to the Company to own
beneficially more than 5% of the outstanding share of common stock on June 30,
2000 and information as of June 30, 2000 with respect to the ownership of
common stock by each director of the Company and by all officers and directors
as a group.

Name of                    Shares Beneficially
Beneficial Owner                 Owned                    Percent

*William H. Patrowicz          1,600,000                   2.6%

*Roger D. Leclerc                      0                     0%

 Western Equities, Inc.       16,000,000                  26.0%

*Larry S. Berman              17,280,000                  28.1%

All Officers and Directors     1,600,000                   2.6%
as a Group (2 Persons)
___________
* Collectively, these individuals hold ownership to 1,100,000 shares of Series
B preferred stock which if converted to common stock would equate to
11,000,000 shares or 6.5% to the total outstanding stock.

                                   -20-
<PAGE>

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     The former sole holder of the Company's Series A Convertible Preferred
stock, New Allied, acquired its shareholdings in connection with a sale to the
Company in August 1993, of the Property upon which the Company proposes to
construct its casino and hotel complex.  New Allied also received cash and a
promissory note (secured by a deed of trust on the Property) in connection
with this transaction.  In October 1999, the Preferred A stock was converted
to common stock and said Series A preferred was retired accordingly.  In June
1994, the Company completed the acquisition of an additional 375,000 square
feet of vacant land located in close proximity to the land which is the site
for the proposed  casino and hotel complex.  The Company paid $200,000 to New
Allied, delivered a promissory note in the amount of $725,000 and issued
250,000 shares of its common stock.  In April 1997, the Company elected and
New Allied has accepted a return of the property for the balance due on the
note as it is of no value to the Company within its current plans.  In July
1998, such transaction was completed.

     In April 1997, the Company filed with the State of Nevada, under Section
78.1055, a Designation of Rights Privileges and Preferences for 5,000,000
shares of Class B preferred stock.  The terms of the class B preferred stock
rank it junior to all classes of the Company's stock now issued and on parity
with any class of capital stock hereafter created.  The Class B preferred
stock shall be voted with the common stock as a single class and shall not be
entitled to vote as a separate class nor shall the Class B preferred be
entitle to receive dividends of any kind.  Each share of Class B preferred
stock can be converted into common stock of the corporation one year after the
date of issuance at the rate for 10 for 1 and the holders are entitled to vote
the underlying shares as if converted.  As of June 30, 2000, there are
1,100,000 shares outstanding.

     In March 1996, the Company borrowed $5 million from Kennedy Funding,
Inc.  The Company issued a Promissory Note effective May 20, 1996 payable at
the rate of 15% per annum until May 19, 1997 (the "First Year Interest
Obligation") and at a rate of 24% per annum thereafter.  Payments of principal
and interest are payable as follows: (a) the First Year Interest Obligation
was prepaid at closing; (b) commencing on May 19, 1997 and for each month
thereafter, the Company is to make interest only payments, in advance, in the
amount of 2% of the then existing principal balance due under the Note; and
(c) the entire outstanding principal balance, together with all accrued and
unpaid interest, if not previously paid, shall be finally due and payable on
May 19, 1999. Such loan was not paid and was extended by its new assignee
Norlar, Inc., pending completion of the newest financing effort.  The holder
of the Note may accelerate the due date for the entire balance of principal,
interest and other sums due upon maturity in the event of default under the
Note.  The annual rate of interest is 36% for the life of the loan.  The Note
is secured by a first deed of trust on the Property.  Norlar, Inc. is a
corporation beneficially owned by the Company's former Chairman and CEO, Mr.
Larry Berman and his wife.

     In May 1997, the Company issued a promissory note and second deed of
trust on the property to Norlar, Inc. for a maximum of $600,000 (First Norlar
Note), or so much thereof as may have been advanced by maker, for payments due
on the Kennedy loan and for general corporate purposes.  As of June 2000, the
Company owed $600,000 on the First Norlar Note.  In October 1997, the Company

                                   -21-
<PAGE>

issued a second promissory note (Second Norlar Note) and a fourth deed of
trust on the property to Norlar, Inc., again for a maximum of $600,000.  As of
June 2000, the Company owed $600,000 on the Second Norlar Note.  In April
1998, the Company issued a third promissory note (Third Norlar Note) and fifth
deed of trust on the property to Norlar, Inc. again for a maximum of
$600,000.  As of June 2000, the Company owed $600,000 on the Third Norlar
Note.  In August 1998, the Company issued a fourth promissory note (Fourth
Norlar Note) and sixth deed of trust on the property to Norlar, Inc. again for
$600,000.  As of June 2000, the Company owed $600,000 on the Fourth Norlar
note.  In January 1999, the Company issued a Fifth Promissory Note (Fifth
Norlar Note) and seventh deed of trust on the property to Norlar, Inc., again
for $600,000.  As of June 2000, the Company owed $600,000 on the Fifth Norlar
Note.  In July 1999, the Company issued a sixth promissory note (Sixth Norlar
Note) and eighth deed of trust on the property to Norlar, Inc. for
$1,000,000.  As of June 2000, the Company owed $1,000,000 on the Sixth Norlar
Note.  No further deeds of trust will be issued at this time and the total
amount due as of June 30, 2000 is $5,598,358.  In addition, for each $100,000
Norlar, Inc. has loaned to the Company, it has authorized the issuance of
500,000 warrants to purchase shares of common stock at $0.20 per share.
Norlar, Inc. is a closely held corporation beneficially owned by the Company's
former Chairman and CEO, Larry Berman and his wife.  The loans bear interest
at 12% per annum and is to be repaid upon the earlier of the sale of the
property, refinance of the property or the financing of the project.

     In September and October of 1997, PCL Construction Services, Inc.
advanced the Company $998,000 to begin the development and design process in
advance of funding.  As of June 2000, the Company owes PCL Construction
approximately $1,400,000, including interest.

     In July 1998, the Company settled an ongoing dispute with New Allied
Development Corporation with regard to a piece of property outside the gaming
district in Black Hawk, Colorado.  Title to such property was returned to New
Allied, therefore reducing the Company's debt by $750,000, plus applicable
taxes due.

     In October 1998, the Company converted $250,000 of debt to the Company's
officers into Series B Preferred stock.  In October 1999, half of the October
1998 issuance was converted into common stock in accordance with its terms.

     In October 1999, the Company signed a settlement agreement and mutual
release finalizing the balance of all ongoing disputes with New Allied
Development Corporation and Tommy Knocker Casinos Corporation.  Under the
terms of the agreement, New Allied and Tommy Knocker converted 2,250,000
shares of Preferred A stock into 2,250,000 shares of common stock and agreed
to dismiss all pending appeals in exchange for the company dismissing all
pending litigation and appeals.

     In April 2000, the Board of Directors was advised of a possible gain from
a buy and sell of stock by one of the Company's Directors.  In June 2000,
after review by corporate S.E.C. counsel, said director reimbursed the Company
$39,524 through reduction of debt to said individual.

                                   -22-
<PAGE>

     In April 2000, the Company converted $125,000 of debt to one of the
Company's officers into Series B preferred stock.

ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K

     Form 8-K, as filed with the Securities and Exchange Commission on March
6, 2000 with regard to the resignation of the Company's Chairman and Chief
Executive Officer, Mr. Larry Berman.

                                   -23-
<PAGE>

SIGNATURES

     In accordance with the requirements of Sections 13 or 15(d) of the
Securities Exchange Act of 1934, as amended, the Registrant has caused this
Report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                              COUNTRY WORLD CASINOS, INC.


Dated:  September 30, 2000    By: /s/ Roger D. Leclerc
                                  Roger D. Leclerc, President

     In accordance with the Securities Exchange Act of 1934, as amended, this
Report has been signed below by the following persons on behalf of the
Registrant and int he capacities and on the dates indicated.


Dated:  September 30, 1999     /s/ Roger D. Leclerc
                               Roger D. Leclerc, President and Director

Dated:September 30, 1999       /s/ William H. Patrowicz
                               William H. Patrowicz, CEO, Secretary,
                               Treasurer and Director

                                   -24-
<PAGE>

COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEET AS OF JUNE 30, 2000


Assets:
Current Assets:
Cash                                        0
Prepaid Interest                       91,935
Prepaid Expenses                       15,000

Total Current Assets                  106,935

Property and Equipment:
Land                                6,750,475
Casino Under Development            13,177,85
Furniture and Equipment                38,888
Total                               19,967,22
Less: Accumulated Depreciation       (38,888)

Total Property and Equipment        19,928,33

Other Assets:
Deposits                               35,000

Total Assets                        20,070,26

                                   F-1
<PAGE>

COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEET AS OF JUNE 30, 2000

Liabilities and Stockholders' Equity:
Current Liabilities:
Accounts Payable                                              1,835,154
Payroll and Property Taxes Payable                              258,853
Accrued Expenses                                                 21,600
Notes Payable                                                 5,247,137
Accrued Interest                                              1,184,218
Other Current Liabilities                                        56,736

Total Current Liabilities                                     8,603,698

Long-Term Debt:

Total Long-Term Debt                                          5,000,000

Stockholders' Equity:
Convertible Preferred Stock, Class B, $.25 Par Value,
5,000,000 Shares Authorized, 1,100,000 Shares Issued
and Outstanding                                                 275,000

Common Stock, $.001 Par Value, 75,000,000 Shares
Authorized, 61,581,687 Issued and Outstanding                    61,581

Additional Paid-in Capital                                   11,296,474

Deficit Accumulated During the Development Stage             (5,166,484)

Total Stockholders' Equity                                    6,466,571
Total Liabilities and Stockholders' Equity                   20,070,269


The Accompanying Notes are an Integral Part of these Financial Statements.

                                   F-2
<PAGE>
<TABLE>
 OUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF OPERATIONS

                                                                  For the period from
                                                                      9-Nov-82
                                                                  (Date of Inception)
                                                Years ended        through June 30,
                                                  June 30,             2 0 0 0
                                          2 0 0 0         1 9 9 9    (Unaudited)
<S>                                         <C>              <C>          <C>
Costs and Expenses:
Research and Development Costs            $    --         $    --   $  122,000
Professional Fees - Due to Bankruptcy          --              --      514,756
General and Administrative Expenses       714,749         898,832    5,932,883
Management Fee - Related Party                 --              --      416,321
Depreciation Expense                           --          15,533       65,952

Totals                                    714,749         914,365    7,051,912

Other Income (Expense):
Interest Income                                --              --      109,400
Interest Expense                          (86,683)       (167,170)    (258,063)
Interest Expense - Related Party               --              --     (199,019)
Rental Income                                  --              --       45,126
Loss on Non-Marketable Securities              --              --      (85,000)
Write off of Assets                            --         (61,920)    (151,920)
Forfeited Deposit                              --              --     (100,000)
Other Income                                   --              --          735

Totals                                    (86,683)       (229,090)    (638,651)

(Loss) from Continuing Operations
Before iscontinued Operations and        (801,432)     (1,143,455)  (7,690,563)
Extraordinaru Item


Discontinued Operations:
Gain on Disposal of Subsidiaries               --              --      389,286
(Loss) from Discontinued Operations            --              --     (389,286)

Total Discontinued Operations                  --              --           --

(Loss) Before Extraordinary Item         (801,432)     (1,143,455)  (7,690,563)

(Extraordinary Item:
Extraordinary Gain on Forgiveness
of Debt, Primarily Related Party        2,356,929              --   (2,524,081)

Net (Loss) Gain                        $1,555,497     $(1,143,455) $(5,166,484)

Per Share Data:
(Loss) Per Share Before Extraordinary        $   0.03       $   (0.02)
   Extraordinary Item Per Share                    --              --

Net (Loss) Per Common Share                  $   0.03       $   (0.02)

Weighted Average Number of Shares          61,581,687      54,331,687

The Accompanying Notes are an Integral Part of these Financial Statements.

                                   F-3
</TABLE>
<PAGE>
<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY

                                                                                                           Deficit
                                                                                                         Accumulated   Total
                               Preferred Stock                      Common Stock             Additional  During the    Stock-
                         Series A           Series B                          Subscribed      Paid-In    Development   holders'
                      Shares  Amount    Shares  Amount    Shares  Amount    Shares  Amount    Capital      Stage       Equity
<S>                      <C>     <C>       <C>     <C>       <C>     <C>       <C>     <C>         <C>          <C>         <C>
,
November 9, 1982 (Date
 of Inception)            --   $  --        --   $  --        --   $  --        --   $  --   $      --    $      --     $    --

Issuance of Shares for
 Cash ($.51 Per Share)    --      --        --   2,971        15      --        --      --       1,510           --       1,525

Issuance of Common
 Stock to the Public
 ($12.50 Per Share)       --      --        --      --     1,474       8        --      --     644,992           --     645,000

Deferred Offering Costs   --      --        --      --        --      --        --      --    (115,690)          --    (115,690)

Cancellation of Common
 Stock                    --      --        --      --      (800)     (4)       --      --           4           --          --

Issuance of Shares for
 Services ($.18 Per
 Share)                   --      --        --      --    85,714     429        --      --      14,571           --      15,000

Issuance of Common Stock
 at a Discount ($.02 Per
 Share)                   --      --        --      -- 1,339,212   6,696        --      --      13,304           --      20,000

Capital Contribution      --      --        --      --        --      --        --      --       2,850           --       2,850

Net Loss for the Period
 From November 9, 1982
 (Date of Inception)
 Through June 30, 1992    --      --        --      --        --      --        --      --          --     (221,169)   (221,169)

 Balance - June 30, 1992  --      --        --      -- 1,428,571   7,144        --      --     561,541     (221,169)    347,516

Issuance of Common Stock
 at a Discount for
 Services ($.02 Per
 Share), May 1993         --      --        --      --   714,287   3,571        --      --       8,929           --      12,500

Net Loss for Year Ended
 June 30, 1993            --      --        --      --        --      --        --      --          --     (373,401)   (373,401)

 Balance - June 30,
  1993 - Forward          --   $  --        --   $  -- 2,142,858 $10,715        --   $  --    $570,470    $(594,570)   $(13,385)

The Accompanying Notes are an Intergral Part of these Financial Statements.
</TABLE>

                                     F-4
<PAGE>
<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY
                                                                                                           Deficit
                                                                                                         Accumulated   Total
                               Preferred Stock                      Common Stock             Additional  During the    Stock-
                         Series A           Series B                          Subscribed      Paid-In    Development   holders'
                      Shares  Amount    Shares  Amount    Shares  Amount    Shares  Amount    Capital      Stage       Equity
<S>                      <C>     <C>       <C>     <C>       <C>     <C>       <C>     <C>         <C>          <C>         <C>

Balance - June 30,
  1993 - Forwarded        --   $  --        --   $  -- 2,142,858 $10,715        --   $  --    $570,470    $(594,570)   $(13,385)

Change in Par Value
 from $.005 to $.001      --      --        --      --        --  (8,572)       --      --       8,572           --          --

Issuance of Stock for
 Cash September 1993
 ($1.00 Per Share)        --      --        --      --   600,000     600        --      --     599,400           --     600,000

Issuance of Stock
 for Cash August 1993
 ($1.00 Per Share)        --      --        --      -- 1,500,000   1,500        --      --   1,498,500           --   1,500,000

Issuance of Convertible
 Preferred Stock for
 Acquisition of Land
 Valued at $1.00 Per
 Share Issued August
 1993              2,250,000   2,250       --       --        --      --        --      --   2,247,750           --   2,250,000

Issuance of Stock to
 Related Party for
 Cash and Services
 Pursuit to Exercise
 of Options ($1.00
 Per Share)               --      --       --       --   250,000     250        --      --     249,750           --     250,000

Purchase and Cancellation
 of Treasury Stock ($1.00
 Per Share)               --      --       --       --  (125,000)   (125)       --      --    (124,875)          --    (125,000)

Issuance of Stock for
 Cash (140,000 Shares
 and 60,662 Shares
 Issued December 1993
 and January 1994,
 Respectively) at
 $2.50 Per Share          --      --       --       --   200,000     200        --      --     499,800           --     500,000

Balance of Common Stock
 for Acquisition of
 Land Valued at $1.00
 Per Share Issued June
 1994                     --      --       --       --   250,000     250        --      --     249,750           --     250,000

Issuance of Common Stock
 for Cash and Services
 Pursuant to Exercise of
 Options (75,000 Shares
 and 20,000 Shares Issued
 April and June 1994
 Respectively at $2.50
 Per Share)               --      --       --       --    95,000      95        --      --     237,405           --     237,500

Issuance of Common Stock
 for Services Rendered
 Valued at $2.50 Per
 Share, issued April 1994 --      --       --       --   200,000     200        --      --     499,800           --     500,000

Subscription of Common
 Stock Pursuant to
 Private Placement
 Offering ($3.00 Per
 Share)                   --      --       --       --        --      --   262,667     263     787,737           --      788,000

Net Loss for Year Ended
 June 30, 1994            --      --       --       --        --      --        --      --          --   (1,490,785)  (1,490,785)

Balance - June 30,
 1994 - Forward    2,250,000  $2,250       --     $ -- 5,113,520  $5,113   262,667    $263  $7,324,059  $(2,085,355)  $5,246,330

The Accompanying Notes are an Intergral Part of these Financial Statements.

</TABLE>

                                     F-5
<PAGE>

<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY
                                                                                                           Deficit
                                                                                                         Accumulated   Total
                               Preferred Stock                      Common Stock             Additional  During the    Stock-
                         Series A           Series B                          Subscribed      Paid-In    Development   holders'
                      Shares  Amount    Shares  Amount    Shares  Amount    Shares  Amount    Capital      Stage       Equity
<S>                      <C>     <C>       <C>     <C>       <C>     <C>       <C>     <C>         <C>          <C>         <C>

Balance - June 30,
 1994 - Forwarded  2,250,000  $2,250       --     $ -- 5,113,520  $5,113   262,667    $263  $7,324,059  $(2,085,355)  $5,246,330

Issuance of Common
 Stock Pursuant to
 Private Placement
 Offering - December
 1994 ($2.67 Per Share)   --      --       --       --   460,000     460        --      --   1,229,040           --    1,229,500

Issuance of Stock for
 Outstanding Note
 issued April 20,
 1995 ($.20 Per Share)    --      --      --       --  5,000,000   5,000        --      --   1,009,451           --    1,014,451

Convert Subscribed Stock
 to Common and Record
 Fees                     --      --      --       --    262,667     263  (262,667)   (263)         --           --           --

Net Loss for Year Ended
 June 30, 1995            --      --      --       --         --      --        --      --          --     (757,659)    (757,659)

Balance - June
  30, 1995         2,250,000   2,250      --       -- 10,836,187  10,836        --      --   9,562,550   (2,843,014)   6,732,622

Net Loss for Year
 Ended June 30, 1996      --      --      --       --         --      --        --      --          --     (416,440)    (416,440)

 Balance - June
  30, 1996         2,250,000   2,250      --       -- 10,836,187  10,836        --      --   9,562,550   (3,259,454)   6,316,182

Issuance of Preferred
 Stock - Class B in
 Exchange for Related Party
 Debt ($.25 Per Share)
 April 1997               --      -- 4,000,000 1,000,000      --      --        --      --          --           --    1,000,000

Common Stock Issued in
 Exchange for Debt
 ($.25 Per Share)
 April 1997               --      --      --       --  1,250,000   1,250        --      --     248,750           --      250,000

Warrants Issued for
 1,000,000 Shares of
 Common Stock in
 connection with Norlar,
 Inc. debt financing
 (.06 Per Warrant)        --      --      --       --        --       --        --      --      60,000           --       60,000

Net Loss for Year
 Ended June 30, 1997      --      --      --       --        --       --        --      --          --   (1,080,391)  (1,080,391)

Balance - June
 30, 1997          2,250,000  $2,250 4,000,000 $1,000,000 12,086,187 $12,086    --    $ --  $9,871,300  $(4,339,845)  $6,545,791

Issuance of Common
 Stock for Services
 Rendered Valued at
 $.20 per Share,
 July 1997                --      --      --       --  1,000,000   1,000        --      --     199,999           --      200,000

Issuance of Common
 Stock in Exchange
 for Debt and Services
 to be Rendered
 ($.1875 Per Share)
 September 1997           --      --      --       --   395,500      396        --      --      73,761           --       74,157

Issuance of Common
 Stock for Services
 Rendered and Debt
 Exchange ($.086
 Per Share)
 March 1998              --       --      --       --    85,000      850        --      --      72,413           --       72,263

The Accompanying Notes are an Intergral Part of these Financial Statements.
</TABLE>

                                     F-6
<PAGE>

<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY

                                                                                                           Deficit
                                                                                                         Accumulated   Total
                               Preferred Stock                      Common Stock             Additional  During the    Stock-
                         Series A           Series B                          Subscribed      Paid-In    Development   holders'
                      Shares  Amount    Shares  Amount    Shares  Amount    Shares  Amount    Capital      Stage       Equity
<S>                      <C>     <C>       <C>     <C>       <C>     <C>       <C>     <C>         <C>          <C>         <C>

Convert Preferred Stock
 to Common Stock
 - April 1998            --       --(4,000,000)(1,000,000)40,000,000 40,000     --      --     960,000           --           --

Issuance of Stock for
 Services April 1998     --       -- 100,000   25,000        --       --        --      --          --           --       25,000

Net Loss for Year
 Ended June 30, 1998     --       --      --       --        --       --        --      --          --   (1,238,679)  (1,238,679)

 Balance - June
   30, 1998       2,250,000    2,250 100,000   25,000 54,331,687 $54,332        --      --  11,176,474   (5,578,524)   5,679,530

Preferred Stock issued
 in Exchange for Debt
($.25 per Share)
 October 1998            --       -- 1,000,000 250,000      --       --         --      --          --           --      250,000

Net Loss for the Year
 Ended June 30

Balance - June
 30, 1999         2,250,000    2,250 1,100,000 275,000 54,331,687 54,332        --      --  11,176,474   (6,721,979)   4,786,076

Convert Preferred
to Common Stock
October 1999     (2,250,000)  (2,250)       --      -- 2,250,000   2,250        --      --          --           --           --

Convert Preferred
to Common Stock
November 1999            --       -- (500,000) (125,000) 5,000,000 5,000        --      --     120,000           --           --

Preferred Stock Issued
in Exchange for Debt
(.25 per share)
April 2000               --       --  500,000  (125,000)    --       --         --      --          --           --           --

Net Gain for the
Year ended June
30, 2000                 --       --        --      --       --       --        --      --          --   1,555,497     1,555,497

Totals                   --       -- 1,100,000  275,000 61,581,687 61,582       --      --  11,296,474   5,166,484     6,466,571


The Accompanying Notes are an Intergral Part of these Financial Statements.

</TABLE>
                                     F-7
<PAGE>
<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS

                                                                 For the period from
                                                                      9-Nov-82
                                                                 (Date of Inception)
                                         Years ended                  through
                                          30-Jun-00        1999   2000 (Unaudited)
<S>                                          <C>            <C>         <C>
Operating Activities:
Continuing Operations:
(Loss) Before Extraordinary Item            (801,432) (1,143,455)        (7,690,563)
Adjustments to Reconcile Net
(Loss) to Net Cash (Used for)
Operating Activities:
Depreciation                                      --      15,533             65,952
Amortization of Discount - Related Party          --          --             60,000
Common Stock Issued for Interest                  --          --             14,451
Preferred Stock Issued for Services               --     225,000          1,087,500
Loss on Nonmarketable Securities                  --          --            (85,000)
Write off of Loan Receivable                      --          --            (90,000)
Extraordinary Item                         2,356,929          --          2,524,081
Accrued Interest - Related Party                  --          --             52,514
Allocation of Management Fees - Related           --          --            408,000
Due from Officers                                 --          --            (93,000)
Due from Shareholder                              --          --            (13,233)

Changes in Assets and Liabilities:
(Increase) Decrease in:
Prepaid Interest                                  --     (91,935)          (840,715)

Increase (Decrease) in:
Accounts Payable                          (1,986,141)    510,199          1,835,154
Payroll and Property Taxes Payable            95,966       8,435            258,853
Accounts Payable - Liabilities
Subject to Compromise                             --          --                 --
Accrued Interest                             491,484     403,152          1,184,218
Accrued Interest - Liabilities
Subject to Compromise                             --          --                 --
Accrued Expenses                                  --      (4,583)            21,596
Accrued Expenses - Subject to Compromise          --          --                 --

Discontinued Operations:
Net (Loss)                                        --          --           (389,286)
Adjustments to Reconcile Net (Loss)to Net Cash
(Used for) Operating Activities:
Gain on Disposal of Assets                                                  389,286

Total Adjustments                            958,238   1,065,801          6,390,371

Net Cash Provided (Used) by
 Operating Activities -
 Forward                                     156,806     (77,654)        (1,300,192)


The Accompanying Notes are an Integral Part of these Financial Statements.

                                     F-8
<?TABLE>
<PAGE>

</TABLE>
<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS


                                                                 For the period from
                                                                      9-Nov-82
                                                                 (Date of Inception)
                                         Years ended                  through
                                          30-Jun-00        1999   2000 (Unaudited)
<S>                                          <C>            <C>         <C>
Net Cash Used for Operating Activities -
 Forward                                     156,806     (77,654)        (1,300,192)

Investing Activities:
Purchase of Land and Payment of
Casino Development Costs                          --    (804,743)       (10,588,616)
Purchase of Furniture and Equipment               --          --            (52,197)
Investment in Patent                              --          --            (62,000)
Deposits and Other                                --          --            (35,630)
(Increase) Decrease in Restricted Cash            --          --                 --

Net Cash Used for Investing Activities            --    (804,743)       (10,738,183)

Financing Activities:
Payment of Capital Lease Obligation               --          --             (4,233)
Proceeds from Long-Term Borrowings                --          --          6,034,224
Advances from Parent                              --          --          1,254,003
Disbursement to Parent                            --          --           (513,257)
Proceeds from Related Party Notes                 --          --          3,149,146
Repayments on Long-Term Borrowings                --          --         (3,450,000)
Proceeds from Stock and Warrant Issuance          --     250,000          5,722,448
Capital Contribution                                                          2,850

Net Cash Provided by (Used for)
Financing Activities                              --    (882,216)        12,195,181

Net (Decrease) Increase in Cash                             (181)                 --

Cash - Beginning of Periods                                  181                  --

Cash - End of Periods                   $            $           $                --

Supplemental Disclosure of Cash Flow Information:

                                     F-9
<?TABLE>
<PAGE>



</TABLE>