<PAGE>

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

                                  FORM 10-Q/A

                                Amendment No. 1

  [X]  AMENDMENT TO QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934

       For the quarterly period ended:         DECEMBER 31, 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:                            1-9481
                       ---------------------------------------------------------

                          SANTA FE GAMING CORPORATION
--------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

             Nevada                                    88-0304348
--------------------------------       -----------------------------------------
(State or other jurisdiction of         (I.R.S. Employer Identification Number)
 incorporation or organization)

               4336 Losee Rd, #9, North Las Vegas, Nevada 89030
--------------------------------------------------------------------------------
             (Address of principal executive office and zip code)

                                (702) 658-4300
            -----------------------------------------------------
             (Registrant's telephone number, including area code)

               4949 North Rancho Drive, Las Vegas, Nevada 89130
--------------------------------------------------------------------------------
  (Former name, former address and former fiscal year, if changed since last
                                    report)



     The undersigned registrant hereby amends the following item of its
Quarterly Report for the quarter ended December 31, 2000 on Form 10-Q for the
purpose of correcting a typographical error in the last line of the second
paragraph of Note 8, more specifically the lease payment amount for thereafter
period as set forth in the pages attached hereto.
<PAGE>

                          SANTA FE GAMING CORPORATION

                                     INDEX

                                                                            Page
                                                                            ----

ITEM 1    Consolidated Condensed Financial Statements

         CONSOLIDATED CONDENSED BALANCE SHEETS
               December 31, 2000 (UNAUDITED) and
               September 30, 2000..........................................  2

         CONSOLIDATED CONDENSED STATEMENTS OF
               OPERATIONS (UNAUDITED) for the three
               months ended December 31, 2000 and 1999.....................  3

         CONSOLIDATED CONDENSED STATEMENT OF
               STOCKHOLDERS' EQUITY (DEFICIENCY)
               (UNAUDITED) for the three months ended
               December 31, 2000...........................................  4

         CONSOLIDATED CONDENSED STATEMENTS OF CASH
               FLOWS (UNAUDITED) for the three months ended
               December 31, 2000 and 1999..................................  5

         NOTES TO CONSOLIDATED CONDENSED FINANCIAL
               STATEMENTS (UNAUDITED)......................................  6

                                       1
<PAGE>

                 Santa Fe Gaming Corporation and Subsidiaries
                     Consolidated Condensed Balance Sheets

<TABLE>
<CAPTION>
                                                                            December 31,     September 30,
ASSETS                                                                         2000              2000
-------------------------------------------------                          -------------     -------------
                                                                            (Unaudited)
<S>                                                                        <C>               <C>
Current assets:
Cash and cash equivalents                                                  $  44,113,870     $   6,986,984
Restricted cash                                                               15,000,000                 0
Accounts receivable, net                                                         426,981         1,070,242
Inventories                                                                      558,115           769,218
Prepaid expenses and other                                                     5,200,352         3,549,616
                                                                           -------------     -------------
                                                                              65,299,318        12,376,060
Assets held for sale                                                                   0        63,497,055
                                                                           -------------     -------------

Total current assets                                                          65,299,318        75,873,115

Land held for development                                                     23,109,400        23,109,400

Property and equipment, net                                                   33,005,686        34,629,736

Deferred income taxes                                                                  0        10,982,007

Other assets                                                                     484,063         1,001,612
                                                                           -------------     -------------

Total assets                                                               $ 121,898,467     $ 145,595,870
                                                                           =============     =============

LIABILITIES and STOCKHOLDERS' EQUITY (DEFICIENCY)
-------------------------------------------------

Current liabilities:
  Accounts payable                                                         $   1,411,618     $   2,441,253
  Interest payable                                                                 3,998         4,178,684
  Accrued and other liabilities                                                4,799,053         6,287,287
                                                                           -------------     -------------
                                                                               6,214,669        12,907,224
Note payable - officer                                                                 0         1,500,000
Debt to be paid upon sale of assets                                                    0       174,894,440
Current portion of long-term debt                                                 65,676            72,685
                                                                           -------------     -------------

Total current liabilities                                                      6,280,345       189,374,349

Long-term debt - less current portion                                            333,878           349,801

Obligation under lease                                                        33,500,000                 0

Deferred income taxes                                                         35,354,582                 0

Other liabilities                                                                587,640                 0

Minority interest                                                                100,000                 0

Stockholders' equity (deficiency)                                             45,742,022       (44,128,280)
                                                                           -------------     -------------

Total liabilities and stockholders' equity (deficiency)                    $ 121,898,467     $ 145,595,870
                                                                           =============     =============
</TABLE>

  See the accompanying Notes to Consolidated Condensed Financial Statements.

                                       2
<PAGE>

                  Santa Fe Gaming Corporation and Subsidiaries
                 Consolidated Condensed Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                  Three Months Ended December 31,
                                                               2000             1999            1998
                                                          -------------    -------------    -------------
<S>                                                       <C>              <C>              <C>
Revenues:
   Casino                                                 $   8,185,825    $  25,597,523    $  91,383,488
   Hotel                                                        524,362        1,379,916        5,699,479
   Food and beverage                                          2,074,226        5,541,242       21,102,213
   Other                                                      1,650,485        3,753,728        7,286,665
                                                          -------------    -------------    -------------
Gross revenues                                               12,434,898       36,272,409      125,471,845
   Less casino promotional allowances                        (1,698,491)      (3,463,944)     (12,622,591)
                                                          -------------    -------------    -------------
Net operating revenues                                       10,736,407       32,808,465      112,849,254
                                                          -------------    -------------    -------------
Operating expenses:
   Casino                                                     4,587,753       11,981,029       44,635,725
   Hotel                                                        173,122          466,580        1,890,842
   Food and beverage                                          1,028,371        3,734,790       14,002,750
   Other                                                      1,028,376        2,968,877        3,161,547
   Selling, general and administrative                        1,735,037        3,709,307       12,561,344
   Corporate expenses                                           691,523          731,101        3,443,950
   Utilities and property expenses                            1,131,277        3,661,430       11,616,199
   Depreciation and amortization                                831,503        3,266,700       13,723,996
   Reorganization expenses                                            0          876,766                0
                                                          -------------    -------------    -------------
Total operating expenses                                     11,206,962       31,396,580      105,036,353
                                                          -------------    -------------    -------------
Operating income (loss)                                        (470,555)       1,411,885        7,812,901

   Interest expense                                            (483,366)      (6,414,343)     (25,371,590)
   Gain on sale of assets                                   137,238,005       12,098,609                0
                                                          -------------    -------------    -------------
Income before income tax expense and extraordinary item     136,284,084        7,096,151      (17,558,689)

   Federal income tax expense                               (46,336,589)               0                0
                                                          -------------    -------------    -------------
Income before extraordinary item                             89,947,495        7,096,151      (17,558,689)

Extraordinary item-gain on early extinguishment
   of debt, net of tax provision of $0                                0        2,070,567                0
                                                          -------------    -------------    -------------
Net income                                                   89,947,495        9,166,718      (17,558,689)

Dividends accrued on preferred shares, net                     (612,440)        (568,597)      (1,516,258)
                                                          -------------    -------------    -------------
Net income applicable to common shares                    $  89,335,055    $   8,598,121    $ (19,074,947)
                                                          =============    =============    =============
Average common shares outstanding                             6,200,356        6,195,356        6,195,356
                                                          =============    =============    =============

Extraordinary item, net of tax
   provision per common share
         Basic                                            $        0.00    $        0.33    $        0.00
                                                          =============    =============    =============
         Diluted                                          $        0.00    $        0.30
                                                          =============    =============

Income per common share
         Basic                                            $       14.41    $        1.39    $      (10.31)
                                                          =============    =============    =============
         Diluted                                          $       13.06    $        1.26
                                                          =============    =============
</TABLE>

  See the accompanying Notes to Consolidated Condensed Financial Statements.

                                       3
<PAGE>

                 Santa Fe Gaming Corporation and Subsidiaries
    Consolidated Condensed Statements of Stockholders' Equity (Deficiency)
                                  (Unaudited)


<TABLE>
<CAPTION>
                                   Common                      Additional Paid    Accumulated        Treasury
                                    Stock     Preferred Stock    in Capital          Deficit           Stock          Total
                                  ---------   ---------------  ---------------    -------------    ----------    -------------
<S>                               <C>         <C>              <C>                <C>              <C>           <C>
Balances, October 1, 2000         $  62,004   $    26,439,760  $    51,520,954    $(122,063,224)   $  (87,774)   $ (44,128,280)

Net income                                                                           89,947,495                     89,947,495
Preferred stock
    dividends accrued, net                            612,440                          (612,440)                             0
Treasury stock purchased                                                                              (77,193)         (77,193)
                                  ---------   ---------------  ---------------    -------------    ----------    -------------
Balances, December 31, 2000       $  62,004   $    27,052,200  $    51,520,954    $ (32,728,169)   $ (164,967)   $  45,742,022
                                  =========   ===============  ===============    =============    ==========    =============
</TABLE>

   See the accompanying Notes to Consolidated Condensed Financial Statements.

                                       4
<PAGE>

                 Santa Fe Gaming Corporation and Subsidiaries
                Consolidated Condensed Statements of Cash Flows
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                 Three Months Ended December 31,
                                                                     2000               1999                 1998
                                                                -------------       -------------       -------------
<S>                                                             <C>                 <C>                 <C>
Cash flows from operating activities:
Cash and cash equivalents provided by (used in) operations      $ (46,459,007)      $     298,008
Changes in assets and liabilities:
   Accounts receivable, net                                           643,261              81,885            (706,895)
   Inventories                                                        211,103            (180,625)            (91,597)
   Prepaid expenses and other                                        (650,736)            (42,781)            303,397
   Deferred income taxes                                           46,336,589                   0                   0
   Other assets                                                        64,766             433,381           2,778,522
   Accounts payable                                                (1,029,635)          1,316,630            (888,041)
   Interest payable                                                (4,174,686)         (4,242,124)            584,670
   Accrued and other liabilities                                   (2,195,827)         (1,180,805)          1,372,066
                                                                -------------       -------------       -------------
Net cash used in operating activities
   before reorganization items                                     (7,254,172)         (3,516,431)          3,352,122
Reorganization expenses incurred in connection with
   Chapter 11 and related legal proceedings                                 0            (876,766)                  0
                                                                -------------       -------------       -------------
Net cash used in operating activities                              (7,254,172)         (4,393,197)          3,352,122
                                                                -------------       -------------       -------------
Cash flows from investing activities:
   Proceeds of sale of assets                                     207,500,000          37,126,512                   0
   Increase in restricted cash                                    (15,000,000)                  0
   Cost and expenses related to sale                               (3,691,166)                  0
   Capital expenditures                                              (210,432)           (555,584)         (5,700,499)
   Development costs                                                        0             (25,388)         (6,958,828)
                                                                -------------       -------------       -------------
Net cash provided by investing activities                         188,598,402          36,545,540         (12,659,327)
                                                                -------------       -------------       -------------
Cash flows from financing activities:                              81,439,996
   Proceeds of obligation under lease                              32,500,000                   0
   Paid on long-term debt                                        (175,240,151)        (22,958,221)        (58,065,611)
   Paid on note payable - officer                                  (1,500,000)                  0
   Minority capital contribution                                      100,000                   0
   Treasury stock purchase                                            (77,193)                  0          (3,502,340)
   Debt issue costs                                                         0             (19,058)                  0
                                                                -------------       -------------       -------------
Net cash used in financing activities                            (144,217,344)        (22,977,279)         19,872,045
                                                                -------------       -------------       -------------
Increase in cash and cash equivalents                              37,126,886           9,175,064          10,564,840

Cash and cash equivalents, beginning of period                      6,986,984          13,710,226          15,146,217
                                                                -------------       -------------       -------------
Cash and cash equivalents, end of period                        $  44,113,870       $  22,885,290       $  25,711,057
                                                                =============       =============       =============
</TABLE>

  See the accompanying Notes to Consolidated Condensed Financial Statements.

                                       5
<PAGE>

                 SANTA FE GAMING CORPORATION AND SUBSIDIARIES
             NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                  (unaudited)

1.  Basis of Presentation and General Information

Santa Fe Gaming Corporation (the "Company" or "Santa Fe Gaming"), is a publicly
traded Nevada corporation. The Company's primary business operations are
conducted through a wholly-owned subsidiary corporation, Pioneer Hotel Inc.
("PHI") which operates the Pioneer Hotel & Gambling Hall (the "Pioneer") in
Laughlin, Nevada. In addition the Company owns real estate on Las Vegas
Boulevard South (the "Strip") and at the corner of Rainbow and Lone Mountain
Road, both in Las Vegas, Nevada.

Until October 2, 2000, the Company, through its wholly-owned subsidiary Santa Fe
Hotel Inc. ("SFHI"), owned and operated the Santa Fe Hotel and Casino (the
"Santa Fe"), located in Las Vegas, Nevada. On October 2, 2000, SFHI sold
substantially all of its assets including the name "Santa Fe Hotel and Casino"
and any derivative names and marks for $205 million (the "SFHI Asset Sale"). The
Company is required to change its name by June 2001. See Notes 5, 7 and 10

On December 29, 2000, the Company entered into a series of agreements to
transfer, pursuant to Section 721 and 351 of the Internal Revenue Code (the
"Code"). the real and personal property, excluding gaming equipment, and
intangible assets used in the operation of the Pioneer to a third party (the
"Purchaser") and agreed to lease and license the assets for up to 20 years,
during which period the Company will operate the Pioneer (collectively, the
"Pioneer Transactions"). See Notes 4, 6, 8 and 9

2.  Summary of Significant Accounting Policies

Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Significant estimates used by the Company include
estimated useful lives for depreciable and amortizable assets, certain other
estimated liabilities and valuation reserves and estimated cash flows in
assessing the recoverability of long-lived assets. Actual results may differ
from estimates.

                                       6
<PAGE>

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Costs
of maintenance and repairs of property and equipment are expensed as incurred.
Costs of major improvements are capitalized and depreciated over the estimated
useful lives of the assets or the remaining term of the leases. Gains or losses
on the disposal of property and equipment are recognized in the year of sale. In
sale/leaseback transactions of equipment, gains are deferred and recognized over
the lease term and losses are recognized in the year of sale. In sale/leaseback
transactions including real property, where the Company retains an option to
repurchase the assets under lease, pursuant to Statement of Financial Accounting
Standards No. 98, Accounting for Leases ("SFAS 98"), the Company accounts for
the transaction as a financing.

Treasury Stock

Treasury stock is the Company's own capital stock that has been issued and
subsequently reacquired. The acquisition of capital stock is accounted for under
the cost method, and presented as a reduction in stockholders' equity.

3.  Cash and Cash Equivalents

At December 31, 2000, the Company held cash and cash equivalents of $44.1
million compared to $7.0 million at September 30, 2000. Approximately $3.0
million was held by PHI and was subject to certain restrictions and limitations
on its use, including restrictions on its availability for distribution to the
Company, by the terms of the agreements entered into in the Pioneer
Transactions. See Note 8

At December 2000, approximately $6.0 of the proceeds from the SFHI Asset Sale
had been deposited with a qualified intermediary in anticipation of completing
Section 1031 like-kind exchanges to defer a portion of the taxable gain realized
in the SFHI Asset Sale and $1.5 million is held in escrow until October 2001
pursuant to the agreements related to the SFHI Asset Sale. See Note 7

4.  Restricted Cash

Approximately $15.0 million held by SFHI has been pledged to secure SFHI's
guaranty of PHI's lease and license obligations. The permitted investments for
the restricted cash are investment grade commercial paper, money market
accounts, government backed securities and preferred stock of the parent of the
Purchaser. Additionally, $5.0 million of the $15.0 million may be used for
capital expenditures at the Pioneer, acquisition of real property and equipment
under lease at the Pioneer. Disbursements from the $5.0 million for other
purposes and of the $10.0 million may be made only with the approval of the
Purchaser. See Note 8

                                       7
<PAGE>

5.  Assets Held For Sale

On October 2, 2000, the Company and the Company's subsidiary, SFHI, consummated
the SFHI Asset Sale. The carrying value of the assets sold is approximately
$63.5 million and is included in Assets held for sale in the accompanying
Consolidated Condensed Balance Sheet at September 30, 2000. The Company received
cash consideration of $205.0 million and used approximately $182.2 million of
the net proceeds to satisfy substantially all of its indebtedness plus accrued
interest thereon, to pay costs of the transactions and the remaining proceeds
were added to working capital. See Notes 3, 7 and 9

6.  Property and Equipment, net

In December 2000, PHI entered into an agreement to sell all of its gaming
equipment for cash consideration of $2.5 million. Simultaneously, PHI entered
into an agreement to lease back the equipment for a period of four (4) years at
$59,000 per month. The sale/lease back has been accounted for as an operating
lease in the accompanying Consolidated Condensed Balance Sheet, and accordingly,
the gain on sale of approximately $800,000 has been deferred and will be
amortized over the term of the lease.

Included in Property and equipment, net in the accompanying Consolidated
Condensed Balance Sheet are assets held under lease with a net carrying value of
approximately $32.0 million at December 31, 2000. See Note 8

7.  Debt To Be Paid Upon Sale of Assets

Debt to be paid upon sale of assets in the accompanying Consolidated Condensed
Balance Sheet as of September 30, 2000 consists of debt net of unamortized debt
discounts and debt obligations owned, but not retired by the Company, which was
repaid in full with proceeds of the SFHI Asset Sale. In addition, the Company
repaid the Note payable-officer reported in the September 30, 2000 Consolidated
Condensed Balance Sheet contained herein with proceeds from the SFHI Asset Sale.
See Note 5

8.  Obligations Under Lease

On December 29, 2000, the Company entered into the Pioneer Transactions and
agreed to lease and license the real and personal property, (excluding gaming
equipment) and intangible assets for up to 20 years, during which period the
Company will operate the Pioneer. The consideration for the Pioneer Transactions
consisted of the assumption and immediate repayment by the Purchaser of $32.5
million of debt owed by PHI to SFHI and preferred stock of the Purchaser having
a $1.0 million liquidation preference. The preferred stock is classified in
Prepaid expenses and other in the accompanying Consolidated Condensed Balance
Sheet. See Note 4

                                       8
<PAGE>

In accordance with SFAS 98, the Pioneer Transactions are accounted for as a
financing transaction. Accordingly, the Company has recorded $33.5 million as an
Obligation under lease in the accompanying Consolidated Condensed Balance Sheet.
Future minimum lease payments including interest thereon by fiscal year under
the lease are as follows: 2001 - $2.6 million; 2002- $3.4 million; 2003 - $3.4
million; 2004 - $3.9 million; 2005 - $4.2 million and thereafter - $101.1
million.

Santa Fe Gaming and SFHI guaranteed the payments under the lease and license
agreements and agreed to certain covenants, including restrictions on the
payment of management fees, restriction on competing in the Laughlin, Nevada
area, limitations on the incurrence of recourse debt obligations by Santa Fe
Gaming and dividend payments on the Santa Fe Gaming preferred stock. In
addition, Santa Fe Gaming agreed to maintain minimum consolidated liquidity
amounts and agreed to contribute capital to PHI and in certain events to the
restricted cash account in the event the ratio of fixed charges to operating
cash flow at the Pioneer falls below 1.00 to 1 during any twelve month period,
on a quarterly basis beginning March 31, 2001. The agreements related to the
Pioneer Transactions provide an option for the Company to purchase the assets
under the lease and license agreements to PHI between the end of the third and
seventh year, at purchase price amounts which approximate estimated fair market
value at the relevant dates, and at the end of the lease term for fair market
value. See Notes 4, 6 and 9

9.  Minority Interest

In connection with the Pioneer Transactions, PHI formed Pioneer LLC, a limited
liability company ("PLLC"), to which PHI transferred 100% of its real and
personal property (excluding gaming equipment) and intangible assets, valued at
approximately $1.0 million, net of $32.5 million of debt secured by the assets
of Pioneer for a 100% interest in PLLC. Subsequently, PLLC admitted LICO, a
Nevada corporation, wholly owned by Mr. Paul W. Lowden, as a 10% minority
interest member, in exchange for a capital contribution of $100,000. PLLC
subsequently transferred the assets contributed by PHI, to a third party in
exchange for preferred stock of the Purchaser with a liquidation preference of
$1.0 million and the assumption and immediate repayment by the Purchaser of
$32.5 million of indebtedness owed to SFHI. The investment by the minority
member is reflected as Minority interest in the Consolidated Condensed Balance
Sheet contained herein.

10. Gain on Sale of Assets

The Company recorded a pre-tax gain on the SFHI Asset Sale of approximately
$137.2 million in the quarter ended December 31, 2000. In connection with the
sale, the Company, Paul W. Lowden, majority stockholder of the Company, and
members of the family of Paul W. Lowden entered into a three year non-compete
agreement, in which they agreed not to compete through October 2, 2003 within a
three mile

                                       9
<PAGE>

radius of the Santa Fe. The Company and SFHI granted to the buyer a three-year
option to purchase for $5.0 million the approximately 20-acre parcel of
undeveloped real property located at the corner of Rainbow and Lone Mountain
Road adjacent to the Santa Fe. See Notes 5 and 7

In November 1999, Sahara Las Vegas Corp., an indirect wholly-owned subsidiary of
the Company ("SLVC"), sold real property located in Henderson, Nevada it had
acquired in March 1999 for $37.2 million. The Company recorded a pre-tax gain on
the sale of approximately $12.1 million in the quarter ended December 31, 1999.
In connection with the sale, the Company, SLVC, SFHI, Paul W. Lowden and members
of the family of Paul W. Lowden entered into non-compete agreements, in which
they agreed not to compete through November 15, 2014 within a five-mile radius
of two of the buyer's casinos located in the Henderson, Nevada area.

11.   Supplemental Statement of Cash Flows Information

Supplemental statement of cash flows information for the quarters ended December
31, 2000 and 1999 is presented below:


                                                         2000         1999
                                                       -------      -------
                                                      (Amounts in Thousands)
Operating activities:
      Cash paid during the period for interest         $ 4,663      $ 8,960
                                                       =======      =======
      Cash paid during the period for income taxes:    $   120      $     0
                                                       =======      =======

Investing and financing activities:
     Long-term debt incurred in connection with
     the acquisition of machinery and equipment        $     0      $    76
                                                       =======      =======

                                       10
<PAGE>

12.  Segment Information

The Company's primary operations are in the hotel/casino industry and subsequent
to October 2, 2000, are conducted at the Pioneer in Laughlin, Nevada. During
fiscal year 2000, the Company also conducted operations at the Santa Fe in Las
Vegas, Nevada.

                                       Three Months Ended December 31,
                                       -------------------------------
                                         2000                    1999
                                       -------                  ------
                                            (Dollars in thousands)
Pioneer Hotel
-------------
Operating revenues                     $10,155                  $11,243
                                       =======                  =======
Operating income                       $   480                  $   203
                                       =======                  =======
Interest expense                       $   903                  $ 2,000
                                       =======                  =======
Depreciation and amortization          $   642                  $   647
                                       =======                  =======
Rents                                  $   186                  $   181
                                       =======                  =======
EBITDA (1)                             $ 1,498                  $ 2,159
                                       =======                  =======
Capital expenditures                   $   151                  $   447
                                       =======                  =======
Identifiable assets (2)                $37,961                  $44,023
                                       =======                  =======

(1) EBITDA represents earnings before interest, taxes, depreciation and
amortiation, rents, corporate expenses, reorganization expenses and other
nonrecurring charges. The Company's definition of EBITDA may not be the same as
that of similarly captioned measures used by other companies.

(2) Identifiable assets represents total assets less elimination for
intercompany items.

                                       11
<PAGE>

                                  SIGNATURES

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

SANTA FE GAMING CORPORATION, Registrant



                                    By:  /s/ Thomas K. Land
                                         ---------------------------------------
                                         Thomas K. Land, Chief Financial Officer

Dated: February 27, 2001

                                       12