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


                                   FORM 10-QSB


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

                  For the Quarterly period ended March 31, 2003

                           Commission File No. 0-15862


                                GVC VENTURE CORP.
      --------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

        Delaware                                           13-3018466
------------------------------------                       ----------
(State or other jurisdiction of                          (I.R.S. Employer
incorporation or organization)                          Identification No.)

200 East 66th Street, Suite B603, New York, NY                10021
----------------------------------------------                -----
(Address of principal executive offices)                    (Zip Code)

Registrant's telephone number including area code: 212-753-1812


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

Indicate by check whether the registrant is an accelerated filer (as defined in
Rule 12b-2 of the Exchange Act):                        [   ] Yes  [ X ] No

The number of shares outstanding of the registrants common stock as of March 15,
2003 was 5,294,710.


<PAGE>


Item 1.               Financial Statements

                       GVC VENTURE CORP. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                       March 31, 2003                June 30, 2002
                                                          (In thousands, except per share data)
<S>                                                       <C>                           <C>
Assets

Current Assets
Cash and cash equivalents                                 $      2                      $       3
                                                          ---------                     ----------
Total Current Assets                                      $      2                      $       3
                                                          =========                     ==========

Total Assets                                              $      2                      $       3
                                                          =========                     ==========


Liabilities and Stockholders' Equity

Current Liabilities
Accounts payable and accrued expenses                     $     71                      $      64
                                                          ---------                     ----------
Total Current Liabilities                                 $     71                      $      64
                                                          ---------                     ----------

Long-Term Debt                                            $     75                      $      50

Stockholders' Equity

Common Stock - $.10 par value; 50,000,000
   shares authorized, 5,294,710 shares
   and 5,214,710 shares issued and
   outstanding, respectively                              $    529                      $     529
Paid-in Capital                                           $  1,688                      $   1,688
Accumulated Deficit                                       $ (2,361)                     $  (2,328)
                                                          ---------                     ----------
Total Stockholders' Equity                                $   (144)                     $    (111)

Total Liabilities & Stockholders' Equity                  $      2                      $       3
                                                          =========                     ==========
</TABLE>

See Notes to Consolidated Financial Statements





                                       2
<PAGE>







                                GVC VENTURE CORP. AND SUBSIDIARIES
                               CONSOLIDATED STATEMENTS OF OPERATIONS
                                            (UNAUDITED)

<TABLE>
<CAPTION>
                                                       Three Months Ended            Nine Months Ended
                                                            March 31,                    March 31,

                                                      2003           2002            2003          2002
                                                      ----           ----            ----          ----
                                                                   (In thousands except per share data)

<S>                                               <C>             <C>            <C>           <C>
Corporate Office Expenses                         $       17      $        6     $       30    $      17
Interest (Income) Expense- Net                    $        2      $        0     $        3    $       0
                                                  ==========      ==========     ==========    =========
NET LOSS                                          $      (19)     $       (6)    $      (33)   $     (17)
                                                  ==========      ==========     ==========    =========

NET LOSS PER SHARE                                    ($0.00)         ($0.00)        ($0.01)      ($0.00)
                                                  ==========      ==========     ==========    =========

Weighted Average Number of Common
       Shares Outstanding                          5,294,710       5,268,044      5,294,710    5,232,491
                                                  ==========      ==========     ==========    =========
</TABLE>


See Notes to Consolidated Financial Statements




                                       3
<PAGE>


                                GVC VENTURE CORP. AND SUBSIDIARIES
                              CONSOLIDATED STATEMENTS OF CASH FLOWS
                                           (UNAUDITED)

<TABLE>
<CAPTION>
                                                                          Nine Months Ended March 31,
                                                                     2003                           2002
                                                                ----------------               -------------
                                                                                (In thousands)
<S>                                                               <C>                            <C>
OPERATING ACTIVITIES:
Net (Loss)                                                        $          (33)                $       (17)
Adjustment to reconcile net loss to net
       cash provided (used) by operating activities:
Changes in operating assets and liabilities - net:
(Increase)/decrease in prepaid expenses,
       other current assets and other assets                                   -                 $        10
Increase/(decrease) in accounts payable,
       accrued expenses and other current liabilities             $            7                 $        (8)
                                                                ----------------               -------------
NET CASH PROVIDED (USED) BY OPERATING
       ACTIVITIES                                                 $          (26)                $       (15)

FINANCING ACTIVITIES

Equity investment in the Company as a result
of a private placement                                                         -                 $         2
Loan from Chairman of the Board                                                -                 $         8
Loan from Palisade Investors                                      $           25                           -

                                                                ----------------               -------------
NET CASH PROVIDED (USED) BY FINANCING
       ACTIVITIES                                                 $           25                 $        10

                                                                ----------------               -------------
INCREASE (DECREASE) IN CASH AND CASH
       EQUIVALENTS                                                $           (1)                $        (5)
                                                                ----------------               -------------

CASH AND CASH EQUIVALENTS AT BEGINNING
       OF PERIOD                                                  $            3                 $         8
                                                                ----------------               -------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                        $            2                 $         3
                                                                ================               =============

Note 1:   Interest and Income Taxes paid were as follows:
                                        (In thousands)
       Interest                                                                -                           -
                                                                ================               =============

       Income Taxes                                               $            6                 $         5
                                                                ================               =============
</TABLE>

See Notes to Consolidated Financial Statements


                                       4
<PAGE>

                       GVC VENTURE CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




     A. The accompanying  unaudited  consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information  and the  instructions  to Form 10-QSB and Regulation S-X
related the preparation of interim financial  statements.  Accordingly,  they do
not include all of the information and footnotes  required by generally accepted
accounting  principles  for  complete  financial  statements.  In the opinion of
management, the accompanying unaudited consolidated financial statements contain
all adjustments  (consisting of normal recurring accruals)  considered necessary
for a fair  presentation.  Operating results for the nine months ended March 31,
2003 are not necessarily  indicative of the results that may be expected for the
full  year  ending  June  30,  2003.  For  further   information  refer  to  the
consolidated   financial  statements  and  footnotes  thereto  included  in  the
Company's Annual Report on Form 10-K for the year ended June 30, 2002.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS

Results of Operations - Three months ended March 31, 2003 compared with Three
-----------------------------------------------------------------------------
months ended March 31, 2002.
----------------------------

     Corporate expenses of $17,000 increased by $11,000 primarily as a result of
having  higher legal  expenses in the period ended March 31, 2003 in  connection
with investigating potential business transaction.  Accrued interest expenses of
$2,000 relates to loans from the Chairman of the Board and Palisade Investors.


Results of Operations - Nine months ended March 31, 2003 compared with Nine
---------------------------------------------------------------------------
months ended March 31, 2002.
----------------------------

     Corporate  expenses of $30,000  increased by $13,000  compared to the first
nine months of fiscal 2002 primarily as a result of higher legal expenses in the
period ended March 31, 2003 in connection with investigating  potential business
transactions.  The accrued  interest expense of $3,000 relates to loans from the
Chairman of the Board and Palisade Investors.


Liquidity and Capital Resources
-------------------------------

     During the nine  months  ended March 31,  2003,  the Company had a negative
cash flow of $1,000,  as a result of funding the Net Loss of  $33,000.  This was
almost substantially funded by a $25,000 loan from Palisade Investors LLC and an
increase in current  liabilities.  At March 31,  2003.

     The  Company  had cash and  cash  equivalents  of  $2,000  and the  Company
continues to examine potential  business  opportunities as they are presented to
it. On May 5, 2003  Palisade  Investors  LLC  loaned the  Company an  additional
$25,000.

     The Company currently engages in no operating activities.

     The Company  does not have  sufficient  current  assets to pay its debts as
they come due.  The  Company  intends  to rely  upon  additional  debt or equity
investments  from  certain of its  principal  stockholders  in order to fund its
debts as they come due. However,  no arrangements have been made with respect to
any such  additional  investments,  and the Company makes no assurances that any
such arrangements  will be made. If such  arrangements for additional  financing
are not made, the Company may be forced to liquidate and dissolve.


                                       5
<PAGE>

ITEM 4.        CONTROLS AND PROCEDURES

     Evaluation of Disclosure Controls and Procedures
     ------------------------------------------------

     The Company maintains  disclosure controls and procedures that are designed
to ensure that  information  required to be  disclosed  in the reports  that the
Company  is  required  to file  under  the  Securities  Exchange  Act of 1934 is
recorded,  processed,  summarized and reported within the time periods specified
in the  Securities  and  Exchange  Commission's  rules and forms,  and that such
information  is  accumulated  and  communicated  to  the  Company's  management,
including its principal  executive officer and its principal  financial officer,
as  appropriate,  to  allow  timely  decisions  regarding  required  disclosure.
Management  necessarily applied its judgment in assessing the costs and benefits
of such  controls  and  procedures  which,  by their  nature,  can provide  only
reasonable assurance regarding management's control objectives.

     Within 90 days prior to the date of this report, the Company carried out an
evaluation,  under the supervision and with the  participation  of the Company's
management, including its Chairman of the Board of Directors, its Vice President
of Finance and Treasurer,  of the  effectiveness  of the design and operation of
its  disclosure  controls and  procedures  pursuant to Exchange Act Rule 13a-14.
Based upon the foregoing,  the Company's Chairman of the Board of Directors, its
Vice President of Finance and Treasurer concluded that the Company's  disclosure
controls  and  procedures  are  effective  in timely  alerting  them to material
information  relating to the Company required to be included in its Exchange Act
Reports.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits:

          Exhibit
          Number      Description
          ------      -----------

          99.1        Certificate of the Chief Executive Officer pursuant to 18
                      U.S.C. Section 1350 as adopted pursuant to Section 906 of
                      the Sarbanes-Oxley Act of 2002, and filed herewith.

          99.2        Certificate of the Chief Financial Officer pursuant to 18
                      U.S.C. Section 1350 as adopted pursuant to Section 906 of
                      the Sarbanes-Oxley Act of 2002, and filed herewith.

     The exhibits appear immediately following the signature page.

     (b)  Reports on Form 8-K filed during the quarter ended March 31, 2003:

          None.







                                       6
<PAGE>




                                   SIGNATURES
                                   ----------

        Pursuant to the requirements of the Securities Exchange Act of 1934,
this Report has been signed below on its behalf by the undersigned thereunto
duly authorized.

                                          GVC VENTURE CORP.
                                          -----------------
                                          Registrant



Date:   May 15, 2003                      By:  /s/ Russell Banks
                                          ----------------------------
                                          Russell Banks, Chairman
                                          Of the Board of Directors
                                          (Principal Executive Officer)
                                          and Director




Date:   May 15, 2003                      By:  /s/ Marc J. Hanover
                                          ----------------------------
                                          Marc J. Hanover, Vice-President
                                          Finance and Treasurer (Principal
                                          Financial Officer and Principal
                                          Accounting Officer)











                                       7
<PAGE>


                                GVC VENTURE CORP.


                CERTIFICATION FOR QUARTERLY REPORT ON FORM 10-QSB

I, Russell Banks, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of GVC Venture Corp.;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6.   The registrant's other certifying officers and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:   May 15, 2003              /s/  Russell Banks
                                  ----------------------------------------------
                                  Russell Banks
                                  Chairman of the Board of Directors (Principal
                                  Executive Officer) and Director



                                       8
<PAGE>


                CERTIFICATION FOR QUARTERLY REPORT ON FORM 10-QSB

I, Marc Hanover, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of GVC Venture Corp.;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6.   The registrant's other certifying officers and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:   May 15, 2003                  /s/ Marc Hanover
                                      -------------------------------------
                                      Marc Hanover
                                      Vice President, Finance and Treasurer
                                      (Principal Financial Officer and Principal
                                      Accounting Officer)



                                       9