<PAGE>
                                  FORM 10-QSB
                         
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


          [ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                      THE SECURITIES EXCHANGE ACT OF 1934
                 For the quarterly period ended March 31, 1998

                                      OR

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

                        Commission file number 0-15415

                             GLOBAL CASINOS, INC.
                           ------------------------
            (Exact Name of Registrant as Specified in its Charter)
   
       Utah                                      87-0340206
    -----------                                --------------
(State or other jurisdiction                   I.R.S. Employer
of incorporation or organization)           Identification number

4465 Northpark Drive, Suite 400 Colorado Springs, Colorado       80907
----------------------------------------------------------       -----
(Address of Principal Offices)                              (Zip Code)

Registrant's telephone number, including area code:     (303) 756-3777

                                      N/A
                                    ------
             (Former name, former address and former fiscal year,
                         if changed since last report)

Check whether the Issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the last 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 [   ]

As of May 20, 1998, 1,565,686 shares of Common Stock of the Registrant were
outstanding.

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

<PAGE>
<PAGE>
INDEX

PART 1.   FINANCIAL INFORMATION:

     Item 1.        Financial Statements

          Balance Sheet at March 31, 1998 (unaudited) and June 30, 1997

          Statement of Operations for the Three Months Ended March 31, 1998
          (unaudited) and March 31, 1997 (unaudited)

          Statement of Operations for the Nine Months Ended March 31, 1999
          (unaudited) and March 31, 1997 (unaudited)

          Statement of Cash Flows for the Nine Months Ended March 31, 1998
          (unaudited) and March 31, 1997 (unaudited)

          Notes to Unaudited Financial Statements

     Item 2.        Management's Discussion and Analysis

PART II.  OTHER INFORMATION:  AMENDED AND RESTATED

     Item 1.        Legal Proceedings

     Item 2.        Changes in Securities

     Item 3.        Defaults Upon Senior Securities

     Item 4.        Submission of Matters to a Vote of Security Holders

     Item 5.        Other Information

Item 6.Exhibits and Reports on Form 8-K

          
<PAGE>
<PAGE>
PART 1.  FINANCIAL INFORMATION

Item 1.   Financial Statements

     The accompanying Balance Sheet at March 31, 1998, Statement of Operations
for  the Three Months Ended March 31, 1998 and 1997, and Nine Months Ended
March 31, 1998 and 1997, and Statement of Cash Flows for the Nine Months Ended
March 31, 1998 and March 31, 1997 are unaudited but reflect all adjustments
which are, in the opinion of management, necessary to a fair statement of the
financial position and results of operations for the interim period presented.

<PAGE>
<PAGE>
                     Global Casinos, Inc. and Subsidiaries
                          Consolidated Balance Sheets
<TABLE>
<CAPTION>

                                 March 31, 1998       June 30, 1997
                                   (unaudited)          (audited)
                                   ----------          ----------
<S>                              <C>                  <C>
Assets
Current assets:                  
 Cash                            $ 1,022,713         $ 1,048,371 
 Accounts receivable:
  Related parties                     41,028              11,199 
  Trade, net of allowance for                                    
    doubtful accounts of $11,609
    at March 31, 1998 and $14,750
    at June 30, 1997                 273,695              62,710 
  Employees                           20,314                   - 
 Inventory                           268,883                   - 
 Marketable securities                37,821                   - 
 Current portion of notes
   receivable                        124,425              57,645 
 Other                                57,167             138,792 
Total current assets               1,846,046           1,318,717 

Land, buildings and equipment:
 Land                                533,350             531,715 
 Buildings                         4,893,107           3,913,510 
 Equipment                         2,132,852           2,539,837 
                                   7,559,309           6,985,062 
 Accumulated depreciation         (2,100,337)         (1,615,751)

Net land, buildings and equipment                    5,458,972   5,369,311 

Other assets, net of amortization
 of $31,264 at March 31, 1998 and
 $17,000 at June 30, 1997            279,904              60,486 
Leasehold, contract rights, and
 goodwill, net of amortization of
 $1,476,199 at March 31, 
 1998 and $1,077,424 at June
 30, 1997                          5,515,034           2,050,976 
Notes receivable, net of current
 portion, and including receivables
 in default                          332,513             369,059 

                                 $ 13,432,469        $ 9,168,549 
</TABLE>
<PAGE>
<PAGE>
                     Global Casinos, Inc. and Subsidiaries
                          Consolidated Balance Sheet
                                  (Continued)

<TABLE>
<CAPTION>

                                         March 31, 1998    June 30, 1997
                                           (unaudited)       (audited)
                                          -------------    -------------
<S>                                                    <C>             
                                                          <C>
Liabilities and stockholders' equity
Current liabilities:
 Accounts payable, including related     
  party payables of $31,421 at June
  30, 1997                               $     333,628    $    318,199 
 Accrued expenses                            1,197,494         958,880 
 Accrued interest                              241,390         154,995 
 Note payable                                   50,000               - 
 Current portion of long-term debt
  including debt in default                  2,214,223         557,450 
 Mandatory redeemable convertible
  Class A preferred stock, in default           36,000          53,500 

Total current liabilities                    4,072,735       2,043,024 

Long-term debt, less current portion         5,856,776       4,052,900 
Other                                           18,546               - 

                                             5,875,322       4,052,900 

Minority interest                              (19,349)         36,367 

Commitments and Contingencies
Stockholders' equity:
 Class A preferred stock - Convertible
  nonvoting, $2 par value:
  Authorized - 10,000,000 shares
  Issued and outstanding - 147,750
   shares at March 31, 1998 and at
   June 30, 1997                               268,538         268,538 
 Common stock - $.05 par value:
  Authorized - 50,000,000 shares
  Issued and outstanding - 1,565,586
   shares at March 31, 1998 and 1,400,811
   shares at June 30, 1997                      11,217           7,004 
 Additional paid-in capital                  9,247,583       8,969,045 
 Accumulated deficit                        (6,023,577)     (6,208,329)
                                             3,503,761       3,036,258 
                                         $  13,432,469    $  9,168,549 

</TABLE>
See accompanying notes
<PAGE>
<PAGE>
                     Global Casinos, Inc. and Subsidiaries
                     Consolidated Statements of Operations

<TABLE>
<CAPTION>

                                          Three Months Ended March 31,
                                           1998                 1997
                                        (unaudited)          (unaudited)
                                        -----------          ----------
<S>                                       <C>                   <C>
Revenues:
 Casino                                $2,394,434           $2,841,527 
 Bingo                                    722,272                    - 
 Food and beverage                         45,772               80,260 
 Other                                     13,118               38,969 
                                        3,175,596            2,960,756 
Expenses:
 Cost goods sold                          436,262                    - 
 Operating, general and
  administrative                        1,999,926            2,411,133 
 Depreciation and amortization            262,154              231,324 
                                        2,698,342            2,642,457 

Income from operations                    477,254              318,299 
Other income (expense):
 Interest income                           15,971               25,152 
 Gain on extinguisment of debt              6,279                    - 
 Gain on sale of marketable
  securities                                1,008                    - 
 Interest expense                        (175,138)             (81,637)
                                         (151,880)             (56,485)
Income before reorganization items,
 minority interest and extraordinary
 item                                     325,374               261,814

Reorganization items:
 Interest earned on accumulated
  cash resulting from Chapter 11
  proceedings                                   -                    - 
 Professional fees                              -                    - -     -
 
Income before minority interest
 and extraordinary item                   325,374              261,814 
Minority interest in income of
 subsidiary                                     -              (41,009)
Income before extraordinary item          325,374              220,805 
Extraordinary item:
 Gain from restructuring                        -                    - 

Net income                             $  325,374           $  220,805 
                                                  
Basic earnings per share               $      .21           $      .16 

Diluted earnings per share             $        0           $        0 

</TABLE>
                            See accompanying notes<PAGE>
<PAGE>
                     Global Casinos, Inc. and Subsidiaries
                     Consolidated Statements of Operations
<TABLE>
<CAPTION>
                                            Nine Months Ended March 31,
                                              1998              1997
                                           (unaudited)       (unaudited)
                                           ----------        ----------
<S>                                          <C>             <C>
Revenues:                                       
 Casino                                  $ 6,799,400       $ 6,957,063 
 Bingo                                     2,182,362                 - 
 Food and beverage                           137,500           267,317 
 Other                                        60,867            83,569 
                                           9,180,129         7,307,949 
Expenses:
 Cost goods sold                           1,318,076                 - 
 Operating, general and
  administrative                           6,532,615         6,371,546 
     Depreciation and amortization           845,316           667,208 
                                           8,696,007         7,038,754 

Income from operations                       484,122            269,195
Other income (expense):
 Interest income                              32,008            38,134 
 Gain on extinguishment of debt                6,279                 - 
 Gain on sale of marketable securities         1,008                 - 
Interest expense                            (504,986)         (237,991)
                                            (465,691)         (199,857)
Income before reorganization items,
 minority interest and extraordinary
 item                                         18,431            69,338 

Reorganization items:
 Interest earned on accumulated cash
  resulting from Chapter 11 proceedings            -             7,608 
 Professional fees                                 -           (11,111)
                                                   -            (3,503)
Income before minority interest
 and extraordinary item                       18,431            65,835 
Minority interest in income
 of subsidiary                               (24,609)         (142,244)
Loss before extraordinary item                (6,178)          (76,409)
Extraordinary item:
   Gain from restructuring                   190,930         1,450,392 

Net income                               $  184, 752       $ 1,373,983 

Basic earnings per share                 $       .12       $      1.03 

Diluted earnings per share               $         0       $         0 
</TABLE>
See accompanying notes<PAGE>
<PAGE>
                     Global Casinos, Inc. and Subsidiaries
                     Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
                                   
                                          Nine Months Ended March 31, 
                                             1998              1997
                                          (unaudited)       (unaudited)
                                         ------------       -----------
<S>                                           <C>               <C>
Cash flows from operating activities
Net cash provided by operating
 activities                               $   626,677       $  786,359 
Cash flows from investing activities
Other assets                                        -          (23,537)
Purchase of equipment                        (250,684)        (616,981)
Purchase of Alaska Bingo Supply, Inc.,    
 net of cash acquired                        (383,090)               - 
Proceeds from sale of equipment                     -            1,999 
Collections on notes receivable                34,544           39,972 
Purchase of marketable securities             (36,813)
Issuances of notes receivable                 (64,778)        (372,566)
Net cash used in investing activities        (700,821)      (1,082,009)

Cash flows from financing activities
Issuance of note payable                       50,000                - 
Principal payments on long term debt         (590,677)        (601,159)
Issuance of long term debt                     474,879               - 
Distribution to minority interest             (55,716)        (110,896)
Redemption of mandatory redeemable
 preferred stock                                    -        1,467,620 
Issuance of common stock                      187,500                - 
Payment of mandatory redeemable
 preferred stock                              (17,500)               - 
Net cash provided by financing activities      48,486          866,461 

Net  increase (decrease) in cash             (25,658)          570,811 
Cash at beginning of period                 1,048,371          887,374 

Cash at end of period                     $ 1,022,713       $1,458,185 

Supplemental cash flow information:
 Cash paid for interest                   $   227,902       $   66,467 

Supplemental disclosure of non-cash 
 investing and financing activities:

Debt converted to common stock:           $    95,251       $  109,279 

Fair value of assets acquired             $   620,587        
Liabilities assumed                          (175,329)      
Intangibles                                 3,937,832       
Fair value of assets exchanged             (4,000,000)      
Cash paid, net of cash acquired           $   383,090       
</TABLE>
                            See accompanying notes

<PAGE>
                     

                  Global Casinos, Inc. & Subsidiaries
                Notes to the Consolidated Financial Statements
                                March 31, 1998
                                  (unaudited)

1.   Organization and Summary of Significant Accounting Policies
     -----------------------------------------------------------

     Organization and Consolidation
     ------------------------------
     Global Casinos, Inc. (the "Company"), a Utah corporation, develops and
operates gaming casinos domestically and internationally.  At March 31, 1998,
the consolidated financial statements of the Company include the accounts of
the following wholly-owned subsidiaries.  All significant intercompany
accounts and transactions have been eliminated in consolidation.

     BPJ HOLDINGS N.V. ("BPJ"), a Curacao Limited Liability Company, which
     operates the Casino Masquerade on the Caribbean resort island of Aruba.

     GLOBAL PELICAN N.V. ("Pelican"), a St. Maarten Limited Liability Company
     which began operating the Pelican Casino located on the island of St.
     Maarten in the Netherlands Antilles on August 1, 1996.   Global Pelican
     operates the casino under a Management and Operating Lease Agreement. 
     The casino is located in the Radisson hotel which is scheduled to close
     for major renovations at the end of February 1998.  Global Casinos is
     presently in negotiations with the Aruban government and with the
     Radisson hotel chain to renegotiate the casino's lease.

     GLOBAL ALASKA CORPORATION ("Global Alaska"), an Anchorage corporation,
     which operates Alaska Bingo Supply, Inc. ("ABS") located in Anchorage,
     Alaska.  The Company acquired ABS on August 1, 1997 .

     CASINOS USA, INC. ("Casinos USA"), a Colorado corporation, which owns and
     operates the Bull Durham Saloon and Casino ("Bull Durham"), located in
     the limited stakes gaming district in Black Hawk, Colorado.

     GLOBAL CASINOS INTERNATIONAL, INC. ("Global International"), a Delaware
     corporation, which owns BPJ, which operates Casino Las Vegas in Bishek
     and receives a 61% profits interest in the Casino Las Vegas.

     WOODBINE CORPORATION ("Woodbine"), a South Dakota corporation, which
     operated Lillie's Casino ("Lillie's") in Deadwood, South Dakota which
     leases property and related equipment to a third party.

     The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-QSB and
Item 310(b) of Regulation S-B.  Accordingly, they do not include all the
information and footnotes required by generally accepted accounting principles
for complete financial statements.  There has not been any significant change
in the Company's significant accounting policies nor has there been any
significant development in contingent liabilities and commitments.

     In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included.  The results for these interim periods are not necessarily
indicative of the results for the entire year.  These statements should be
read in conjunction with the financial statements and footnotes thereto
included in the Form 10-KSB for the fiscal year ended June 30, 1997 and Form
8-K.

     Reclassifications
     -----------------
     Certain amounts reported in the 1997 interim financial statements have
been reclassified to conform to classifications in the 1998 interim financial
statements.

2.   Stockholders' Equity
     --------------------

     None.
     
     Mandatory Redeemable Preferred Stock
     ------------------------------------
     At March 31, 1998, 18,000 shares of Series A Preferred Stock are
outstanding.  The Series A Convertible Preferred Stock had a mandatory
redemption date of May 31, 1995, and the Company is currently in default.  The
Series A Preferred Stock has a redemption price of $2.00 per share, subject to
adjustment for certain events such as splits and dividends.  Holders of the
Series A Preferred Stock have the option to convert each share of the
preferred stock into one-tenth (1/10) of one share of the Company's Common
Stock.
     
3.   Acquisition
     -----------

     On August 1, 1997, the Company, through Global Alaska, acquired all the
outstanding shares of stock of Alaska Bingo Supply, Inc. in a transaction
accounted for as a purchase, and, accordingly, the results of operations have
been included in the Company's consolidated financial statements from the date
of purchase.  Consideration for the purchase consisted of  cash  of $400,000
and a $4,000,000 8% installment note payable.  The funds for the down payment
were derived from a private placement of short term notes totaling $425,000,
of which $75,000 was from an affiliate.

4.   Earnings per Share
     ------------------

     As required, the Corporation has adopted statement of Financial
Accounting Standards No. 128.  This statement requires dual presentation of
basic and diluted earnings per share (EPS) with a reconciliation of the
numerator and denominator of the EPS computations.  Basic per share amounts
are based on the weighted average shares of common stock outstanding.  Diluted
earnings per share assume the conversion, exercise or issuance of all
potential common stock instruments such as options, warrants and convertible
securities, unless the effect is to reduce a loss or increase earning per
share.  Accordingly, this presentation has been adopted for all periods
presented.  The basic and diluted weighted average shares outstanding are as
follows:

<TABLE>
<CAPTION>

                                      1998           1997
                                   -----------   -------------
<S>                                    <C>            <C>

     Weighted average shares        1,527,749      1,329,065
       outstanding used for             
       both basic and diluted
       earnings per share

</TABLE>

There are outstanding warrants or options to purchase common stock outstanding
during the period ending March 31, 1998.  However, the exercise price was
greater than the average market price of the common shares.  The warrants or
options were still outstanding at the end of the period.

<PAGE>
           MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

     The following discussion and analysis should be read in conjunction with
the financial statements and notes thereto appearing elsewhere in this
document.

LIQUIDITY AND CAPITAL RESOURCES - MARCH 31, 1998 COMPARED TO JUNE 30, 1997
-----------------------------------------------------------------
     The Company is organized as a holding company for several entities
holding gaming-related properties.  Management is currently in the process of
renegotiating its current debts in order to extend the maturities.  Also, the
Company continually investigates opportunities to undertake further financing.

     The Company's balance sheet reflects an increase in current assets and
total assets.  Specifically, current assets increased from $1,318,717 at June
30, 1997, to $1,846,046 at March 31, 1998, an increase of $527,329or 40.0%. 
At March 31, 1998, the Company showed increases in net accounts receivable of 
$261,128, or 353.3%, inventory of $268,883, marketable securities of $37,821
and decreases in other current assets of $81,625, or 58.5%. The majority of
the changes resulted due to the acquisition of the Alaska Bingo Supply, Inc.

     At March 31, 1998, the Company's investment in property, plant and
equipment (net of accumulated depreciation) increased by $89,661, or 1.7%. 
Other assets (net of amortization) increased by $219,418, or 362.9%. 
Leasehold, contract rights and goodwill (net of amortization) increased by
$3,464,058, or 168.9%.  These changes were due to the acquisition of Alaska
Bingo Supply, Inc. 

     Current liabilities increased 99.4% from $2,043,024 at June 30, 1997, to
$4,072,735 at March 31, 1998.  This is comprised of increases in accrued
expenses of $238,614 accrued interest of $86,395, accounts payables of
$15,429, the current portion of long term debt of $1,656,773, and a new note
payable of $50,000. The majority of these increases are associated with the
acquisition of Alaska Bingo Supply, Inc.  There was a reduction of $17,500 in
mandatory redeemable preferred stock.

     As a result of the foregoing increases in current assets and in current
liabilities, the Company's working capital deficit increased from $724,307 on
June 30, 1997, to $2,226,689 on March 31, 1998, or a 307.4% increase.  The
Company continues to face a shortage of working capital, and there can be no
assurance that the Company will be able to raise the capital or show the
improvements in operations that would be necessary to overcome the deficit.

     During the nine (9) months ended March 31, 1998 the Company was able to
negotiate a reduction of $95,251 of debt in exchange for 24,251 shares of
Common Stock in satisfaction of this debt.  During this period the Company
reported net income of $184,752.  As a result of the foregoing, stockholders'
equity increased from $3,036,258 on June 30, 1997 to $3,503,761 on March 31,
1998.  In addition, 60,000 shares of common stock were issued pursuant to the
exercise of options with $187,500 cash received by the Company.

     Long-term debt (net of current portion) increased from $4,052,900 at June
30, 1997 to $5,856,776 at March 31, 1998, an increase of $1,803,876, or 44.5%. 
This is a result of the purchase of Alaska Bingo Supply, Inc.

     Net cash used by investing activities for the nine (9) months ended March
31, 1998 was $700,821 compared with $1,082,009 for the same period in 1997. 
For the nine (9) months ended March 31, 1998, the Company used $250,684 for
the purchase of equipment, $64,778 for the issuance of notes receivable,
$36,813 to purchase marketable securities and $383,090 to purchase Alaska
Bingo.  This compares to $616,981 for the purchase of equipment and $372,566
for the issuance of notes receivable.  Collections on notes receivable were
$34,544 and $39,972 for the nine (9) months ended March 31, 1998 and 1997,
respectively

     Net cash provided by financing activities for the nine (9) months ended
March 31, 1998 was $48,486 compared to $866,461 for the same period in 1997 a
decrease of $817,975 or 94.4%.  Specifically, cash provided by financing
activities for the nine (9) months ended March 31, 1998 was comprised of
$50,000 for the issuance of a note payable, $474,879 for issuance of other
long term debt, and $187,000 for issuance of common stock, offset by principal
payments on long term debt of $590,677, distributions to a minority interest
holder of $55,716 and payment to preferred stockholders in the course of
redemption of $17,500.  This compares to issuance of mandatory redeemable
preferred stock of $1,467,620, offset by principal payments on long term debt
of $601,159 and distribution to a minority interest holder of $110,896.

     The company has a $245,000 line of credit with a commercial bank to
finance the expansion of the Bull Durham.  The line accrues interest at 11.5%
per annum.  At March 31, 1998 $50,000 was outstanding on the credit line.

     Other than the foregoing, Management knows of no other trends, events or
uncertainties that have or are reasonably likely to have a material impact on
the Company's short-term or long-term liquidity.

Private Securities Litigation Reform Act
----------------------------------------
     Certain statements in this Quarterly Report on Form 10-QSB which are not
historical facts are forward looking statements, such as statements relating
to future operating results, existing and expected competition, financing and
refinancing sources and availability and plans for future development or
expansion activities and capital expenditures.  Such forward looking
statements involve a number of risks and uncertainties that my significantly
affect the Company's liquidity and results in the future and, accordingly,
actual results may differ materially from those expressed in any forward
looking statements.  Such risks and uncertainties include, but are not limited
to, those related to effects of conditions, changes in gaming laws or
regulations (including the legalization of gaming in various jurisdictions)
and risks related to development and construction activities.


RESULTS OF OPERATIONS - THREE (3) MONTHS ENDED MARCH 31, 1998 COMPARED TO THE
THREE (3) MONTHS ENDED MARCH 31, 1997.
----------------------------------------------------------------
     For the three months ended March 31, 1997, the Company's income consisted
of revenues generated by the Bull Durham, Casino Las Vegas, the Pelican
Casino, Alaska Bingo Supply, and Casino Masquerade for two months. 
Comparatively, for the three months ended March 31, 1997, the Company's income
consisted of revenues generated by the Bull Durham, Casino Las Vegas, the
Pelican Casino and Casino Masquerade.

     Net revenues for the three (3) months ended March 31, 1998 were
$3,175,596 comprised of casino revenues of $2,394,434, revenues from the sale
of food and beverage of $45,772, other revenue of $13,118 and bingo revenue of
$722,272.  Net revenues for the three (3) months ended March 31, 1997 were
$2,960,756 comprised of casino revenues of $2,841,527, food and beverage of
$80,260 and other revenues of $38,969.

     Total operating expenses increased to $2,698,342 for the three (3) months
ended March 31, 1998, from $2,642,457 for the three months ended March 31,
1997, an increase of $55,885.  There was a 17% decrease in operating, general
and administrative expenses from $2,411,133 for the three (3) months ended
March 31, 1997 to $1,199,926 for the three (3) months ended March 31, 1998. 
Depreciation and amortization increased $30,830, from $231,324 for the three
months ended March 31, 1997 to $262,154 for the three months ended March 31,
1998, or 13.3% These changes were primarily attributable to the acquisition of
Alaska Bingo Supply, Inc. and cost saving measures taken at the Company's
corporate office.

     As a result of the greater increase in net revenues compared to the
increase in operating expenses, income from operations rose $158,955 for the
three (3) months ended March 31, 1998 as compared the three (3) months ended
March 31, 1997.  This is primarily due to the acquisition of Alaska Bingo
Supply.   Interest income decreased 36.5% while interest expense increased
114.5% over the same period, also due to the acquisition of Alaska Bingo
Supply.  Income before reorganization items and minority interest increased
$63,560, or 24.3% to $325,374, for the three (3) months ended March 31, 1998.

     For the three (3) months ended March 31, 1998, the Company reported a
gain on extinguishment of debt of $6,279 and a gain on sales of marketable
securities of $1,008.  The Company reported no minority interest expense for
the three (3) months ended March 31, 1998 as compared to $41,009 for the same
period in 1997.

     As a result of the foregoing, the Company reported net income for the
three (3) months ended March 31, 1998 of  $325,374, as compared to net income
of $220,805 for the same period in 1997, an increase of $104,569 or 47.4%. 
Net income per share was $0.21 based on 1,565,366 weighted average shares
outstanding for the three (3) months ended March 31, 1998 and $0.16, based on
1,374,144 weighted average shares outstanding for the three (3) months ended
March 31, 1997.
<PAGE>
RESULTS OF OPERATIONS - NINE (9) MONTHS ENDED MARCH 31, 1998 COMPARED TO THE
NINE (9) MONTHS ENDED MARCH 31, 1997.
---------------------------------------------------------------- 
     Net revenues increased $1,872,180, or 25.6% from $7,307,949, for the nine
(9) months ended March 31, 1997 to $9,180,129 for the nine (9) months ended
March 31, 1998.  Increases in revenues for the period was attributable to the
acquisition of Alaska Bingo, which represented $2,182,362 or 23.8% of net
revenues.

     Total operating expenses increased $1,657,253 or 23.5%, from $7,038,754
to $8,696,007, for the nine (9) months ended March 31, 1998.  Operating,
general and administrative expenses increased $161,069, or 2.5%, from
$6,371,546 for the nine (9) months ended March 31, 1997 to $6,532,615, for the
same period in 1998.  Depreciation and amortization expense increased
$178,108, or 26.7% from $667,208 to $845,316, for the nine (9) months ended
March 31, 1998.   Cost of goods sold was $1,318,076 for the nine (9) months
ended March 31, 1998 compared to none for the prior year.  The increase is
attributable to the acquisition of Alaska Bingo.
     
     As a result of the greater increase in net revenues compared to the
increase in operating expenses, income from operations rose $178,927 or 66.5%
from $269,195 for the nine (9) months ended March 31, 1997 to $484,122 for the
same period in 1998.  Interest income decreased $6,126 or 16.1% and interest
expense increased $266,995 or 112.2% for the nine (9) month period.  This
increase is attributable to the acquisition of Alaska Bingo in August 1997.  
For the nine (9) months ended March 31, 1998 income before reorganization
items and minority interest was $18,431 as compared with $65,835 for the same
period in 1997, a decrease of $47,404 or 72.0%.  For the nine (9) months ended
March 31, 1998 there were no reorganizational expenses as compared with a
$3,503 loss for the nine (9) months ended March 31, 1998.  

     Losses before minority interest and extraordinary items decreased 91.9%
from $76,409 for the nine (9) months ended March 31, 1997 to $6,178 for the
same period in 1998.  The Company reported a gain from restructuring of
$190,930 for the nine (9) months ended March 31, 1998 as compared to
$1,450,392 for same period in 1997.  Minority interest income decreased 82.7%
from 142,244 for the nine (9) months ended March 31, 1997 to $24,609 for the
same period in 1998.

     As a result of the foregoing, the Company reported net income of $184,752
for the nine (9) months ended March 31, 1998 as compared to net income of
$1,373,983 for same period in 1997. Net income per share was $0.12 based on
1,527,749 weighted average shares outstanding for the nine (9) months ended
March 31, 1998 as compared to $1.03 per share based on 1,329,065 weighted
average shares outstanding for the same period in 1997.

     Other than the foregoing, management knows of no trends, or other
demands, commitments, events or uncertainties that will result in, or that are
reasonably likely to result in, a material impact on the income and expenses
of the Company.


<PAGE>
                          PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings

     The Company is currently involved in the following pending legal
proceedings.

          Securities and Exchange Commission Investigation.
          -------------------------------------------------
          During 1995 and through 1997, the Company and certain officers and
directors of the Company received requests for information from the U.S.
Securities and Exchange Commission ("SEC") related to an investigation begun
by the SEC during 1994 into various matters, including certain transactions in
securities by the Company and one of its officers and directors.  On January
13, 1997, The Company was notified that the SEC staff intended to recommend
initiation of administrative procedures for a Cease and Desist Order against
the Company and two of its former officers and directors with violations of
certain provisions of federal securities laws.  The Company has engaged in
negotiations with the SEC staff concerning possible disposition of this
matter. Based upon the content of these discussions, management believes that
the outcome of this matter will not have a material adverse effect on the
business of the Company, however there can be no assurance that such will be
the case.

Item 2.   Changes in Securities

          None

Item 3.   Defaults Upon Senior Securities

          None.

Item 4.   Submission of Matters to a Vote of Security Holders

          No matters were submitted to a vote of security holders during the
          three months ended December 31, 1997.

Item 5.   Other Information

          None.

Item 6.   Exhibits and Reports on Form 8-K

          Exhibits:

               Exhibit 27 - Financial Data Schedule

          Reports on Form 8-K

               None.
<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 duly authorized.

                         GLOBAL CASINOS, INC.



Date:  May 20, 1998      By:  /s/ Stephen G. Calandrella    
       ------------           -----------------------------------
                              Stephen G. Calandrella, President