<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 December 31, 1997

                                      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
--------------------------------------------------------------------------
                                                                               
      
  (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 February 15, 1998, 1,480,811 shares of Common Stock of the Registrant
were outstanding.

Transitional Small Business Disclosure Format (check one)   
Yes [   ]   No [ X ]
<PAGE>
<PAGE>                                 
                                     INDEX
     

PART I.   FINANCIAL INFORMATION:

     Item 1.        Financial Statements

               Balance Sheet at December 31, 1997 (unaudited) and June 30,
               1997
     
               Statement of Operations for the Three Months Ended December 31,
               1997 (unaudited) and December 31, 1996 (unaudited)

               Statement of Operations for the Six Months Ended December 31,
               1997 (unaudited) and December 31, 1996 (unaudited)

               Statement of Cash Flows for the Six Months Ended December 31,
               1997 (unaudited) and December 31, 1996 (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 I.  FINANCIAL INFORMATION


Item 1.   Financial Statements

     The accompanying Balance Sheet at December 31, 1997, Statement of
Operations for  the Three Months Ended December 31, 1997 and 1996, and Six
Months Ended December 31, 1997 and 1996, and Statement of Cash Flows for the
Six Months Ended December 31, 1997 and December 31, 1996 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>
<TABLE>                                                              
                       Global Casinos, Inc. and Subsidiaries
                            Consolidated Balance Sheets
<CAPTION>
                                          December 31, 1997    June 30, 1997
                                             (unaudited)         (audited)
                                             -----------        ----------
<S>                                          <C>                <C>
ASSETS
------
Current assets:                              
 Cash                                        $  1,463,553       $  1,048,371 
 Receivables, Related parties                      18,293             11,199 
 Receivables net of allowance 
  for doubtful accounts of 
  $7,000 at December 31, 1997 
  and $14,750 at June 30, 1997                    302,406             62,710 
 Inventory                                        279,803                    
 Prepaid expenses and other                       126,870            138,792 
 Current portion of notes 
  receivable                                       58,242             57,645 
                                              ------------        ----------
Total current assets                            2,249,167          1,318,717 

Land, buildings and equipment:
 Land                                             531,715            531,715 
 Buildings                                      3,913,510          3,913,510 
 Equipment                                      2,923,262          2,539,837 
                                             ------------       ------------
                                                7,368,487          6,985,062 

 Accumulated depreciation                      (1,894,245)        (1,615,751)
                                             ------------       ------------
Net land, buildings and equipment               5,474,242          5,369,311 

Other assets, net of amortization of
 $52,571 at December 31, 1997 and
 $17,000 at June 30, 1997                         181,693             60,486 
Leasehold, contract rights, and goodwill 
 net of amortization of $1,356,524 at 
 December 31,1997 and $1,077,424 at 
 June 30, 1997                                  5,745,490          2,050,976 
Notes receivable, net of current 
 portion, including receivables 
 in default                                       350,259            369,059 
                                             ------------       ------------

Total assets                                 $ 14,000,851       $  9,168,549 
                                             ============       ============
</TABLE>
<PAGE>
<PAGE>                                   
<TABLE>
                       Global Casinos, Inc. and Subsidiaries
                            Consolidated Balance Sheet
                                    (Continued)
<CAPTION>
                                          December 31, 1997    June 30, 1997
                                             (unaudited)         (audited)
                                         ------------------    ------------
<S>                                          <C>                <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
 Accounts payable, includes related
  party payables of $26,904 
  at December 31, 1997 
  and $31,421 at June 30, 1997               $    409,640       $    318,199 
 Accrued expenses                               1,386,617            958,880 
 Accrued interest                                 267,073            154,995 
 Current portion of long-term debt
  including debt in default                       983,080            557,450 
 Mandatory redeemable convertible
  Class A preferred stock, in default              43,500             53,500 
                                             ------------         -----------
Total current liabilities                       3,089,910          2,043,024 

Deferred Rent                                      18,546                      
                                                          
Long-term debt, less current portion            7,720,259          4,052,900 
                                             ------------       ------------
Total liabilities                              10,828,715         6,095,924
                                             ------------       ------------
Minority interest                                       -             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 December 31, 1997 and
    147,750 shares at June 30, 1997               268,538            268,538 
 Common stock - $.005 par value:
  Authorized - 50,000,000 shares
  Issued and outstanding - 1,480,811
    shares at December 31, 1997 and
    1,400,811 shares at June 30, 1997               7,404              7,004 
 Additional paid-in capital                     9,245,146          8,969,045 
 
 Accumulated deficit                           (6,348,952)        (6,208,329)
                                             ------------       ------------
Total stockholders' equity                      3,172,136          3,036,258 
                                             ------------       ------------
Total liabilities and stockholders' 
equity                                       $ 14,000,851       $  9,168,549 
                                             ============       ============
</TABLE>
See accompanying notes.

<PAGE>
<PAGE>                                   
<TABLE>
                       Global Casinos, Inc. and Subsidiaries
                       Consolidated Statements of Operations
<CAPTION>                                    
                                             Three Months Ended December 31,
                                                1997               1996
                                             (unaudited)        (unaudited)
                                             ----------         ----------
<S>                                                       
Revenues:                                    <C>                <C>
 Bingo                                       $    913,567       $            
 Casino                                         2,332,033          2,407,725 
 Food and beverage                                 40,734             97,856 
 Other                                             56,613             16,272 
                                             ------------       ------------
                                                3,342,947          2,521,853 
Expenses:
 Cost goods sold - Bingo operations               538,051                    
 Operating, general and administrative          2,428,540          2,171,577 
     Depreciation and Amortization                299,788            227,343 
                                             ------------       ------------
                                                3,266,379          2,398,920 
                                             ------------       ------------
Income from operations                             76,568            122,933 
                                             ------------       ------------
Other income (expense):
 Interest income                                    8,114              6,384 
 Interest expense                                 (97,878)           (62,455)
                                             ------------       ------------
                                                  (89,764)           (56,071)
Income (loss) before reorganization
 items and minority interest                      (13,196)            66,862 
                                             ------------       ------------
Reorganization items:
 Interest earned on accumulated cash
  resulting from Chapter 11 proceedings                 -              4,672 
 Professional fees                                      -             (4,911)
                                             ------------       ------------
                                                        -               (239)
Income/(Loss) before minority interest
 and extraordinary item                           (13,196)            66,623 

Extraordinary item:
 Gain from Restructuring                                           1,450,392 
Minority interest in (income)
 of subsidiary                                     25,005            (46,362)
                                             ------------       ------------
Net income                                   $     11,809       $  1,470,653 
                                             ============       ============
Basic earnings per share                     $       0.01       $       1.12 
                                             ============       ============
Diluted earnings per share                   $       0.01       $       1.12 
                                             ============       ============
</TABLE>
See accompanying notes.

<PAGE>
<PAGE>                                   
<TABLE>
                       Global Casinos, Inc. and Subsidiaries
                       Consolidated Statements of Operations
<CAPTION> 
                                              Six Months Ended December 31,
                                                1997               1996
                                             (unaudited)        (unaudited)
                                            ------------        -----------
<S>                                          
Revenues:                                    <C>                <C>
 Bingo                                       $  1,460,090       $            
 Casino                                         4,363,576          4,115,536 
 Food and beverage                                 79,977            187,057 
 Other                                            128,800             44,600 
                                             ------------       ------------
                                                6,032,443          4,347,193 
Expenses:
 Cost goods sold - Bingo operations               881,811                  - 
 Operating, general and administrative          4,642,325          3,960,413 
     Depreciation and amortization                567,295            435,884 
                                             ------------       ------------
                                                6,091,431          4,396,297 
                                             ------------       ------------
Loss from operations                              (58,988)           (49,104)
                                             ------------       ------------
Other income (expense):
 Interest income                                   15,936             12,982 
 Interest expense                                (263,898)          (156,354)
                                             ------------       ------------
                                                 (247,962)          (143,372)
Loss before reorganization items             ------------       ------------
 and minority interest                           (306,950)          (192,476)
                                             ------------       ------------
Reorganization items:
 Interest earned on accumulated cash
  resulting from Chapter 11proceedings                  -              7,608 
 Professional fees                                      -            (11,111)
                                             ------------       ------------
                                                        -             (3,503)
Loss before minority interest
 and extraordinary item                          (306,950)          (195,979)

Extraordinary item: 
 Gain from restructuring                          190,930          1,450,392 
 Minority interest in (income)
  of subsidiary                                   (24,603)          (101,235)
                                             ------------       ------------
Net income/(loss)                            $   (140,623)      $  1,153,178 
                                             ============       ============
Basic earnings per share                     $      (0.10)      $       0.88 
                                             ============       ============
Diluted earnings per share                   $      (0.10)      $       0.88 
                                             ============       ============
</TABLE> 
See accompanying notes.

<PAGE>
<PAGE>                                   
<TABLE>
                       Global Casinos, Inc. and Subsidiaries
                       Consolidated Statements of Cash Flows
<CAPTION>                                                                    
                                             Six Months Ended December 31, 
                                                1997               1996
                                               (unaudited)     (unaudited)
                                             -----------        -----------
<S>                                          <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
Net cash provided by (used in)
 operating activities                        $    679,489       $    616,338 
                                             ------------       ------------
                                                                             
CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
Other assets                                     (131,032)           (29,764)
Purchase of equipment                            (383,452)          (534,380)
Purchase of Alaska Bingo Supply, Inc.,       
 net of cash acquired                            (383,090)                 - 
Proceeds from sale of equipment                         -              1,999 
Collections on notes receivable                    18,203             26,432 
Leases and Advances on Notes Receivable                             (325,000)
Distribution to minority interest                 (55,716)           (85,241)
                                             ------------       ------------
Net cash used in investing activities            (935,087)          (945,954)
                                             ------------       ------------
CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
Principal payments/(proceeds) on notes             67,623           (191,970)
Borrowing against notes payable                   425,657                    
Redemption of mandatory preferred stock           187,500          1,388,150 
Payment Redeemable Preferred Stock                (10,000)                 - 
                                             ------------       ------------
Net cash provided by financing activities         670,780          1,196,180 
                                             ------------       ------------
Net  increase in cash                             415,182            866,564 

Cash at beginning of period                     1,048,371            887,374 
                                             ------------       ------------
Cash at end of period                        $  1,463,553       $  1,753,938 
                                             ============       ============
Supplemental cash flow information:
 Cash paid for interest                      $    177,902       $      3,328 
                                             ============       ============


SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Debt converted to common stock:              $     89,000       $    109,279 
                                             ------------       ------------
                                             $     89,000       $    109,279 
                                             ============       ============
Fair value of assets acquired                $    620,587       $          - 
Liabilities assumed                              (101,111)                 - 
Intangibles                                     3,863,614                  - 
Fair value of assets exchanged                 (4,000,000)                 - 
                                             ------------       ------------
Cash paid, net of cash acquired                  $383,090                  - 
                                             ============       ============
</TABLE>  
See accompanying notes.

<PAGE>
<PAGE>                                   
                        Global Casinos, Inc. & Subsidiaries
                  Notes to the Consolidated Financial Statements
                                 December 31, 1997
                                    (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 December 31,
1997, 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 1996 interim financial statements have
been reclassified to conform to classifications in the 1997 interim financial
statements.


2.   STOCKHOLDERS' EQUITY
-------------------------
     
     None.
     
     Mandatory Redeemable Preferred Stock
     ------------------------------------
     At December 31, 1997, 21,750 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.  The unaudited results of operations
on a proforma basis as though ABS had been acquired as of July 1, 1996 and
1997 are as follows:

<TABLE>
<CAPTION>                            
                                         As of July 1,      
                             -------------------------------------
                                     1996                 1997 
                             -------------------------------------
     <S>                       <C>                   <C>            
     Revenues                  $   5,455,000         $    6,263,000 
     Net  income                   1,023,000                222,000 
     Net  income per share              0.78                   0.15 
</TABLE>


4.   EARNINGS PER SHARE
-----------------------                                              
     
     As required, the Corporation adopted statement of Financial Accounting
Standards No. 128 during the quarter ended December 31, 1997.  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>
                                                                               
                                             1997            1996     
                                             -----------------------
<S>                                          <C>             <C>
Weighted average shares outstanding          1,480,811       1,314,801
     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 December 31, 1997.  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>
<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 - DECEMBER 31, 1997 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, and a decrease in working capital.  Specifically, current assets
increased from $1,318,717 at June 30, 1997, to $2,249,167 at December 31,
1997, an increase of $930,450 or 70.6%.  At December 31, 1997, the Company
showed increases in cash of $415,182 or 39.6%, net accounts receivable of 
$239,696 or  382%, inventory of $279,803 or 100%, and decreases in prepaid
expenses and other assets of $11,922, or 8.6%. The majority of the changes
resulted due to the acquisition of the Alaska Bingo Supply, Inc.

     At December 31, 1997, the Company's investment in property, plant and
equipment increased by $383,425, or 5.5 %.  Other assets increased by
$121,207, or 200%.  This is due to the acquisition of the  Alaska Bingo
Supply, Inc.  Leasehold contract rights, and goodwill increased by $3,694,514
due to the acquisition of Alaska Bingo Supply, Inc.  These assets were reduced
by $1,356,524 of accumulated amortization at December 31, 1997.

     Current liabilities increased 51.2% from $2,043,024 at June 30, 1997, to
$3,089,910 at December 31, 1997.  This is comprised of increases in accrued
expenses of $427,737, accrued interest of $112,078, accounts payables of
$91,441, and the current portion of long term debt of $425,630. The majority
of these increases are associated with the acquisition of Alaska Bingo Supply,
Inc.  There was a reduction of $10,000 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 $(860,092) on December 31, 1997, or an 18.7% increase. 
The current ratio decreased from (.65) to (.72).  The Company continues to
face a severe 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 six (6) months ended December 31, 1997 the Company was able to
negotiate the reduction of $89,000 of debt in exchange for 20,000 shares of
Common Stock in satisfaction of this debt.  During this period the Company
reported loss in income of $(130,624).  As a result of the foregoing,
stockholders' equity increased from $3,036,258 on June 30, 1997 to $3,172,136
on December 31, 1997.  In addition, 60,000 shares of commons stock were issued
to a related party for services rendered.  These were issued in the form of
options which were exercised and cash received by the Company.
     
     Long-term debt  increased from $4,052,900 at June 30, 1997 to $7,720,259
at December 31, 1997, an increase of $3,667,359, or 90%.  This is a result of
the purchase of Alaska Bingo Supply, Inc.

     Net cash used by investing activities for the six (6) months ended
December 31, 1997 was $(935,087).  This compares with net cash used by
investing activities of $(945,954) for the six (6)  months ended December 31,
1996.   For the six (6) months ended December 31, 1997, the Company used
$383,452 for the purchase of equipment and $131,032 for additions to other
assets, $55,716 was distributed to minority interest and $383,090 to purchase
Alaska Bingo.  This compares to $534,380 for the purchase of equipment,
$29,764 for acquisition of other assets, and $(85,311)  in distribution to
minority interest for the six (6)  months ended December 31, 1996.  Offset
against this, the Company received $18,203 of principal payments on its notes
receivable for the six (6) months ended December 31, 1997. This compares with
principal payments on its notes receivable of $26,432 and proceeds from sale
of equipment of $1,999 for the six (6) months ended December 31, 1996.

     Net cash provided by financing activities for the six (6) months ended
December 31, 1997 was $670,780.  This compares with net cash provided by
financing activities of $1,196,180 for the six (6) months ended December 31,
1996.  Specifically, cash provided by financing activities for the six (6)
months ended December 31, 1997 was comprised of $187,500 of redemption of
mandatory preferred stock and $425,657 of borrowing against notes payable.
This was offset by principal payment on notes of $67,623 and payment to
preferred stock shareholders in the course of redemption of $(10,000).  This
compares to proceeds from borrowing of $1,388,150 for the six (6) months ended
December 31, 1996 and was offset by debt payments of $(191,970).

     Neither the Company nor any of its subsidiaries have any commercial bank
credit facilities.

     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 DECEMBER 31, 1997 COMPARED TO
THE THREE (3) MONTHS ENDED DECEMBER 31, 1996.
-------------------------------------------------------------------------
     For the three months ended December 31, 1997, the Company's income
consisted of revenues generated by Bull Durham, Casino Las Vegas, Casino
Masquerade, Pelican Casino, and  Alaska Bingo Supply, Inc. as compared to the
three months ended December 31, 1996, the Company's income consisted of
revenues generated by Bull Durham, Casino Las Vegas, Casino Masquerade, and
Pelican Casino.

     Net revenues for the three (3) months ended December 31, 1997 were
$3,342,947 comprised of casino revenues of $2,332,033, revenues from the sale
of food of $40,734, other income of $56,613 and  bingo revenue of $913,567. 
Net revenues for the three (3) months ended December 31, 1996 were $2,521,853
comprised of casino revenues of $2,407,725, food and beverage of $97,856 and
other revenues of $16,272.

     The foregoing changes in operations also resulted in an increase in
operating, general and administrative expenses which increased to $2,428,540
for the three (3) months ended December 31, 1997 from $2,171,577 for the three
(3) months ended December 31, 1996, an increase of 11.8% which is primarily
attributable to Alaska Bingo Supply's added general and administrative
expenses.  Depreciation increased $15,440, from $127,388 for the three months
ended December 31, 1996 to $156,960 for the three months ended December 31,
1997, or 12.1% and amortization increased 57.0% over the same period, again,
primarily attributable to the acquisition of Alaska Bingo Supply, Inc.

     Total operating expenses increased to $3,266,379 for the three (3) months
ended December 31, 1997, from $2,398,920 for the three months ended December
31, 1996, an increase of $867,459, or 36.2%.

     A result of the increase in net revenues combined with an increase in
operating expenses resulted in a loss of income from operations of $(38,201)
for the three (3) months ended December 31, 1997 from $122,933, for the three
(3) months ended December 31, 1996.  This is primarily due to the increased
depreciation and amortization associated with the acquisition of Alaska Bingo
Supply.   Interest income increased 27.9% while interest expense increased
63.8% over the same period due to the acquisition of Alaska Bingo Supply, Inc. 
Losses before reorganization items and minority interest increased $(80,058),
or 119.7% for the three (3) months ended December 31, 1997.

     For the three (3) months ended December 31, 1997, the Company had no net
expenses from reorganization as compared to net expenses from reorganization
of $(239) for the three (3) months ended December 31, 1996.  There were no
gains during the three (3) months ended December 31, 1997 as compared to an
extraordinary gain from reorganization of $1,450,392 during the three (3)
months ended December 31, 1996.  Due to a decrease in the operating results of
the Casino Las Vegas, the Company reported a minority interest expense of
$25,005 for the three (3) months ended December 31, 1997 as compared to a
minority interest expense to $(46,362) for the three (3) months ended December
31, 1996.
  
     As a result of the foregoing, the Company reported a net loss for the
three (3) months ended December 31, 1997 of  $11,809, as compared to  net
income of $1,470,653 for the three (3) months ended December 31, 1996.  This
represents a decrease of 99.2%, which translates into  net income per share of
$(0.01) based on 1,480,811 weighted average shares outstanding for the three
(3) months ended December 31, 1997 and  net income per share of $1.12, based
on 1,314,801 weighted average shares outstanding for the three (3) months
ended December 31, 1996.


RESULTS OF OPERATIONS - SIX (6) MONTHS ENDED DECEMBER 31, 1997 COMPARED TO THE
SIX  (6) MONTHS ENDED DECEMBER 31, 1996.
--------------------------------------------------------------------------
     Net Revenues increased $1,685,250 from $4,347,193 to $6,032,443, or
38.8%, for the six (6) months ended December 31, 1997 as compared to the six
(6) months ended December 31, 1996.  Increases in revenues for the six (6)
months ended December 31, 1997 are derived from the acquisition of Alaska
Bingo which represented $1,460,090, or 24.2% of net  revenues.

     The foregoing changes in operations also resulted in an increase in
operating, general and administrative expenses from $3,960,413 to $4,642,325,
or 17.2% for the six (6) months ended December 31, 1997.  The increase is
attributable to the acquisition of Alaska Bingo.  Depreciation and
amortization expense increased $131,836, from $435,884 to $567,295 or 30.1%, 
for the six (6) months ended December 31, 1997.

     Total operating expenses increased $1,695,139,from $4,396,297 to
$6,091,436, or  38.6%, for the six (6) months ended December 31, 1997.  

     As a result of increased revenues and increased operating expenses, loss
from operations increased $9,884 from $(49,104) to $(58,988), or 20%. 
Interest income increased $2,954 from $12,982 to $15,936 for the six (6)
months ended December 31, 1997 and interest expense increased $107,544, from
$(156,354) to $(263,898), or 68.8% for the six (6) months ended December 31,
1997.  This increase is attributable to the acquisition of Alaska Bingo in
August, 1997.   For the six (6) months ended December 31, 1997 losses before
reorganization items and minority interest  were $(306,950) as compared with
$(192,475), representing an increase in loss of  $(114,475), or 59.5%.  For
the six (6) months ended December 31, 1997 there were no reorganizational 
expenses as compared with $3,503  for the six (6) months ended December 31,
1996.  

     Losses before minority interest and extraordinary items increased from
$(195,979) for the six (6) months ended December 31, 1996 to $(306,950) for
the six (6)  months ended December 31, 1997, or 36.5%.   The Company reported
a gain from restructuring of $190,930 for the six (6) months ended December
31, 1997 as compared to $1,450,392 for the six (6) months ended December 31,
1996.   Due to the decreased operating results of Casino Las Vegas minority
interest income decreased $76,631 from $(101,235) to $(24,604), or 75.7%.

     As a result of the foregoing, the Company reported a net loss for the six
(6) months ended December 31, 1997 of $(140,624) as compared to a net income
of $1,153,178 for the six (6) months ended December 31, 1996.  This translates
into $(0.10) net loss per share based on 1,480,811 weighted average shares
outstanding for the six (6) months ended December 31, 1997 as compared to
$0.88 net income per share based on 1,306,525 weighted average shares
outstanding.

     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>
<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>
<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:      February 19, 1998         By:   /s/ Stephen G. Calandrella
                                          ---------------------------------
                                          Stephen G. Calandrella, President