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, 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
ofincorporation or organization)           Identification number

5373 N. Union Blvd., Suite 100 Colorado Springs, Colorado 80918
(Address of Principal Offices)                         (Zip Code)

Registrant's telephone number, including area code:(719) 590-4900


      (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 19, 1999 1,546,360 shares of Common Stock of the
Registrant were outstanding.

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


INDEX

PART 1.   FINANCIAL INFORMATION:

     Item 1.   Financial Statements

               Balance Sheets at December 31, 1998
               (unaudited) and June 30, 1998

               Statements of Operations for the Three Months
               Ended December 31, 1998 (unaudited) and December 31,
               1997 (unaudited)

               Statements of Operations for the Six Months Ended
               December 31, 1998 (unaudited) and December 31, 1997
               (unaudited)

               Statements of Cash Flows for the Six Months Ended
               December 31, 1998 (unaudited) and December 31, 1997
               (unaudited)

               Notes to Unaudited Financial Statements

     Item 2.   Management's Discussion and Analysis of Financial
               Condition and Results of Operations


PART II.  OTHER INFORMATION



PART 1.  FINANCIAL INFORMATION

Item 1.   Financial Statements

The consolidated financial statements included herein have been
prepared by Global Casinos, Inc. (the Company) without audit,
pursuant to the rules and regulations of the Securities and
Exchange Commission (SEC).  Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have
been omitted pursuant to such SEC rules and regulations.  In the
opinion of management of the Company the foregoing statements
contain all adjustments necessary to present fairly the financial
position of the Company as of December 31, 1998, and its results
of operations for the three and six-month periods ended December
31, 1998 and 1997 and its cash flows for the six-month periods
ended December 31, 1998 and 1997. The Company's balance sheet as
of June 30, 1998 included herein has been derived from the
Company's audited financial statements as of that date included
in the Company's annual report on Form 10-KSB. The results for
these interim periods  are not necessarily indicative of the
results for the entire year.   The accompanying financial
statements should be read in conjunction with the financial
statements and the notes thereto filed as a part of the Company's
annual report on Form 10-KSB.


              Global Casinos, Inc. and Subsidiaries
                   Consolidated Balance Sheets


                                                       December 31,     June 30,
                                                          1998            1998
                                                       (unaudited)
                         ASSETS

Current assets:
  Cash                                                  699,436         722,893
  Restricted cash                                       140,450         140,450
  Accounts receivable:
   Trade, net of allowance for doubtful accounts of
    $23,140 and $26,140 at December 31, 1998
    and June 30, 1998                                   316,367         371,602
   Related parties                                      187,004          16,282
  Inventory                                             282,508         284,978
  Prepaid rent                                          167,187         192,800
  Current portion of notes receivable                    64,973          60,623
  Marketable trading securities                         104,915          12,980
  Other                                                 100,261          95,870

    Total current assets                              2,063,101       1,898,478

Land, buildings and equipment:
  Land                                                  526,550         526,550
  Buildings                                           4,348,375       4,043,870
  Equipment                                           2,000,468       2,040,944

                                                      6,875,393       6,611,364
  Accumulated depreciation                           (1,558,193)     (1,460,096)

                                                      5,317,200       5,151,268

Other assets:
  Leasehold rights and interests and contract
   rights, net of amortization of $634,530 and
   $1,199,095 at December 31, 1998 and June 30,1998   1,655,410       2,643,348
  Goodwill, net of amortization of $170,355
   and $110,230 at December 31, 1998 and
   June 30, 1998                                      1,994,150       2,054,275
  Hotel credits                                         477,770
  Notes receivable, net of current portion,
   including receivables in default                     276,216         290,340
  Other assets, net of amortization of $31,850 and
   $23,700 at December 31, 1998 and June 30, 1998        18,825          24,197

                                                      4,422,371       5,012,160

                                                     11,802,672      12,061,906

                                
                            (Continued)



              Global Casinos, Inc. and Subsidiaries
                   Consolidated Balance Sheets
                           (Continued)


                                                 Decembe 31,           June 30,
                                                     1998                1998
                                                 (unaudited)
     LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                                  554,563             673,381
  Accrued expenses                                1,458,369           1,344,466
  Accrued interest, including $40,431 to
   related parties at June 30, 1998                 232,705             294,131
  Note payable                                      341,692             245,000
  Current portion of long-term debt,
   including debt in default and $174,589
   and $367,351 to related parties
   at December 31, 1998 and June 30, 1998         1,726,890           1,920,950
  Mandatory redeemable convertible Class A
   preferred stock, in default                       27,500              33,500
  Other                                              40,000              40,000

    Total current liabilities                     4,381,719           4,551,428

Long-term debt, less current portion              2,757,739           3,212,472
Other                                                12,056              12,056

                                                  2,769,795           3,224,528
Commitments and contingencies

Stockholders' equity:
  Preferred stock - convertible, nonvoting:
   10,000,000 shares authorized
    Class A - $2 par value; 96,500 and 109,000
     shares issued and outstanding at December 31,
     1998 and June 30, 1998                         193,000             218,000
    Class B - $.01 par value; 320,690 and 329,178
     shares issued and outstanding at December 31,
     1998 and June 30, 1998                           3,207               3,292
    Class C - $.01 par value; 487,172 shares
     issued and outststanding                         4,872
  Common stock - $.05 par value; 50,000
   shares authorized; 1,543,410 and 1,504,344
   shares issued and outstanding at
   December 31, 1998 and June 30, 1998               77,170              75,217
  Additional paid-in capital                     13,152,125          12,551,458
  Accumulated deficit                            (8,779,216)         (8,562,017)

                                                  4,651,158           4,285,950

                                                 11,802,672          12,061,906
                                


                       See accompanying notes.



              Global Casinos, Inc. and Subsidiaries
              Consolidated Statements of Operations
                           (Unaudited)


                                       For the three months ended December 31,
                                                 1998                1997
Revenues:
  Casino                                      1,280,394            2,332,033
  Bingo                                         975,661              913,567
  Food and beverage                              27,823               40,734
  Other                                          24,998               56,613

                                              2,308,876            3,342,947
Expenses:
  Cost of sales                                 526,555              538,051
  Operating, general, and administrative      1,582,230            2,428,540
  Depreciation and amortization                 192,227              299,788
  Gain on sale of investment in subsidiaries   (189,250)

                                              2,111,762            3,266,379

Income from operations                          197,114               76,568
Other income (expense):
  Interest income                                 7,710                8,114
  Interest expense, including $10,583 and
   $9,786 to related parties at December 31,
   1998 and 1997                               (120,514)             (97,878)
  Unrealized net gain on marketable
   trading securities                            57,340

                                                (55,464)             (89,764)

Income (loss) before minority interest and
 extraordinary item                             141,650              (13,196)
Minority interest in income of subsidiary                             25,005

Income before extraordinary item                141,650               11,809
 Extraordinary item - gain from restructuring
 of debt                                         66,101

Net income                                      207,751               11,809
Dividends on Class B preferred stock            (62,165)

Net income available to common stockholders     145,586               11,809

Earnings per common share:
  Income from continuing operations                0.09                 0.01
  Extraordinary item                               0.01
  Net income available to common stockholders      0.10                 0.01

Earnings per common share - assuming dilution:
  Income from continuing operations                0.07                 0.01
  Extraordinary item
  Net income available to common stockholders      0.07                 0.01



                     See accompanying notes.




              Global Casinos, Inc. and Subsidiaries
              Consolidated Statements of Operations
                           (Unaudited)


                                          For the six months ended December 31,
                                                   1998                1997
Revenues:
  Casino                                        2,585,081            4,363,576
  Bingo                                         1,790,807            1,460,090
  Food and beverage                                55,273               79,977
  Other                                           142,354              128,800

                                                4,573,515            6,032,443
Expenses:
  Cost of sales                                   963,484              881,811
  Operating, general, and administrative        3,411,562            4,642,325
  Depreciation and amortization                   372,873              567,295
  Gain on sale of investment in subsidiaries     (189,250)

                                                4,558,669            6,091,431

Income (loss) from operations                      14,846              (58,988)
Other income (expense):
  Interest income                                  15,158               15,936
  Interest expense, including $23,029 and
   $19,573 to related parties at December 31,
   1998 and 1997                                 (236,540)            (263,898)
  Unrealized net gain on marketable
   trading securities                              50,615

                                                 (170,767)            (247,962)

Loss before minority interest and
 extraordinary item                              (155,921)            (306,950)
Minority interest in income of subsidiary                              (24,603)

Loss before extraordinary item                   (155,921)            (331,553)
Extraordinary item - gain from
 restructuring of debt                             66,101              190,930

Net loss                                          (89,820)            (140,623)
Dividends on Class B preferred stock             (127,380)

Net loss available to common stockholders        (217,200)            (140,623)

Loss per common share - basic and diluted:
  Loss from continuing operations                   (0.10)               (0.22)
  Extraordinary item                                (0.04)                0.12
  Net loss available to common stockholders         (0.14)               (0.10)
                                


                     See accompanying notes.



              Global Casinos, Inc. and Subsidiaries
              Consolidated Statements of Cash Flows
                           (Unaudited)


                                          For the six months ended December 31,
                                                 1998                1997

CASH FLOWS FROM OPERATING ACTIVITIES
    Net cash provided by operating activities   502,321              679,489

CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of equipment                        (320,783)            (383,452)
  Collections on notes receivable                29,774               18,203
  Purchase of marketable securities             (35,820)
  Acquisition of Alaska Bingo Supply, 
   net of cash acquired                                             (383,090)
  Other assets                                                      (131,032)
  Distribution to minority interest                                  (55,716)

    Net cash used in investing activities      (326,829)            (935,087)

CASH FLOWS FROM FINANCING ACTIVITIES
  Principal payments of long-term debt         (111,959)
  Issuances of long-term debt                   170,349               67,623
  Principal payments of notes payable           (53,308)
  Borrowings against notes payable              150,000              425,657
  Issuance of common stock                                           187,500
  Payment of mandatory redeemable
   preferred stock                               (2,500)             (10,000)
  Redemption of Class B preferred stock        (234,871)
  Payment of dividends on Class B
   preferred stock                             (116,660)

    Net cash (used in) provided by
     financing activities                      (198,949)             670,780

Net (decrease) increase in cash                 (23,457)             415,182
Cash at beginning of year                       722,893            1,048,371

Cash at end of year                             699,436            1,463,553


                           (Continued)




              Global Casinos, Inc. and Subsidiaries
              Consolidated Statements of Cash Flows
                           (Continued)
                           (Unaudited)


                                          For the six months ended December 31,
                                                  1998               1997

SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash paid for interest                        69,693              177,902

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND
FINANCING ACTIVITIES:
  Mandatory redeemable preferred stock
   converted to common stock                     3,500
  Debt and accrued interest converted
   to common stock                             116,722               89,000
  Debt converted to Class B preferred stock    150,000
  Debt and accrued interest converted to
   Class C preferred stock, including
   $364,663 to related parties                 584,605
  Class A preferred stock converted to
   common stock                                 25,000
  Dividends accrued on Class B
   preferred stock                              10,443

  Acquisition of Alaska Bingo Supply:
    Fair value of assets acquired                                   620,587
    Intangible assets                                             3,863,614
    Liabilities assumed                                            (101,111)
    Fair value of assets exchanged                               (4,000,000)

    Cash received, net of cash acquired                             383,090


                                
                     See accompanying notes.



               Global Casinos, Inc. & Subsidiaries
           Notes to Consolidated Financial Statements
                        December 31, 1998
                           (Unaudited)

1.   Organization

     At December 31, 1998, and for the three and six months ended
     December 31, 1998 and 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.
     
       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 of Black Hawk, Colorado.
       
       Global Pelican N.V. ("Pelican"), a St. Maarten Limited
       Liability Company located on the island of St. Maarten in
       the Netherland Antilles.
       
       Global Alaska Corporation ("Global Alaska"), which operates
       Alaska Bingo Supply, Inc. ("ABS") located in Anchorage, Alaska.
       The Company acquired ABS on August 1, 1997.
       
       BPJ Holdings N.V. ("BPJ"), a Curacao Limited Liability
       Company, which operated the Casino  Masquerade on the
       Caribbean resort island of Aruba through February 1998.
       The Company disposed of its investment in BPJ in December
       1998 (Note 3).
       
       Global Casinos International,Inc. ("Global International"),
       a Delaware corporation, which through an International Joint
       Venture ("IJV") operated Casino Las Vegas in Bishkek, Kyrgyzstan.
       The Company transferred its interest in Casino Las Vegas to
       its IJV partner in April 1998.
       
       Woodbine Corporation ("Woodbine"), a South Dakota corporation,
       which operated Lillie's Casino in Deadwood, South Dakota through
       June 30, 1995.  Beginning in July 1996, Woodbine began leasing
       this property and related equipment to a third party.
       
       Destination Marketing Services ("DMS"), a Colorado corporation,
       which acquired the net assets of a Colorado travel services
       company in January  1998.   The Company disposed of its investment
       in DMS in October 1998 (Note 3).


2.   Equity conversion

     In January 1999, the Board of Directors of the Company ratified
     the issuance of the newly designated Series C preferred stock.
     The stock has a par value of $.01, is non-voting, and is
     convertible into common stock at a rate of $1.20.  Holders of
     Series C preferred stock are entitled to receive dividends at the
     annual rate of 7% based on the stated value per share.  The
     dividends are cumulative, with any outstanding unpaid dividends
     bearing interest at an annual rate of 10%.  The Certificate of
     Designations, Preferences, and Rights of the Series C
     Convertible Preferred Stock will be filed with the State of
     Utah in February 1999.

     In January 1999, several creditors agreed to convert their debt
     to Series C preferred stock, with the conversion to be effective
     December 31, 1998.  As of December 31, 1998 principal of $487,220
     and accrued interest of $97,385 were converted to 487,172 shares
     of Series C preferred stock. Included in the conversion were
     $258,869.89 and $46,394.90 in principal and accrued interest,
     respectively, to related parties.


3.   Dispositions

     Casino Masquerade

     On December 23, 1998, the Company completed the dissolution
     of Casino  Masquerade.  The Company had operated the casino
     located in the Radisson Aruba Caribbean Hotel on the island
     of Aruba through February 28, 1998, at which time the hotel
     was closed for major repairs and renovations.  Due to
     protracted delays in completing the renovations and other
     adverse business circumstances, the Company was able to
     negotiate an early termination of the remaining term of the
     casino lease.  In consideration, the Company received a cash
     payment of $400,000 and the issuance of hotel trade credits
     having a face value of $600,000.
     
     Effective December 31, 1998, the Company agreed to sell all
     of the outstanding shares of BPJ to an unaffiliated third
     party. The Company recognized a gain of $183,856 in
     connection with the disposition.
     
     Destination Marketing Services, Inc.

     Effective October 1, 1998 the Company sold in a management
     buy-out all  of the outstanding shares of common stock to
     DMS's president.  The Company had acquired the common stock
     in January 1998 in exchange for $10,000 cash and a $69,000 10%
     note payable due in 1999.  Under the terms of the buy-out, the Company
     will receive an aggregate of $20,000 over three years and will
     be indemnified against certain liabilities, including payroll
     taxes.  DMS was not considered to be a significant subsidiary
     of the Company.  The Company recognized a gain of $5,394 in
     connection with the disposition.

     The following unaudited proforma consolidated results of
     operations for the six months ended December 31, 1998 have
     been prepared as if the dispositions had occurred on July 1,
     1998 and 1997:

                                    1998         1997
                                      
     Total revenues              $ 4,215,767   $ 4,195,262
     Income (loss) before                     
     extraordinary item              495,407    (1,299,152)
     Net income (loss)               495,407    (1,108,222)
                                              
     Income (loss) per share                  
     before extraordinary item          $.33         $(.87)
     Net income (loss) per share        $.33         $(.86)


4.   Earnings per share

     During the year ended June 30,1998, the Company adopted SFAS
     No. 128, Earnings Per Share.  This statement replaces the
     presentation of primary earnings or loss per share (EPS)
     with a presentation of basic EPS.  It also requires dual
     presentation of basic and diluted EPS for all entities with
     complex capital structures and requires reconciliation of
     the numerator and denominator of the basic EPS computation
     to the numerator and denominator of the diluted EPS
     computation.  Basic EPS excludes dilution; diluted EPS
     reflects the potential dilution that could occur if securities
     or other contracts to issue common stock were exercised or
     converted into common stock or resulted in the issuance of
     common stock that then shared in the earnings of the entity.
     The adoption of SFAS No. 128 did not result in a change in
     previously presented EPS for the three and six months ended
     December 31,1997.

     Net income (loss) per share of common stock is computed based
     on the weighted average number of common shares outstanding
     during the year.  Dividends on Class B preferrd stock were
     not considered for any of the periods as they would be
     antidilutive.
     
     The computations of basic and diluted earnings per share for
     the periods ended December 31 are as follows:
     
      Numerator for basic and dilued EPS:        1998                1997
       Income (loss) available to common    3ME        6ME       3ME        6ME
       stockholders                    $  145,586   (217,200)   11,809 (140,623)
                                   
      Denominator:                 
       Weighted average shares          1,516,724  1,510,560 1,480,811 1,480,811
       Convertible debt            
       securities                          22,500
       Preferred stock:       
         Mandatory redeemable               2,750
         Convertible Class A               17,156
         Convertible Class C              405,977
         Stock-based compensation    
                                           32,267

                                        1,997,374  1,510,560 1,480,811 1,480,811
                                                           
     

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS

Certain statements in this Management's Discussion and Analysis
of Financial Condition and Results of Operations 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 capita expenditures.  Such forward-looking
statements involve a number of risks and uncertainties that may
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 competition, leverage and debt service
financing and refinancing efforts, general economic conditions,
changes in gaming laws or regulations (including the legalization
of gaming in various jurisdictions) and risks related to development
and construction activities.   The following discussion and analysis
should be read in conjunction with the consolidated financial statements
and notes thereto appearing elsewhere in this report.

Overview

Global Casinos, Inc. and its wholly-owned subsidiaries operate in
the domestic and international gaming industry.  The Company is
organized as a holding company for the purpose of acquiring and
operating casinos, gaming properties and other related interests.
At December 31, 1998, the Company's consolidated financial
statements consisted of the corporate office in Colorado Springs,
Colorado; The Bull Durham Saloon & Casino in Black Hawk, Colorado;
the Pelican Casino on the island of St. Maarten, Netherland Antilles;
and Alaska Bingo Supply in Anchorage, Alaska.

The operations of the Company are seasonal.  St. Maarten experiences
a higher concentration of tourists from December through April.
The Pelican Casino's busy season counters the slow seasons of the
Company's domestic operations.  The Bull Durham experiences a
significant increase in tourists` from May through September.  ABS's
operations are strongly  influenced by the amount of daylight and
snow received.  Consequently, its operations are the strongest from
September through April when people do not tend to be outdoors.

Bull Durham Saloon and Casino

The Bull Durham is located approximately one hour from Denver,
Colorado in the town of Black Hawk. In November, the casino
completed its expansion project that increased the gaming space
approximately 2,100 square feet.  The casino now operates with
144 slot machines and three tables, and plans to open a fourth
table in summer 1999. The Bull Durham employs an average of 56
full-time employees.

Pelican Casino

The Pelican Casino is located on the Dutch side of St. Maarten.
Casino operations are prohibited on the French side of the
island.  The Pelican's customer base consists mainly of American
and European tourists. The casino is located in one of the largest
time-share complexes on the island, the Pelican Resort, which has
over 700 rooms. The casino occupies 7,000 square feet and features
130 slot machines, eight black jack tables, three Caribbean Stud
tables,  two roulette wheels, one Let-it-Ride table, and one craps
table.  The Pelican employs an average of 66 full-time employees.

Alaska Bingo Supply

ABS is primarily engaged in the distribution of a full line of
bingo related products.  ABS products are sold in Alaska to non-
profit organizations and municipalities that use the products for
fund-raising purposes. Charitable bingo is currently the sole
form of legalized gaming in Alaska.  With an approximate 30%
market share, ABS is the largest distributor of bingo products in
the state.  ABS also receives rent income from the leasing of
space to two bingo hall operators.  ABS employs seven full-time
employees.

Results of Operations - Six Months Ended December 31, 1998
Compared to the Six months Ended December 31, 1997

Although the Company incurred a net loss of $89,820 for the six
months ended December 31, 1998, it was $50,803 lower than the
loss for the same period in 1997 of $140,623.  The net loss
available to common stockholders was $217,200 for the six months
ended December 31, 1998 compared to $140,623 for the period in
1997.  The $76,577 increase in the loss was due to dividends paid
on Class B preferred stock during the six months ended
December 31, 1998.

The results of operations for the six months ended December 31,
1998 were comprised of Bull Durham, Pelican Casino, Alaska Bingo
Supply, and Destination Marketing (through September 30, 1998).
The period in 1997 was comprised of Bull Durham, Pelican Casino,
two months of Alaska Bingo Supply operations, Casino Las Vegas,
and Casino Masquerade.

During the six months ended December 31, 1998, the Company sold
its investments in Casino Masquerade and Destination Marketing.
Destination Marketing was not a material subsidiary of the Company.
The Company had operated Casino Masquerade through February 1998,
at which time the hotel in which it was located was closed for major
repairs and renovations.  Due to protracted delays in completing
the renovations and other adverse business circumstances, the
Company was able to negotiate an early termination of the remaining
term of the casino lease.  In consideration, the Company received
a cash payment of $400,000 and the issuance of hotel trade credits
having a face value of $600,000.  Effective December 31, 1998, the
Company agreed to sell all of the outstanding shares of BPJ to an
unaffiliated third party.

Revenues

The Company's revenues are generated from casino operations,
sales of bingo products, and miscellaneous income that is
comprised of food and beverage sales at the casinos and rental of
bingo halls.  Revenues for the six months ended December 31, 1998
were $4,753,515 compared to $6,032,443 for the 1997 period, a
decrease of $1,458,928 or 24%.  The decrease is due to the 1998
period not containing any revenues from Casino Masquerade and
Casino Las Vegas.  Casino Masquerade's operations ceased March
1998 in conjunction with the renovation of the hotel in which it
was located, and the Company transferred its interest in Casino
Las Vegas to its minority interest partner in April 1998.  Revenues
from these two sources for the six months ended December 31, 1997
were $2,155,272.

Bull Durham's revenues increased $102,758 to $1,324,445 for the
six months ended December 31, 1998 compared to $1,221,687 for the
period in 1997.  The increase is largely due to the expansion
that opened November  1998.  The Pelican  Casino's revenues
decreased $66,347 to $1,090,650 for the six months ended December
31, 1998 compared to $1,156,997 for the same period in the prior
year.  The decrease is due primarily to the occurrence of
Hurricane George in September 1998 that caused the casino to be
closed for three days and effected island tourism in general.

Alaska Bingo Supply's revenues increased $336,082 to $1,800,672
for the six months ended December 31, 1998 compared to $1,464,590
for the five months ended December 31, 1997.  Besides including
one more month of operations, Alaska Bingo's sales were 5% higher
for the period in 1998 compared to the same period in 1997.

Expenses

Cost of sales increased $81,673 to $963,484 for the six months
ended December 31, 1998 compared to $881,811 for the period in
1997.  The increase is due to the period in 1998 including an
additional  month  of  Alaska Bingo operations.  Alaska Bingo's
gross profit is the same for both the six months ended December
31, 1998 and 1997.

Operating, general, and administrative expenses decreased $1,230,763
to $3,411,562 for the six months ended December  31, 1998 compared
to $4,642,325 for the period in 1997. The decrease is primarily due
to Casino Masquerade and Casino Las Vegas being fully operational
during the six months ended December 31, 1997.  Expenses for those
two properties totaled $2,025,371 for the six months ended
December 31, 1997.

Depreciation and amortization costs decreased $194,422 to $372,873
for the six months ended December 31, 1998 compared to $567,295 for
1997.  The decrease is due predominantly once again to Casino
Masquerade and Casino Las Vegas being fully operational during the
six months ended December 31, 1997.  Bull Durham's depreciation
increased 27% as it begins depreciating the fixed assets acquired
through its expansion.

Other income net of expenses decreased $77,195 to $(170,767) for
the six months ended December 31, 1998 compared to $(247,962) in
1997.  Interest expense decreased approximately $27,358 due primarily
to the conversion of the promissory note issued to the seller of ABS
to Series B preferred stock in March  1998.  In addition, the Company
recognized $50,615 in unrealized gains on its marketable trading securities.

Extraordinary items decreased $124,829 to $66,101 for the six
months ended December 31, 1998 compared to $190,930 in 1997.  In
1998, the Company negotiated the reduction of principal and
interest payments of two outstanding notes.

Management knows of no trends or uncertainties that will have, or
are reasonably likely to have, a material impact on the income
and expenses of the Company.

Liquidity and Capital Resources - December 31, 1998 compared to
June 30, 1998

The Company's primary source of cash is internally generated
through operations.  Historically, cash generated from operations
has not been sufficient to satisfy working capital requirements
and capital expenditures.  Consequently, the Company has depended
on funding through debt and equity financing to address these
shortfalls.

While the Company continues to face a shortage of working capital,
the deficiency decreased by $334,332 to $(2,318,618) at December 31,
1998 from $(2,652,950) at June 30, 1998.  Current assets increased
to $2,063,101 at December 31, 1998 from $1,898,478 at June 30, 1998,
an increase of $164,623 or 9%.  Current liabilities decreased to
$4,381,719 at December 31, 1998 from $4,551,428 at June 30, 1998,
a decrease of $169,709 4%.  The decrease in the working capital
deficit was due to conversions of debt to equity and management's
continued efforts to reduce operating costs.

Effective December 1998, the Company issued a new series of Class
C preferred stock.  The stock has a par value of $.01, is non-
voting, and is convertible into common stock at a rate of $1.20.
Holders of Class C preferred stock are entitled to receive
dividends at the annual rate of 7% based on the stated value per
share.  The dividends are cumulative, with any outstanding unpaid
dividends bearing interest at an annual rate of 10%.  As of
December 31, 1998 principal of $487,220 and accrued interest of
$97,385 were converted to 487,172 shares of Class C  preferred
stock.   Included in this transaction were principal and interest
of $299,720 and $64,943, respectively, to related parties which
were converted into 303,886 shares of Class C preferred stock.

Also occurring during December 1998 was the conversion of $100,000
in principal and $16,722 in accrued interest into 36,669 shares of
common stock, at a gain of $37,549.  Principal of $150,000 was
converted into 15,000 shares of Class B preferred stock.  A creditor
accepted payment of $15,000 for $43,552 in principal and accrued
interest, resulting in a $28,552 gain.  The  Company will continue
to work towards renegotiating its current debts to extend their
maturities or obtain reduced payments.

In conjunction with the dissolution of Casino Masquerade, the
Company received $400,000 in cash and hotel credits at the renovated
Radisson Aruba Caribbean Hotel with a face value of $600,000.  The
Company used the cash proceeds to acquire marketable trading
securities and make payments towards various accounts payable and
debt.  The hotel credits, being carried at $477,770, can be used
for a six-year period commencing January 1, 2000.  The Company
intends to use the hotel credits for marketing purposes and as
consideration for debt payments.

Net cash used in investing activities decreased  $608,258 to
$326,829 for the six months ended December 31, 1998 from $935,087
for the six months ended December 31, 1997.  The main reason for
the decrease is that during the six months ended December 31, 1997,
the Company used approximately $383,090, net of cash acquired, for
the purchase of Alaska Bingo Supply.  The Company purchased $320,783
in fixed assets during the six months ended December 31, 1998,
primarily for the expansion of Bull Durham, which opened November 1998.
Management has established capital expenditure budgets for each subsidiary
to facilitate cash management.   The  Company purchased $62,669 less in
capital expenditures for the six months ended December 31, 1998 compared
to the period in 1997.

The Company used $198,979 in cash for financing activities during
the six months ended December 31, 1998 compared to financing
activities providing $670,780 during the same period in the prior
year.  During 1998, $351,531 was used to pay dividends on and
redeem shares of Series B preferred stock.  Proceeds net of
payments of long term debt and notes payable was $155,082 for the
six months ended December 31, 1998 compared to $493,280 for the
same period in the prior year, a decrease of $338,198.  The
Company is striving to reduce debt through cash flow from more
efficient operations.

As of December 31, 1998 none the Company's subsidiaries have
commercial bank credit facilities.  Management is currently
negotiating with several financial institutions to obtain
revolving lines of credit for the operating subsidiaries to use
for working capital during slow seasons.

The Company continues its efforts to formulate plans and
strategies to address the Company's financial condition and
increase profitability. Management continues to negotiate with
creditors of debt that remain in default.  The Company also
continues to explore acquisition opportunities.  Management
believes that these plans will result in increased liquidity and
future profitability.


Year 2000 Conversion

The Company recognizes the need to ensure its operations
will not be adversely impacted by Year 2000 software failures.
Software failures due to processing errors potentially arising
from calculations using the Year 2000 date are a known risk.  The
Company is addressing this risk to the availability and integrity
of financial systems  and the reliability of the operational
systems.  The Company has established processes for evaluating
and managing the risks and cost associated with this problem,
including communicating with suppliers, dealers, and others with
which it does business to coordinate Year 2000 conversion.  The
total cost of compliance and its effect on the Company's future
results of operations is being determined as part of the detailed
conversion planning process.



PART II.    OTHER INFORMATION

     Item 1.        Legal Proceedings

                    None, except as previously disclosed.

     Item 2(a).     Changes in Securities

                    Effective  December 1998, the Company issued a new
                    series of Class C preferred stock.  The stock has a
                    par value of $.01, is non-voting, and is convertible
                    into common stock at a rate of $1.20.  Holders of
                    Class C preferred stock are entitled to receive
                    dividends at the annual rate of 7% based on the
                    stated value per share.  The dividends are cumulative,
                    with any outstanding unpaid dividends bearing interest
                    at an annual rate of 10%.  As of December 31, 1998
                    principal of $487,220 and accrued interest of $97,385
                    were converted to 487,172 shares of Class C preferred
                    stock.

     Item 3.        Defaults Upon Senior Securities

                    None, except as previously disclosed.

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

                    None.

     Item 5.        Other Information

                    The Company received notification from the Nasdaq
                    Stock Market of its possible delisting from Nasdaq
                    due to several factors, including the Company's
                    history of operating losses and its failure to
                    satisfy Nasdaq's minimum net tangible asset
                    requirement.  The Company has taken steps to cure
                    its net tangible asset deficiency and intends to
                    adopt further measures in an effort to maintain its
                    Nasdaq listing.

     Item 6(a).     Exhibits

                    The following exhibit is filed as a part of this
                    Form 10-QSB pursuant to Item 601 of Regulation S-B:

                    A    Certificate of Designations,
                         Preferences, and Rights of Series C Convertible
                         Preferred Stock of Global Casinos, Inc.

                    B    Stock Purchase Agreement-Global Casinos, Inc. and
                         Equitas, Corp

     Item 6(b).     Reports on Form 8-K

                    The following reports on Form 8-K were filed during
                    the second quarter ended December 31, 1998:
                                
                                                             Pro Forma
                          Date             Item              Financial
                                                             Statements
                    December 23,1998  Disposition of BPJ   Balance sheet as
                                      and DMS              of September 30,
                                                           1998

                                                           Statements of
                                                           Operations for the
                                                           Three Months Ended
                                                           September 30, 1998
                                                           and 1997

                    January   4, 1999 Resignation of Auditors
     



                           SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this Annual Report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                              GLOBAL CASINOS, INC.



Date: February 19, 1999           By:   /s/ Stephen G.Calandrella
                                  Stephen G. Calandrella, President

Date: February 19, 1999           By:   /s/ Barbara G.Chacon
                                  Barbara C. Chacon, Chief Financial Officer