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

<R>
FORM 10-QSB/A-1</R>

[ X ]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended December 31, 2002

OR

[   ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934For the transition period from   to

Commission file number 0-15415

GLOBAL CASINOS, INC.

| | Utah(State or other jurisdiction
of incorporation or organization) | 87-0340206I.R.S. Employer
Identification No.
| | ------------------------------------------------------------------ | --------------------------------------------

5455 Spine Road, Mezzanine East, Boulder, Colorado 80301(Address of Principal Executive Offices)              (Zip Code)

Issuer's telephone number, including area code:     (303) 527-2903

|_____________________________________________________________________
Former name, former address, and former fiscal year, if changed since last report
|-------------------------------------------------------------------------------------------------------------------------------------------------------

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the Registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.

Yes  [ X ]    No [    ]

APPLICABLE ONLY TO CORPORATE ISSUERS

As of April 11, 2003, the Issuer had 2,431,360 shares of its Common Stock outstanding.

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

INDEX

|PART I -- FINANCIAL INFORMATION
|-------------------------------
|Item 1.                        
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|Item 2.                        
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|Item 3.                        
|PART II -- OTHER INFORMATION   
|Item 1.                        
|Item 2.                        
|Item 3.                        
|Item 4.                        
|Item 5.                        
|Item 6.                        

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 accounting principles generally accepted in the United Stated of America have been omitted pursuant to such SEC rules and regulations.  In the opinion of management of the Company the accompanying statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company as of December 31, 2002, and its results of operations for the three-month and six-month periods ended December 31, 2002 and 2001 and its cash flows for the six-month periods ended December 31, 2002 and 2001. 
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.

<R>

|GLOBAL CASINOS, INC. AND SUBSIDIARY                                           
|------------------------------------------------------------------------------
|CONSOLIDATED BALANCE SHEET                                                    
|of December 31, 2002                                                          
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|CURRENT ASSETS                                                                
|                                                                              
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|                                                                              
|                                                                              
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|                                                                              
|                                                                              
|Land, building and improvements, and equipment:                               
|                                                                              
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|                                                                              
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|                                                                              
|Current liabilities:                                                          
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|Long-term debt, less current portion                                          
|                                                                              
|Preferred Stock - Series A - $2.00 stated value, non-voting, 2,000,000 shares 
|                                                                              
|Preferred Stock - Series C - 7% cumulative, convertible, mandatory redeemable,
|                                                                              
|                                                                              
|Commitments and contingencies                                                 
|Stockholders' (deficit):                                                      
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See accompanying notes.

|GLOBAL CASINOS, INC. AND SUBSIDIARY                  
|-----------------------------------------------------
|CONSOLIDATED STATEMENTS OF OPERATIONS                
|for the three months ended December 31, 2002 and 2001
|(Unaudited)                                          
|                                                     
|                                                     
|Revenues:                                            
|                                                     
|                                                     
|Expenses:                                            
|                                                     
|                                                     
|                                                     
|Income (loss) from operations                        
|Other income (expense):                              
|                                                     
|                                                     
|                                                     
|                                                     
|                                                     
|Income from continuing operations                    
|Income from discontinued bingo segment               
|Net income                                           
|Preferred dividends                                  
|Net income attributable to common stockholders       
|$     473,260                                        
|Earnings per common share:                           
|                                                     
|                                                     
|Weighted average shares outstanding:                 
|                                                     
|                                                     

See accompanying notes.

|GLOBAL CASINOS, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONSfor the six months ended December 31, 2002 and 2001
(Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                       
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|Revenues:                                                                                                                              
|                                                                                                                                       
|Expenses:                                                                                                                              
|                                                                                                                                       
|                                                                                                                                       
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|Income (loss) from operations                                                                                                          
|Other income (expense):                                                                                                                
|                                                                                                                                       
|                                                                                                                                       
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|                                                                                                                                       
|                                                                                                                                       
|Income (loss) from continuing operations                                                                                               
|Income from discontinued bingo segment                                                                                                 
|Net income (loss)                                                                                                                      
|Preferred dividends                                                                                                                    
|Net income (loss) attributable to common stockholders                                                                                  
|Earnings (loss) per common share:                                                                                                      
|                                                                                                                                       
|                                                                                                                                       
|Weighted average shares outstanding:                                                                                                   
|                                                                                                                                       
|                                                                                                                                       

See accompanying notes.

|GLOBAL CASINOS, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CASH FLOWSfor the six months ended December 31, 2002 and 2001
(Unaudited)
|---------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                       
|                                                                                                                                       
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                                  
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|CASH FLOWS FROM INVESTING ACTIVITIES                                                                                                   
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|CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                   
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|Net increase (decrease) in cash                                                                                                        
|                                                                                                                                       
|Cash at beginning of period                                                                                                            
|Cash at end of period                                                                                                                  
|SUPPLEMENTAL CASH FLOW INFORMATION:                                                                                                    
|                                                                                                                                       
|                                                                                                                                       

See accompanying notes.

GLOBAL CASINOS, INC. AND SUBSIDIARY

1.     ORGANIZATION and SIGNIFICANT ACCOUNTING POLICIES

The Consolidated Financial Statements for the three months and six months ended December 31, 2002 and 2001 have been prepared in accordance with the accounting policies described in the Company's annual report on Form 10-KSB. Management believes the statements include all adjustments of a normal recurring nature necessary to present fairly the results of operations for the interim periods.

The consolidated financial statements of the Company include the accounts of its wholly-owned subsidiaries.  All significant inter-company accounts and transactions have been eliminated in consolidation.

At December 31, 2002, the Company's only operating subsidiary was:

| | 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.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2.     GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  It has a history of substantial net losses.  As of December 31, 2002 it had an accumulated deficit and a working capital deficiency.  The Company is in default on various loan agreements, is delinquent on payments to certain creditors and has ceased operating all but one of its casinos.  These conditions raise substantial doubt about the Company's ability to continue as a going concern.

The Company continues its efforts to formulate plans and strategies to address its financial condition and increase profitability.  Operating expenses have been reduced and management will continue to address debt currently in default by negotiating with creditors to convert debt to equity, extend maturity dates and reduce payment amounts.  The Company continues to explore methods to increase profitability; however, there can be no assurances that management will be successful in their efforts.

The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts or classification of liabilities that may result from the inability of the Company to continue as a going concern.

3.     EARNINGS (LOSS) PER COMMON SHARE

The Company follows SFAS No. 128, "Earnings Per Share."  Basic earnings (loss) per common share ("EPS") calculations are determined by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.  Diluted earnings (loss) per common share calculations are determined by dividing net income (loss) by the weighted-average number of common shares and dilutive common share equivalents outstanding.  During the periods when they are anti-dilutive, common stock equivalents, if any, are not considered in the computation.

For the periods ended December 31, 2002 and 2001, the outstanding common stock equivalents were not included in the computation as the impact of the potential common shares would be
anti-dilutive.

4.     RELATED PARTY TRANSACTIONS

The Company's directors provide legal and accounting services, for which they bill the Company.  Total fees recorded for the six months ended December 31, 2002 and 2001 were $55,186 and $101,945, respectively.

A business controlled by a director provides clerical and administrative support and bills the Company its pro-rata share of expenses.  Total billings recorded for the six months ended December 31, 2002 and 2001 were $7,700 and $6,005, respectively.

5.     DEBT RESTRUCTURING

In July 2002, The Company agreed to a term sheet ("Astraea
Term Sheet") covering various interrelated transactions more fully
described below. Effective September 17, 2002, the terms of the restructuring
were finalized (the "2002 Restructuring"), resulting in the following:

| | * | Astraea agreed to waive accrued and unpaid interest and fees under an unsecured $500,000 note (the
"Astraea Unsecured Note").                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | * | Astraea agreed to extend the maturity date of the Astraea Unsecured Note to 2007, and to reduce the rate of interest thereon to seven percent (7%) per annum.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | * | Astraea agreed that there would be a moratorium on payments on the Astraea Unsecured Note for 30 months.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | * | Global Casinos and Astraea agreed that the Astraea Unsecured Note would be assigned to and assumed by Casinos, U.S.A. and be secured by one hundred percent (100%) of the outstanding shares of common stock of Casinos, U.S.A. (which owns the Bull Durham) and a security interest in the tangible and intangible assets of Casinos, U.S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | * | It was agreed that Global would continue to manage the Bull Durham for a management fee of $10,000 per month. Global Casinos has agreed to provide Astraea with certain financial reporting and inspection rights going forward.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | * | Astraea has agreed to restructure its two mortgage notes against the Bull Durham to provide for interest at the rate of seven percent (7%) with a thirty-year amortization and an extended maturity date to 2009.  Astraea also agreed to defer installment payments on its two secured promissory notes to the extent of one hundred percent (100%) of each such installments until an aggregate deferral totaling $100,000 is reached, but in no event more than one (1) year.  Deferred installment payments will be set aside and used for working capital purposes and capital expenditures at the Bull Durham which are approved by
      Astraea.  Any expenses incurred by Astraea in connection with the restructure of the indebtedness will be added to the principal balances of its secured notes and repaid as part of the balloon payment at the maturity date of such note.  Debt to third parties associated with the gaming equipment located at the Bull Durham has been restructured with the agreement of the vendor.
| | * | junior secured mortgage notes encumbering the Bull Durham would be restructured to bear interest at the rate of four percent (4%) per annum and amortized in a straight line over a term of thirty (30) years, with a seven-year balloon;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | * | All debt associated with gaming equipment located at the Bull Durham is required to be restructured to the satisfaction of
      Astraea.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | * | All shares of Casinos, U.S.A. preferred stock properly issued or issuable pursuant to an accounting to be mutually agreed upon by Global Casinos and Astraea in connection with the building expansion program undertaken by the Bull Durham shall be cancelled as part of the restructuring of Global Casinos.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | * | Global Casinos granted to Astraea an option exercisable after March 17, 2005 to purchase all of the issued and outstanding shares of common stock of Casinos, U.S.A. for a purchase price of $100.  Global Casinos may redeem the option by paying to Astraea an amount sufficient to retire in full the $500,000 promissory note held by Astraea and assumed by Casinos, U.S.A. together with interest at the rate of twelve percent (12%) per annum.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | * | The Board of Directors of Casinos, U.S.A. was reconstituted to consist of persons approved by Astraea and the Colorado Division of Gaming, and the voting shares of Casinos, U.S.A. have been made subject to a voting agreement to enforce this agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | * | Arrangements have been made to restructure a note payable from the Bull Durham to Global Casinos to permit debt service by Global Casinos on a note held by a third party.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | * | The warrants to purchase shares of Casinos U.S.A. and the participation in net cash flow provided for under Casinos U.S.A.'s Chapter 11 Bankruptcy Plan of Reorganization were
cancelled.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

The Astraea Term Sheet providing for the foregoing was
executed by an on behalf of Global Casinos, Casinos U.S.A., Astraea and the
holders of all subordinated mortgage notes against the Bull Durham except for
the holders of approximately $200,000 in subordinated mortgage notes. With
respect to those junior lienholders, the Company nevertheless began making
revised payments based upon the restructured interest rate and maturity date
provided for in the Astraea Term Sheet in the fourth quarter of 2002, without
objection or protest on the part of the holders of those subordinated mortgage
notes. The Company takes the position that by their acquiescence, those
subordinated note holders are deemed to be bound by the terms of the Astraea
Term Sheet.

6.    RESTATEMENT OF
PRIOR PERIODS

On June 13, 2002, Global transferred all of its ownership interest in OnSource
Corporation, Global Alaska Industries, Inc. and Alaska Bingo Supply, Inc. into a
spin-off trust for the benefit of Global's shareholders.  Accordingly, the
financial statements previously presented for the period ending December 31,
2001 have been restated to present the Alaska operating activities as a
discontinued operation.  The restatement had no effect on neither net
income (loss) or earnings (loss) per share for the three month and six month
periods presented.

</R>

|ITEM 2. | 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 capital expenditures.  Such forward-looking statements involve a number of risks and uncertainties that may significantly affect our 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

We operate in the domestic gaming industry.  We were organized as a holding company for the purpose of acquiring and operating casinos, gaming properties and other related interests. At December 31, 2002, our operations consisted solely of the Bull Durham Saloon & Casino in Black Hawk, Colorado.

Our operations are seasonal.  The Bull Durham experiences a significant increase in business during the summer tourist season.

We operate in a highly regulated environment subject to the political process.  Our retail gaming license is subject to annual renewal by the Colorado Division of Gaming.  Changes to existing statutes and regulations could have a negative effect on our operations.

<R>Results of Operations - Three Months Ended December 31, 2002 Compared to the Three Months ended December 31, 2001

Restatement of Prior Periods

On June 13, 2002, Global transferred all of its ownership interest in OnSource
Corporation, Global Alaska Industries, Inc. and Alaska Bingo Supply, Inc. into a
spin-off trust for the benefit of Global's shareholders.  Accordingly, the
financial statements previously presented for the period ending December 31,
2001 have been restated to present the Alaska operating activities as a
discontinued operation.  The restatement had no effect on neither net
income (loss) or earnings (loss) per share for the three month and six month
periods presented.

We recognized net income of $474,140 ($0.19 per share) for the three months ended December 31, 2002, compared to net income of
$131,633 ($0.05 per share) for the same period in 2001.  Our income from
continuing operations improved to $474,140 in 2002 compared to $91,262 in 2001.

Revenues

Casino revenues for the three months ended December 31, 2002 were $646,911 compared to $598,547 for the 2001 period, an increase of $48,364, or 8%.  Revenues increased primarily because the excellent fall weather encouraged more patrons to visit Black Hawk.  We also attribute part of the improvement to increased marketing efforts.  We expanded our marketing activities in light of increased competition from the Black Hawk Casino by Hyatt.

Expenses

Casino operating expenses increased to $584,272 for the three months ended December 31, 2002 compared to $571,302 for 2001, an increase of $13,424 or 2%.  We increased our marketing, promotional and charter bus expenses during the period.  We were able to reduce expenses by discontinuing our table games.  We also replaced some higher cost leased slot machines with lower cost machines.  Finally, the City of Black Hawk reduced the device fees levied on the gaming devices in our casino.

Operating, general, and administrative expenses decreased $135,164
to $9,269 for the three months ended December 31, 2002, compared to $144,433 for the same period in 2001.  Included in 2002 is the favorable settlement of various claims which resulted in a gain of $40,000.  Included in 2001 is $90,000 of stock issuance costs related to settlement of various claims dating back to 1997.  Excluding the impact of claim settlements from our results indicates that expenses were $49,269 in 2002 and $54,433, a slight reduction of $5,164, resulting from our cost-cutting efforts.  We are attempting to further reduce our general and administrative expenses by evaluating operational efficiencies; however, we can make no assurances that we will be successful in these endeavors.  Furthermore, we continue to resolve outstanding claims and contingencies against the Company.  While we are optimistic about the resolution of remaining claims, there is no guarantee that all potential liabilities will be successfully resolved.

Other

Interest expense decreased $29,104 to $52,717 for the three months ended December 31, 2002, compared to $81,821 in 2001.  Effective
in 2002, we completed the restructuring of debt at the Bull Durham.  This restructuring reduced principal balances and interest rates, extended repayment terms, and allowed us to reclassify certain debts in default into long-term debt.

In July 2002, The Company agreed to a term sheet ("Astraea
Term Sheet") covering various interrelated transactions more fully
described below. Effective September 17, 2002, the terms of the restructuring
were finalized (the "2002 Restructuring"), resulting in the following:

| | * | Astraea agreed to waive accrued and unpaid interest and fees under an unsecured $500,000 note (the
"Astraea Unsecured Note").                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | * | Astraea agreed to extend the maturity date of the Astraea Unsecured Note to 2007, and to reduce the rate of interest thereon to seven percent (7%) per annum.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | * | Astraea agreed that there would be a moratorium on payments on the Astraea Unsecured Note for 30 months.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | * | Global Casinos and Astraea agreed that the Astraea Unsecured Note would be assigned to and assumed by Casinos, U.S.A. and be secured by one hundred percent (100%) of the outstanding shares of common stock of Casinos, U.S.A. (which owns the Bull Durham) and a security interest in the tangible and intangible assets of Casinos, U.S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | * | It was agreed that Global would continue to manage the Bull Durham for a management fee of $10,000 per month. Global Casinos has agreed to provide Astraea with certain financial reporting and inspection rights going forward.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | * | Astraea has agreed to restructure its two mortgage notes against the Bull Durham to provide for interest at the rate of seven percent (7%) with a thirty-year amortization and an extended maturity date to 2009.  Astraea also agreed to defer installment payments on its two secured promissory notes to the extent of one hundred percent (100%) of each such installments until an aggregate deferral totaling $100,000 is reached, but in no event more than one (1) year.  Deferred installment payments will be set aside and used for working capital purposes and capital expenditures at the Bull Durham which are approved by
      Astraea.  Any expenses incurred by Astraea in connection with the restructure of the indebtedness will be added to the principal balances of its secured notes and repaid as part of the balloon payment at the maturity date of such note.  Debt to third parties associated with the gaming equipment located at the Bull Durham has been restructured with the agreement of the vendor.
| | * | junior secured mortgage notes encumbering the Bull Durham would be restructured to bear interest at the rate of four percent (4%) per annum and amortized in a straight line over a term of thirty (30) years, with a seven-year balloon;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | * | All debt associated with gaming equipment located at the Bull Durham is required to be restructured to the satisfaction of
      Astraea.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | * | All shares of Casinos, U.S.A. preferred stock properly issued or issuable pursuant to an accounting to be mutually agreed upon by Global Casinos and Astraea in connection with the building expansion program undertaken by the Bull Durham shall be cancelled as part of the restructuring of Global Casinos.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | * | Global Casinos granted to Astraea an option exercisable after March 17, 2005 to purchase all of the issued and outstanding shares of common stock of Casinos, U.S.A. for a purchase price of $100.  Global Casinos may redeem the option by paying to Astraea an amount sufficient to retire in full the $500,000 promissory note held by Astraea and assumed by Casinos, U.S.A. together with interest at the rate of twelve percent (12%) per annum.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | * | The Board of Directors of Casinos, U.S.A. was reconstituted to consist of persons approved by Astraea and the Colorado Division of Gaming, and the voting shares of Casinos, U.S.A. have been made subject to a voting agreement to enforce this agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | * | Arrangements have been made to restructure a note payable from the Bull Durham to Global Casinos to permit debt service by Global Casinos on a note held by a third party.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | * | The warrants to purchase shares of Casinos U.S.A. and the participation in net cash flow provided for under Casinos U.S.A.'s Chapter 11 Bankruptcy Plan of Reorganization were
cancelled.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

The Astraea Term Sheet providing for the foregoing was
executed by an on behalf of Global Casinos, Casinos U.S.A., Astraea and the
holders of all subordinated mortgage notes against the Bull Durham except for
the holders of approximately $200,000 in subordinated mortgage notes. With
respect to those junior lienholders, the Company nevertheless began making
revised payments based upon the restructured interest rate and maturity date
provided for in the Astraea Term Sheet in the fourth quarter of 2002, without
objection or protest on the part of the holders of those subordinated mortgage
notes. The Company takes the position that by their acquiescence, those
subordinated note holders are deemed to be bound by the terms of the Astraea
Term Sheet.

In addition to reducing interest expense, we recorded a gain of $473,941 from this debt restructuring.

During the quarter ended December 31, 2001, the Company recorded the sale proceeds from its Woodbine property rights.  As previously disclosed, these sale proceeds were held in escrow pending resolution of an ownership dispute.  The disputes were resolved and proceeds disbursed during the quarter.  The Company recorded a gain of $194,801 from this transaction.

During the quarter ended December 31, 2001, we recorded gains of $95,470 related to our marketable securities portfolio.  We subsequently sold our entire portfolio and had no similar gains in 2002.

For federal income tax purposes, Global has a net operating loss of carryover (NOL) approximating $7,600,000, which can be used to offset future taxable income, if any.  Under the Tax Reform Act of 1986, the amounts of and the benefits from NOL's are subject to certain limitations including restrictions imposed when there is a loss of business continuity or when ownership changes in excess of 50% of outstanding shares, under certain circumstances.  Thus, there is no guarantee that Global will be able to utilize its NOL before it expires and no potential benefit has been recorded in the financial statements.

Inflation did not have a material impact on the Company's operations for the period.

Other than the foregoing, management knows of no trends, demands, or uncertainties that are reasonably likely to have a material impact on the Company's results of operations.

Results of Operations - Six Months Ended December 31, 2002 Compared to the Six Months ended December 31, 2001

Restatement of Prior Periods

On June 13, 2002, Global transferred all of its ownership interest in OnSource
Corporation, Global Alaska Industries, Inc. and Alaska Bingo Supply, Inc. into a
spin-off trust for the benefit of Global's shareholders.  Accordingly, the
financial statements previously presented for the period ending December 31,
2001 have been restated to present the Alaska operating activities as a
discontinued operation.  The restatement had no effect on neither net
income (loss) or earnings (loss) per share for the three month and six month
periods presented.

We recognized net income of $473,630 for the six months ended December 31, 2002, compared to a net loss of
$(42,058) for the same period in 2001. Our income from continuing operations
improved to $473,630 in 2002 compared to a loss of $(135,647) in 2001.  The restructuring of our operations and our long-term debt provided the improved operating results.

Revenues

Casino revenues for the six months ended December 31, 2002 were $1,380,035 compared to $1,282,846 for the 2001 period, an increase of $97,189 or 8%.

Revenues increased primarily because the excellent fall weather encouraged more patrons to visit Black Hawk.  We also attribute part of the improvement to increased marketing efforts.  We expanded our marketing efforts in light of the increased competition from the Black Hawk Casinos by Hyatt.

Expenses

Casino operating expenses increased to $1,164,404 for the six months ended December 31, 2002 from $1,132,543 for the six months ended December 31, 2001, an increase of $31,861, or 3%.  The increase was driven by our expansion of marketing and promotional activities, which increased by $63,149 compared to the previous year.  We were able to reduce certain other costs.  The costs associated with table games, primarily blackjack, exceeded our revenue on those games and we removed all table games from the casino during the quarter ended December 31, 2002.  In addition, we were leasing some slot machines at a relatively high monthly cost.  We replaced those machines with some lower cost alternatives.  Finally, the City of Black Hawk reduced its local device fees.

Operating, general, and administrative expenses decreased $166,439 to $93,748 for the six months ended December 31, 2002, compared to $260,187 for the same period in 2001. In 2002, we favorably settled various claims resulting in a gain of $40,000.  Included in 2001 is $90,000 of stock issuance costs related to settlement of various claims dating back to 1997.  Excluding the impact of claim settlements from our results indicates that expenses were $133,748 in 2002 and $170,187 in 2001.  The reduction of $36,439 results from our continued cost-cutting efforts.  We are attempting to further reduce our general and administrative expenses by evaluating operational efficiencies; however, we can make no assurances that we will be successful in these endeavors.  Furthermore, we continue to resolve outstanding claims and contingencies against the Company.  While we are optimistic about the resolution of remaining claims, there is no guarantee that all potential liabilities will be successfully resolved.

Other

Interest expense decreased $41,121 to $122,194 for the six months ended December 31, 2002, compared to $163,315 in 2001.  Effective
in 2002, we completed the restructuring of debt at the Bull Durham.  This restructuring reduced principal balances and interest rates, extended repayment terms and allowed us to reclassify certain debt in default into long-term debt.

In July 2002, The Company agreed to a term sheet ("Astraea
Term Sheet") covering various interrelated transactions more fully
described below. Effective September 17, 2002, the terms of the restructuring
were finalized (the "2002 Restructuring"), resulting in the following:

| | * | Astraea agreed to waive accrued and unpaid interest and fees under an unsecured $500,000 note (the
"Astraea Unsecured Note").                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | * | Astraea agreed to extend the maturity date of the Astraea Unsecured Note to 2007, and to reduce the rate of interest thereon to seven percent (7%) per annum.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | * | Astraea agreed that there would be a moratorium on payments on the Astraea Unsecured Note for 30 months.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | * | Global Casinos and Astraea agreed that the Astraea Unsecured Note would be assigned to and assumed by Casinos, U.S.A. and be secured by one hundred percent (100%) of the outstanding shares of common stock of Casinos, U.S.A. (which owns the Bull Durham) and a security interest in the tangible and intangible assets of Casinos, U.S.A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | * | It was agreed that Global would continue to manage the Bull Durham for a management fee of $10,000 per month. Global Casinos has agreed to provide Astraea with certain financial reporting and inspection rights going forward.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | * | Astraea has agreed to restructure its two mortgage notes against the Bull Durham to provide for interest at the rate of seven percent (7%) with a thirty-year amortization and an extended maturity date to 2009.  Astraea also agreed to defer installment payments on its two secured promissory notes to the extent of one hundred percent (100%) of each such installments until an aggregate deferral totaling $100,000 is reached, but in no event more than one (1) year.  Deferred installment payments will be set aside and used for working capital purposes and capital expenditures at the Bull Durham which are approved by
      Astraea.  Any expenses incurred by Astraea in connection with the restructure of the indebtedness will be added to the principal balances of its secured notes and repaid as part of the balloon payment at the maturity date of such note.  Debt to third parties associated with the gaming equipment located at the Bull Durham has been restructured with the agreement of the vendor.
| | * | junior secured mortgage notes encumbering the Bull Durham would be restructured to bear interest at the rate of four percent (4%) per annum and amortized in a straight line over a term of thirty (30) years, with a seven-year balloon;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | * | All debt associated with gaming equipment located at the Bull Durham is required to be restructured to the satisfaction of
      Astraea.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | * | All shares of Casinos, U.S.A. preferred stock properly issued or issuable pursuant to an accounting to be mutually agreed upon by Global Casinos and Astraea in connection with the building expansion program undertaken by the Bull Durham shall be cancelled as part of the restructuring of Global Casinos.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | * | Global Casinos granted to Astraea an option exercisable after March 17, 2005 to purchase all of the issued and outstanding shares of common stock of Casinos, U.S.A. for a purchase price of $100.  Global Casinos may redeem the option by paying to Astraea an amount sufficient to retire in full the $500,000 promissory note held by Astraea and assumed by Casinos, U.S.A. together with interest at the rate of twelve percent (12%) per annum.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | * | The Board of Directors of Casinos, U.S.A. was reconstituted to consist of persons approved by Astraea and the Colorado Division of Gaming, and the voting shares of Casinos, U.S.A. have been made subject to a voting agreement to enforce this agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | * | Arrangements have been made to restructure a note payable from the Bull Durham to Global Casinos to permit debt service by Global Casinos on a note held by a third party.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | * | The warrants to purchase shares of Casinos U.S.A. and the participation in net cash flow provided for under Casinos U.S.A.'s Chapter 11 Bankruptcy Plan of Reorganization were
cancelled.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

The Astraea Term Sheet providing for the foregoing was
executed by an on behalf of Global Casinos, Casinos U.S.A., Astraea and the
holders of all subordinated mortgage notes against the Bull Durham except for
the holders of approximately $200,000 in subordinated mortgage notes. With
respect to those junior lienholders, the Company nevertheless began making
revised payments based upon the restructured interest rate and maturity date
provided for in the Astraea Term Sheet in the fourth quarter of 2002, without
objection or protest on the part of the holders of those subordinated mortgage
notes. The Company takes the position that by their acquiescence, those
subordinated note holders are deemed to be bound by the terms of the Astraea
Term Sheet.

In addition to reducing interest expense, we recorded a gain of $473,941 from the debt restructuring.

Interest expense was further reduced because the interest rates on certain variable rate debt was reduced and by the normal decline in outstanding balances resulting from periodic payments.

During the six months ended December 31, 2001, the Company recorded the sale proceeds from its Woodbine property rights.  As previously disclosed, these sale proceeds were held in escrow pending resolution of an ownership dispute.  The disputes were resolved and proceeds disbursed during the quarter.  The Company recorded a gain of $194,801 from this transaction.

In 2001, our marketable securities portfolio recorded a net loss of $(57,249), both realized and unrealized.  We subsequently sold our entire marketable trading securities portfolio and had no such losses during the period ended December 31, 2002.

For federal income tax purposes, Global has a net operating loss of carryover (NOL) approximating $7,600,000, which can be used to offset future taxable income, if any.  Under the Tax Reform Act of 1986, the amounts of and the benefits from NOL's are subject to certain limitations including restrictions imposed when there is a loss of business continuity or when ownership changes in excess of 50% of outstanding shares, under certain circumstances.  Thus, there is no guarantee that Global will be able to utilize its NOL before it expires and no potential benefit has been recorded in the financial statements.

Inflation did not have a material impact on the Company's operations for the period.

Other than the foregoing, management knows of no trends, demands, or uncertainties that are reasonably likely to have a material impact on the Company's results of operations.

Liquidity and Capital Resources

Our 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, we have depended on funds received through debt and equity financing to address these shortfalls.  We have also relied, from time to time, upon loans from affiliates to meet immediate cash demands.  There can be no assurance that these affiliates or other related parties will continue to provide funds to us in the future as there is no legal obligation on these parties parts to provide such loans.

The accompanying financial statements were prepared assuming that the Company will continue as a going concern.  As of December 31, 2002, we had an accumulated deficit and a working capital deficiency.  We were in default on various loan agreements, were delinquent on payments to certain vendors, and had ceased operating all but one of our casinos.  These conditions raise substantial doubt about our ability to continue as a going concern.

At December 31, 2002, the Company had cash and cash equivalents of $346,759, substantially all of which was utilized in our casino operations.  Pursuant to state gaming regulations, the casino is required to maintain cash balances sufficient to pay potential jackpot awards.  The Company does not have access to any revolving credit facilities.

While the Company believes that its capital resources are sufficient to allow the continued operation of its casino, it does not currently have sufficient resources to expand its operations or to satisfy overdue obligations of the parent company.

Our working capital deficiency decreased by $795,861 to ($1,089,176) at December 31, 2002, from ($1,885,037) at June 30, 2002.

At December 31, 2002, we owed debt in the amount of approximately $417,973 to individuals and entities that, by the terms of these notes, were in default.  Should any of these note holders make demand for payment, we would not have the financial resources to pay these notes that could have a material adverse impact on our financial condition.

We have no working capital line of credit or other credit facility.

Cash provided by operating activities was $259,809 for the six months ended December 31,
2002, and $11,211 for the same period in 2001.

Net cash used in investing activities increased $(10,824) to
$(56,447) for the six months ended December 31, 2002, compared to cash used of
$(45,623) in 2001, and increase of 23.7%.  The increase was substantially
due to equipment purchases.

Net cash used in financing activities increased $(17,664) to $(87,562) for the six months ended December 31, 2002, compared to cash used of $(69,898) in 2001.  All debt payments represent normal monthly payments required under our various debt agreements.

We continue our efforts to formulate plans and strategies to address our financial condition and increase profitability.  We will continue to address debt currently in default by negotiating with creditors to convert debt to equity, extend maturity dates of debt, and accept reduced payment terms.  We are evaluating methods to reduce costs and enhance our operating results.  We cannot, however, provide any assurances that we will be successful in these endeavors.

Other than the foregoing, management knows of no trends, demands, or uncertainties that are reasonably likely to have a material impact on the Company's liquidity and capital resources.
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ITEM 3.      CONTROLS AND PROCEDURES

Frank L. Jennings, Principal Executive and Financial Officer of Global Casinos, Inc., has established and is currently maintaining disclosure controls and procedures for the Company.  The disclosure controls and procedures have been designed to ensure that material information relating to the Company is made known to him as soon as it is known by others within the Company.

Our Principal Executive and Financial Officer conducts an update and a review and evaluation of the effectiveness of the Company's disclosure controls and procedures and has concluded, based on his evaluation within 90 days of the filing of this Report, that our disclosure controls and procedures are effective for gathering, analyzing and disclosing the information we are required to disclose in our reports filed under the Securities Exchange Act of 1934.  There have been no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of the previously mentioned evaluation.

PART II.      OTHER INFORMATION

| | Item 1.    | Legal Proceedings                                  
| | ---------- | ---------------------------------------------------
| |            | None, except as previously disclosed.              
| | Item 2(a). | Changes in Securities                              
| |            | None, except as previously disclosed.              
| | Item 3.    | Defaults Upon Senior Securities                    
| |            | None, except as previously disclosed.              
| | Item 4.    | Submission of Matters to a Vote of Security Holders
| |            | None, except as previously disclosed.              
| | Item 5.    | Other Information                                  
| |            | None, except as previously disclosed.              
| | Item 6.    | Exhibits and Reports on form 8-K                   
| |            | None.                                              

SIGNATURES

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

|                    | GLOBAL CASINOS, INC.                                                                            
|------------------- | ------------------------------------------------------------------------------------------------
|Date: July 17, 2003 | By: /s/ Frank L. Jennings     Frank L. Jennings, 
     Principal Executive and Financial Officer

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Global Casinos, Inc. (the "Company") on Form 10-QSB/A for the period ending December 31, 2002, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Frank L. Jennings, Principal Executive and Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

| | (1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and                              
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------
| | (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Frank L. Jennings                 Frank L. Jennings, Principal Executive
and Financial Officer
July 17, 2003

</R>