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 1934For the quarterly period ended March 31, 2001

OR

[   ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
EXCHANGE ACTFor the transition period from _______ to ______

Commission file number 0-15415



| | Utah                                                           |  | 87-0340206                            | 
| | -------------------------------------------------------------- |  | ------------------------------------- | 
| | (State or other jurisdiction of incorporation or organization) |  | I.R.S. Employer Identification number | 

6560 Gunpark Drive, Suite E, Boulder, Colorado  80301(Address of Principal Offices) (Zip Code)

Registrant's telephone number, including area code:     (303)
527-3230

5373 N. Union Blvd., Suite 100 Colorado Springs, Colorado  80918(Former Name or Address if Changed Since Last Report)

Check whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the last 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

Yes  [ X ]    No [    ]

As of May 15, 2001, the Registrant had 1,546,360 shares of its Common Stock outstanding.

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



INDEX

PART I -- FINANCIAL INFORMATION

|Item 1. | Financial Statements                                                                               | Page
|------- | -------------------------------------------------------------------------------------------------- | ----
|        | Consolidated Balance Sheets as of March 31, 2001 and June 30, 2000                                 | 4   
|        | Consolidated Statements of Operations for the three months ended March 31, 2001 and March 31, 2000 | 6   
|        | Consolidated Statements of Operations for the nine months ended March 31, 2001 and March 31, 2000  | 7   
|        | Consolidated Statements of Cash Flows for the nine months ended March 31, 2001 and March 31, 2000  | 8   
|        | Notes to Consolidated Financial Statements                                                         | 9   
|Item 2. | Management's discussion and analysis of financial condition and results of operations              |     
|        | Overview                                                                                           | 11  
|        | Results of Operations                                                                              | 12  
|        | Liquidity and Capital Resources                                                                    | 14  
|        | PART II -- OTHER INFORMATION                                                                       |     
|Item 1. | Legal Proceedings                                                                                  | 16  
|Item 2. | Changes in Securities                                                                              | 16  
|Item 3. | Defaults Upon Senior Securities                                                                    | 16  
|Item 4. | Submission of Matters to a Vote of Security Holders                                                | 16  
|Item 5. | Other Information                                                                                  | 16  
|Item 6. | Exhibits and Reports on Form 8-K                                                                   | 16  

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 accompanying statements contain all adjustments necessary to present fairly the financial position of the Company
as of March 31, 2001, and its results of operations for the three-month and nine-month periods ended March 31, 2001 and 2000 and its cash flows for the nine-month
periods ended March 31, 2001 and 2000. The Company's balance sheet as of June 30, 2000 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 SHEETSas
      of March 31, 2001 and June 30, 2000
      (In thousands, except share data)
|-----------------------------------------------------------------------------------------------------------------------------------------------------------
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|Current assets:                                                                                                                                            
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|Land, building and improvements and equipment:                                                                                                             
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|Other assets:                                                                                                                                              
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|                                                       |                                                                    |                                                                               | LIABILITIES AND STOCKHOLDERS' EQUITY                |                      |     |              
|------------------------------------------------------ | ------------------------------------------------------------------ | ----------------------------------------------------------------------------- | --------------------------------------------------- | -------------------- | --- | -------------
|Current liabilities:                                   |                                                                    |                                                                               |                                                    
|                                                       | Accounts payable, including $115 and $96 to related
      parties  | $        
      765                                                           |                                                     | $         
      721
|                                                       | Accrued expenses                                                   | 201                                                                           |                                                     | 203                 
|                                                       | Accrued interest, including $11 and $21 to related parties         | 483                                                                           |                                                     | 414                 
|                                                       | Other accrued liabilities                                          | 219                                                                           |                                                     | 644                 
|                                                       | Notes payable                                                      | -                                                                             |                                                     | 192                 
|                                                       | Current portion of long-term debt:                                 |                                                                               |                                                     |                     
|                                                       |                                                                    | Related Parties                                                               | 422                                                 |                      | 727
|                                                       |                                                                    | Debt in default                                                               | 1,135                                               |                      | 772
|                                                       |                                                                    | Other Debt                                                                    | 30                                                  |                      | 432
|                                                       | Other                                                              |                                                                               | 40                                                  |                      | 40 
|                                                       |                                                                    |                                                                               | Total current liabilities                           | 3,295                |     | 4,145        
|Long-term debt, less current portion                   | 3,112                                                              |                                                                               | 2,713                                              
|Deferred sales proceeds                                | 195                                                                |                                                                               | -                                                  
|Mandatory redeemable, voting, Class C preferred stock, |                                                                    |                                                                               |                                                    
|                                                       | 487,171 shares issued and outstanding                              | 585                                                                           |                                                     | 585                 
|Commitments and contingencies                          |                                                                    |                                                                               |                                                    
|Stockholders' equity:                                  |                                                                    |                                                                               |                                                    
|                                                       | Preferred stock - convertible: 10,000,000 shares
      authorized  |                                                                               |                                                     |                     
|                                                       |                                                                    | Class A - $2 par value, nonvoting, 96,500 shares issued
      and outstanding | 193                                                 |                      | 193
|                                                       |                                                                    | Class B - $.01 par value, nonvoting, 202,866 and 244,572
      shares issued  |                                                     |                     
|                                                       |                                                                    |                                                                               | and outstanding at March 31, 2001 and June 30, 2000 | 2                    |     | 2            
|                                                       | Common stock - $.05 par value; 50,000,000 shares
      authorized; |                                                                               |                                                     |                     
|                                                       |                                                                    | 1,546,360 shares issued and outstanding                                       | 77                                                  |                      | 7  
|                                                       | Additional paid-in capital                                         | 11,401                                                                        |                                                     | 11,818              
|                                                       | Accumulated deficit                                                | (10,884)                                                                      |                                                     | (10,247)            
|                                                       |                                                                    |                                                                               |                                                     | 789                  |     | 1,843        
|                                                       |                                                                    |                                                                               |                                                     | $7,976               |     | $       9,286



|GLOBAL CASINOS, INC. AND SUBSIDIARIES
      CONSOLIDATED STATEMENTS OF OPERATIONSfor the Three Months ended March 31, 2001 and 2000(in
      thousands, except share data)(Unaudited)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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|Revenues:                                                                                                                                                                            
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|Expenses:                                                                                                                                                                            
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|Income (loss) from operations                                                                                                                                                        
|Other income (expense):                                                                                                                                                              
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|Income (loss) before extraordinary item                                                                                                                                              
|Extraordinary item - gain from restructuring of debt                                                                                                                                 
|Net income (loss)                                                                                                                                                                    
|Dividends on Class B and C preferred stock                                                                                                                                           
|Net income (loss) available to common stockholders                                                                                                                                   
|Earnings (loss) per common share - basic and diluted:                                                                                                                                
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|GLOBAL CASINOS, INC. AND SUBSIDIARIES
      CONSOLIDATED STATEMENTS OF OPERATIONSfor
      the Nine Months ended March 31, 2001 and 2000
      (in thousands, except share data)
      (Unaudited)
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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|Revenues:                                                                                                                                                                                         
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|Expenses:                                                                                                                                                                                         
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|Income (loss) from operations                                                                                                                                                                     
|Other income (expense):                                                                                                                                                                           
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|Income (loss) before extraordinary item                                                                                                                                                           
|Extraordinary item - gain from restructuring of debt                                                                                                                                              
|Net income (loss)                                                                                                                                                                                 
|Dividends on Class B and C preferred stock                                                                                                                                                        
|Net income (loss) available to common stockholders                                                                                                                                                
|Earnings (loss) per common share - basic and diluted:                                                                                                                                             
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|GLOBAL CASINOS, INC. AND SUBSIDIARIES
      CONSOLIDATED STATEMENTS OF CASH FLOWSfor the Nine Months ended March 31, 2001 and 2000
      (in thousands, except share data)
      (Unaudited)
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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|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:                                                                                                                                                         
|                                                                                                                                                                                            
|SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND                                                                                                                                              
|FINANCING ACTIVITIES:                                                                                                                                                                       
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GLOBAL CASINOS, INC. AND
SUBSIDIARIESNOTES TO CONSOLIDATED STATEMENTS

1. ORGANIZATION and SIGNIFICANT ACCOUNTING POLICIES
2. SALE OF WOODBINE PROPERTY RIGHTS
3. EARNINGS PER SHARE
4. SEGMENT INFORMATION

The Company operates in three significant lines of business:  the casino gaming industry, the
distribution
          of  bingo products, and the leasing of
a bingo hall.  Each reportable segment is a strategic business unit
          that offers different products and services. The bingo-related segments are managed together to realize
          synergies in employment and marketing strategies.

The accounting policies of the segments are the same as those described in the summary of significant
          accounting policies. The Company evaluates the performance of each segment based on profit or loss
          from operations.

Following is a tabulation of business segment information for the nine months ended March 31, 2001 
          and 2000 (in thousands):

|                              | Casino | BingoProducts | Bingo HallLeasing | Other  | Total 
|----------------------------- | ------ | ------------- | ----------------- | ------ | ------
|2001                          |        |               |                   |        |       
|Revenue                       | $2,019 | $1,706        | $378              | $    5 | $4,108
|Interest expense              | 200    | 22            | 0                 | 102    | 324   
|Depreciation and amortization | 197    | 338           | 0                 | 40     | 575   
|Realized and unrealized gains | 0      | 0             | 0                 | 39     | 39    
|Net income (loss)             | (266)  | (59)          | 180               | (326)  | (471) 
|Identifiable assets           | 4,330  | 3,302         | 0                 | 344    | 7,976 
|Capital expenditures          | 0      | 5             | 0                 | 0      | 5     



|                              | Casino | BingoProducts | Bingo HallLeasing | Other | Total 
|----------------------------- | ------ | ------------- | ----------------- | ----- | ------
|2000                          |        |               |                   |       |       
|Revenue                       | $3,589 | $2,234        | $513              | 0     | $6,436
|Interest revenue              | 0      | 2             | 0                 | 26    | 28    
|Interest expense              | 188    | 19            | 0                 | 126   | 333   
|Depreciation and amortization | 353    | 336           | 0                 | 34    | 723   
|Realized and unrealized gains | 0      | 0             | 0                 | 328   | 328   
|Extraordinary items           | 0      | 0             | 0                 | 55    | 55    
|Net income (loss)             | 457    | 111           | 135               | (329) | 374   
|Identifiable assets           | 6,108  | 1,045         | 0                 | 4,292 | 11,445
|Capital expenditures          | 214    | 0             | 0                 | 0     | 214   

The Company's operation of the Pelican Casino in St. Maarten of the Dutch Netherlands Antilles was
        considered a foreign operation.  The Company disposed of its Pelican investment in December 1999.  All
        of the Company's remaining assets and operations are domestic.

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 March 31,
2001, our consolidated financial statements consisted mainly of 
the Bull Durham Saloon & Casino in Black Hawk, Colorado; and Alaska Bingo Supply ("ABS") in Anchorage, Alaska.  The Pelican Casino in St. Maarten was sold effective December 30, 1999, and the Tollgate Saloon & Casino in Central City ceased
operations on August 1, 2000.

Our operations are seasonal.  The Bull Durham casino 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, ABS's
operations are the strongest from September through April when people spend more time indoors.

Bull Durham Saloon & Casino

The Bull Durham is located approximately one hour from Denver, Colorado in the town of Black Hawk. In November 1998, the casino completed its expansion project that increased the gaming space approximately 2,500 square feet to a
total of 7,200 square feet.  The casino now operates with 159 slot machines and three black jack tables. The Bull Durham employs an average of 37 full-time employees.

Tollgate Saloon & Casino

The Tollgate was located approximately one mile from Bull Durham in the historic mining town of Central City.  In August 1999, the Company entered into a lease and option agreement to lease the Tollgate for a term of 24 months with
the option to purchase the casino and associated real estate and equipment at any time prior to the expiration of the lease agreement at a purchase price of $1,400,000.  The Tollgate consisted of 19,233 square feet on three levels in a restored historic
commercial building.  The casino operated with four black jack tables, 121 slot machines, and employed approximately 16 full-time employees. The Company ceased operations at the Tollgate effective August 1, 2000.

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.  ABS also receives rent income from the leasing of space to one bingo hall operator.  ABS employs seven full-time employees.



We recognized a net loss of
$(471,000) for the nine months ended March 31, 2001 compared to net income of
$526,000 for the same period in 2000. Net loss attributable to common stockholders was
$(637,000) for the nine months ended March 31, 2001, compared to a net income of
$374,000 for the same period in 2000.  In 2000, we recognized a $1,176,000 gain from the sale of our Global Pelican NV subsidiary.  There was no similar gain in 2001.  Furthermore, our operations in 2000 included operation of the Pelican Casino (disposed
in December 1999) and the Tollgate Casino (ceased operations August 1, 2000).  The restructuring of our operations impacts the comparison of the 2001 period verses the 2000 period.

Revenues

Our revenues are generated from casino operations, sales of bingo products, rental income from the leasing of bingo halls, and miscellaneous income that is comprised of food and beverage sales at the casino.  Revenues for the nine
months ended March 31, 2001 were $4,108,000 compared to $6,436,000 for the 2000 period, a decrease of $2,328,000 or 36%.

Bull Durham's revenues decreased $298,000 to $1,750,000 for the nine months ended March 31, 2001 compared to $2,048,000 for the same period in 2000.  The decrease is largely due to increased competition experienced by Bull Durham from
larger, better- capitalized casinos.  We are evaluating new marketing programs that may result in an increase in revenues; however, we cannot be sure that any new marketing program will be successful.

Alaska Bingo's revenues decreased $763,000 to $2,084,000 for the nine months ended March 31, 2001 compared to $2,847,000 for the period in 2000, or a decrease of 27%.  The decrease is primarily related to increased competition in our
marketplace and the termination of one bingo hall leasing arrangement.  We believe that in the near term our operating profit will be less than we have been able to achieve historically, as we experience increasing competitive pressures in Alaska.

Expenses

Cost of sales decreased $484,000 to $1,209,000 for the nine months ended March 31, 2001 compared to $1,693,000 for the same period in 2000.  The decrease corresponds with our decreased revenues.  The gross margin percent declined
from 74% in 2000 to 71% in 2001.  The decline is a result of the competitive pressures previously discussed.

Operating, general, and administrative expenses decreased $2,322,000 to $2,350,000 for the nine months ended March 31, 2001 compared to $4,672,000 for the same period in 2000. The decrease is primarily due to costs incurred by Global
Pelican and Tollgate Saloon & Casino during 2000.  We continue to monitor our general and administrative expenses related to the operation of the Bull Durham and Alaska Bingo Supply.  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.

Depreciation and amortization costs decreased $148,000 to $575,000 for the nine months ended March 31, 2001 compared to $723,000 for 2000.  The decrease is due largely to the sale of the Pelican Casino and the closing of the Tollgate
Saloon & Casino.

Other

Other income, net of expenses, decreased $(1,644,000) to
$(445,000) for the nine months ended March 31, 2001 from $1,199,000 for the same period in 2000.  In 2000, we recognized a gain from the sale of Global Pelican NV. 
In 2001, we recorded an impairment of $184,000 to reduce the carrying value of
hotel credits.  In 2001, we recorded gains (both realized and unrealized) of $39,000 from our portfolio of marketable securities.  In 2000, the similar gain was $328,000.  We believe that the changes in the current stock market may have an
unfavorable effect on our marketable trading securities.  We rely on the profits from the sales of marketable trading securities to fund a portion of our working capital needs.  If we are unable to realize gains from these temporary investments, it could
have a material adverse impact on our financial condition.  Interest expense remained relatively constant for the nine months ended March 31, 2001 compared to the same period in 2000.

During December 2000, we sold our interest in the Woodbine property rights.  A portion of the sales proceeds was used to pay expenses of the sale and to satisfy outstanding liens against the property.  The remaining proceeds have been
placed into an escrow account pending final resolution of the transaction.

We recognized an extraordinary item of $55,000 for the nine months ended March 31, 2000 related to gains from debt restructuring and extinguishments.  No similar gains were recorded during the nine months ended March 31, 2001; however
we continue to pursue such restructuring.

For federal income tax purposes, Global has a net operating loss of carryover (NOL) approximating $6,114,000, which can be used to offset future taxable income.  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 ownership changes in excess of 50% of outstanding shares.  Thus, there is no guarantee that Global will be able to utilize its NOL before it expires.

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.



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.

We constantly monitor stock market conditions as we rely on realized gains from our marketable securities to fund our working capital needs.  We invest in selected marketable securities as a short-term investment strategy to generate
profits. Generally, these investments are limited to equity stocks that present a value or growth opportunity for the portfolio. Purchases are made with the intention that the securities purchased will be held for 12 months or less, and are monitored
closely to minimize the inherent risks of market fluctuations.  At March 31, 2001, we had marketable trading securities that totaled approximately $271,000.  Should there be a sudden downturn in the stock market, we could experience a significant adverse
impact on our financial condition.

We continue to address debt currently in default by evaluating converting debt to equity, restructuring of amounts due and we attempt to obtain extended payment terms.  There can be no assurances, however, that we will be successful in
these endeavors.  Should we be unsuccessful in these endeavors, it would have a significant impact on our operations.  Additionally, we are faced with renewing our gaming license with the Colorado Gaming Commission in the near term.  Should we be
unsuccessful in obtaining this renewal, it would have a material adverse impact on our operations.

Our working capital deficiency decreased by $359,000 to $(2,086,000) at March 31, 2001, from $(2,445,000) at June 30, 2000.

During the nine months ended March 31, 2001, related parties made working capital loans to us in the amount of $248,000.  The loans accrue interest at 8% and 9%.  We paid
$373,000 toward the principal of the outstanding working capital loans and long-term debt.  At March 31, 2001, we owed $919,000 to the related parties.  Additionally, at March 31, 2001, we owed debt in the amount of approximately $1,135,000 to
individuals and entities that, by the terms of these notes, was 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.

Cash used by operating activities was $(64,000) for the nine months ended March 31, 2001.  For the same period in 2000, operating activities provided net cash of $334,000.

We were able to compensate for the operating cash shortfall by generating net cash from investing activities of $785,000, compared to usage of $(556,000) for the same period in 2000.  Most of the cash was provided by sales of
marketable securities.  The sale of our Woodbine property rights provided net cash of $195,000, most of which remains in an escrow account.

Cash flows used in financing activities increased $740,000 to $(677,000) for the nine months ended March 31, 2001, compared to cash provided of $63,000 in 2000.  Most of the net cash used in financing activities went to the redemption
of Class B preferred stock and payment of dividends thereon.

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 results of operations.

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

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: May 21, 2001                              
                 By:/s/
Frank L. Jennings