U.S. SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549


                                 FORM 10-QSB


         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934


               For the quarterly period ended March 31, 2003




                      Commission File Number: 0-17436




                    SPORTS ENTERTAINMENT ENTERPRISES, INC.
    -----------------------------------------------------------------
    (Exact name of small business issuer as specified in its charter)




         Colorado                                     84-1034868
-------------------------------             ---------------------------------
(State of other jurisdiction of             (IRS Employer Identification No.)
 incorporation or organization)


           6730 South Las Vegas Boulevard, Las Vegas, Nevada  89119
     --------------------------------------------------------------------
          (Address of principal executive offices including zip code)


                              (702) 798-7777
                        ---------------------------
                        (Issuer's telephone number)






Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the preceding 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 12, 2003, 4,240,061 shares of common stock were outstanding.

Transitional Small Business Disclosure Format (check one): Yes___     No X



                   SPORTS ENTERTAINMENT ENTERPRISES, INC.
                                FORM 10-QSB
                                   INDEX
                                                               Page Number
PART I:  FINANCIAL INFORMATION

Item 1.  Financial Statements:

         Balance Sheets March 31, 2003 and December
         31, 2002 .........................................         3

         Statements of Operations Three Months Ended
         March 31, 2003 and 2002 ..........................         4

         Statements of Cash Flows Three Months Ended
         March 31, 2003 and 2002 ..........................         5

         Notes to Financial Statements ....................         6

Item 2.  Management's Discussion and Analysis or
         Plan of Operation ................................         8

Item 3.  Controls and Procedures ..........................         9

PART II: OTHER INFORMATION

Item 1.  Legal Proceedings ................................        10

Item 2.  Changes in Securities ............................        10

Item 3.  Defaults Upon Senior Securities ..................        10

Item 4.  Submission of Matters to a Vote of Security
         Holders ..........................................        10

Item 5.  Other Information ................................        10

Item 6.  Exhibits and Reports on Form 8-K .................        10

SIGNATURES ................................................        11

















                                       2



                   SPORTS ENTERTAINMENT ENTERPRISES, INC.
                                BALANCE SHEETS
                      MARCH 31, 2003 AND DECEMBER 31, 2002


ASSETS

                                                   2003             2002
                                               -----------      -----------
                                               (Unaudited)
Current assets:
  Cash                                         $       733      $       732
  Prepaid expenses and other                         1,069             -
                                               -----------      -----------

     Total current assets                            1,802              732

Other assets                                           962              962
                                               -----------      -----------
     Total assets                              $     2,764      $     1,694
                                               ===========      ===========


LIABILITIES AND SHAREHOLDERS' EQUITY DEFICIENCY

Due to affiliates                                   97,424           71,379
                                               -----------      -----------
     Total liabilities                              97,424           71,379

Shareholders' equity deficiency:
  Series A Convertible Preferred Stock, no
   par value, 5,000,000 shares authorized;
   no shares issued                                   -                -
  Common Stock, no par value, 100,000,000
   shares authorized, 4,240,061 shares issued
    and outstanding at March 31, 2003 and
    December 31, 2002, respectively              6,114,590        6,114,590
  Additional paid-in capital                    12,248,316       12,248,316
  Accumulated deficit                          (18,457,566)     (18,432,591)
                                               -----------      -----------
     Total shareholders' equity deficiency         (94,660)         (69,685)
                                               -----------      -----------
Total liabilities and shareholders' equity
  deficiency                                   $     2,764      $     1,694
                                               ===========      ===========


The accompanying notes are an integral part of these financial statements.







                                       3




                   SPORTS ENTERTAINMENT ENTERPRISES, INC.
                          STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                (UNAUDITED)

                                                   2003             2002
                                               -----------      -----------

Operating expenses:
   General and administrative                  $    24,622      $    55,015
                                               -----------      -----------
Operating loss                                     (24,622)         (55,015)

Other income (expense):
  Gain on sale of securities                          -              43,469
  Interest expense, net                               (353)          (1,800)
                                               -----------      -----------
                                                      (353)          41,669
                                               -----------      -----------
Loss from continuing operations                    (24,975)         (13,346)

DISCONTINUED OPERATIONS:
  Loss from disposal of discontinued segment          -              (1,686)
  Loss from operations of discontinued
   components                                         -             (87,108)
                                               -----------      -----------
Loss from discontinued operations                     -             (88,794)
                                               -----------      -----------
   Net loss                                        (24,975)        (102,140)
                                               ===========      ===========

NET LOSS PER SHARE:
  Basic and diluted:
    Loss from continuing operations            $     (0.01)     $     (0.01)
    Loss from discontinued operations                 -               (0.02)
                                               -----------      -----------
     Net loss per share                        $     (0.01)     $     (0.03)
                                               ===========      ===========












The accompanying notes are an integral part of these financial statements.






                                       4


                    SPORTS ENTERTAINMENT ENTERPRISES, INC.
                           STATEMENTS OF CASH FLOWS
              FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                 (UNAUDITED)


                                                   2003             2002
                                               -----------      -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                     $   (24,975)     $  (102,140)
    Adjustments to reconcile net loss to
     net cash used in operating activities
     of continuing operations:
    Loss from discontinued operations                 -              88,794
    Gain on sale of securities                        -             (43,469)
    Changes in operating assets and liabilities:
     Decrease in accounts receivable                  -                  20
     Increase in prepaid expenses and other         (1,069)            (174)
     Decrease in bank overdraft                       -              (4,010)
                                               -----------      -----------
     Net cash used in operating activities
      of continuing operations                     (26,044)         (60,979)
                                               -----------      -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase in due to related entities               26,045           60,979
                                               -----------      -----------
     Net cash provided by financing
      activities of continuing operations           26,045           60,979

Net cash used in discontinued operations              -             (87,347)
                                               -----------      -----------

NET INCREASE (DECREASE) IN CASH                          1          (87,347)

CASH, beginning of period                              732          192,326
                                               -----------      -----------
CASH, end of period                            $       733      $   104,979
                                               ===========      ===========














The accompanying notes are an integral part of these financial statements.


                                       5




                     SPORTS ENTERTAINMENT ENTERPRISES, INC.
                         NOTES TO FINANCIAL STATEMENTS
                                  (UNAUDITED)

1.  FINANCIAL STATEMENTS

The accompanying unaudited financial statements include the accounts of Sports
Entertainment Enterprises, Inc. ("SPEA" or the "Company"), and its controlled
subsidiaries through the dates of the following transactions.  As of August
31, 2002, SPEA completed the sale of 100% of the stock of its former
subsidiary, LVDGT Rainbow, Inc. ("Rainbow") to SPEA's President (Note 3).  As
of May 8, 2002, SPEA completed the distribution of all of the shares of
All-American SportPark, Inc. ("AASP"), a publicly traded company, held by the
Company to SPEA's shareholders of record as of May 3, 2002.  Operations of
Rainbow through August 31, 2002, and AASP through May 8, 2002, have been
classified as "Loss from discontinued operations" pursuant to Statement of
Financial Accounting Standards ("SFAS") No. 144, Accounting for the Impairment
or Disposal of Long-lived Assets. As a result of the Rainbow sale and AASP
spin-off, SPEA no longer has any interest in Rainbow or AASP and has no
continuing operations other than those of a company seeking a business
opportunity.

The accompanying financial statements have been prepared by the Company
pursuant to the rules and regulations of the Securities and Exchange
Commission relating to interim financial statements.  Accordingly, certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted.  In the opinion of management, all necessary adjustments
have been made to present fairly, in all material respects, the financial
position, results of operations and cash flows of the Company at March 31,
2003, and for all periods presented.

Certain reclassifications have been made to the 2002 interim financial
statements for comparability with the current period.

These financial statements should be read in conjunction with the Company's
Annual Report on Form 10-KSB, as amended, for the year ended December 31, 2002
from which the audited balance sheet as of that date is derived.

2.  EARNINGS PER SHARE AND SHAREHOLDER'S EQUITY DEFICIENCY

Basic and diluted earnings per share is computed by dividing the reported net
income or loss from continuing operations and discontinued operations by the
weighted average number of common shares outstanding during the period. The
weighted-average number of common and common equivalent shares used in the
calculation of basic and diluted earnings per share were 4,240,061 and
4,067,550 for the three-month periods ended March 31, 2003 and 2002,
respectively.








                                      6



3.  RELATED PARTY TRANSACTIONS

The Company has transactions and relationships with AASP and Rainbow, each of
which are under substantial common control.  The types of activities that are
shared by these entities are payroll and employee benefits, warehouse rent,
equipment leases, and miscellaneous office expenses. Costs are allocated to
each entity based on relative benefits received.  Ongoing expenses incurred by
the Company have been paid by Rainbow or AASP, primarily AASP, and these
entities are expected to continue this practice.  AASP allocated
administrative payroll costs to the Company of approximately $16,000 in both
2003 and 2002.  Currently, there is no plan in place regarding repayment of
these advances; however, the advances made to the Company accrue interest at
ten percent.

4.  GOING CONCERN MATTERS

The accompanying financial statements have been prepared on a going concern
basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business.

The Company has disposed of all of its operating businesses.  The Company will
continue to incur costs that are necessary for it to remain an active public
company.  These ongoing costs are expected to be funded by a related party,
and the resultant obligation will accrue interest until repaid.

The Company's primary objective at this point is to seek out and pursue a
transaction with a business enterprise that might have a desire to take
advantage of the Company's status as a public corporation. There is no
assurance that the Company will acquire a favorable business opportunity
through such a transaction. In addition, even if the Company becomes involved
in such a business opportunity, there is no assurance that it will generate
revenues or profits, or that the market price of the Company's common stock
will be increased thereby.

The financial statements do not include any adjustments relating to the
recoverability of assets and the classification of liabilities that might be
necessary should the Company be unable to continue as a going concern.



















                                      7



ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The following information should be read in conjunction with the Company's
financial statements and related footnotes included in this report.

The Company's continuing operations relate to that of a company with no
current operating business; this results in the Company incurring general and
administrative costs necessary to support an active public company that is
seeking a business opportunity.

RESULTS OF CONTINUING OPERATIONS   THREE MONTHS ENDED MARCH 31, 2003 AS
COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2002

     GENERAL AND ADMINISTRATIVE.  These expenses consist principally of
administrative payroll, rent, professional fees and other corporate costs.
These expenses decreased 55.2% to $24,620 in 2003 compared to  $55,015 in 2002
due to lower payroll expense.  The difference relates to the salary of the
Company's President that was paid in 2002 but not in 2003 because of the
mid-2002 dispositions of the Company's operating businesses.

     LOSS FROM CONTINUING OPERATIONS.  Loss from continuing operations was
$24,973 in 2003 compared to $13,346 in 2002.  The lower loss in 2002 is due
mainly to a $43,469 one-time gain on sale of securities.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2003, the Company had a working capital deficit of $95,622. The
Company's current and expected sources of working capital are related parties.
Accordingly, in its report on the Company's annual financial statements for
2002, the Company's auditors expressed substantial doubt about the Company's
ability to continue as a going concern.  Ongoing expenses incurred by the
Company necessary for it to remain an active public company seeking a business
opportunity have been paid by Rainbow or AASP and these entities, primarily
AASP, are expected to continue this practice. Currently, there is no plan in
place regarding repayment of these advances; however, the advances made to the
Company accrue interest at ten percent per annum.

The Company's primary objective is to seek out and pursue a transaction with a
business enterprise that might have a desire to take advantage of the
Company's status as a public corporation. There is no assurance that the
Company will acquire a favorable business opportunity through such a
transaction.  In addition, even if the Company becomes involved in such a
business opportunity, there is no assurance that it will generate revenues or
profits, or that the market price of the Company's common stock will be
increased thereby.

At this time, management does not intend to target any particular industry
but, rather, intends to judge any opportunity on its individual merits.  Any
such transaction will likely have a dilutive effect on the interests of the
Company's stockholders that will, in turn, reduce each shareholders
proportionate ownership and voting power in the Company.




                                      8





The Company has no commitments to enter into or acquire a specific business
opportunity and therefore can disclose the risks of a business or opportunity
that it may enter into in only a general manner, and cannot disclose the risks
of any specific business or opportunity that it may enter into.  An investor
can expect a potential business opportunity to be quite risky.  Any business
opportunity acquired may be currently unprofitable or present other negative
factors.

SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

Certain information included in this Quarterly Report contains statements that
are forward-looking such as statements relating to plans for future expansion
and other business development activities, as well as other capital spending
and financing sources.  Such forward-looking information involves important
risks and uncertainties that could significantly affect anticipated results in
the future and, accordingly, such results may differ from those expressed in
any forward-looking statements made by or on behalf of the Company.  These
risks and uncertainties include, but are not limited to, those relating to,
dependence on existing management, leverage and debt service (including
sensitivity to fluctuations in interest rates), domestic or global economic
conditions, changes in federal or state tax laws or the administration of such
laws, changes in regulations and application for licenses and approvals under
applicable jurisdictional laws and regulations.

ITEM 3. CONTROLS AND PROCEDURES

     Under the supervision and with the participation of our management,
including our principal executive officer, we have evaluated the effectiveness
of the design and operation of our disclosure controls and procedures within
90 days of the filing date of this quarterly report, and, based upon their
evaluation, our principal executive  officer and principal financial officer
have concluded that these controls and procedures are effective. There were no
significant changes in our internal controls or in other factors that could
significantly affect these controls subsequent to the date of their
evaluation.























                                    9



                        PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.  None.

Item 2.  Changes in Securities.  None.

Item 3.  Defaults Upon Senior Securities.  None

Item 4.  Submission of Matters to a Vote of Security Holders.  None.

Item 5.  Other Information.  None.

Item 6.  Exhibits and Reports on Form 8-K.

         (a)  Exhibits:


          99.1     Certification of Chief       Filed herewith
                   Executive Officer Pursuant   electronically
                   to 18 U.S.C. Section 1350

          99.2     Certification of Chief       Filed herewith
                   Financial Officer Pursuant   electronically
                   to 18 U.S.C. Section 1350

         (b)  Reports on Form 8-K.  None































                                     10


                                  SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                SPORTS ENTERTAINMENT ENTERPRISES, INC.


Date:  May 15, 2003             By:/s/ Voss Boreta
                                   Voss Boreta, President and
                                   Chief Executive Officer

Date:  May 15, 2003             By:/s/ Kirk Hartle
                                   Kirk Hartle, Chief Financial Officer


                               CERTIFICATIONS

     I, Voss Boreta, Chief Executive Officer, certify that:

     1. I have reviewed this quarterly report on Form 10-QSB of Sports
Entertainment Enterprises, Inc.;

     2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

     4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

        a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;

        b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

        c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

     5. The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

                                      11


        a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have  identified for the
registrant's auditors any material weaknesses in internal controls; and

        b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal
controls; and

     6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.

Date:  May 15, 2003



/s/ Voss Boreta
Voss Boreta
Chief Executive Officer
(Principal Executive Officer)



     I, Kirk Hartle, Chief Financial Officer, certify that:

     1. I have reviewed this quarterly report on Form 10-QSB of Sports
Entertainment Enterprises, Inc.;

     2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;

     3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

     4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

        a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;

        b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and


                                        12


        c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

     5. The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

        a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have  identified for the
registrant's auditors any material weaknesses in internal controls; and

        b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal
controls; and

     6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.


Date:  May 15, 2003



/s/ Kirk Hartle
Kirk Hartle
Chief Financial Officer
(Principal Financial Officer)






















                                      13