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 June 30, 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 August 12, 2003, 4,283,061 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
         June 30, 2003 and December 31, 2002                        3

         Statements of Operations
         Three Months Ended June 30, 2003 and 2002                  4

         Statements of Operations
         Six Months Ended June 30, 2003 and 2002                    5

         Statements of Cash Flows
         Six Months Ended June 30, 2003 and 2002                    6

         Notes to Financial Statements                              7

Item 2.  Management's Discussion and Analysis or
         Plan of Operation                                          9

Item 3.  Controls and Procedures                                   10

PART II: OTHER INFORMATION

Item 1.  Legal Proceedings                                         11

Item 2.  Changes in Securities                                     11

Item 3.  Defaults Upon Senior Securities                           11

Item 4.  Submission of Matters to a Vote of Security Holders       11

Item 5.  Other Information                                         11

Item 6.  Exhibits and Reports on Form 8-K                          11

SIGNATURES                                                         12














                                      2



                     SPORTS ENTERTAINMENT ENTERPRISES, INC.
                                 BALANCE SHEETS
                      JUNE 30, 2003 AND DECEMBER 31, 2002

                                                    2003            2002
                                                ------------    ------------
ASSETS                                    (Unaudited)

Current assets:
  Cash                                          $        735    $        732
  Prepaid expenses and other                             712            -
                                                ------------    ------------
     Total current assets                              1,447             732

Other assets                                             962             962
                                                ------------    ------------
     Total assets                                      2,409           1,694
                                                ============    ============

LIABILITIES AND SHAREHOLDERS' EQUITY DEFICIENCY

Due to affiliates                                    105,623          71,379
                                                ------------    ------------
     Total liabilities                               105,623          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, 4,283,061 and 4,240,061 shares
  issued and outstanding at June 30, 2003 and
  December 31, 2002, respectively                  6,114,590       6,114,590
 Additional paid-in capital                       12,248,746      12,248,316
 Accumulated deficit                             (18,466,550)    (18,432,591)
                                                ------------    ------------
     Total shareholders' equity deficiency          (103,214)        (69,685)
                                                ------------    ------------
Total liabilities and shareholders' equity
 deficiency                                     $      2,409    $      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 JUNE 30, 2003 AND 2002
                                  (UNAUDITED)
                                                    2003            2002
                                                ------------    ------------
Operating expenses:
 General and administrative                     $     20,628    $     78,392
                                                ------------    ------------
Operating loss                                       (20,628)        (78,392)

Other income (expense):
 Gain on extinguishment of debt                       14,137            -
 Interest expense, net                                (2,493)         (1,816)
                                                ------------    ------------
                                                      11,644          (1,816)
                                                ------------    ------------
Loss from continuing operations                       (8,984)        (80,208)

DISCONTINUED OPERATIONS:
 Income from disposal of discontinued segment           -             29,882
 Income from operations of discontinued
   components                                           -             33,094
                                                ------------    ------------
Income from discontinued operations                     -             62,976
                                                ------------    ------------
     Net loss                                   $     (8,984)   $    (17,232)
                                                ============    ============

NET LOSS PER SHARE:
 Basic and diluted:
  Loss from continuing operations               $       0.00    $      (0.02)
  Income from discontinued operations                    -              0.02
                                                ------------    ------------
     Net loss per share                         $       0.00    $       0.00
                                                ============    ============



















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

                                     4



                     SPORTS ENTERTAINMENT ENTERPRISES, INC.
                            STATEMENTS OF OPERATIONS
                 FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                  (UNAUDITED)

                                                    2003            2002
                                                ------------    ------------
Operating expenses:
 General and administrative                     $     45,250    $    133,407
                                                ------------    ------------
Operating loss                                       (45,250)       (133,407)

Other income (expense):
 Gain on sale of securities                             -             43,469
 Gain on extinguishment of debt                       14,137            -
 Interest expense, net                                (2,846)         (3,616)
                                                ------------    ------------
                                                      11,291          39,853
                                                ------------    ------------
Loss from continuing operations                      (33,959)       (93,554)

DISCONTINUED OPERATIONS:
 Income from disposal of discontinued segment           -             28,196
 Loss from operations of discontinued
  components                                            -            (54,014)
                                                ------------    ------------
Loss from discontinued operations                       -            (25,818)
                                                ------------    ------------
     Net loss                                   $    (33,959)   $   (119,372)
                                                ============    ============

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


















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

                                     5


                     SPORTS ENTERTAINMENT ENTERPRISES, INC.
                            STATEMENTS OF CASH FLOWS
                 FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                  (UNAUDITED)

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

CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss                                       $    (33,959)   $   (119,372)
  Adjustments to reconcile net loss to net
   cash used in operating activities of
   continuing operations:
    Loss from discontinued operations                   -             25,818
    Gain on sale of securities                          -            (43,469)
    Common stock issued for services                     430           6,890
    Gain on extinguishment of debt                   (14,137)           -
    Changes in operating assets and liabilities:
     Decrease in accounts receivable                    -                 20
     (Increase) decrease in prepaid expenses
      and other                                         (712)            291
     Decrease in bank overdraft                         -             (4,013)
                                                ------------    ------------
     Net cash used in operating activities
      of continuing operations                       (48,378)       (133,835)
                                                ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
 Increase in due to affiliates                        48,381         133,835
                                                ------------    ------------
     Net cash provided by financing
      activities of continuing operations             48,381         133,835

Net cash used in discontinued operations                -           (125,158)
                                                ------------    ------------
NET INCREASE (DECREASE) IN CASH                            3        (125,158)

CASH, beginning of period                                732         192,326
                                                ------------    ------------
CASH, end of period                             $        735    $     67,168
                                                ============    ============















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

                                     6

<PAGE>
                    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 or activities 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 June 30,
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 information 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 4,280,698 and
4,171,656 for the three-month periods ended June 30, 2003 and 2002,
respectively, and 4,260,492 and 4,119,890 for the six-month periods ended June
30, 2003 and 2002, respectively.

3.  RELATED PARTY TRANSACTIONS

The Company has transactions and relationships with AASP and Rainbow, each of
which are substantially under common control.  The types of costs and expenses
that are shared by these entities are payroll and employee benefits, warehouse
rent, equipment leases, and miscellaneous office expenses. Costs are

                                     7



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 the second quarter of both 2003 and 2002.  Currently, there is no
arrangement in place regarding repayment of these advances; however, the
advances made to the Company accrue interest at ten percent.  In the second
quarter of 2003, Rainbow forgave $14,137 of amounts due Rainbow from SPEA.

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 accrues interest at the rate of ten percent per
annum 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.
























                                     8



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 notes included in this report.

The Company has no current operating business; thus, its continuing operations
and activities consist solely of 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 JUNE 30, 2003 AS
COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2002

     GENERAL AND ADMINISTRATIVE.  These expenses consist principally of
administrative payroll, rent, professional fees and other corporate costs.
These expenses decreased 73.7% to $20,628 in 2003 compared to $78,392 in 2002
due to lower payroll expense and professional fees.  The lower payroll expense
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.  Approximately $30,000 in professional fees were incurred in 2002
to facilitate the aforementioned dispositions.

     LOSS FROM CONTINUING OPERATIONS.  Loss from continuing operations was
$8,984 in 2003 compared to $80,208 in 2002.  The lower loss in 2003 is due
mainly to the reasons described above along with a $14,137 gain on
extinguishment of debt owed to an affiliate (Rainbow) by the Company.

RESULTS OF CONTINUING OPERATIONS   SIX MONTHS ENDED JUNE 30, 2003 AS COMPARED
TO THE SIX MONTHS ENDED JUNE 30, 2002

     GENERAL AND ADMINISTRATIVE.  These expenses consist principally of
administrative payroll, rent, professional fees and other corporate costs.
These expenses decreased 66.1% to $45,250 in 2003 compared to $133,407 in 2002
due to lower payroll expense and professional fees.  The lower payroll expense
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.  Approximately $30,000 in professional fees were incurred in 2002
to facilitate the aforementioned dispositions.

     LOSS FROM CONTINUING OPERATIONS.  Loss from continuing operations was
$33,959 in 2003 compared to $93,554 in 2002.  The lower loss in 2003 is due to
the reasons described above along with a $14,137 gain on extinguishment of
debt owed to Rainbow by the Company, offset by a 2002 gain of $43,469 on sale
of securities.

LIQUIDITY AND CAPITAL RESOURCES

     At June 30, 2003, the Company had a working capital deficit of $104,176.
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 arrangement in place regarding repayment of these advances;
however, the advances made to the Company accrue interest at ten percent per
annum.

                                      9


     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.

     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 and principal financial 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.







                                     10


                        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:

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

     (a)  Exhibits:

          31.1     Certification of Chief          Filed herewith
                   Executive Officer Pursuant      electronically
                   to Section 302 of the
                   Sarbanes-Oxley Act of 2002

          31.2     Certification of Chief          Filed herewith
                   Financial Officer Pursuant      electronically
                   to Section 302 of the
                   Sarbanes-Oxley Act of 2002

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

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

     (b)  Reports on Form 8-K.  None.


















                                       11



                                  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:  August 12, 2003          By:/s/ Voss Boreta
                                   Voss Boreta, President and
                                   Chief Executive Officer


Date:  August 12, 2003          By:/s/ Kirk Hartle
                                   Kirk Hartle, Chief Financial Officer








































                                     12