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 September 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 November 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 - September 30, 2003 and December
         31, 2002 .................................................  3

         Statements of Operations - Three Months Ended
         September 30, 2003 and 2002 ..............................  4

         Statements of Operations - Nine Months Ended
         September 30, 2003 and 2002 ..............................  5

         Statements of Cash Flows - Nine Months Ended
         September 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 .................................. 11

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
                   SEPTEMBER 30, 2003 AND DECEMBER 31, 2002


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

Current assets:
  Cash                                       $        736     $        732
  Prepaid expenses and other                          356             -
                                             ------------     ------------
     Total current assets                           1,092              732

Other assets                                          962              962
                                             ------------     ------------
     Total assets                                   2,054            1,694
                                             ============     ============

LIABILITIES AND SHAREHOLDERS' EQUITY DEFICIENCY

Due to affiliates                                 127,923           71,379
                                             ------------     ------------
     Total liabilities                            127,923           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 September 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                          (18,489,205)     (18,432,591)
                                             ------------     ------------
     Total shareholders' equity deficiency       (125,869)         (69,685)
                                             ------------     ------------
Total liabilities and shareholders' equity
 deficiency                                  $      2,054     $      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 SEPTEMBER 30, 2003 AND 2002
                                (Unaudited)

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

Operating expenses:
 General and administrative                  $     19,855     $     52,645
                                             ------------     ------------
Operating loss                                    (19,855)         (52,645)

Other income (expense):
 Interest expense, net                             (2,800)          (1,238)
                                             ------------     ------------

Loss from continuing operations                   (22,655)         (53,883)

DISCONTINUED OPERATIONS:
 Loss from operations of discontinued
  components                                         -                (337)
                                             ------------     ------------
Loss from discontinued operations                    -                (337)
                                             ------------     ------------
     Net loss                                $    (22,655)    $    (54,220)

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





















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

                                      4



                    SPORTS ENTERTAINMENT ENTERPRISES, INC.
                           STATEMENTS OF OPERATIONS
             FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                               (Unaudited)

                                                 2003             2002
                                             ------------     ------------
Operating expenses:
 General and administrative                  $     65,105     $    186,052
                                             ------------     ------------
Operating loss                                    (65,105)        (186,052)

Other income (expense):
 Gain on sale of securities                          -              43,469
 Gain on extinguishment of debt                    14,137             -
 Interest expense, net                             (5,646)          (4,854)
                                             ------------     ------------
                                                    8,491           38,615
                                             ------------     ------------
Loss from continuing operations                   (56,614)        (147,437)


DISCONTINUED OPERATIONS:
 Loss from operations of discontinued
  components                                         -             (26,155)
                                             ------------     ------------
Loss from discontinued operations                    -             (26,155)
                                             ------------     ------------

     Net loss                                $    (56,614)    $   (173,592)
                                             ============     ============

NET LOSS PER SHARE:
 Basic and diluted:
   Loss from continuing operations           $      (0.01)    $      (0.04)
   Loss from discontinued operations                  -              (0.01)
                                             ------------     ------------
     Net loss per share                      $      (0.01)    $      (0.05)
                                             ============     ============
















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

                                      5



                    SPORTS ENTERTAINMENT ENTERPRISES, INC.
                           STATEMENTS OF CASH FLOWS
             FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                               (Unaudited)

                                                 2003             2002
                                             ------------     ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                   $    (56,614)    $   (173,592)
   Adjustments to reconcile net loss to
   net cash used in operating activities
   of continuing operations:
    Loss from discontinued operations                -              26,155
    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 in prepaid expenses and other         (356)          (2,246)
      Decrease in bank overdraft                     -              (3,286)
                                             ------------     ------------
     Net cash used in operating activities
      of continuing operations                    (70,677)        (189,528)
                                             ------------     ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
 Increase in due to affiliates                     70,681          190,257
                                             ------------     ------------
     Net cash provided by financing
      activities of continuing operations          70,681          190,257
                                             ------------     ------------

NET INCREASE IN CASH                                    4              729

CASH, beginning of period                             732             -
                                             ------------     ------------
CASH, end of period                          $        736     $        729
                                             ============     ============
NON-CASH INVESTING AND FINANCING ACTIVITIES:
 Sale of subsidiary's stock in exchange for
  reduction of debt                          $       -        $    614,000
                                             ============     ============













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

                                       6


                   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 September 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 4,283,061 and
4,240,061 for the three-month periods, and 4,268,098 and 4,160,440 for the
nine-month periods ended September 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 allocated


                                      7



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 $15,000 in the
third 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.

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.

CRITICAL ACCOUNTING POLICIES AND PRACTICES

     Operations of LVDGT Rainbow, Inc. through August 31, 2002 and
All-American SportPark, Inc. through May 8, 2002 have been classified as "Loss
from discontinued operations" pursuant to Statement of Financial Accounting
Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived
Assets.

     The Company has elected to follow Accounting Principles Board Opinion No.
25, "Accounting for Stock Issued to Employees," and related interpretations in
accounting for its employee stock options.

     The Company does not employ any other accounting policies and estimates
that are either selected from among available alternatives or require the
exercise of significant management judgment to apply.

RESULTS OF CONTINUING OPERATIONS   THREE MONTHS ENDED SEPTEMBER 30, 2003 AS
COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2002

     GENERAL AND ADMINISTRATIVE.  These expenses consist principally of
administrative payroll, rent, professional fees and other corporate costs.
These expenses decreased 62.3% to $19,855 in 2003 compared to $52,645 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, and because of mid-2002 dispositions of the Company's operating
businesses.  Approximately $15,000 in professional fees were incurred in 2002
to facilitate the aforementioned dispositions.

     INTEREST EXPENSE, NET.  Net interest expense was $2,800 in 2003 compared
to $1,238 in 2002.  The increase results from interest accrued to related
parties on advances made to pay the Company's operating costs since the
Company does not have the funding to pay such costs.

     RESULTS OF CONTINUING OPERATIONS   NINE MONTHS ENDED SEPTEMBER 30, 2003
AS COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2002

     GENERAL AND ADMINISTRATIVE.  These expenses consist principally of
administrative payroll, rent, professional fees and other corporate costs.
These expenses decreased 65.0% to $65,105 in 2003 compared to $186,052 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 and because of mid-2002 dispositions of the Company's operating
businesses.  Approximately $45,000 in professional fees were incurred in 2002
to facilitate the aforementioned dispositions.



                                     9

<PAGE>
     INTEREST EXPENSE, NET.  Net interest expense was $5,646 in 2003 compared
to $4,854 in 2002.  The increase results from interest accrued to related
parties on advances made to pay the Company's operating costs since the
Company does not have the funding to pay such costs.

     LOSS FROM CONTINUING OPERATIONS.  Loss from continuing operations was
$56,614 in 2003 compared to $147,437 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 September 30, 2003, the Company had a working capital deficit of
$126,831. 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.

     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


                                     10

<PAGE>
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

     As of September 30, 2003, under the supervision and with the
participation of the Company's Chief Executive Officer and the Principal
Financial Officer, management has evaluated the effectiveness of the design
and operation of the Company's disclosure controls and procedures.  Based on
that evaluation, the Chief Executive Officer and Principal Financial Officer
concluded that the Company's disclosure controls and procedures were effective
as of September 30, 2003.  There were no changes in internal control over
financial reporting that occurred during the fiscal quarter covered by this
report that have materially affected, or are reasonably likely to affect, the
Company's internal control over financial reporting.

                        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:

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



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




































                                     12