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, 2004




                      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 September 30, 2004, 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, 2004 and December 31, 2003 ...............   3

         Statements of Operations
         Three Months Ended September 30, 2004 and 2003 .........   4

         Statements of Operations
         Nine Months Ended September 30, 2004 and 2003...........   5

         Statements of Cash Flows
         Nine Months Ended September 30, 2004 and 2003 ..........   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.  Unregistered Sales of Equity Securities and
         Use of Proceeds.........................................   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 ...............................................   11

SIGNATURES ......................................................   12













                                     2



                    SPORTS ENTERTAINMENT ENTERPRISES, INC.
                              BALANCE SHEETS
                   SEPTEMBER 30, 2004 AND DECEMBER 31, 2003

                                                    2004           2003
                                                ------------   ------------
                                                (Unaudited)

ASSETS

Deposits                                        $        962   $        962
                                                ------------   ------------
     Total assets                               $        962   $        962
                                                ============   ============

LIABILITIES AND SHAREHOLDERS' EQUITY DEFICIENCY

Due to related entities                         $    232,372   $    150,579
                                                ------------   ------------
     Total liabilities                               232,372        150,579
                                                ------------   ------------
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 shares
   issued and outstanding at September 30, 2004,
   and December 31, 2003, respectively             6,114,590      6,114,590
  Additional paid-in capital                      12,248,746     12,248,746
  Accumulated deficit                            (18,594,746)   (18,512,953)
                                                ------------   ------------
     Total shareholders' equity deficiency          (231,410)      (149,617)
                                                ------------   ------------
Total liabilities and shareholders'
 equity deficiency                              $        962   $        962
                                                ============   ============


















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, 2004 AND 2003
                                 (UNAUDITED)


                                                    2004           2003
                                                ------------   -----------

General and administrative expense              $     25,152   $    19,855


Other expenses:
  Interest expense                                    (5,348)       (2,800)
                                                ------------   -----------
Net loss                                        $    (30,500)  $   (22,655)
                                                ============   ===========

NET LOSS PER SHARE:
  Basic and diluted                             $      (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, 2004 AND 2003
                                (UNAUDITED)

                                                    2004           2003
                                                 -----------    ----------

General and administrative expense               $    67,836    $   65,105
                                                 -----------    ----------

Other income (expense):
  Gain on extinguishment of debt                        -           14,137
  Interest expense                                   (13,957)       (5,646)
                                                 -----------    ----------

Total other income (expense)                         (13,957)        8,491
                                                 -----------    ----------
Net loss                                             (81,793)      (56,614)
                                                 ===========    ==========

NET LOSS PER SHARE
  Basic and diluted:                             $     (0.01)   $    (0.01)
                                                 ===========    ==========































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, 2004 AND 2003
                               (UNAUDITED)

                                                    2004           2003
                                                 -----------    -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss                                        $   (81,793)   $   (56,614)
   Adjustments to reconcile net loss to net
    cash used in operating activities:
    Common stock issued for services                                    430
    Gain on extinguishment of debt                                  (14,137)
    Increase in prepaid expenses and other                             (356)
                                                 -----------    -----------
     Net cash used in operating activities           (81,793)       (70,677)

CASH FLOWS FROM FINANCING ACTIVITIES:
 Increase in due to related entities                  81,793         70,681
                                                 -----------    -----------

NET INCREASE IN CASH                                    -                 4

CASH, beginning of period                               -               732
                                                 -----------    -----------
CASH, end of period                              $      -       $       736
                                                 ===========    ===========




























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 interim financial statements have been prepared by
Sports Entertainment Enterprises, Inc. ("SPEA" or 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, 2004, and
for all periods presented.

These financial statements should be read in conjunction with the Company's
Annual Report on Form 10-KSB for the year ended December 31, 2003, 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 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 for both the three-month periods ended September 30, 2004 and 2003,
and 4,283,061 and 4,268,098 for the nine-month periods ended September 30,
2004 and 2003, respectively.

3.  RELATED PARTY TRANSACTIONS

The Company has transactions and relationships with All-American SportPark,
Inc. ("AASP") and LVG&T Rainbow Inc. ("Rainbow"), both 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 in 2003, and exclusively by AASP in 2004, and
these entities, primarily AASP, are expected to continue this practice.  AASP
allocated administrative payroll costs to the Company of approximately $37,200
and $48,200 in the nine-month periods ended September 30, 2004 and 2003,
respectively.  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.

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 obligations will accrue interest until repaid.


                                     7


The Company's primary plan and 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 footnotes included in this report.

OVERVIEW

The Company's operations are solely those 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 SEPTEMBER 30, 2004, AS
COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2003

GENERAL AND ADMINISTRATIVE.  These expenses consist principally of
administrative payroll, rent, professional fees and other corporate costs.
These expenses increased $5,297 or 26.7% to $25,152 in 2004 from $19,855 in
2003.  The increase results primarily from an increase in legal fees of $7,471
and audit and tax fees of $1,721 offset by reductions of $3,826 in salary
allocations from a related party, All-American SportPark, Inc.("AASP").

INTEREST EXPENSE.  Interest expense is incurred on amounts due to related
companies as discussed in Note 3 to the financial statements.  The Company has
not made payments on amounts due to related companies in 2004 resulting in an
increased liability and accordingly an increase in interest expense of $2,548
to $5,348 in 2004 compared to $2,800 in 2003.  The interest rate on related
party liabilities in 2004 remains the same as 2003 at 10% per annum.

NET LOSS.  The net loss increased $7,845 or 34.6% to $30,500 for the three
months ended September 30, 2004 compared to $22,655 for the same period in
2003.  The increased loss in 2004 is due primarily to increased legal and
audit fees of $9,192 and increased interest expense of $2,548 offset by a
decrease in salary expense of $3,826.

RESULTS OF CONTINUING OPERATIONS   NINE MONTHS ENDED SEPTEMBER 30, 2004, AS
COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2003

GENERAL AND ADMINISTRATIVE.  These expenses consist principally of
administrative payroll, rent, professional fees and other corporate costs.
These expenses increased $2,731 or 4.2% to $67,836 in 2004 compared to $65,105
in 2003.

INTEREST EXPENSE.  Interest expense is incurred on amounts due to related
companies as discussed in Note 3 to the financial statements.  The Company has
not made payments on amounts due to related companies in 2004 resulting in an
increased liability and accordingly an increase in interest expense of $8,311
to $13,957 in 2004 compared to $5,646 in 2003.  The interest rate on related
party liabilities in 2004 remains the same as 2003 at 10% per annum.

NET LOSS.  Net loss increased $25,179 or 44.5% to $81,793 for the nine-months
ended September 30, 2004, compared to $56,614 for the same period in 2003. The
increased loss in 2004 is primarily due to $14,137 gain on extinguishment of
debt in 2003, increased legal and audit fees of $12,119, increased interest
expense of $8,311, and increased investor relations expense of $1,260 offset
by decreased salary expense of $11,473.


                                     9



LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2004, the Company had a working capital deficit of $231,410.
The Company's current and expected sources of working capital are its majority
shareholders and affiliates controlled thereby.  Accordingly, in its report on
the Company's annual financial statements for 2003, 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 plan and 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, is only able to disclose the risks of a business
or opportunity that it may enter into in only a general manner, and, is unable
to 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, and changes in regulations and application for licenses and approvals
under applicable jurisdictional laws and regulations.





                                     10



ITEM 3.  CONTROLS AND PROCEDURES

As of September 30, 2004, under the supervision and with the participation of
the Company's Chief Executive Officer and Principal Financial Officer,
management has evaluated the effectiveness of the design and operations 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, 2004. There have been no changes in internal control over financial
reporting that occurred during the third quarter of the fiscal year 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.  Unregistered Sales of Equity Securities and Use of Proceeds.  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.

      31    Certification of Chief             Filed herewith electronically
            Executive Officer and Principal
            Financial Officer Pursuant
            to Section 302 of the
            Sarbanes-Oxley Act of 2002

      32    Certification of Chief             Filed herewith electronically
            Executive Officer and Principal
            Financial Officer Pursuant
            to Section 18 U.S.C. Section 1350





















                                      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 15, 2004          By:/s/ Vaso Boreta
                                     Vaso Boreta, President,
                                     Chief Executive Officer, and
                                     Principal Financial Officer













































                                     12