UNITED STATES
                       Securities and Exchange Commission
                             Washington, D.C. 20549


                                   FORM 10-QSB

(Mark One)

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


      For the quarterly period ended March 31, 2003.

                                       OR

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

      For the transition period from _______ to ________.

      Commission File Number 0-30292


                        FORTUNE ENTERTAINMENT CORPORATION

            Delaware                                    88-0405437
----------------------------                    ---------------------------
State or other jurisdiction                        (I.R.S.) Employer
  of incorporation                                Identification No.

                        Fortune Entertainment Corporation
                        8920 W. Tropicana Ave., Suite 102
                                  Las Vegas, NV 89147
                          ---------------------------
                     Address of principal executive offices

                                 (702) 614-6124
                            ------------------------
               Registrant's telephone number, including area code

                                     N/A
                     -------------------------------------
                Former address of principal executive offices

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the Registrant
was required to file such reports) and (2) had been subject to such filing
requirements for the past 90 days.

            Yes             X                               No    ________
                  ------------------

      As of June 25, 2003 the Company had 4,550,341 outstanding shares of common
stock.


<PAGE>


















                        FORTUNE ENTERTAINMENT CORPORATION
                          (A Development Stage Company)

                              FINANCIAL STATEMENTS

                                 MARCH 31, 2003



<PAGE>


                        FORTUNE ENTERTAINMENT CORPORATION
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEETS

                                                  March 31,       December 31,
                                                   2003              2002
                                               (Unaudited)       (See Note 1)
ASSETS
Current assets
  Cash                                       $   2,669           $       --

Property and equipment, net of accumulated
  depreciation of $250                           4,750                5,000
                                             ---------            ---------

TOTAL ASSETS                                   $ 7,419               $5,000
                                               =======               ======

LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
  Checks written in excess of bank balance          --           $    5,575
  Accounts payable and accrued liabilities   1,605,733            1,503,651
  Loans payable                                120,000              120,000
                                            ----------           ----------
     Total current liabilities               1,725,733            1,629,226

SHAREHOLDERS' DEFICIT
Preferred stock, $0.0001 par value,
convertible Class A, B and C Preferred
  stock; 5,000,000 shares authorized,
28,143; 28,143; 32,143 shares issued and
 outstanding                                         9                    9
Common stock, $0.0001 par value, 30,000,000
  shares authorized, 4,550,341 shares issued
  and outstanding                                  455                  455
Additional paid-in capital                  13,277,098           13,277,098
Shares to be issued                            200,000              200,000
Accumulated deficit                        (15,195,876)         (15,101,788)
                                           ------------         ------------
     Total shareholders' deficit            (1,718,314)         ( 1,624,226)
                                            -----------         ------------

TOTAL LIABILITIES AND SHAREHOLDERS'
  DEFICIT                                $       7,419       $        5,000
                                         =============       ==============

The accompanying notes are an integral part of the consolidated financial
statements.



<PAGE>


                        FORTUNE ENTERTAINMENT CORPORATION
                          (A Development Stage Company)
                 CONSOLIDATED STATEMENTS OF OPERATIONS & DEFICIT
                                   (UNAUDITED)

                                                                     For the
                                                                  Period From
                                                                 January 1, 2002
                                                                 (date of new
                                      Three Months Ended      development stage)
                                           March 31,          to March 31, 2003
                                       2003         2002
EXPENSES
  Impairment                            --           --            626,960
  Depreciation                         250        3,000             12,250
  Bank charges and interest          3,942        6,126             27,828
  Salaries and consulting fees      67,500       80,000            337,500
  General and administrative         5,856        5,520            133,551
  Legal and accounting              10,035       13,071             71,368
  Rent                               6,505       12,489             38,799
  Travel and entertainment              --          500             10,120
                                   --------    --------          ------------
     Total expenses                 94,088      120,706          1,258,376

Other income (expense):
  Other                                 --       12,325                887
  Interest income                       --           --             23,462
                                -----------   ---------          ---------
     Total other income (expense)       --       12,325             24,349
                                 ----------   ---------         -----------

Loss from continuing operations    (94,088)    (108,381)        (1,234,027)
Loss from discontinued operations        -            -        (13,961,849)
                                 ---------    ----------       ------------
Net loss                           (94,088)    (108,381)       (15,195,876)

Deficit, beginning of period   (15,101,788) (13,884,043)
                                -----------  -----------
Deficit, end of period        $(15,195,876)$(13,992,424)      $(15,195,876)
                               ============ ============      =============

Basic and diluted loss per
   share                      $      (0.02)  $    (0.02)
                                ===========  ===========

Weighted average common
  shares outstanding             4,550,341     4,550,341
                              ============    ==========





The accompanying notes are an integral part of the consolidated financial
statements.





<PAGE>


                        FORTUNE ENTERTAINMENT CORPORATION
                          (A Development Stage Company)
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
                                   (UNAUDITED)

<TABLE>
<S>                                           <C>          <C>               <C>
                                                                            For the
                                                                          Period From
                                                                        January 1, 2002
                                                                         (date of new
                                               Three Months Ended      development stage)
                                                    March 31,          to March 31, 2003
                                               2003           2002
                                             ------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period                     $(94,088)    $ (108,381)      (15,195,876)
Adjustments to reconcile net loss to net
    cash used in operating activities:
     Amortization of intangible assets            --             --         2,689,642
     Impairment of assets                         --             --         4,677,764
     Depreciation                                250          3,000            81,742
     Gain on sale of investments                  --             --          (154,430)
     Interest expense recovery                    --             --           (64,373)
     Investment valuation reserve                 --             --         1,034,013
     Stock-based compensation                     --             --           465,000
     Shares issued, or to be issued, for
        services                                  --             --           435,435
     Management fees paid by reduction of
        notes receivable                          --             --            45,000
     Accrued interest income on note receivable   --             --           (70,651)
Changes in operating assets and liabilities:
     Accounts receivable                          --             --             5,270
     Accounts payable and accrued liabilities 84,407         97,613         1,880,427
                                             -------       --------       -----------
Net cash used in operating activities         (9,431)        (7,768)       (4,171,037)

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of equipment                          --             --           (47,351)
Proceeds from sale of investments                 --             --         1,511,087
Acquisition of investments                        --             --        (1,288,171)
Purchase price consideration payments             --             --          (800,000)
Business combinations, net of cash required       --             --           (31,350)
Receipts (advances) on loans                      --             --        (1,315,000)
Loan repayments                                   --             --           637,958
                                              --------     --------       ------------
Net cash provided by (used in) investing
    activities                                    --             --        (1,332,827)

CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of loans                                 --             --          (774,843)
Cash overdraft                                    --          8,181                --
Advances from (repayments to) related
  parties                                     12,100           (435)        1,084,682
Proceeds from capital contributions               --             --         4,476,010
Share subscription received                       --             --           133,610
Borrowing from unrelated parties                  --             --           587,074
                                           ---------      ---------        -----------
Net cash provided by (used in) financing
   activities                                 12,100          7,746         5,506,533
NET INCREASE (DECREASE) IN CASH
  DURING THE PERIOD                            2,669            (22)            2,669
CASH AT BEGINNING OF PERIOD                       --             22                --
                                          ----------      ---------       -----------
CASH AT END OF PERIOD                        $ 2,669     $       --        $    2,669
                                          ==========     ===========        ==========

</TABLE>


The accompanying notes are an integral part of the consolidated financial
statements.


<PAGE>



                        FORTUNE ENTERTAINMENT CORPORATION
           NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                  FOR THE THREE MONTHS ENDED MARCH 31, 2003

1. UNAUDITED STATEMENTS

      The balance sheet as of March 31, 2003, the statements of operations and
the statements of cash flows for the three month periods ended March 31, 2003
and 2002, have been prepared by Fortune Entertainment Corporation (Company)
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures, normally
included in the financial statements prepared in accordance with accounting
principles generally accepted in the United States of America, have been
condensed or omitted as allowed by such rules and regulations, and the Company
believes that the disclosures are adequate to make the information presented not
misleading. In the opinion of management, all adjustments (which include only
normal recurring adjustments) necessary to fairly present the financial
position, results of operations and changes in financial position at March 31,
2003 and for all periods presented, have been made.

      It is suggested that these statements be read in conjunction with the
December 31, 2002 audited financial statements and the accompanying notes
included in the Company's Annual Report on Form 10-KSB, filed with the
Securities and Exchange Commission.

New Accounting Pronouncements. In December 2002, the FASB issued SFAS No. 148,
"Accounting for Stock-Based Compensation - Transition and Disclosure" which
amends SFAS No. 123, "Accounting for Stock-Based Compensation". SFAS 148
provides alternative methods of transition for a voluntary change to the fair
value based method of accounting for stock-based employee compensation and
requires more prominent and more frequent disclosures in the financial
statements of the effects of stock-based compensation. The provisions of SFAS
148 are effective for fiscal years ending after December 15, 2002 and the
interim disclosure provisions are effective for interim periods beginning after
December 15, 2002. The Company did not have any stock based compensation during
the three months ended March 31, 2003.

2. PRINCIPLES OF CONSOLIDATION

      The condensed consolidated financial statements include the accounts of
the Company and its wholly-owned subsidiaries, Fortune Entertainment Corporation
(Bahamas), Fortune Entertainment Corporation (British Columbia, Canada), and
Fortune Poker Inc. (Delaware). All significant inter-company accounts and
transactions have been eliminated.

3. RELATED PARTY TRANSACTIONS

      During the three months ended March 31, 2003 the Company borrowed $11,482
from the Company's president. The loan does not bear interest and is due on
demand.



<PAGE>


4. BASIS OF PRESENTATION - GOING CONCERN

      The accompanying financial statements have been prepared in conformity
with U.S. generally accepted accounting principles, which contemplates
continuation of the Company as a going concern. However, the Company has
suffered recurring losses from operations and discontinued operations, has a
stockholders' deficiency and a negative working capital that raise substantial
doubts about its ability to continue as a going concern. Management is
attempting to raise additional capital.

            In view of these matters, realization of certain assets in the
accompanying balance sheet is dependent upon continued operations of the Company
which, in turn, is dependent upon the Company's ability to meet its financial
requirements, raise additional capital as needed, and the success of its future
operations.

            Management believes that its ability to raise additional capital
provides an opportunity for the Company to continue as a going concern.

5. CONTINGENCIES

      Effective October 1999, the Company entered into an agreement with an
entity whereby the Company guaranteed that stock issued to the entity would have
a value of $2.00 per share by August 1, 2000, or the Company would issue cost or
shares of the equivalent value for the deficit. As of August 1, 2000, the quoted
trading value of the Company's stock was $0.41 per share. In addition,
management believes that the entity did not fulfill its conditions of the
agreement to the Company. Accordingly, no cash or shares of stock have been
issued or liability recorded as of March 31, 2003. The agreement is currently
under renegotiation. A contingency exists with respect to this matter, the
ultimate resolution of which cannot presently be determined.





<PAGE>


                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                              AND PLAN OF OPERATION

      The following should be read in conjunction with Management's Discussion
and Analysis of Financial Condition and Results of Operations in the Company's
annual report on Form 10-KSB for the year ended December 31, 2001.

   This report contains forward-looking statements within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934. Such statements
include, but are not limited to projected activities and the availability of
capital. Forward-looking statements are inherently subject to risks and
uncertainties, many of which cannot be predicted with accuracy and some of which
may not even be anticipated. Future events and actual results, financial and
otherwise, could differ materially from those set forth in or contemplated by
the forward-looking statements.

   The Company has to date generated only limited revenues. Accordingly, the
Company has funded its operations and capital expenditures primarily through
private placements of debt and equity securities since inception.

   The Company's plan to form joint ventures with third parties for the purpose
of owning and operating casino games in Peru has not been successful and for all
practical purposes has been abandoned.

   The Company has not been successful in licensing the rights to its Fortune
Poker and Rainbow 21 games to third parties and it is doubtful that the Company
will be successful in licensing the rights to either of these games. As a
result, the Company wrote off its investment in these games during the year
ended December 31, 2001.

   The Company plans to acquire another business that may be more viable than
the Company's past endeavors.

   As of March 31, 2003 the Company did not have any commitments from any source
to provide capital and the Company did not have any lines of credit or other
available financing. There is no assurance that the Company will be able to
obtain the capital it will need or that the Company's estimates of its capital
requirements will prove to be accurate.

   Since inception the Company has funded its operations and capital
expenditures primarily through private placements of debt and equity securities.
The Company needs additional financing on an ongoing basis to fund its operating
losses. There can be no assurance that such financing will continue to be
available at all, or on terms acceptable to the Company.



<PAGE>


                                     PART II
                                OTHER INFORMATION

Item 4.  Controls and Procedures

      Douglas Sanderson, the Company's Chief Executive and Financial Officer,
has evaluated the effectiveness of the Company's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this report
(the "Evaluation Date"); and in his opinion the Company's disclosure controls
and procedures ensure that material information relating to the Company,
including the Company's consolidated subsidiaries, is made known to him by
others within those entities, particularly during the period in which this
report is being prepared, so as to allow timely decisions regarding required
disclosure. To the knowledge of Mr. Sanderson there have been no significant
changes in the Company's internal controls or in other factors that could
significantly affect the Company's internal controls subsequent to the
Evaluation Date. As a result, no corrective actions with regard to significant
deficiencies or material weakness in the Company's internal controls were
required.

Item 6.  Exhibits and Reports on Form 8-K

      No exhibits are filed with this report

      During the quarter ended March 31, 2003 the Company did not file any
reports on Form 8-K.




<PAGE>


                                   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.


                              Fortune Entertainment Corporation


                              By  /s/ Douglas R. Sanderson
                                  --------------------------------------------
                                 Douglas R. Sanderson, Chief Executive Officer
                                 and Principal Financial Officer

                               Date: June 25, 2003



                                  CERTIFICATION

      In connection with the Quarterly Report of Fortune Entertainment
Corporation (the "Company") on Form 10-QSB for the period ending March 31, 2003
as filed with the Securities and Exchange Commission on the date hereof (the
"Report"), Douglas Sanderson, the Company's Chief Executive and Principal
Financial Officer, certifies, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of
his knowledge:

(1)         The Report fully complies with the requirements of section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

(2)         The information contained in the Report fairly presents, in all
            material respects the financial condition and results of the
            Company's operations.

Date:  June 25, 2003

                                By:   /s/ Douglas R. Sanderson
                                      ----------------------------------------
                                    Douglas R. Sanderson, Chief Executive
Officer
                                    and Principal Financial Officer






<PAGE>


                          CERTIFICATION PURSUANT TO THE
                               SARBANES-OXLEY ACT

I, Douglas Sanderson, the Chief Executive Officer of Fortune Entertainment
Corporation, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Fortune Entertainment
Corporation;

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. I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and 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 me 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 my conclusions about the effectiveness
      of the disclosure controls and procedures based on my evaluation as of the
      Evaluation Date;

5. I have disclosed, based on my most recent evaluation, to the registrant's
auditors and the audit committee of registrant's board of directors (or persons
performing the equivalent functions):

   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. I have indicated in this quarterly report whether there were significant
changes in internal controls or in other factors that could significantly affect
internal controls subsequent to the date of my most recent evaluation, including
any corrective actions with regard to significant deficiencies and material
weaknesses.

Date:  June 25, 2003                 /s/ Douglas Sanderson
                                     -----------------------------------------
                                     Douglas Sanderson
                                     Chief Executive Officer






<PAGE>


                          CERTIFICATION PURSUANT TO THE
                               SARBANES-OXLEY ACT

I, Douglas Sanderson, the Principal Financial Officer of Fortune Entertainment
Corporation, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Fortune Entertainment
Corporation;

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. I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and 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 me 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 my conclusions about the effectiveness
      of the disclosure controls and procedures based on my evaluation as of the
      Evaluation Date;

5. I have disclosed, based on my most recent evaluation, to the registrant's
auditors and the audit committee of registrant's board of directors (or persons
performing the equivalent functions):

   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. I have indicated in this quarterly report whether there were significant
changes in internal controls or in other factors that could significantly affect
internal controls subsequent to the date of my most recent evaluation, including
any corrective actions with regard to significant deficiencies and material
weaknesses.

Date:  June 25, 2003                 /s/ Douglas Sanderson
                                     -----------------------------------------
                                     Douglas Sanderson
                                     Principal Financial Officer