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 SEPTEMBER 30, 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 of incorporation            (I.R.S.) Employer
                                                        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 December 1, 2003 the Company had 4,550,341 outstanding shares of
common stock.


<PAGE>


















                        FORTUNE ENTERTAINMENT CORPORATION
                          (A Development Stage Company)

                              FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2003



<PAGE>


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

                                              September 30,       December 31,
                                                  2003                2002
                                              -------------       ------------
                                               (Unaudited)        (See Note 1)

                                     ASSETS
Current assets
  Cash                                        $           -       $          -
                                              -------------       ------------
     Total current assets                                 -                  -

Property and equipment, net of accumulated
  depreciation of $750 and $0                         4,250              5,000
                                              -------------       ------------

TOTAL ASSETS                                  $       4,250       $      5,000
                                              =============       ============

                     LIABILITIES AND SHAREHOLDERS' (DEFICIT)
Current liabilities
  Bank Overdraft                              $       7,715       $      5,575
  Accounts payable and accrued liabilities        1,777,678          1,503,651
  Loans payable                                     135,400            120,000
                                                 ----------       ------------
     Total current liabilities                    1,920,793          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)                          (13,961,849)        (13,961,849)
Accumulated (deficit) during development stage  (1,432,256)         (1,139,939)
                                              -------------       ------------
     Total Shareholders' (Deficit)              (1,916,543)         (1,624,226)
                                              -------------       ------------

TOTAL LIABILITIES AND SHAREHOLDERS'
  (DEFICIT)                                   $      4,250        $      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)
<TABLE>
<S>                               <C>           <C>        <C>          <C>           <C>

                                                                                    For the
                                                                                  Period From
                                                                                January 1, 2002
                                                                                  (Date of New
                                                                                Development Stage)
                                 Three Months Ended       Nine Months Ended     to September 30,
                                    September 30,           September 30              2003
                                 ------------------       -----------------     ------------------
                                 2003          2002       2003         2002
                                 ----          ----       ----         ----
EXPENSES
  Impairment                 $        -    $  400,001  $        -   $  400,001      $  626,960
  Depreciation                      250         3,000         750        9,000          12,750
  Bad debt                        7,500             -       7,500            -           7,500
  Bank charges and interest       3,350         4,200      10,873       18,822          34,759
  Salaries and consulting fees   67,500        81,000     202,500      231,000         472,500
  General and administrative      3,110         7,320      14,196       33,505         141,891
  Legal and accounting           10,530             -      39,075       22,571         100,408
  Rent                            6,000         4,000      14,505       26,185          46,799
  Travel and entertainment        3,000         2,950       3,000        3,450          13,120
                          ------------------------------------------------------------------------
     Total expenses             101,240       502,471     292,399      744,534       1,456,687

Operating (Loss)               (101,240)     (502,471)   (292,399)    (744,534)     (1,456,687)

Other income (expense)
  Other                            (168)          747          82       13,072             969
  Interest income                     -             -           -       23,462          23,462
                          ------------------------------------------------------------------------
Total other income (expense)       (168)          747          82       36,534          24,431
                          ------------------------------------------------------------------------

(Loss) from continuing
   operations                  (101,408)     (501,724)   (292,317)    (708,000)     (1,432,256)
(Loss) from discontinued
   operations                         -             -           -      (77,806)    (13,961,849)
                          ------------------------------------------------------------------------

Net (Loss)                     (101,408)     (501,724)   (292,317)    (785,806)    (15,394,105)
Deficit, beginning of
   period                   (15,292,697)  (13,941,296) (15,101,788) (13,657,214)
Deficit, end of
   period                  $(15,394,105) $(14,443,020)$(15,394,105)$(14,443,020)  $(15,394,105)

Basic and diluted loss
  per share                $(      0.02) $(      0.11)$(     0.06) $(      0.17)
                                ==============================================================

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

</TABLE>



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
                                                      Nine Months Ended         of new development
                                                        September 30,                stage) to
                                                      2003         2002           September 30, 2003
                                                      ----         ----         ---------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period                            $ (292,317) $ (785,806)          $ (15,394,105)
Adjustments to reconcile net loss to net
 cash used in operating activities:
     Amortization of intangible assets                      -           -               2,689,642
     Impairment of assets                                   -     400,001               4,677,764
     Depreciation                                         750       9,000                  82,242
     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           -       3,000                 435,435
     Settlement expense                                     -      77,806                       -
     Management fees paid by reduction of notes receivable  -           -                  45,000
     Accrued interest income on note receivable             -     (23,462)                (70,651)
Changes in operating assets and liabilities:
     Accounts receivable                                    -           -                   5,270
     Prepaid expenses, deposits and other assets            -           -                       -
     Accounts payable and accrued liabilities         274,027     261,213               2,070,047
                                                  -----------  ----------             -----------
Net cash used in operating activities                 (17,540)    (58,248)            ( 4,179,146)

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                                           -      (8,181)               (774,843)
Cash overdraft                                          2,140      11,826                   2,140
Advances from (repayments to) related parties          15,400      24,581               1,087,982
Proceeds from capital contributions                         -           -               4,476,010
Share subscription received                                 -           -                 133,610
Borrowing from unrelated parties                            -      30,000                 587,074
                                                  -----------  ----------             -----------
Net cash provided by (used in) financing activities    17,540      58,226               5,511,973

NET INCREASE (DECREASE) IN CASH
  DURING THE PERIOD                                         0         (22)                      -
CASH AT BEGINNING OF PERIOD                                 -          22                       -
                                                  -----------  ----------             -----------
CASH AT END OF PERIOD                             $         0  $        -             $         -
                                                  ===========  ==========             ===========

</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 SIX MONTHS ENDED JUNE 30, 2003

1. UNAUDITED STATEMENTS

The balance sheet as of September 30, 2003, the statements of operations and the
statements of cash flows for the three and nine month periods ended September
30, 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 September
30, 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.


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 nine months ended September 30, 2003 the Company borrowed $15,400
from the Company's president. In addition, the Company's president paid $16,719
in costs on behalf of the Company during the nine months ended September 30,
2003. The advances payable do not bear interest and are due on demand.

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, 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.

<PAGE>

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

5. CONTINGENCIES

Effective May 2000, the Company entered into an employment agreement with the
Company's Director and Chief Executive Officer, whereby the Company would pay an
annual salary of $200,000 plus bonuses as may be approved by the Company's Board
of Directors, in addition to various fringe benefits, and options granted under
the Company's non-qualified stock option plan. The term of the agreement is for
five years. A contingency exists with respect to this matter, the ultimate
resolution of which cannot presently be determined.

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, the
entity did not fulfill its conditions of the agreement to the Company. The
agreement is currently under renegotiation. A contingency exists with respect to
this matter, the ultimate resolution of which cannot presently be determined.

During July 2003, the Company's bank reversed a $7,500 deposit from 2001. The
bank contends that the Company was unauthorized to deposit these funds. The
Company believes it was authorized to deposit these funds based on their
contract with the entity disputing the deposit, and plans to fight this matter
vigorously. Management believes there are no additional checks or deposits in
dispute. A contingency exists with respect to this matter, the ultimate
resolution of which cannot presently be determined.





<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 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, 2002.

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 December 1, 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.

ITEM 3. CONTROLS AND PROCEDURES

Douglas Sanderson, the Company's Chief Executive Officer and Phillip Verrill,
the Company's Principal Financial Officer, have 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; and in their 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
them 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 and Mr. Verrill 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.


<PAGE>



                                     PART II
                                OTHER INFORMATION


Item 6.  Exhibits and Reports on Form 8-K


(a)  Number             Description

       31               Rule 13a-14(a) Certifications
       32               Section 1350 Certifications

(b) Reports on Form 8-K

     During the quarter ending September 30, 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


                              By  /s/ Phillip Verrill
                                 Phillip Verrill, Principal Financial Officer

                              Date: December 3, 2003