7

                                  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 JUNE 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 August 20, 2002 the Company had 4,550,341 outstanding shares of
common stock.





<PAGE>











                        FORTUNE ENTERTAINMENT CORPORATION
                          (A Development Stage Company)

                              FINANCIAL STATEMENTS

                                  JUNE 30, 2003




<PAGE>





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


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

Current assets
  Cash                                      $    30,944          $        -
                                            -----------          ----------
     Total current assets                        30,944                   -


Property and equipment, net of accumulated
  depreciation of $500                      $     4,500               5,000
                                            -----------          ----------

TOTAL ASSETS                                $    35,444          $    5,000
                                            ===========          ==========

                     LIABILITIES AND SHAREHOLDERS' (DEFICIT)

Current liabilities
  Bank Overdraft                            $        -           $    5,575
  Accounts payable and accrued liabilities   1,715,179            1,503,651
    Loans payable                              135,400              120,000
                                            ----------           ----------
     Total current liabilities               1,850,579            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 from development
 Stage                                      (1,330,848)          (1,139,939)
                                           ------------         -----------
     Total shareholders' (deficit)       (   1,815,135)         ( 1,624,226)
                                         --------------         -----------

TOTAL LIABILITIES AND SHAREHOLDERS'
  (DEFICIT)                                $    35,444          $     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
                                    Three                Six           from January 1,
                                 Months Ended         Months Ended     2002 (date of new
                                   June 30,             June 30,       development stage
                                2003      2002       2003      2002     to June 30, 2003

EXPENSES
 Impairment                         -   168,475         -    336,950        626,960
 Depreciation                     250     3,000       500      6,000         12,500
 Bank charges and interest      3,581       147     7,523      7,373         31,409
 Salaries and consulting       67,500    99,350   135,000    191,900        405,000
 General and administrative     5,230     1,832    11,086     20,888        138,781
 Legal and accounting          18,510    25,437    28,545     50,937         89,878
 Rent                           2,000         -     8,505          -         40,799
 Travel and entertainment           -     1,865         -      2,669         10,120
                              -------   -------   -------    -------       --------

     Total expenses            97,071   300,106   191,159    616,717      1,355,447

Other income (expense):
 Other                            250         -       250          -          1,137
 Interest income                    -    12,001         -     24,595         23,462
                              -------   -------   -------    -------       --------
Total other income (expense)      250    12,001       250     24,595         24,599

Loss from continuing
 operations                   (96,821) (288,105) (190,909)  (592,122)    (1,330,848)
Loss from discontinued
 Operations                         -         -         -          -     (13,961,849)
                              -------   -------   -------    -------       --------
Net loss                      (96,821) (288,105) (190,909)  (592,122)    (15,292,697)

Deficit, beginning of
 period                  (15,195,876)(8,798,709)(15,101,788)(8,494,692)            -
Deficit,
 end of period           (15,292,697)(9,086,814)(15,292,697)(9,086,814)  (15,292,697)

Basic and diluted
 loss per share          $   (0.02)   $   (0.06)       (.04)     (0.13)

Weighted average common
  shares outstanding     4,550,341    4,565,079   4,550,341  4,454,075


</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,
                                              Six Months Ended   2002 (date of new
                                                  June 30,       development stage)
                                              2003        2002    to June 30, 2003

CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss for the period                  $(190,909)  $(592,122)     (15,214,847)
  Adjustments to reconcile net loss to
  net cash used in operating activities:
     Amortization of intangible assets            -     336,950        2,689,642
     Impairment of assets                         -           -        4,677,764
     Depreciation                               500       6,000           81,992
     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
     Prepaid and other assets                     -       5,544                -
     Accounts payable and accrued
      Liabilities                           193,853     144,648        1,912,023
                                            -------     -------        ---------
Net cash provided by (used in)
 operating activities                         3,444     (98,980)      (4,158,162)

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       -      60,606          (31,350)
Receipts (advances) on loans                      -           -       (1,315,000)
Loan repayments                                   -           -          637,958
                                               ----      ------       ----------
Net cash (used in) investing activities           -      60,606       (1,332,827)

CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of loans                                 -           -         (774,843)
Cash overdraft                                    -           -                -
Advances from related parties                27,500           -        1,100,082
Proceeds from capital contributions               -           -        4,476,010
Share subscription received                       -           -          133,610
Borrowing from unrelated parties                  -      40,000          587,074
                                             ------    --------       ----------
Net cash provided by financing activities    27,500      40,000        5,521,933

NET INCREASE (DECREASE) IN CASH
  DURING THE PERIOD                          30,944       1,626           30,944
CASH AT BEGINNING OF PERIOD                       -       2,401                -
                                            -------     -------        ---------
CASH AT END OF PERIOD                       $30,944     $ 4,027        $  30,944

</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
                                   (UNAUDITED)

1.    UNAUDITED STATEMENTS

The balance sheet as of June 30, 2003, the statements of operations and the
statements of cash flows for the six month periods ended June 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 June 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.

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 six months ended June 30, 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 six months ended June 30, 2003 the Company borrowed $15,400 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 June 30, 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, 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 June 30, 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 June 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 and Principal Financial Officer

Date: August 18, 2003





<PAGE>


                                  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:  August 18, 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:  August 18, 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:  August 18, 2003                    /s/ Douglas Sanderson
                                          ------------------------------
                                          Douglas Sanderson
                                          Principal Financial Officer