EXHIBIT 10.43                                                   
                              FINANCIAL STATEMENTS



                               FORT ERIE RACETRACK
                      A Division of The Ontario Jockey Club




                                December 31, 1996


<PAGE>




                                          AUDITORS' REPORT



To the Directors of
Las Vegas Entertainment Network

We have  audited the  balance  sheet of Fort Erie  Racetrack,  a Division of The
Ontario  Jockey Club, as at December 31, 1996 and the statements of loss and net
assets  (liabilities)  and cash flows for each of the years ended  December  31,
1996 and 1995. These financial  statements are the responsibility of The Ontario
Jockey Club's  management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards  require that we plan and perform an audit to obtain
reasonable  assurance  whether  the  financial  statements  are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management, as well as evaluating the overall financial statement presentation.

In our opinion,  these  financial  statements  present  fairly,  in all material
respects,  the  financial  position of the Racetrack as at December 31, 1996 and
the results of its operations and the changes in its financial position for each
of the years ended  December  31, 1996 and 1995 in  accordance  with  accounting
principles generally accepted in Canada.

The  Racetrack  is a component  of The  Ontario  Jockey Club and has no separate
legal  status or  existence.  Transactions  with other  divisions of The Ontario
Jockey Club are described in note 5.



Toronto, Canada,
October 10, 1997.                                       Chartered Accountants



                                Comments by Auditors for U.S. Readers
                                  on Canada-U.S. Reporting Conflict

In the United States,  reporting  standards for auditors require the addition of
an explanatory  paragraph  [following the opinion  paragraph] when the financial
statements are affected by a going concern  uncertainty such as that referred to
in the attached balance sheet as at December 31, 1996 and as described in note 1
to the financial  statements.  The opinion in our report to the directors of Las
Vegas  Entertainment  Network  dated October 10, 1997 is expressed in accordance
with  Canadian  reporting  standards  which do not permit a reference to such an
uncertainty in the auditors' report when the uncertainty is adequately disclosed
in the financial statements.



Toronto, Canada,
October 10, 1997.                        Chartered Accountants



<PAGE>



                                          NOTICE TO READER

We have compiled the  statement of loss of Fort Erie  Racetrack  for the period
from  January  1,  1997  to  October  25,  1997  from  information  provided  by
management.  We have not audited,  reviewed or otherwise attempted to verify the
accuracy or  completeness of such  information.  Readers are cautioned that this
statement may not be appropriate for their purposes.




Toronto, Canada,
February 10, 1998.                 Chartered Accountants



<PAGE>


Fort Erie Racetrack
A Division of The Ontario  Jockey Club - a  corporation  without  share  capital
incorporated under the laws of Ontario

                                  BALANCE SHEET
       [See method of presentation and going concern uncertainty - note 1]
                         [expressed in Canadian dollars]


As at December 31




                                                             1996
                                                                $
-------------------------------------------------------------------------
ASSETS
Capital assets, net [note 3]                                       1
Cash                                                         156,512
Accounts receivable                                            1,736
Prepaid expenses                                              59,543
Inventories                                                   53,651
------------------------------------------------------------------------
                                                             271,443
------------------------------------------------------------------------

LIABILITIES AND NET ASSETS (LIABILITIES)
Accounts payable and accrued charges                         415,560
Net assets (liabilities)                                    (144,117)
------------------------------------------------------------------------
                                                             271,443
------------------------------------------------------------------------

See accompanying notes



<PAGE>


Fort Erie Racetrack
A Division of The Ontario Jockey Club

              STATEMENTS OF LOSS AND NET ASSETS (LIABILITIES) [See
         method of presentation and going concern uncertainty - note 1]
                         [expressed in Canadian dollars]


<TABLE>
<CAPTION>

                                                 Period from
                                               January 1, 1997
                                                     to             Years ended
                                                 October 25,        December 31,
                                                                 -------------------
                                                    1997         1996            1995
                                                      $           $               $
------------------------------------------------------------------------------------------
                                              [Unaudited - See
                                              Notice to Reader]
<S>                                              <C>              <C>              <C>

REVENUES
Gross pari-mutuel wagering
   Live                                        18,167,624     21,321,885      24,387,018
   Simulcast                                   10,251,612     15,652,356      23,933,916
--------------------------------------------------------------------------------------------
                                               28,419,236     36,974,241      48,320,934
--------------------------------------------------------------------------------------------
Less
   Amounts of winning wagers                   21,966,854     27,893,670      36,418,144
   Amounts paid to simulcast tracks               299,862        449,454         667,428
--------------------------------------------------------------------------------------------
                                               22,266,716     28,343,124      37,085,572
--------------------------------------------------------------------------------------------
Net proceeds from OJC wagering                  6,152,520      8,631,117      11,235,362
Commission on remote wagering                   2,109,494      2,164,190       2,879,987
Food and beverage                               1,199,307      1,359,575       1,553,023
Admissions, programs, parking, other              445,190        718,856       1,036,028
--------------------------------------------------------------------------------------------
                                                9,906,511     12,873,738      16,704,400
--------------------------------------------------------------------------------------------

EXPENSES
Salaries, wages and benefits                    4,298,655      5,284,759       5,564,878
Other operating expenses [note 5]               3,477,415      4,533,508       4,299,463
Property taxes                                    247,034        307,059         386,098
Depreciation                                           --        600,647         572,735
Interest [note 5]                                 200,000        300,000         195,000
Statutory, contractual distributions and other
 Horsepeople
  Earned on Fort Erie racing [note 7]           3,404,495      3,357,708       4,499,274
  Purse supplement - paid by Prov of Ontario         --           887,382       1,159,703
  Purse supplement - OJC purse account [note 8]   682,062      2,671,590       1,309,023
Fort Erie subsidy [note 6]                             --             --      (1,750,000)
Province of Ontario pari-mutuel tax,
   net of purse supplement                        142,096      1,627,684       2,416,047
Federal Government levy                           227,354        295,794         386,567
Ontario Racing Commission funding                 113,677         19,647              --
--------------------------------------------------------------------------------------------
                                               12,792,788     19,885,778      19,038,788
--------------------------------------------------------------------------------------------
Loss before the undernoted                     (2,886,277)    (7,012,040)     (2,334,388)
Writedown of capital assets [note 3]                   --      4,541,587              --
--------------------------------------------------------------------------------------------
                                               (2,886,277)   (11,553,627)     (2,334,388)
------------------------------------------- ---- ------------- -------------- ------------
Net cash remitted                                              6,714,931       1,810,722
Net assets, beginning of year                                  4,694,579       5,218,245
-------------------------------------------                  --- -------------- ------------
Net assets (liabilities), end of year                           (144,117)      4,694,579
------------------------------------------                  --- -------------- ------------
</TABLE>

See accompanying notes


<PAGE>


Fort Erie Racetrack
A Division of The Ontario Jockey Club

                            STATEMENTS OF CASH FLOWS
       [See method of presentation and going concern uncertainty - note 1]
                         [expressed in Canadian dollars]

Years ended December 31




                                                 1996               1995
                                                  $                  $
--------------------------------------------------------------------------------

OPERATING ACTIVITIES
Net loss for the year                         (11,553,627)        (2,334,388)
Add (deduct) items not affecting cash
   Depreciation                                   600,647            572,735
   Writedown of capital assets                  4,541,587                  --
Changes in non-cash working capital
   Accounts receivable                              1,502             (3,174)
   Prepaid expenses                                 4,114             (3,911)
   Inventories                                      3,862                 --
   Accounts payable and accrued charges            41,460            101,230
--------------------------------------------------------------------------------
Cash used in operating activities              (6,360,455)        (1,667,508)
--------------------------------------------------------------------------------

INVESTING ACTIVITIES
Capital expenditures for the year                (419,495)          (148,651)
--------------------------------------------------------------------------------
Cash used in investing activities                (419,495)          (148,651)
--------------------------------------------------------------------------------

FINANCING ACTIVITIES
Cash advanced by OJC [note 1]                   6,714,931          1,810,722
--------------------------------------------------------------------------------
Cash provided by financing activities           6,714,931          1,810,722
--------------------------------------------------------------------------------

Net decrease in cash during the year              (65,019)            (5,437)
Cash, beginning of year                           221,531            226,968
--------------------------------------------------------------------------------
Cash, end of year                                 156,512            221,531
--------------------------------------------------------------------------------

See accompanying notes


<PAGE>


--------------------------------------------------------------------------------
Fort Erie Racetrack
-------------------------------------------------------------------------------
A Division of The Ontario Jockey Club 

                                    NOTES TO FINANCIAL STATEMENTS
                                   [expressed in Canadian dollars]


December 31, 1996




1. BASIS OF PRESENTATION

Method of presentation

Fort Erie Racetrack [the  "Racetrack"]  is a Division of The Ontario Jockey Club
[the  "OJC"],  a  corporation  without  share  capital.  The OJC  operates  as a
non-profit organization and thus is exempt from income taxes.

Effective  August 27, 1997,  the  Racetrack  was sold to 1241163  Ontario  Inc.,
Nordic Gaming Inc.,  [the  "Purchaser"] by the OJC pursuant to an Asset Purchase
Agreement [the "Agreement"]  dated June 11, 1997. Under the terms and conditions
of the Agreement,  the Purchaser  purchased  certain assets and assumed  certain
liabilities  [including  the  related  pension  assets and  liabilities]  of the
Racetrack for cash consideration of $10. These financial statements reflect only
those  assets  and  liabilities  which  are  being  purchased  according  to the
Agreement, with the exception of the pension assets and liabilities [note 4].

All  activities  of the  Racetrack  have  been  funded  to date by the  OJC.  In
addition,  as  the  Racetrack  is  not a  separate  legal  entity,  there  is no
shareholder's equity.

These  financial  statements have been prepared in connection with an 8-K filing
with the Securities and Exchange Commission.

Going concern uncertainty

The  financial  statements  have been  prepared  in  accordance  with  generally
accepted accounting principles in Canada on a going concern basis which presumes
the  realization of assets and the discharge of liabilities at current  carrying
values in the normal course of business for the foreseeable future.

As a  result  of  losses  for the  years  ended  December  31,  1996 and 1995 of
$11,553,627  and $2,334,388,  respectively,  the Racetrack has been dependent on
continued funding from the OJC. The reason that these financial  statements have
been prepared on a going  concern basis is directly  related to the fact that on
August 27, 1997,  the Purchaser  purchased  certain  assets and assumed  certain
liabilities  [including  the  related  pension  assets and  liabilities]  of the
Racetrack  and plans to continue to operate the  Racetrack  for the  foreseeable
future.  The continued  operation of the Racetrack is dependent on the financial
support of the Purchaser.

These  financial  statements do not include any  adjustments  to the amounts and
classification  of assets and  liabilities  that might be  necessary  should the
Racetrack be unable to continue as a going concern.


<PAGE>


2. ACCOUNTING POLICIES

The financial  statements  of the Racetrack  have been prepared by management in
accordance with accounting  principles  generally accepted in Canada. As applied
to the  Racetrack,  there  are no  significant  differences  between  accounting
principles  generally  accepted  in  Canada  and  those  in the  United  States.
Significant accounting policies are summarized below:

Capital assets and depreciation

Capital assets are recorded at cost, less applicable government assistance,  and
are depreciated  over their estimated  useful lives using the following rates of
depreciation applied on a straight-line basis:

Buildings                                        4%
Racetracks, roads, parking lots, etc.            5%
Machinery and equipment                          10%-20%
Computers                                        20%

Pension costs and obligations

Pension costs relating to the Racetrack's  defined benefit plans are actuarially
determined each year using the projected benefit method prorated on services and
management's  best estimate  assumptions.  The difference  between the actuarial
present  value of accrued  pension  obligations  and the market value of pension
plan assets as of January 1, 1996 is amortized on a straight-line basis over the
expected average remaining service lives of the respective employee groups.

Allocations and use of estimates

The  preparation  of the  financial  statements  in  conformity  with  generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect  amounts of assets and  liabilities  and the  reported
amounts of revenues and expenses during the period.  Actual amounts could differ
from those estimates.

The OJC provides various administrative, insurance and financing services to the
Racetrack. For purposes of these financial statements, management of the OJC has
allocated administrative expenses based on an estimate of corporate salaries and
other expenses attributable to the operations of the Racetrack and has allocated
insurance  expense based on a quotation  received  from its insurance  broker in
1993, adjusted for subsequent price increases. In addition, the OJC

<PAGE>


has provided all the required  financing in connection with the operation of the
Racetrack.  There  was no formal  agreement  with  respect  to the  charging  of
interest expense and management of the OJC has allocated interest expense to the
Racetrack based on the following:

      the OJC allocated  interest  expense on its debt to the Racetrack based on
     the five year  average  of the  percentage  of the cost of the  Racetrack's
     capital assets  [before  writedown] to the total cost of the capital assets
     of the OJC; and

      the OJC allocated  interest  expense on its debt to the Racetrack based on
     the estimated borrowing requirements of the Racetrack to fund its operating
     losses, using an interest rate of prime.

In the opinion of the  management of the OJC,  these  methods of allocation  are
reasonable.  The  allocation  of  the  various  administrative,   insurance  and
financing  services  amounts are not necessarily  indicative of the amounts that
would have been incurred had the Racetrack operated as a stand alone entity.

3. CAPITAL ASSETS

During the year, the OJC approved a formal plan of disposition of the Racetrack.
Management  assessed the carrying  value of the  Racetrack's  capital assets and
determined  that the net  realizable  value was less than its recorded cost as a
result of the  impending  sale of the  Racetrack  [note 1]. The writedown of the
capital assets totalled $4,541,587.

4. PENSION COSTS AND OBLIGATIONS

The OJC maintained  contributory  and  non-contributory  defined benefit pension
plans and contributory  defined  contribution pension plans for employees of the
OJC which included  employees of the Racetrack.  Approximately 80 employees [the
"transferees"]  of the  Racetrack  were  members of the OJC pension  plans as at
December 31, 1996.

Under the  terms of the  Agreement,  the OJC will  transfer  to the  Racetrack's
pension plan the assets and  liabilities  related to the  transferees  once such
amounts  have been  determined  by a  qualified  actuary.  Until that time,  the
estimated  present value of the accrued  pension  benefits  attributable  to the
transferees' services and the estimated market value of the related pension fund
assets are still to be determined.


<PAGE>


5. RELATED PARTY TRANSACTIONS

Management of the OJC has estimated the costs of  administrative,  insurance and
financing services related to the operation of the Racetrack as follows:

                                 1996               1995
                                   $                  $
------------------------------------------------------------

Administrative                250,000            350,000
Insurance                     160,000            160,000
Interest                      300,000            195,000
------------------------------------------------------------
                              710,000            705,000
------------------------------------------------------------

Most of the Trustees of the OJC own horses which  participate in races conducted
by the  OJC  and  share,  to the  extent  of  their  success,  in  purse  monies
distributed by the OJC.

6. FORT ERIE SUBSIDY

In 1995,  the Racetrack  received a subsidy of  $1,750,000  from the Province of
Ontario. This subsidy had been provided annually to the Racetrack for the period
1993 to 1995.

7. CONTRIBUTION FROM HBPA

The  Horsemen's   Benevolent  and  Protective   Association  of  Ontario  [HBPA]
contributed  $600,000 to the  Racetrack  during each of the years 1996 and 1995.
This  contribution  has been netted against  "Earned on Fort Erie racing" in the
statements of loss and net assets (liabilities).

8. PURSE SUPPLEMENT - OJC PURSE ACCOUNT

The purses paid at the Racetrack  were in excess of the purse expense  earned on
Fort Erie racing at the Racetrack.  As a result,  the Racetrack's  purse account
was subsidized by a transfer from the OJC's purse account of $2,671,590  [1995 -
$1,309,023]. This transfer has been accounted for as an expense and an offset to
"Net  cash  remitted  from the  OJC" in the  statements  of loss and net  assets
(liabilities).

<PAGE>