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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                AMENDMENT NO. 1
                                       TO
                                   FORM 10-Q
                     (Revisions to Financial Data Schedule
                           filed on August 13, 1998)

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

For the quarterly period ended June 30, 1998

                                       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 0-24534

                          MERIDIAN SPORTS INCORPORATED
-------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            DELAWARE                                         13-3776096
-------------------------------------------------------------------------------
 (State or other jurisdiction of                         (I.R.S. Employer
  incorporation or organization)                        Identification No.)

100 CHEROKEE COVE DRIVE, VONORE, TENNESSEE                     37885
-------------------------------------------------------------------------------
(Address of principal executive offices)                           (Zip Code)

                                  423-884-6776
-------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


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) has been subject to such
filing requirements for the past 90 days. Yes [X]  No [ ]

            Indicate the number of shares outstanding of each of the
                     issuer's classes of common stock as of
                          the latest practicable date.

         Class                               Outstanding at August 13, 1998
-----------------------                      ------------------------------
Common Stock, $0.01 par                                 8,000,000

          As of August 13, 1998, 5,200,000 shares of the Registrant's
               outstanding common stock were held by an indirect
                 wholly-owned subsidiary of Mafco Holdings Inc.


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                 MERIDIAN SPORTS INCORPORATED AND SUBSIDIARIES


                                 EXHIBIT INDEX

Exhibit No.       Description
-----------       -----------

    27*           Financial Data Schedule.



*  filed herewith


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                 MERIDIAN SPORTS INCORPORATED AND SUBSIDIARIES


                                   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.


                                         MERIDIAN SPORTS INCORPORATED
                                                 (Registrant)


August 14, 1998                          By: /s/ James A. Valkenaar
                                             -------------------------- 
                                                 James A. Valkenaar
                                                 Vice President
                                                 (Principal Accounting Officer)



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