UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

--------------------------------------------------------------------------------

(Mark one)

   XX   QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE
------  ACT OF 1934



                  For the quarterly period ended March 31, 1997

     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

         For the transition period from ______________ to _____________

--------------------------------------------------------------------------------

                         Commission File Number: 0-27006
                                                --------

                           MILLION DOLLAR SALOON, INC.
        (Exact name of small business issuer as specified in its charter)

       Nevada                                                    13-3428657
------------------------                                ------------------------
(State of incorporation)                                (IRS Employer ID Number)

                    6848 Greenville Avenue, Dallas, TX 75231
                    ----------------------------------------
                    (Address of principal executive offices)

                                 (214) 691-6757
                           ---------------------------
                           (Issuer's telephone number)


--------------------------------------------------------------------------------

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 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
                                                             ---  ---

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: May 6, 1997: 5,010,084

Transitional Small Business Disclosure Format (check one):    YES   NO X
                                                                 ---  ---


<PAGE>


                           MILLION DOLLAR SALOON, INC.

                Form 10-QSB for the Quarter ended March 31, 1997

                                Table of Contents


                                                                          Page
Part I - Financial Information

  Item 1 Financial Statements                                               3

  Item 2 Management's Discussion and Analysis or Plan of Operation         10


Part II - Other Information

  Item 1 Legal Proceedings                                                 11

  Item 2 Changes in Securities                                             11

  Item 3 Defaults Upon Senior Securities                                   11

  Item 4 Submission of Matters to a Vote of Security Holders               11

  Item 5 Other Information                                                 11

  Item 6 Exhibits and Reports on Form 8-K                                  11









                                                                      2

<PAGE>




Part 1 - Item 1
Financial Statements

                  MILLION DOLLAR SALOON, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                      March 31, 1997 and December 31, 1996

                                     ASSETS
<TABLE>
<CAPTION>
<S>                                                                            <C>
                                                          (Unaudited)            (Audited)
                                                            March 31,           December 31,
                                                              1997                 1996
                                                          ------------          ------------
CURRENT ASSETS
   Cash on hand and in bank                               $  361,514            $  267,856
   Note receivable - current portion                          21,011                21,011
   Inventory                                                  11,725                11,169
   Prepaid expenses                                           61,235                37,718
                                                           ---------             ---------
         Total current assets                                455,485               337,754
                                                           ---------             ---------

PROPERTY AND EQUIPMENT
   Buildings and related improvements                      1,955,132             1,969,411
   Furniture and equipment                                   756,461               762,095
   Vehicles                                                   52,728                52,728
                                                           ---------             ---------
                                                           2,764,321             2,784,234
   Less accumulated depreciation                          (1,409,274)           (1,381,016)
                                                           ---------             ---------
                                                           1,355,047             1,403,218
   Land                                                      741,487               816,487
                                                           ---------             ---------
         Net property and equipment                        2,096,534             2,219,705
                                                           ---------             ---------

OTHER ASSETS
   Note receivable - noncurrent portion                      122,833               126,219
   Accounts receivable from officers,
       shareholders and affiliates                           775,259               764,576
   Organization costs, net of accumulated
      amortization of $24,170 and $19,673
      respectively                                            50,758                55,255
   Loan costs, net of accumulated amortization
      of $9,482 and $7,902, respectively                      22,125                23,705
   Deferred tax asset                                         61,500                61,500
   Other                                                      23,475                23,475
                                                           ---------             ---------
         Total other assets                                1,055,950             1,054,730
                                                           ---------             ---------

TOTAL ASSETS                                              $3,607,969            $3,612,189
                                                           =========             =========
</TABLE>


                                  - Continued -


The  financial  information  presented  herein has been  prepared by  management
without audit by independent certified public accountants.


                                                                 3
<PAGE>


                  MILLION DOLLAR SALOON, INC. AND SUBSIDIARIES
                     CONSOLIDATED BALANCE SHEETS - CONTINUED
                      March 31, 1997 and December 31, 1996

                      LIABILITIES AND SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>
<S>                                                                                    <C>                        
                                                                     (Unaudited)           (Audited)
                                                                       March 31,          December 31,
                                                                         1997                 1996
                                                                    ------------         ------------
CURRENT LIABILITIES
   Current portion of long-term debt                                 $  122,370          $   158,960
   Accounts payable - trade                                              19,866               15,948
   Accrued liabilities                                                   26,104               58,666
   Accrued income taxes payable                                          54,000                    -
   Dividends payable                                                    200,403              150,303
   Tenant deposits                                                        8,775                6,500
                                                                      ---------           ----------
         Total current liabilities                                      431,518              390,377
                                                                      ---------           ----------

LONG-TERM LIABILITIES
   Long-term debt, net of current maturities                            488,956              512,423
   Deferred tax liability                                                94,569               94,569
                                                                      ---------           ----------
         Total liabilities                                            1,015,043              997,369
                                                                      ---------           ----------

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY
   Preferred stock - $0.001 par value.  5,000,000 shares
      authorized.  None issued and outstanding                                -                    -
   Common stock - $0.001 par value.  50,000,000 shares
      authorized.  5,010,084 issued and outstanding, respectively.        5,010                5,010
   Additional paid-in capital                                             9,990                9,990
   Retained earnings                                                  2,621,714            2,599,820
                                                                      ---------            ---------
         Total shareholders' equity                                   2,614,820            2,614,820
                                                                      ---------            ---------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                           $3,607,969           $3,612,189
                                                                      =========            =========

</TABLE>


The financial information presented herein has been prepared by management
without audit by independent certified public accountants.

                                                                 4


<PAGE>


                  MILLION DOLLAR SALOON, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                   Three months ended March 31, 1997 and 1996

<TABLE>
<CAPTION>
<S>                                                                            <C>
                                                             (Unaudited)          (Unaudited)
                                                            Three months          Three months
                                                               ended                 ended
                                                              March 31,            March 31,
                                                                1997                 1996
                                                            -------------         ------------
REVENUES
   Bar and restaurant sales                                   $841,070             $876,278
   Rental income                                               110,805              104,205
                                                              --------            ---------
      Total revenues                                           951,875              980,483
                                                              --------            ---------

COST OF SALES - BAR AND
   RESTAURANT OPERATIONS                                       473,558              496,242
                                                              --------            ---------

GROSS PROFIT                                                   478,317              484,241
                                                              --------            ---------

OPERATING EXPENSES
   General and administrative expenses                         257,130              233,206
   Interest expense                                             17,291               18,639
   Depreciation and amortization                                29,452               27,085
                                                              --------            ---------
         Total operating expenses                              303,873              278,930
                                                              --------            ---------

INCOME FROM OPERATIONS                                         174,444              205,311

OTHER INCOME (EXPENSES)
   Interest and other miscellaneous                              9,566                3,259
   Gain on sale of fixed assets                                 48,499                    -
                                                             ---------            ---------

INCOME BEFORE INCOME TAXES                                     232,509              208,570

INCOME TAX (EXPENSE) BENEFIT
   Currently payable                                           (54,000)                   -
   Deferred                                                          -              (70,900)
                                                             ---------            ---------

NET INCOME                                                  $  178,509           $  137,670
                                                             =========            =========

Earnings per share of common stock outstanding              $     0.04           $     0.03
                                                             =========            =========

Weighted-average number of shares outstanding                5,010,084            5,010,084
                                                             =========            =========

</TABLE>


The financial information presented herein has been prepared by management 
without audit by independent certified public accountants.


                                                                 5

<PAGE>


                  MILLION DOLLAR SALOON, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                   Three months ended March 31, 1997 and 1996

<TABLE>
<CAPTION>
<S>                                                                            <C>             <C>
                                                                                 (Unaudited)      (Unaudited)
                                                                                 Three months     Three months
                                                                                   ended            ended
                                                                                  March 31,        March 31,
                                                                                    1997             1996
                                                                                -------------    --------------
CASH FLOWS FROM OPERATING ACTIVITIES
   Net income                                                                      $178,509         $137,670
   Adjustments to reconcile net income to net cash
      provided by operating activities
         Depreciation and amortization                                               29,452           27,085
         Gain on sale of fixed assets                                               (48,499)               -
         Common stock issued for consulting fees                                          -           10,000
         Interest income from shareholders capitalized as principal                 (10,683)               -
         (Increase) decrease in
            Accounts receivable - trade                                                   -           13,191
            Federal income taxes receivable                                               -            2,500
            Inventory                                                                  (556)             398
            Prepaid expenses                                                        (23,517)               -
            Deferred tax asset                                                            -           70,900
         Increase (decrease) in
            Accounts payable and other accrued liabilities                          (26,369)         (59,410)
            Income taxes payable                                                     54,000                -
                                                                                    -------          -------
Net cash provided by operating activities                                           152,337          202,334
                                                                                    -------          -------

CASH FLOWS FROM INVESTING ACTIVITIES
   Principal collections on note receivable                                           3,386            4,748
   Net proceeds from sale of fixed assets                                           149,374                -
   Purchases of property and equipment                                               (1,081)          (1,452)
                                                                                   --------          -------
Net cash used in investing activities                                               151,679            3,296
                                                                                    -------          -------

CASH FLOWS FROM FINANCING ACTIVITIES
   Payments on long-term debt                                                       (60,057)         (32,413)
   Funds advanced to shareholders and affiliates - net                                    -          (17,583)
   Dividends paid                                                                  (150,301)               -
                                                                                    -------          -------
Net cash used in financing activities                                              (210,358)         (49,996)
                                                                                    -------          -------

INCREASE IN CASH AND CASH EQUIVALENTS                                                93,658          155,634

Cash and cash equivalents at beginning of period                                    267,856          133,374
                                                                                    -------          -------

Cash and cash equivalents at end of period                                         $361,514         $289,008
                                                                                    =======          =======
</TABLE>

                                  - Continued -

The  financial  information  presented  herein has been  prepared by  management
without audit by independent certified public accountants.


                                                                 6
<PAGE>


                  MILLION DOLLAR SALOON, INC. AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
                   Three months ended March 31, 1997 and 1996

<TABLE>
<CAPTION>
<S>                                                                            <C>
                                                              (Unaudited)     (Unaudited)
                                                              Three months    Three months
                                                                  ended          ended
                                                                 March 31,      March 31,
                                                                   1997           1996
                                                              ------------    ------------
SUPPLEMENTAL DISCLOSURES OF
   INTEREST AND INCOME TAXES PAID

      Interest paid during the period                           $17,291         $  3,259
                                                                 ======          =======

      Income taxes paid (refunded)                             $      -         $ (2,500)
                                                                =======          =======


SUPPLEMENTAL SCHEDULE OF NON-CASH
   INVESTING AND FINANCING ACTIVITIES
      Declaration of first quarter dividend at
         $0.04 and $0.03 per share, respectively               $200,401         $150,303
                                                                =======          =======


</TABLE>


The  financial  information  presented  herein has been  prepared by  management
without audit by independent certified public accountants.


                                                                 7
<PAGE>



                           MILLION DOLLAR SALOON, INC.


                          Notes to Financial Statements


Note 1 - Basis of Presentation

Million Dollar Saloon,  Inc.  (Company) was  incorporated  under the laws of the
State of Nevada on September 28, 1987.  These financial  statements  reflect the
books and  records of Million  Dollar  Saloon,  Inc.  (Nevada),  Million  Dollar
Saloon, Inc. (Texas),  Furrh, Inc., Tempo Tamers, Inc., Corporation Lex and Don,
Inc.  for  the  periods  ended  March  31,  1997  and  1996,  respectively.  All
significant intercompany  transactions have been eliminated in combination.  The
consolidated entities are referred to as Company.

During interim periods, the Company follows the accounting policies set forth in
its Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act
of 1934 on Form 10-KSB filed with the  Securities and Exchange  Commission.  The
December  31,  1996  balance  sheet  data was  derived  from  audited  financial
statements  of the  Company,  but does not include all  disclosures  required by
generally  accepted  accounting  principles.   Users  of  financial  information
provided for interim  periods should refer to the annual  financial  information
and footnotes  contained in its Annual Report Pursuant to Section 13 or 15(d) of
The  Securities  Exchange Act of 1934 on Form 10-KSB when  reviewing the interim
financial results presented herein.

In the opinion of management,  the accompanying  interim  financial  statements,
prepared in accordance with the instructions for Form 10-QSB,  are unaudited and
contain  all  material   adjustments,   consisting  only  of  normal   recurring
adjustments  necessary to present  fairly the  financial  condition,  results of
operations  and cash flows of the Company  for the  respective  interim  periods
presented.  The  current  period  results  of  operations  are  not  necessarily
indicative of results which ultimately will be reported for the full fiscal year
ending December 31, 1997.

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


Note 2 - Summary of Significant Accounting Policies

a) Accounting principles adopted during the current period
   -------------------------------------------------------

   During the first quarter of 1997,  effective at the beginning of the quarter,
   the Company adopted Financial  Accounting  Standard No. 121,  "Accounting for
   the Impairment of Long-Lived  Assets and for Long-Lived Assets to be Disposed
   Of". In  accordance  with the  Standard,  the  Company  adopted the policy of
   evaluating all qualifying assets as of the end of each reporting quarter.  No
   adjustments  for  impairment  were  charged  to  operations  during the first
   quarter of 1997.



                                                                 8
<PAGE>


                           MILLION DOLLAR SALOON, INC.

                    Notes to Financial Statements - Continued


Note 3 - Property and equipment

   During the first  quarter of 1997,  the Company  sold a rental  property  for
   gross cash proceeds of  approximately  $149,474,  net of closing  costs,  and
   recognized a gain of approximately $48,499.


Note 4 - Contingencies

   The  Company   remains  the   subject  of  asserted   claims  of   employment
   discrimination  filed  with  the  Equal  Employment   Opportunity  Commission
   ("EEOC").   The  Company  has   previously   responded   to  the  charges  of
   discrimination and replied to all EEOC requests for information. The ultimate
   outcome  of these  matters  remains  unknown,  at this time.  The  Company is
   vigorously contesting each claim of discrimination.




                (Remainder of this page left blank intentionally)


















                                                                 9
<PAGE>


Part I - Item 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
   AND RESULTS OF OPERATIONS

(1)   Results of Operations

Bar and  restaurant  operations  decreased by  approximately  $35,000 during the
first  quarter of 1997 as compared to the first  quarter of 1996.  This decrease
was related to lower convention traffic in the Dallas-Ft. Worth Metroplex during
this  time  period,  which  is one of the  key  factors  driving  the  Company's
patronage factors.  Also, due to scheduled  increases,  the Company  experienced
higher rental incomes of approximately $6,500 during this quarter as compared to
the same period in the prior year.

Cost of sales  decreased by  approximately  $23,000  during the first quarter of
1997 as  compared  to the same  expenses  for the first  quarter  of 1996.  This
decrease  was  directly  related to lower  patronage  impacting  variable  costs
related to  consumable  inventories,  supplies and related  State excise  taxes.
Gross profit  percentages  remained  relatively  constant at 50.2% for the first
quarter of 1997 versus 49.4% for the first quarter of 1996.

Operating  expenses  increased by approximately  $25,000 in the first quarter of
1997  versus the first  quarter of 1996.  This  increase of  approximately  9.0%
relate to increases in advertising and marketing  expenses to offset the decline
in convention and meeting driven traffic and increase locally derived  patronage
and to  other  non-specific  increases  in  overall  administrative  and  office
expenses.  Management  continues  to monitor its  expenditure  levels to achieve
optimum financial results.

Net income before  income taxes,  excluding the gain on the sale of fixed assets
of approximately  $48,000,  was approximately  $184,000 for the first quarter of
1997 versus approximately  $209,000 for the first quarter of 1996. After-tax net
income has increased by  approximately  $41,000  yielding  earnings per share of
approximately  $0.04  per share for the first  quarter  of 1997 as  compared  to
approximately $0.03 per share for the first quarter of 1996.

(2)   Liquidity

As of March 31, 1997, the Company has working capital of  approximately  $24,000
as compared to $(53,000) at March 31, 1996. The Company  achieved  positive cash
flows from  operations of  approximately  $152,000 for the first quarter of 1997
versus approximately $202,000 for the first quarter of 1996.

The Company has identified no significant  capital  requirements for the current
annual period.  Liquidity requirements mandated by future business expansions or
acquisitions,  if any are specifically identified or undertaken, are not readily
determinable  at this  time as no  substantive  plans  have been  formulated  by
management.

The  Company   anticipates  the  continuance  of  dividend   payments  and  paid
approximately  $150,000 in the first  quarter of 1997 and declared a dividend of
approximately  $200,000  to be  paid  in the  second  quarter  of  1997.  Future
operating  liquidity,  debt  service and  dividend  payments  are expected to be
sustained from continuing operations. Additionally, management is of the opinion
that there is additional potential availability of incremental mortgage debt and
the opportunity  for the sale of additional  common stock through either private
placements or secondary offerings.



                                                                 10
<PAGE>


Part II - Other Information

Item 1 - Legal Proceedings

   None

Item 2 - Changes in Securities

   None

Item 3 - Defaults on Senior Securities

   None

Item 4 - Submission of Matters to a Vote of Security Holders

   The Company has held no regularly  scheduled,  called or special  meetings of
   shareholders during the reporting period.

Item 5 - Other Information

   None

Item 6 - Exhibits and Reports on Form 8-K

   None



                                                                 11
<PAGE>



                                   SIGNATURES


In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                            MILLION DOLLAR SALOON, INC.




May     7    , 1997                          /s/ Nina J. Furrh
    ---------                               ------------------------------------
                                            Nina J. Furrh
                                            President and Director



May     7    , 1997                          /s/ Ronald W. Johnston
    ---------                               ------------------------------------
                                            Ronald W. Johnston
                                            Chief Financial Officer and Director







                                                                 12
<PAGE>



         Crown Casino Announces Third Quarter Results


For Immediate Release:

Dallas,  Texas - Crown Casino  Corporation  (NASDAQ:DICE),  today  announced its
operating results for the three and nine months ended January 31, 1997.

The Company reported the following financial  information (in thousands,  except
per share data):

<TABLE>
<CAPTION>
<S>                                                                            <C>          <C>
                                             Three Months Ended                  Nine Months Ended     
                                                January 31,                          January 31,
                                              1997         1996                  1997         1996

Results of Operations

           Revenues                        $      -     $      -                $    -       $     -
           Net income                      $ (3,531)    $ (1,528)               $9,621       $ 8,489
           Earnings (loss) per share       $   (.34)    $   (.13)               $  .86       $   .70

</TABLE>


<TABLE>
<CAPTION>
<S>                                                                            <C>

                                                January 31,                           April 30,
                                                   1997                                  1996

Balance Sheet

           Total assets                          $39,627                               $39,329
           Stockholders' equity                  $36,515                               $30,153
           Shares outstanding                     10,415                                11,651

</TABLE>


Operating  results for the three months ended  January 31, 1997 include an after
tax loss of $3.1 million on the sale of 1,885,086 shares of Casino America, Inc.
common stock.  The operating  results for the nine months ended January 31, 1997
include a pretax gain of $14.9 million from the sale of the Company's  remaining
50% interest in St.  Charles  Gaming  Company,  Inc,  ("SCGC") in May 1996.  The
operating  results for the nine  months  ended  January  31, 1996  include (i) a
pretax gain of $21.5  million from the sale of the first 50% interest in SCGC in
June 1995, and (ii) a $3.5 million loss representing the Company's equity in the
net loss of SCGC.

Contact:      Edward R. McMurphy
              Crown Casino Corporation
              (972) 717-3423

March 18, 1997