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

                                     FORM 10-Q

[Mark one]
[ X ]          QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                  EXCHANGE ACT OF 1934

                   For the quarterly period ended March 31, 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:  0-21071

                        NEVSTAR GAMING AND ENTERTAINMENT CORPORATIONS
             (Exact name of registrant as specified in its charter)
       Nevada                                88-0309578
(State or other jurisdiction        (IRS Employer Identification No.)
of incorporation or organization)

               1900 Avenue of the Stars, Suite 2410 Los Angeles CA 90067
                     (Address of principal executive offices) (Zip Code)

                                    (310) 553-7176
                    (Registrant's telephone number, including area code)

                                     Not Applicable
                    (Former name, former address and former fiscal year,
                                if changed since last report)
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 May 12, 2003.

Common Stock $.01 par value                           50,715,008
        (Class)                                    (Number of shares)

<PAGE> 2
                        NEVSTAR GAMING AND ENTERTAINMENT CORPORATION
                                       CONTENTS
<TABLE>
<CAPTION>
                                                                      Page
                                                                     Number

         <c>                                                         <c>
PART I        FINANCIAL INFORMATION:

   Item 1.    Financial Statements:

              Balance Sheet at March 31, 2003                              3

              Statements of Operations for the Three Months
                ended March 31, 2003 and the period November
                22, 2002 through March 31, 2003                            4

              Statements of Cash Flows for the period
                November 22, 2002 through March 31, 2003                   5

              Notes to Unaudited Financial Statements                      6                                                6

   Item 2.    Management's Discussion and Analysis of Financial
              Condition and Results of Operations                          9


PART II.      OTHER INFORMATION                                           10

Item 1        Legal Proceedings                                           10

              Signature Page                                              10

              Certification                                               11

<PAGE>
</TABLE><PAGE> 3

          NEVSTAR GAMING AND ENTERTAINMENT CORPORATION
                         BALANCE SHEET
                         MARCH 31, 2003
<TABLE>
<CAPTION>
                                                ASSETS


                                                             <c>

      Current Assets                                             $    -
                                                                     -------

                 Total Assets                                    $    -
                                                                     =======

                           LIABILITIES AND SHAREHOLDERS' EQUITY


         Current Liabilities

            Accounts payable and accrued liabilities             $    84,442
                                                                    --------                                         --------------
                 Total Current Liabilities                       $    84,442

         Long Term Liabilities

            Pre-petition tax liabilities - Note 3                    194,858
            Long-term credit facility, related party - Note 4        250,672
                                                                    --------
                 Total Liabilities                                   529,972

	Shareholders' Equity (Deficit)
	      Common Stock $.01 par value,
              126,396,450 shares authorized, 50,715,008
              issued and outstanding                             $   507,150
            Accumulated deficit, prior to development
              state - Note 6                                      (1,001,679)

            Accumulated deficit - development stage                  (35,443)

                                                                  -----------
                 Total Shareholders' Deficit                     $  (529,972)

                 Total Liabilities and Shareholders' Deficit     $      -
                                                                    =========


</TABLE>
                    See notes to financial statments.

<PAGE> 4

             NEVSTAR GAMING AND ENTERTAINMENT CORP
                      STATEMENT OF OPERATIONS
                         (Unaudited)
<TABLE>
<CAPTION>
                                            For the quarter ended      For the period
                                                March 31, 2003        November 22, 2002
                                                                      to March 31, 2003



                                    <c>                          <c>
Revenue                                      $ -                           $ -
                                             --------                      --------


Expenses
   General and Administrative                $ 14,629                      $ 28,443
   Interest                                     7,000                         7,000
                                             --------                      --------

Net Loss                                     $(21,629)                     $(35,443)
                                             =========                     =========

Basic and diluted loss per share                $0.00                         $0.00

Weighted average shares outstanding        50,715,008                    50,715,008


</TABLE>


                    See Accompanying Notes to Financial Statements

<PAGE> 5


             NEVSTAR GAMING AND ENTERTAINMENT CORP
                      STATEMENT OF CASH FLOWS
       For the period November 22, 2002 to March 31, 2003
                          (Unaudited)
<TABLE>


                                          <c>
OPERATING ACTIVITIES
   Net Loss                                     $  (35,443)
   Adjustments to reconcile net loss
    to net cash used in operating activities:
          Changes in assets and liabilities:
                   Accounts Payable                  6,396
                                                 ---------
Net cash used by by operating activities           (29,047)

FINANCING ACTIVITIES
    Cash provided by long-term debt                 29,047
                                                 ---------

Net cash for the period                                  0

Net cash a beginning of period                           0
                                                 ---------
Net cash at end of period                        $       0
                                                 =========

</TABLE>
                    See Accompanying Notes to Financial Statements
<PAGE> 6

                    NEVSTAR GAMING AND ENTERTAINMENT CORPORATION
                             NOTES TO FINANCIAL STATEMENTS
                                  MARCH 31, 2003

Note 1 - Emergence from Bankruptcy Proceedings

     On July 10, 2000, the Company, a Nevada Corporation
filed a voluntary petition for relief under Chapter 11 (the "Chapter 11
Proceeding")in the Bankruptcy Court, Case No. BK-S-00-15075-LBR.  During
the Chapter 11 Proceeding, the Company acted as debtor in possession.

     In April, 2001, the Company and W/F Investment Corp. ("W/F") submitted
to the Bankruptcy Court a plan of reorganization, which was amended from time
to time (the "Plan of Reorganization").

     On February 20, 2002, the Bankruptcy Court issued an order confirming the
Plan of Reorganization.

     On November 22, 2002 the plan of reorganization became effective. The
Company issued 15,141,674 shares of common stock to holders of unsecured claims;
156,428 shares of common stock to certain administrative claimants and to a
previously secured claim, and 27,807,219 shares of common stock to the Plan
Proponents. The 7,583,687 shares of Common Stock that were previously
outstanding were retained by the holders of those shares.  There are a total
of 50,715,008 shares of common Stock outstanding after the issuance of shares
under the Plan of Reorganization.

     The Company does not currently have any operations.

Note 2 - Going Concern and Summary of Significant Accounting Policies

     Going Concern

     The accompanying financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business.  The Company
does not generate any revenue, and has a net capital deficiency.  These
factors among others may indicate that the Company will be unable to
continue as a going concern for a reasonable period of time.  The Company
currently funds its disbursements by a line of credit from one of its Plan
Proponents.  There are insufficient funds available under that line of
credit to meet the Company's current obligations.

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

     The Company is no longer operating, and will attempt to locate a new
business (operating company) and offer itself as a merger vehicle for a
company that may desire to go public through a merger rather than through
its own public stock offering.


<PAGE> 7


                    NEVSTAR GAMING AND ENTERTAINMENT CORPORATION
                             NOTES TO FINANCIAL STATEMENTS
                                  MARCH 31, 2003


Note 2 - Going Concern and Summary of Significant Accounting Policies
         (Continued)

     Accounting for Reorganization

     The Company applied Financial Accounting Standards No. 15 ("Accounting
for Debtors and Creditors for Troubled Debt Restructuring") for its
emergence from Bankruptcy.  The Company also adopted the Fresh Start
Reporting (see Note 6).

     Use of estimates

     The preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the amounts
reported in the accompanying financial statements.  Significant estimates made
in preparing these financial statements include the value of shares of common
stock issued to the unsecured creditors in accordance with the Plan of
Reorganization.  Management uses its knowledge and expertise in making these
estimates.  Actual results could differ from those estimates.

      Income Taxes

     The Company utilizes the liablity method to account for income taxes.
Under this method, deferred taxes and liabilities are determined based on
differences between financial reporting and tax bases of assets and
liabilities and are measured using the enacted rates and laws expected to
apply when the differences are expected to reverse.

Note 3 - Pre-petition Tax Liabilities

    Pre-petition tax liabilities consist of $194,858 payable to the Nevada
Department of Taxation and the Nevada Gaming Authority.  Pursuant to the
Bankruptcy Code and stipulations entered into between the parties and the
Company, the amounts will be paid in full, plus interest at 5% in quarterly
payments commencing January, 2004 and ending September, 2009.  Payments due
on these liabilities during the next five years are as follows:

<TABLE>
<CAPTION>
               Fiscal Year Ending June 30,
               ---------------------------

                                           <c>
               2003                              $    -
               2004                              $  16,000
               2005                              $  32,000
               2006                              $  32,000
               2007                              $  32,000

</TABLE>

Note 4 - Long Term Credit Facility, Related Party

     The credit facility consists of $250,672 outstanding on a $250,000
revolving line of credit issued to the Company by W/F Investment Corp, a
shareholder of the Company and a proponent of the bankruptcy Plan of
Reorganization.  The line of credit has been used to pay the Company's
obligations through the November 22, 2002, the Effective Date of the Plan
of Reorganization, including the allowed administrative expenses,
accounting, legal and related expenses. The line of credit bears interest
at prime plus 2%, payable monthly.  It is due no earlier than October 31,
2003 and no later than October 31, 2007.


 <PAGE> 8

Note 5 - Income Taxes

     At March 31, 2003 the Company had net operating loss carryforwards
of approximately $19 million for federal tax purposes, which expire from 2012
to 2015.  Because of statutory ownership changes, the amount of net operating
losses which may be utilized in future years may be subject to significant
annual limitations.  At November 22, 2002, total deferred tax assets,
consisting principally of net operating loss carry forwards, amounted to
approximately $7.5 million.  For financial reporting purposes, a valuation
allowance has been recognized in an amount equal to such deferred tax assets
due to the uncertainty surrounding their ultimate realization.

Note 6 - Fresh Start Reporting

     In accordance with its Plan of Reorganization, the Company converted
unsecured liabilities amounting to approximately $18,300,000 to 15,167,674
shares of its common stock.  The Company also issued 156,248 shares of its
common stock in payment of administrative claims totaling approximately
$20,000, and 27,807,219 shares of its common stock to its Plan Proponents.
The shares issued were valued at $0.01 per share, generating a gain on debt
forgiveness of approximately $18,000,000.  The amount of accumulated deficit
prior to the reclassification in accordance with Fresh Start Reporting
amounted to approximately $19,000,000.  Management estimated the fair value
of the shares issued at par value, based on the fact that no cash flows are
expected in the foreseeable future.  The balance of accumulated deficit after
the adjustement requred by the Fresh Start Reporting represents the
"Excess Reorganization Value", which was impaired due to the fact that no
cash flows are expected in the foreseeable future.

<PAGE> 9

            NEVSTAR GAMING AND ENTERTAINMENT CORP
           Management's Discussion and Analysis of
        Financial Condition and Results of Operations
                     (Unaudited)

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
                        OF 1995

This Quarterly Report on Form 10-Q includes certain forward-looking statements
based upon management's beliefs, as well as assumptions made by and data
currently available to management.  This information has been, or in the
future, may be included in reliance on the "safe harbor" provision of the
Private Securities Litigation Reform Act of 1995.  These statements are subject
to a number of risks and uncertainties including, but not limited to, the
following: (a) the Company does not generate any revenue, and has a net capital
deficiency which may impair its ability to continue as a going concern; (b)
the ability of the Company to find a merger candidate or other business
opportunity to bring profitable business operations into the Company;
(c) the absence of  an active public trading market for the Company's common
stock; and (d) the Company does not have sufficient funds available on its
line of credit to meet its current obligations.

Actual results may differ materially from those anticipated in any such
forward-looking statements.  The Company undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events or
circumstances.

The Company's Bankruptcy Plan of Reorganization became effective November 22,
2002.  The Company is in the process of completing the administrative procedures
to allow it to formally emerge from the oversight of the Bankruptcy Court.

The Company is no longer operating, and will attempt to locate a new business
(operating company), and offer iself as a merger vehicle for a company that may
desire to go public through a merger rather than through its own public stock
offering.


<PAGE> 10

PART II - OTHER INFORMATION

Item 1 - Litigation

The Company is not party to any litigation

Item 6.  Exhibits and Report on Form 8-K

The Company did not file any reports on Form 8-K during the quarter ended
March 31, 2003.

     	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.

NEVSTAR GAMING AND ENTERTAINMENT CORP

                                            /s/ William O. Fleischman

Date:   May 12, 2003                            William O. Fleischman
                                                Chief Executive Officer and
                                                Chief Financial Officer


<PAGE> 11

                               CERTIFICATIONS

I, William O. Fleischman, certify that:

1.  I have reviewed this quarterly report on Form 10-Q of Nevstar Gaming
    and Entertainment Corp;

2.  Based on my knowledge, this quarterly report does not contain any untrue
    statement of a material fact necessary to make the statements made, in
    light of 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.  As the registrant's certifying officer, 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 I have:

         a.  designed such disclosure controls and procedures to ensure that
             material information relating to the registrant is made known to
             us by others within the entity, 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 theis quarterly report (the "Evaluation
             Date"); and

         c.  presented in this quarterly report our conclusions about the
             effectiveness of the disclosure controls and procedures based
             on our evaluation as of the Evaluation Date;

5.  As the registrant's certifying officer, I have disclosed, based on
    our most recent evaluation, to the registrant's auditors and the audit
    committee of registrant's board of directors (or persons performing the
    equivalent function):

         a.  all significant deficiences 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

<PAGE> 12

6.  I have indicated in this quarterly report whether or not there were
    significant changes in internal controls or in other factors that could
    significantly affect internal controls subsequent to the date of our most
    recent evaluation, including any corrective actions with regard to
    significant deficiencies and material weaknesses.

May 12, 2003                       By: /s/ William O. Fleischman


                                           _____________________
                                           William O. Fleischman
                                           Chairman of the Board,
                                           Chief Executive Officer and
                                           Chief Financial Officer