<TABLE> <S> <C>

<PAGE>

<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF GREATE BAY CASINO CORPORATION AND
SUBSIDIARIES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000030117
<NAME> GREATE BAY CASINO CORPPORATION
<MULTIPLIER> 1,000
       
<S>                             <C>                     <C>
<PERIOD-TYPE>                   YEAR                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998             DEC-31-1997
<PERIOD-START>                             JAN-01-1998             JAN-01-1997
<PERIOD-END>                               DEC-31-1998             DEC-31-1997
<CASH>                                          10,616                   6,555
<SECURITIES>                                         0                       0
<RECEIVABLES>                                      367                      61
<ALLOWANCES>                                         0                       0
<INVENTORY>                                        378                     164
<CURRENT-ASSETS>                                13,602                   9,381
<PP&E>                                           1,564                   2,181
<DEPRECIATION>                                   1,100                     971
<TOTAL-ASSETS>                                  19,946                  15,752
<CURRENT-LIABILITIES>                          103,532                 106,372
<BONDS>                                         35,040                  30,894
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                           519                     519
<OTHER-SE>                                   (119,145)               (143,635)
<TOTAL-LIABILITY-AND-EQUITY>                    19,946                  15,752
<SALES>                                              0                       0
<TOTAL-REVENUES>                                 8,971                 263,691
<CGS>                                                0                       0
<TOTAL-COSTS>                                    1,314                 212,839
<OTHER-EXPENSES>                              (31,913)                  30,544
<LOSS-PROVISION>                                   115                   3,408
<INTEREST-EXPENSE>                              15,252                  36,760
<INCOME-PRETAX>                                 24,203                (19,860)
<INCOME-TAX>                                     (287)                   1,014
<INCOME-CONTINUING>                             24,490                (20,874)
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                     310
<CHANGES>                                            0                       0
<NET-INCOME>                                    24,490                (20,564)
<EPS-PRIMARY>                                     4.72                  (3.96)
<EPS-DILUTED>                                     4.72                  (3.96)
        

</TABLE>