Form 10-QSB

                   SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C. 20549


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

               For the quarterly period ended March 31, 2000

               Commission file number 0-22450

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
               SECURITIES EXCHANGE ACT OF 1934

               For the transition period from                to

               For quarter ended                 Commission File Number

                        COUNTRY WORLD CASINOS, INC.
              (Name of Small Business Issuer in its charter)

                Nevada                                13-3140389
(State of jurisdiction of incorporation)     (IRS Employer I.D. Number)


       200 Monument Road, Suite 10, Bala Cynwyd, Pennsylvania 19004
                  (Address of principal executive offices)

Registrant's telephone number  (610) 617-9990

     Check whether the registrant (1) has filed all reports required to be
filed by Sections 13 or 15(d) of the Securities Exchange Act during the past
12 months (or for such shorter period as 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 class of
common stock.  The Registrant had 61,581,687 shares of its common stock
outstanding as of March 31, 2000.

<PAGE>

COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

INDEX

Part I:   FINANCIAL INFORMATION

Item 1.   Financial Statements

          Balance Sheet as of March 31, 2000 (Unaudited)                1

          Statements of Operations for the nine months ended
            March 31, 2000 and 1999 and for the period from
            November 9, 1982 (Date of Inception) through
            March 31, 2000 (Unaudited)                                  3

          Statements of Stockholders' Equity (Unaudited)                4

Item 2.     Management's Discussion and Analysis or Plan of Operation   9

Part II:     OTHER INFORMATION

Item 1.     Legal Proceedings                                          13

Item 3.     Defaults upon Senior Securities                            13

Item 6.     Exhibits and Reports on Form 8-K                           13

Signature Page                                                         14


<PAGE>

COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEET AS OF DECEMBER 31, 1999 (UNAUDITED)

Assets:
Current Assets:
     Cash                                          0
     Prepaid Interest                         91,935
     Prepaid Expenses                         15,000

     Total Current Assets                    106,935

Property and Equipment:
     Land                                  6,750,475
     Casino Under Development             13,177,859
     Furniture and Equipment                  38,888

     Total                                19,967,222
     Less: Accumulated Depreciation          (38,888)

     Total Property and Equipment         19,928,334

Other Assets:
     Deposits                                 35,000

     Total Assets                         20,070,269


                                       1
<PAGE>

COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEET AS OF DECEMBER 31, 1999

Liabilities and Stockholders' Equity:
Current Liabilities:
     Accounts Payable                               1,855,820
     Payroll and Property Taxes Payable               167,065
     Accrued Expenses                                  21,600
     Notes Payable                                 10,247,137
     Accrued Interest                               1 152,433
     Other Current Liabilities                         53,569

     Total Current Liabilities                     13,497,624

Stockholders' Equity:
     Common Stock, $.001 Par Value, 75,000,000
     Shares Authorized, 61,581,687 Issued and
     Outstanding                                       61,582

     Convertible Preferred Stock, Class B, $.25
     Par Value, 5,000,000 Shares Authorized,
     600,000 Shares Issued and Outstanding            150,000

     Additional Paid-in Capital                    11,296,474

Deficit Accumulated During the Development Stage   (4,935,411)

     Total Stockholders' Equity                     6,572,645

     Total Liabilities and Stockholders' Equity    20,070,269

                                       2
<PAGE>
<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF OPERATIONS

                                                                     For the period from
                                                                       November 9, 1982
                                               Three months ended    (Date of Inception)
                                                  December 31,       through December 30,
                                              1 9 9 9       1 9 9 8          1 9 9 9
<C>                                             <S>            <S>              <S>
Costs and Expenses:
     Research and Development Costs           $    --       $    --        $ 122,000
     Professional Fees - Due to Bankruptcy         --            --          514,756
     Management Fee - Related Party                --            --          416,321
     General and Administrative Expenses      515,801       684,176        5,733,934
     Depreciation                                  --        15,533           65,952

     Totals                                   515,801      699,709        6,852,963

Other Income (Expense):
     Interest Income                               --            --          109,490
     Interest Expense                         (54,560)     (109,778)        (422,959)
     Rental Income                                 --            --           45,126
     Loss on Non-Marketable Securities             --            --          (85,000)
     Write off of Assets                           --            --         (151,920)
     Forfeited Deposit                             --            --         (100,000)
     Other Income                                  --            --              735

     Totals                                   (54,560)     (109,778)        (606,528)


     (Loss) from Continuing Operations
     Before Discontinued Operations and
     Extraordinary Item                      (570,361)     (809,487)      (7,459,491)

Discontinued Operations:
     Gain on Disposal of Subsidiaries              --            --          389,286
     (Loss) from Discontinued Operations           --            --         (389,286)

     Total Discontinued Operations                 --            --               --

     (Loss) Before Extraordinary Item        (570,361)     (809,487)      (7,459,491)

Extraordinary Item:
     Extraordinary Gain on Forgiveness
      of Debt                               2,356,929            --        2,524,080

     Net (Loss)                           $ 1,786,568   $  (809,487)     $(4,935,411)

Per Share Data:
     Net (Loss) Per Common Share              $   .03       $ (.02)

Weighted Average Number of Shares          61,581,687    54,331,687

See Notes to Financial Statements
</TABLE>
                                       3
<PAGE>
<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY

                                                                                                           Deficit
                                                                                                         Accumulated   Total
                               Preferred Stock                      Common Stock             Additional  During the    Stock-
                         Series A           Series B                          Subscribed      Paid-In    Development   holders'
                      Shares  Amount    Shares  Amount    Shares  Amount    Shares  Amount    Capital      Stage       Equity
<S>                      <C>     <C>       <C>     <C>       <C>     <C>       <C>     <C>         <C>          <C>         <C>
,
November 9, 1982 (Date
 of Inception)            --   $  --        --   $  --        --   $  --        --   $  --   $      --    $      --     $    --

Issuance of Shares for
 Cash ($.51 Per Share)    --      --        --      --     2,971        15      --      --       1,510           --       1,525

Issuance of Common
 Stock to the Public
 ($12.50 Per Share)       --      --        --      --     1,474       8        --      --     644,992           --     645,000

Deferred Offering Costs   --      --        --      --        --      --        --      --    (115,690)          --    (115,690)

Cancellation of Common
 Stock                    --      --        --      --      (800)     (4)       --      --           4           --          --

Issuance of Shares for
 Services ($.18 Per
 Share)                   --      --        --      --    85,714     429        --      --      14,571           --      15,000

Issuance of Common Stock
 at a Discount ($.02 Per
 Share)                   --      --        --      -- 1,339,212   6,696        --      --      13,304           --      20,000

Capital Contribution      --      --        --      --        --      --        --      --       2,850           --       2,850

Net Loss for the Period
 From November 9, 1982
 (Date of Inception)
 Through June 30, 1992    --      --        --      --        --      --        --      --          --     (221,169)   (221,169)

 Balance - June 30, 1992  --      --        --      -- 1,428,571   7,144        --      --     561,541     (221,169)    347,516

Issuance of Common Stock
 at a Discount for
 Services ($.02 Per
 Share), May 1993         --      --        --      --   714,287   3,571        --      --       8,929           --      12,500

Net Loss for Year Ended
 June 30, 1993            --      --        --      --        --      --        --      --          --     (373,401)   (373,401)

 Balance - June 30,
  1993 - Forward          --   $  --        --   $  -- 2,142,858 $10,715        --   $  --    $570,470    $(594,570)   $(13,385)

See Notes to Financial Statements
</TABLE>

                                     4
<PAGE>
<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY
                                                                                                           Deficit
                                                                                                         Accumulated   Total
                               Preferred Stock                      Common Stock             Additional  During the    Stock-
                         Series A           Series B                          Subscribed      Paid-In    Development   holders'
                      Shares  Amount    Shares  Amount    Shares  Amount    Shares  Amount    Capital      Stage       Equity
<S>                      <C>     <C>       <C>     <C>       <C>     <C>       <C>     <C>         <C>          <C>         <C>

Balance - June 30,
  1993 - Forwarded        --   $  --        --   $  -- 2,142,858 $10,715        --   $  --    $570,470    $(594,570)   $(13,385)

Change in Par Value
 from $.005 to $.001      --      --        --      --        --  (8,572)       --      --       8,572           --          --

Issuance of Stock for
 Cash September 1993
 ($1.00 Per Share)        --      --        --      --   600,000     600        --      --     599,400           --     600,000

Issuance of Stock
 for Cash August 1993
 ($1.00 Per Share)        --      --        --      -- 1,500,000   1,500        --      --   1,498,500           --   1,500,000

Issuance of Convertible
 Preferred Stock for
 Acquisition of Land
 Valued at $1.00 Per
 Share Issued August
 1993              2,250,000   2,250       --       --        --      --        --      --   2,247,750           --   2,250,000

Issuance of Stock to
 Related Party for
 Cash and Services
 Pursuit to Exercise
 of Options ($1.00
 Per Share)               --      --       --       --   250,000     250        --      --     249,750           --     250,000

Purchase and Cancellation
 of Treasury Stock ($1.00
 Per Share)               --      --       --       --  (125,000)   (125)       --      --    (124,875)          --    (125,000)

Issuance of Stock for
 Cash (140,000 Shares
 and 60,662 Shares
 Issued December 1993
 and January 1994,
 Respectively) at
 $2.50 Per Share          --      --       --       --   200,000     200        --      --     499,800           --     500,000

Balance of Common Stock
 for Acquisition of
 Land Valued at $1.00
 Per Share Issued June
 1994                     --      --       --       --   250,000     250        --      --     249,750           --     250,000

Issuance of Common Stock
 for Cash and Services
 Pursuant to Exercise of
 Options (75,000 Shares
 and 20,000 Shares Issued
 April and June 1994
 Respectively at $2.50
 Per Share)               --      --       --       --    95,000      95        --      --     237,405           --     237,500

Issuance of Common Stock
 for Services Rendered
 Valued at $2.50 Per
 Share, issued April 1994 --      --       --       --   200,000     200        --      --     499,800           --     500,000

Subscription of Common
 Stock Pursuant to
 Private Placement
 Offering ($3.00 Per
 Share)                   --      --       --       --        --      --   262,667     263     787,737           --      788,000

Net Loss for Year Ended
 June 30, 1994            --      --       --       --        --      --        --      --          --   (1,490,785)  (1,490,785)

Balance - June 30,
 1994 - Forward    2,250,000  $2,250       --     $ -- 5,113,520  $5,113   262,667    $263  $7,324,059  $(2,085,355)  $5,246,330

See Notes to Financial Statements

</TABLE>

                                     5
<PAGE>

<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY
                                                                                                           Deficit
                                                                                                         Accumulated   Total
                               Preferred Stock                      Common Stock             Additional  During the    Stock-
                         Series A           Series B                          Subscribed      Paid-In    Development   holders'
                      Shares  Amount    Shares  Amount    Shares  Amount    Shares  Amount    Capital      Stage       Equity
<S>                      <C>     <C>       <C>     <C>       <C>     <C>       <C>     <C>         <C>          <C>         <C>

Balance - June 30,
 1994 - Forwarded  2,250,000  $2,250       --     $ -- 5,113,520  $5,113   262,667    $263  $7,324,059  $(2,085,355)  $5,246,330

Issuance of Common
 Stock Pursuant to
 Private Placement
 Offering - December
 1994 ($2.67 Per Share)   --      --       --       --   460,000     460        --      --   1,229,040           --    1,229,500

Issuance of Stock for
 Outstanding Note
 issued April 20,
 1995 ($.20 Per Share)    --      --      --       --  5,000,000   5,000        --      --   1,009,451           --    1,014,451

Convert Subscribed Stock
 to Common and Record
 Fees                     --      --      --       --    262,667     263  (262,667)   (263)         --           --           --

Net Loss for Year Ended
 June 30, 1995            --      --      --       --         --      --        --      --          --     (757,659)    (757,659)

Balance - June
  30, 1995         2,250,000   2,250      --       -- 10,836,187  10,836        --      --   9,562,550   (2,843,014)   6,732,622

Net Loss for Year
 Ended June 30, 1996      --      --      --       --         --      --        --      --          --     (416,440)    (416,440)

 Balance - June
  30, 1996         2,250,000   2,250      --       -- 10,836,187  10,836        --      --   9,562,550   (3,259,454)   6,316,182

Issuance of Preferred
 Stock - Class B in
 Exchange for Related Party
 Debt ($.25 Per Share)
 April 1997               --      -- 4,000,000 1,000,000      --      --        --      --          --           --    1,000,000

Common Stock Issued in
 Exchange for Debt
 ($.25 Per Share)
 April 1997               --      --      --       --  1,250,000   1,250        --      --     248,750           --      250,000

Warrants Issued for
 1,000,000 Shares of
 Common Stock in
 connection with Norlar,
 Inc. debt financing
 (.06 Per Warrant)        --      --      --       --        --       --        --      --      60,000           --       60,000

Net Loss for Year
 Ended June 30, 1997      --      --      --       --        --       --        --      --          --   (1,080,391)  (1,080,391)

Balance - June
 30, 1997          2,250,000  $2,250 4,000,000 $1,000,000 12,086,187 $12,086    --    $ --  $9,871,300  $(4,339,845)  $6,545,791

Issuance of Common
 Stock for Services
 Rendered Valued at
 $.20 per Share,
 July 1997                --      --      --       --  1,000,000   1,000        --      --     199,999           --      200,000

Issuance of Common
 Stock in Exchange
 for Debt and Services
 to be Rendered
 ($.1875 Per Share)
 September 1997           --      --      --       --   395,500      396        --      --      73,761           --       74,157

Issuance of Common
 Stock for Services
 Rendered and Debt
 Exchange ($.086
 Per Share)
 March 1998              --       --      --       --    85,000      850        --      --      72,413           --       72,263


</TABLE>

                                     6
<PAGE>

<TABLE>
COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY

                                                                                                           Deficit
                                                                                                         Accumulated   Total
                               Preferred Stock                      Common Stock             Additional  During the    Stock-
                         Series A           Series B                          Subscribed      Paid-In    Development   holders'
                      Shares  Amount    Shares  Amount    Shares  Amount    Shares  Amount    Capital      Stage       Equity
<S>                      <C>     <C>       <C>     <C>       <C>     <C>       <C>     <C>         <C>          <C>         <C>

Convert Preferred Stock
 to Common Stock
 - April 1998            --       --(4,000,000)(1,000,000)40,000,000 40,000     --      --     960,000           --           --

Issuance of Stock for
 Services April 1998     --       -- 100,000   25,000        --       --        --      --          --           --       25,000

Net Loss for Year
 Ended June 30, 1998     --       --      --       --        --       --        --      --          --   (1,238,679)  (1,238,679)

 Balance - June
   30, 1998       2,250,000    2,250 100,000   25,000 54,331,687 $54,332        --      --  11,176,474   (5,578,524)   5,679,530

Preferred Stock issued
 in Exchange for Debt
($.25 per Share)
 October 1998            --       -- 1,000,000 250,000      --       --         --      --          --           --      250,000

Net Loss for the Year
 Ended June 30

Balance - June
 30, 1999         2,250,000    2,250 1,100,000 275,000 54,331,687 54,332        --      --  11,176,474   (6,721,979)   4,786,076

Convert Preferred
to Common Stock
October 1999     (2,250,000)  (2,250)       --      -- 2,250,000   2,250        --      --          --           --           --

Convert Preferred
to Common Stock
November 1999            --       -- (500,000) (125,000) 5,000,000 5,000        --      --     120,000           --           --

Net Gain for the
Nine Months ended
March 2000               --       --        --      --       --       --        --      --          --   1,786,568     1,786,568

Totals                   --       --   600,000  150,000 61,581,687 61,582       --      --  11,296,474  (4,935,411)    6,572,645


See Notes to Financial Statements

</TABLE>
                                     7
<PAGE>
<TABLE>

COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS

                                                                                      For the period from
                                                                                        November 9, 1982
                                                                                      (Date of Inception)
                                                        Nine months ended                   through
                                                             March 31,                     March 31,
                                                 2 0 0 0                1 9 9 9             2 0 0 0
<S>                                                <C>                    <C>                  <C>
Operating Activities:
     Continuing Operations:
        (Loss) Before Extraordinary Item       $ (570,361)           $  (809,487)         $(7,459,491)
        Adjustments to Reconcile Net
        (Loss) to Net Cash (Used for)
        Operating Activities:
          Depreciation                                  --                (15,533)               65,952
          Amortization of Discount                      --                     --                60,000
          Common Stock Issued for Interest              --                     --                14,451
          Common Stock Issued for Services              --                     --             1,087,500
          Loss on Nonmarketable Securities              --                     --               (85,000)
          Write off of Loan Receivable                  --                     --               (90,000)
          Extraordinary Item                     2,356,929                     --             2,524,081
          Accrued Interest - Related Party              --                     --                52,514
          Allocation of Management Fees - Related
           Party                                        --                     --               408,000

     Changes in Assets and Liabilities:
          (Increase) Decrease in:
          Due from Officers                             --                     --               (93,000)
          Prepaid Interest                              --                     --              (840,715)
          Due from Shareholder                          --                     --               (13,233)

     Increase (Decrease) in:
          Accounts Payable                      (1,965,475)               310,752             1,855,820
          Payroll and Property Taxes Payable            --                  6,347               167,065
          Accrued Interest                         459,699                284,319             1,152,433
          Accrued Expenses                              --                 (4,579)               21,600

     Discontinued Operations:
          Net (Loss)                                    --                     --              (389,286)
          Adjustments to Reconcile Net (Loss)to
            Net Cash (Used for) Operating Activities:
               Gain on Disposal of Assets               --                     --               389,286

     Total Adjustments                             851,153                612,372             6,287,467

Net Cash Provided (Used) by Operating
 Activities - Forward                         $    280,792             $  197,115           $(1,176,205)

                                     8
</TABLE>
<PAGE>

COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

CERTAIN STATEMENTS INCLUDED HEREIN OR INCORPORATED BY REFERENCE CONSTITUTE
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 (THE "REFORM ACT").  THE COMPANY DESIRES TO TAKE
ADVANTAGE OF CERTAIN "SAFE HARBOR" PROVISIONS OF THE REFORM ACT AND IS
INCLUDING THIS SPECIAL NOTE TO ENABLE THE COMPANY TO DO SO.  FORWARD-LOOKING
STATEMENTS INCLUDED OR INCORPORATED BY REFERENCE IN THIS PART INVOLVE KNOWN
AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH WOULD CAUSE THE
COMPANY'S ACTUAL RESULTS, PERFORMANCE (FINANCIAL OR OPERATING) OR ACHIEVEMENTS
TO DIFFER MATERIALLY FROM THE FUTURE RESULTS, PERFORMANCE (FINANCIAL OR
OPERATING) OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD LOOKING
STATEMENTS.

In June 1999, the Company signed a Letter of Intent with Beverly Hillbillies
Gaming Company Inc. and Beverly Hillbillies Gaming Entertainment LLC to enter
into a joint venture to finalize development of and finance its Black Hawk,
Colorado Casino and Hotel project.

The new entity will be titled, "Jethro's Beverly Hillbillies Mansion and
Casino", and will be redesigned around the characters, settings, events and
theme of the 1960's and '70's television sitcom, The Beverly Hillbillies.

Max Baer, Jr., the founder and chairman of Beverly Hillbillies Gaming
Entertainment, LLC successfully secured the exclusive master licenses from CBS
and Viacom, Inc. to exploit the Beverly Hillbillies theme in connection with
gaming and other entertainment venues.  Mr. Baer, who is best known for his
portrayal of "Jethro Bodine" during the nine year run of the television
series, is also planning a facility in Reno.

Under the terms of the joint venture, named "Jethro's Black Hawk, LLC," the
parties will enter into an operating agreement with each party's participation
to be established and set forth in accordance with an equity ownership
formula.  Beverly Hillbillies Gaming Entertainment, LLC will provide
management services for the facility.

Financing, financial advisory services and placement agent services will be
provided by Westwood Capital, LLC of New York City, New York who is an
investment banking firm specializing in structured debt financing and merger
and acquisition transactions for companies in the financial services and real
estate industries.  Additionally, Westwood Capital provides project and
corporate financing for companies in the gaming and hospitality industries.

During September and October 1999, the Company completed final review of an
Admission and Operating Agreement securing the commitment of all parties to
bring the project to fruition.  Under the aforementioned agreements' terms,
Jethro's Black Hawk, LLC would have assumed all existing secured indebtedness
of the Company, begin making the required interest payments as of September
30, 1999, and make full payment of all such indebtedness by March 31, 2000.

                                     9
<PAGE>

As of March 31, 2000, the parties have not yet signed such agreements and no
debts were assumed as Beverly Hillbillies Gaming Entertainment LLC has
experienced problems in closing on its property for the Reno project.
The Company has been advised, by Beverly Hillbillies Gaming that a resolve to
their Reno property issue has been delayed until at least July at which time
the companies will meet to establish a new schedule.  Additionally, they
advised that they and Westwood Capital remain committed to the project,
despite their Reno property acquisition delay.  All parties acknowledge
their responsibility to be approved by the Colorado Gaming Commission
and will proceed to do so prior to project completion.

It is still anticipated that construction could begin sometime in 2000.

Although the Company is confident in the abilities of all parties to provide
financing and accomplish all the above mentioned goals, there can be no
assurance that any of these items will be provided or completed immediately or
in the future.  Despite its ongoing relationship with Beverly Hillbillies
Gaming Entertainment, LLC, the Company is continued to research other means
and sources of bringing the project to fruition.  To that effect, in December
1999, the Company signed a short-term thirty day exclusive agreement with a
Florida lending group to secure the necessary funds to complete the project
and submitted a proposal to Casinos Austria International to manage or joint
venture the proposed facility.  As of March 31, 2000, no results were attained
from this source and all agreements were terminated.

In November 1999, the Company contracted with Heritage West of Black Hawk,
Colorado to locate a joint venture partner, lease or in the extreme, sell the
property on terms suitable to the Company.  No results have been attained by
this source as of this date.

In March 2000, the Company was made aware of a listing problem with the OTC
Bulletin Board, due to the lack of an unqualified auditor's opinion letter
being a part of its June 30, 1999 10-KSB filing with the Securities and
Exchange Commission.  The Company's stock listing was moved to the pink sheets
effective April 4, 2000 as a market maker in the Company's stock filed for
listing accordingly.  The Company must remain a pink sheet listing for at
least 30 days, at which time if the Company's filings have been brought to an
acceptable level, can apply to be re-listed on the OTC Bulletin Board.

In order to accomplish this task, the Company must pay its current auditors a
sum of approximately $55,000 for past services rendered or contract with a new
firm for which a $30,000 fee is required.  The Company is currently working to
locate such funds, perform the necessary task and complete its filings for
re-listing.

In March 2000, the Company's Chairman and CEO, Mr. Larry Berman resigned his
position citing a conflict of interest with regard to extensive loans made to
the Company, as well as personal issues.  See Item 6, Exhibits and Reports on
Form 8-K.

Black Hawk is a picturesque mountain town approximately 40 miles west of
Denver.  In the past year, July 1998 through June 1999, Black Hawk hosted
approximately 3 million visitors and generated over 60% of the state's gaming
revenues.  The Hotel Casino, on the northern most end of the Black Hawk gaming
district, will be in a most highly visible location as it is in a direct line
of site to all visitors approaching Black Hawk's Gregory Street intersection
on State Highway 119.   The Black Hawk and nearby Central City casino market
includes many small, privately held gaming facilities that the Company
believes offer limited amenities and are characterized by a shortage of
convenient on-site parking.  There are a few large facilities currently
operating with varying levels of services and amenities, as well as new
facilities planned.  The theme, hospitality, ample parking, modern hotel
accommodations and a full line of amenities, will set it apart from, and
should give it a competitive advantage over, the other casinos in the Black
Hawk/Central City market.

The Hotel Casino complex will be designed and constructed pursuant to a
guaranteed maximum price agreement which is to be finalized prior to
construction.  The design and construction team consists of Semple Brown
Roberts, P.C., a Denver based architectural firm (the "Architect") and PCL
Construction Services, Inc., a multi-million dollar North American
construction firm with U.S. headquarters located in Denver.  The Architect is
the designer of Fitzgerald's Casino in Black Hawk, while the Contractor's gaming
credits include the MGM Grand Hotel Casino and Stratosphere Tower in Las
Vegas, Nevada, as well as the Chinook Winds Gaming and Convention Center in
Lincoln City, Oregon.

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LIQUIDITY & CAPITAL RESOURCES

In March 1996, the Company borrowed $5 million from Kennedy Funding, Inc.  The
Company issued a Promissory Note effective May 20, 1996 payable at the rate of
15% per annum until May 19, 1997 (the "First Year Interest Obligation") and at
a rate of 24% per annum thereafter.  Payments of principal and interest are
payable as follows: (a) the First Year Interest Obligation was prepaid at
closing; (b) commencing on May 19, 1997 and for each month thereafter, the
Company is to make interest only payments, in advance, in the amount of 2% of
the then existing principal balance due under the Note; and (c) the entire
outstanding principal balance, together with all accrued and unpaid interest,
if not previously paid, shall be finally due and payable on May 19, 1999.
Such loan was not paid and was extended by its new assignee Norlar, Inc.,
pending completion of the newest financing effort.  The holder of the Note may
accelerate the due date for the entire balance of principal, interest and
other sums due upon maturity in the event of default under the Note.  The
annual rate of interest is 36% for the life of the loan.  The Note is secured
by a first deed of trust on the Property.  Norlar, Inc. is a corporation
beneficially owned by the Company's former Chairman and CEO, Mr. Larry Berman
and his wife.

In May 1997, the Company issued a promissory note and second deed of trust on
the property to Norlar, Inc. for a maximum of $600,000 (First Norlar Note), or
so much thereof as may have been advanced by maker, for payments due on the
Kennedy loan and for general corporate purposes.  As of March 2000, the
Company owed $600,000 on the First Norlar Note.  In October 1997, the Company
issued a second promissory note (Second Norlar Note) and a fourth deed of
trust on the property to Norlar, Inc., again for a maximum of $600,000.  As of
March 2000, the Company owed $600,000 on the Second Norlar Note.  In April
1998, the Company issued a third promissory note (Third Norlar Note) and fifth
deed of trust on the property to Norlar, Inc. again for a maximum of
$600,000.  As of March 2000, the Company owed $600,000 on the Third Norlar
Note.  In August 1998, the Company issued a fourth promissory note (Fourth
Norlar Note) and sixth deed of trust on the property to Norlar, Inc. again for
$600,000.  As of December 1999, the Company owed $600,000 on the Fourth Norlar
note.  In January 1999, the Company issued a Fifth Promissory Note (Fifth
Norlar Note) and seventh deed of trust on the property to Norlar, Inc., again
for $600,000.  As of March 2000, the Company owed $600,000 on the Fifth Norlar
Note.  In July 1999, the Company issued a sixth promissory note (Sixth Norlar
Note) and eighth deed of trust on the property to Norlar, Inc. for
$1,000,000.  As of March 2000, the Company owed $1,000,000 on the Sixth Norlar
Note.  No further deeds of trust will be issued at this time.  In addition,
for each $100,000 Norlar, Inc. has loaned to the Company, it has authorized
the issuance of 500,000 warrants to purchase shares of common stock at $0.20
per share.  Norlar, Inc. is a closely held corporation beneficially owned by
the Company's former Chairman and CEO, Larry Berman and his wife.  The loans
bear interest at 12% per annum and is to be repaid upon the earlier of the
sale of the property, refinance of the property or the financing of the
project.

In September and October of 1997, PCL Construction Services, Inc. advanced the
Company $998,000 to begin the development and design process in advance of
funding.  As of March 2000, the Company owes PCL Construction approximately
$1,300,000, including interest.
In July 1998, the Company settled an ongoing dispute with New Allied
Development Corporation with regard to a piece of property outside the gaming
district in Black Hawk, Colorado.  Title to such property was returned to New
Allied, therefore reducing the Company's debt by $750,000, plus applicable
taxes due.

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In October 1998, the Company converted $250,000 of debt to the Company's
officers into Series B Preferred stock.  In October 1999, half of the October
1998 issuance was converted into common stock in accordance with its terms.

In October 1999, the Company signed a settlement agreement and mutual release
finalizing the balance of all ongoing disputes with New Allied Development
Corporation and Tommy Knocker Casinos Corporation.  Under the terms of the
agreement, New Allied and Tommy Knocker converted 2,250,000 shares of
Preferred A stock into 2,250,000 shares of common stock and agreed to dismiss
all pending appeals in exchange for the company dismissing all pending
litigation and appeals.

RESULTS OF OPERATIONS

The Company has had no revenues from operations.  The Company continues to
incur losses of approximately $200,000 per month to service the assigned
Kennedy Funding Note to Norlar, Inc. and other ongoing obligations such as
rent and utilities for the Company's corporate office.  The Company has had
extraordinary gain on forgiveness of debt this fiscal year in the amount of
2,356,929 due to elimination of a development contract booked as debt in 1997
& 1998 and allocation of other development expenses against the cost of
engineering and design of the facility.  The ability of the Company to achieve
revenues in the future will be dependent upon realization of its plans to
develop a gaming and hotel complex on the property.

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COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

PART II.   OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

Form 8-K, as filed with the Securities and Exchange Commission on March 6,
2000 with regard to the resignation of the Company's Chairman and Chief
Executive Officer, Mr. Larry Berman.


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COUNTRY WORLD CASINOS, INC.
(A DEVELOPMENT STAGE COMPANY)

SIGNATURES


          In accordance with the requirements of Sections 13 or 15(d) of the
Securities Exchange Act of 1934, as amended, the Registrant has caused this
Report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                    COUNTRY WORLD CASINOS, INC.


                    By:  /s/ William H. Patrowicz
                    William H. Patrowicz, Secretary & Treasurer



Date: May 15, 2000


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