UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   Form 10-QSB

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

               For the quarterly period ended: September 30, 2001

[] TRANSITION  REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
              For the transition period from _________ to _________

                         Commission file number 0-21991

                        ADVANCED GAMING TECHNOLOGY, INC.
       (Exact name of small business issuer as specified in its charter)

            Wyoming                                              98-0152226
  (State or other jurisdiction                                  (IRS Employer
of incorporation or organization)                            Identification No.)

                      P O  BOX  46855  LAS  VEGAS,  NEVADA  89114
                      (Address of principal executive offices)

                                 (702) 227-6668
                            Issuer's telephone number

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDING DURING THE PRECEDING FIVE YEARS

Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by a court. Yes [X] No [ ]


                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practical date: September 30, 2001 25,000,000

Transitional Small Business Disclosure Format (check one). Yes [ ] No [X]


<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

         The unaudited condensed  consolidated  financial  statements  presented
herein have been prepared by the Company in accordance with the  instructions to
Form10-QSB  and do not  include  all of the  information  and  note  disclosures
required  by  generally   accepted   accounting   principles.   These  condensed
consolidated  financial  statements  should  be read  in  conjunction  with  the
consolidated  financial  statements and notes thereto  included in the Company's
Form 10-KSB for the year ended  December 31, 2000.  The  accompanying  financial
statements have not been examined by independent  accountants in accordance with
generally  accepted  auditing  standards,  but in the opinion of management such
financial  statements  include  all  adjustments   (consisting  only  of  normal
recurring  adjustments)  necessary  to present  fairly the  Company's  financial
position and results of operations.  The results of operations for the three and
nine months ended  September  30, 2001 may not be indicative of the results that
may be expected for the year ending December 31, 2001.


















                                        2
<PAGE>

                        Advanced Gaming Technology, Inc.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)

                                                     September 30,  December 31,
ASSETS:                                                   2001          2000
---------                                             -----------   -----------
Current Assets
Cash and cash equivalents                             $    59,721   $   171,807
Prepaid expenses                                            1,000         1,000
Inventory                                                  20,000        20,000
                                                      -----------   -----------
Total current assets                                       80,721       192,807

Property and Equipment, net                               104,500       125,753

Other assets                                               12,178        78,178
                                                      -----------   -----------

Total assets                                          $   197,399   $   396,738
                                                      ===========   ===========


                                                      September 30, December 31,
                                                          2001          2000
LIABILITIES AND STOCKHOLDER'S DEFICIT                 -----------   -----------
----------------------------------------
Current Liabilities
Accounts payable and accrued liabilities              $   144,229   $   330,798
Notes payable                                           1,218,507       900,276
                                                      -----------   -----------
Total current liabilities                               1,362,736     1,231,074

Long term obligations, net of current portion                --            --
                                                      -----------   -----------
Total liabilities                                       1,362,736     1,231,074
                                                      -----------   -----------
Stockholders' Deficit:
-----------------------
Preferred Stock-10% cumulative, $.10 par value;
  authorized 4,000,000 shares; issued - nil                  --            --
Common Stock - $.005 par value; authorized
  150,000,000 shares; issued and outstanding
  25,000,000 on September 30, 2001 and
  December 31, 2000                                       125,000       125,000
Additional paid-in capital                                   --            --
Accumulated deficit                                    (1,290,337)     (959,336)
                                                      -----------   -----------
Total stockholders' deficit                            (1,165,337)     (834,336)
                                                      -----------   -----------
Total liabilities and stockholders deficit            $   197,399   $   396,738
                                                      ===========   ===========

The accompanying  notes are an integral part of the condensed  consolidated
financial statements.
                                      3
<PAGE>


                        Advanced Gaming Technology, Inc.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)



                               For the Three Months        For the Nine Months
                               Ended September 30,         Ended September 30,
                                 2001         2000          2001         2000
                              ----------   ----------   ----------   ----------
Revenues                      $    3,700   $     --     $   85,121   $   15,163

Expenses
  Salaries and wages              56,250      56,250       168,750      168,750
  Depreciation                    15,000      15,000        45,000       47,000
  Administrative expenses         30,213      25,815        93,732       82,496
                              ----------   ----------   ----------   ----------
                                 101,463      97,065       307,482      298,246

Loss from operations              97,763      97,065       222,361      283,083

Other income (expense), net      (50,914)    (12,879)     (108,640)     (55,068)
                              ----------   ----------   ----------   ----------
Net Loss                      $  148,677      109,944   $  331,001  $   338,151
                              ==========   ==========   ==========   ==========

Net loss per common share     $    (.01)   $     --    $     (.01)  $     (.01)
                              ==========   ==========   ==========   ==========

Weighted average common
 shares outstanding            25,000,000  25,000,000   25,000,000   25,000,000












     The accompanying  notes are an integral part of the condensed  consolidated
financial statements.

                                        4
<PAGE>


                        Advanced Gaming Technology, Inc.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                         For the Nine Months
                                                         Ended September 30,
                                                          2001          2000
                                                      -----------   -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss                                              $  (331,001)  $  (338,151)
Adjustments to Reconcile Net Loss to Net Cash
Provided by (Used in) Operating Activities:
Depreciation and amortization                              45,000        47,000
Loss from earnings of affiliate                            66,000          --
Change in operating assets and liabilities:
Accounts payable and accrued liabilities                 (168,338)       99,931
Conversion of accounts payable to notes payable           300,000          --
                                                      -----------   -----------
Net cash used in operating activities                     (88,339)     (191,220)

Cash Flows From Investing Activities:
Other assets                                                 --       1,750,000
Purchase of property and equipment                        (23,747)          --
                                                      -----------   -----------
Net Cash (Used in) provided by Investing Activities       (23,747)    1,750,000

Cash Flows From Financing Activities:
Repayment of debt and notes                                   --     (1,734,345)
                                                      -----------   -----------
Net cash provided by financing activities                     --     (1,734,345)

Net change in cash and cash equivalents                  (112,086)     (175,565)
Cash and cash equivalents at beginning of period          171,807       440,561
                                                      -----------   -----------
Cash and cash equivalents at end of period            $    59,721   $   264,996

Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest              $    34,562   $    69,957












     The accompanying  notes are an integral part of the condensed  consolidated
financial statements.

                                        5
<PAGE>

                        Advanced Gaming Technology, Inc.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
             For the Nine Months Ended September 30, 2001 AND 2000
                                   (Unaudited)


NOTE 1 - HISTORY AND ORGANIZATION

The  Company  was  incorporated  under the laws of the State of  Wyoming in 1963
under the name of MacTay Investment Co. The Company changed its name to Advanced
Gaming Technology,  Inc. in 1991. The Company's executive offices are located in
Las Vegas,  Nevada.  The Company is principally  engaged in the  development and
marketing of technology for the casino and hospitality industry.

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES

The summary of  accounting  policies for  Advanced  Gaming  Technology,  Inc. is
presented to assist in understanding  the Company's  financial  statements.  The
accounting policies conform to generally accepted accounting principles and have
been consistently applied in the preparation of the financial statements.

The  unaudited  financial  statements as of September 30, 2001 and for the three
and  nine  months  then  ended  reflect,  in  the  opinion  of  management,  all
adjustments  (which  include  only normal  recurring  adjustments)  necessary to
fairly  state the  financial  position  and results of  operations  for the nine
months.  Operating results for interim periods are not necessarily indicative of
the results which can be expected for full years.

A summary of the significant  accounting  policies applied in the preparation of
the accompanying financial statements is as follows:

(a)  Principles of Consolidation The consolidated  financial  statements include
     the  accounts of Advanced  Gaming  Technology,  Inc.  and its  wholly-owned
     subsidiaries.  All significant  intercompany accounts and transactions have
     been eliminated.

(b)  Inventory consists of bingo equipment parts and is carried at lower of cost
     (first-in, first-out method) and market value.

(c)  Property  and   Equipment   Property  and  equipment  is  stated  at  cost.
     Depreciation  is  provided  in  amounts  sufficient  to relate  the cost of
     depreciable  assets to  operations  over  their  estimated  service  lives,
     principally on a straight-line basis from 3 to 5 years.

     Upon sale or other  disposition  of property  and  equipment,  the cost and
     related  accumulated  depreciation  or  amortization  is  removed  from the
     accounts and any gain or loss is included in the determination of income or
     loss.

     Expenditures  for  maintenance  and  repairs  are  charged  to  expense  as
     incurred.  Major  overhauls and betterments are capitalized and depreciated
     over their useful lives.

                                        6

<PAGE>

                        Advanced Gaming Technology, Inc.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
         For the Nine Months Ended September 30, 2001 and 2000 (Unaudited)
                                   (Continued)

(d)  Revenue.  Revenue is generated on operating  leases and is recognized on an
     accrual  basis.  Certain  reclassifications  have  been  made  in the  2000
     financial statements to conform with the 2001 presentation

(e)  Cash and Cash Equivalents. For purposes of the Statement of Cash Flows, the
     Company  considers  all highly  liquid debt  instruments  purchased  with a
     maturity of three months or less, as cash equivalents.

(f)  Net Loss per  Common  Share.  The  reconciliations  of the  numerators  and
     denominators of the basic EPS computations are as follows:


                            2001                              2000
                     --------------------             --------------------
                           Number                            Number
                 Loss    Of Shares     Loss         Loss   Of Shares     Loss
             (Numerator)(Denominator)Per Share (Numerator)(Denominator)Per Share

    Basic EPS

    Loss to
    Common
    Shareholders$331,001  25,000,000  $ (.01)    $338,151   25,000,000   $(.01)
                ======== ============ ========  ========= ============= ========


     The effect of outstanding  common stock  equivalents are  anti-dilutive for
     2001 and 2000 and are thus not considered.

(g)  Pervasiveness  of Estimates.   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 these estimates.

     Certain  reclassifications  have been made in the 2000 financial statements
     to conform with the 2001 presentation.


NOTE 3 - OTHER ASSETS

                                                        2001             2000
                                                  -------------      -----------
Investment in TravelSwitch     ...........             12,178           78,178
                                                  -------------      -----------
                                                  $    12,178        $  78,178
                                                  =============      ===========
                                        7
<PAGE>

                        Advanced Gaming Technology, Inc.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
        For the Nine Months Ended September 30, 2001 and 2000 (Unaudited)
                                   (Continued)

NOTE 4 - NOTES PAYABLE

 Notes payable consist of the following:
                                                            2001         2000
                                                         ----------   ----------
Note payable, interest at 9%, due in monthly Payments
of $6,200 beginning March 1, 2000, The note is due in
July of 2006 The note is convertible into common
stock at a rate of $.53 per share.  The note is in
default subsequent to 6/30/2001 and has been
reclassified as current...............................      912,507      900,276

Note payable, interest at prime plus 2%, payable on
Demand to an officer of the company, secured by all
Assets of the company                                       306,000         --
                                                         ----------   ----------
Notes payable      ...................................  $ 1,218,507   $  900,276
                                                         ==========   ==========

NOTE 5 - INCOME TAXES

As  of  December  31,  2000,  the  Company  had  a net  operating  loss  ("NOL")
carryforward  for income tax  reporting  purposes of  approximately  $25,000,000
available to offset future taxable income. This net operating loss carry-forward
expires at various dates between December 31, 2008 and 2015. A loss generated in
a particular year will expire for federal tax purposes if not utilized within 15
years.  Additionally,  the Internal Revenue Code contains  provisions that could
reduce  or limit the  availability  and  utilization  of these  NOLs if  certain
ownership  changes have taken place or will take place.  In accordance with SFAS
No. 109, a valuation  allowance is provided when it is more likely than not that
all or some portion of the  deferred tax asset will not be realized.  Due to the
uncertainty  with respect to the ultimate  realization  of the NOLs, the Company
established a valuation  allowance for the entire net deferred  income tax asset
of $12,000,000 as of September 30, 2001

NOTE 6 - GOING CONCERN

The  accompanying  financial  statements  have been prepared in conformity  with
generally accepted accounting principles, which contemplates continuation of the
Company as a going  concern.  However,  the  Company has  sustained  substantial
operating losses in recent years. In addition,  the Company has used substantial
amounts of working  capital in its  operations.  Subsequent to June 30, 2001 the
company defaulted on its long-term debt obligation.

In view of these  matters,  realization  of a major portion of the assets in the
accompanying balance sheet is dependent upon continued operations of the Company
which in turn is  dependent  upon the  Company's  ability to meet its  financing
requirements  and succeed in its future  operations.  Management  believes  that
actions  presently  being taken to revise the Company's  operating and financial
requirements  provide  the  opportunity  for the  Company to continue as a going
concern.
                                        8
<PAGE>
                        Advanced Gaming Technology, Inc.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
        For the Nine Months Ended September 30, 2001 and 2000 (Unaudited)
                                   (Continued)


NOTE 7 - PETITION FOR RELIEF UNDER CHAPTER 11

The company filed for reorganization under chapter 11 of the U S bankruptcy code
in Las Vegas on August 26, 1998.  Under Chapter 11,  certain  claims against the
Debtor in existence  prior to the filing of the  petitions  for relief under the
federal   bankruptcy  laws  are  stayed  while  the  Debtor  continues  business
operations as Debtor-in-possession. These claims were reflected in the March 31,
1999 balance sheet as "liabilities  subject to compromise."  The bankruptcy plan
was approved June 29, 1999 and became  effective on August 19, 1999. On February
15, 2000 the  bankruptcy  court in the district of Las Vegas  approved the final
decree of the company closing the chapter 11 bankruptcy case of the company.

Pursuant to the plan,  obligations to secured creditors were re-negotiated.  All
remaining  liabilities of the company were fully satisfied  through  issuance of
new common stock.  Unsecured  creditors received 1.88 shares of new common stock
for each $1 of allowed claim. The company issued 25 million shares of new common
stock in  conjunction  with the plan.  The existing  common stock was cancelled.
Existing  shareholders  of the company on the effective date received 1 share of
new  common  stock  for  each  66  shares  of  common  stock  currently   owned.
Approximately 21 million shares were issued to creditors,  existing shareholders
and new investors. A reserve of approximately 4 million shares is maintained for
additional allowed claims.

NOTE 8 FRESH START ACCOUNTING

The  Company  accounted  for the  reorganization  using  fresh-start  reporting.
Accordingly,   all  assets  and  liabilities  were  restated  to  reflect  their
reorganization   value,   which   approximates   fair   value  at  the  date  of
reorganization.













                                        9
<PAGE>

Item 2. Management's Discussion and Analysis

General -

This discussion should be read in conjunction with  Management's  Discussion and
Analysis of  Financial  Condition  and Results of  Operations  in the  Company's
annual report on Form 10-KSB for the year ended December 31, 2000. The Company's
shares of  capital  stock are  registered  under  Section  12 of the  Securities
Exchange Act of 1934. The Company became a reporting  issuer in March 1997. This
quarterly  report on Form 10-QSB and the  information  incorporated by reference
herein contain  forward-looking  statements within the meaning of Section 27A of
the  Securities  Act of 1933,  as amended,  and  Section  21E of the  Securities
Exchange Act of 1934, as amended.  Such statements include,  but are not limited
to,  projected sales,  gross margin and net income figures,  the availability of
capital   resources,   plans   concerning   products   and  market   acceptance.

Forward-looking  statements are inherently  subject to risks and  uncertainties,
many of which cannot be predicted  with  accuracy and some of which may not even
be anticipated. Future events and actual results, financial and otherwise, could
differ materially from those set forth in or contemplated by the forward-looking
statements  herein  and any  forward  looking  statements  should be  considered
accordingly.

Results of Operations -

2001 Compared to 2000

The company  incurred a net loss for the  quarter  ended  September  30, 2001 of
$148,677  compared to a loss of $109,944  in the same  quarter of 2000.  The net
loss for the nine months ended  September  30, 2001 was  $331,001  compared to a
loss of $338,151 for the same period in 2000.

The  Company  completed  a Chapter  11  bankruptcy  reorganization  in the third
quarter of 1999. Since that time the company has focused efforts on placement of
the  existing  electronic  bingo  systems.  These  efforts  have  proven to be a
challenge as the  marketplace  is very  competitive  and most  distributors  are
aligned  with one or more of these  competitors.  To  further  complicate  these
efforts the Max Lite handheld unit has not been well received. The unit does not
match up well with offerings of other  manufacturers.  It is near the end of its
useful life cycle.  Placements with certain  distributors have been unsuccessful
as customer  acceptance of the product is low. No revenue is expected from bingo
systems during the remainder of 2001.

The Company would require  additional  financing to proceed with improvements to
existing  product or  development  of new products.  Such  financing is unlikely
given the current market and the Company's financial position.

In  January  of  2000  the  Company   formed  the   Internet   travel   provider
TravelSwitch.com  . This  venture  accepts room  reservations  for the Las Vegas
market.  The venture also handles all forms of retail  travel.  Advanced  Gaming
Technology holds a 22% interest in TravelSwitch.


                                        10
<PAGE>

Results of Operations - continued

2001 Compared to 2000

This venture has generated  losses since  inception.  Due to the immediate  cash
needs of the company,  AGT is considering all options related to this investment
including sale of the entire interest.

All of the items  discussed  above  indicate  that  management  does not  expect
revenue or cash from  operations  during the fourth quarter of 2001. The company
will consider all options to generate cash  including sale of some or all assets
of the company.

Expenses for the third quarter of 2001 were $101,463  compared to $97,065 in the
prior year.  A portion of this  expense in 2001 and 2000  represents  management
salary that was  converted to a secured note payable at June 30, 2001.  Expenses
for the nine months ended September 30, 2001 were $307,482  compared to $298,246
in 2000.

Other income (expense)  consisted of an expense of $50,914 for the third quarter
of 2001  compared to an expense of $12,879 in 2000.  $33,000 of this  expense in
2001 represents a loss on earnings of an affiliate.  Other income  (expense) for
the nine months  consisted of an expense of $108,640 in 2001 compared to $55,068
in 2000. Of this expense in 2001,  $66,000  represented a loss on earnings of an
affiliate.

Liquidity and Capital Resources -

Efforts to place electronic  bingo systems have not been successful.  No revenue
is expected during the fourth quarter of 2001.  Additional  operating capital is
necessary to continue  operations.  There is no guarantee that such capital will
be readily  available.  The company will consider all options including the sale
of certain assets in efforts to raise cash. It is possible that the company will
liquidate due to the lack of available financing.

Debt in excess of $10 million at June 30, 1998 has been  reduced to one note for
$912,507  and one note for $306,000 at  September  30, 2001.  The larger note is
convertible at the option of the holder at a rate of $.53 per share. The company
is not  currently  making  payments  on these  notes.  Efforts  are  underway to
negotiate a settlement of these obligations. Settlement could include conversion
of all or a portion of these notes to common  stock at or below  current  market
value.

The $300,000  note is payable on demand to an officer of the company.  This note
is secured by the assets of the company.

The  company's  debt  restricts the ability  obtain  financing for new projects.
These  obligations may be converted to equity through issuance of common shares.
The  issuance  of  stock to  settle  these  obligations  or to  acquire  revenue
producing   assets  would   significantly   dilute  the   positions  of  current
shareholders.  The company is  authorized  to issue 150 million  common  shares.
There are  currently 25 million  shares  issued and  outstanding.  A significant
portion of the unissued  shares could be necessary to satisfy these  obligations
or to acquire new investment capital or assets.

                                       11
<PAGE>

Inflation and Regulation -

The Company's operations have not been, and in the near term are not expected to
be, materially  affected by inflation or changing prices. The Company encounters
competition  from a variety of firms  offering  similar  products  in its market
area. Many of these firms have long standing customer relationships and are well
staffed and well financed. The Company believes that competition in the industry
is based on competitive pricing, although the ability,  reputation and technical
support of a concern is also significant.  The Company does not believe that any
recently enacted or presently pending proposed  legislation will have a material
adverse effect on its results of operations.


























                                       12
<PAGE>

                          PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 2. Changes in Securities

None.

Item 3. Defaults Upon Senior Securities

Subsequent to June 30, 2001 the company was in default on a promissory note as a
payment  scheduled  for July,  1, 2001 was not made.  The  company is  currently
attempting to negotiate a compromise to this obligation.

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

None.

Item 5. Other Information

None.

Item 6. Exhibits and Reports on Form 8-K

None


















                                       13
<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.


                        ADVANCED GAMING TECHNOLOGY, INC.
                                  (Registrant)





DATE: October 24, 2001                             By: /s/ DANIEL H. SCOTT
                                                 ------------------------------
                                                     Daniel H. Scott
                                                     President, Chief Operating
                                                     Officer and Director
                                                     (Principal executive and
                                                      accounting oficer)























                                       14