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

   
                                Amendment No. 1 To 
                                   Form 10-QSB
                                   -----------
    

               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                       For Quarter Ended December 31, 1995
                                         -----------------
                           Commission File No. 0-3858
                                           ----------

                        INTERNATIONAL LEISURE HOSTS, LTD.
                        --------------------------------
             (Exact name of Registrant as specified in its charter)



            Wyoming                                        86-0224163
-------------------------------                ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)


2525 E. Camelback, Ste. 275 Phoenix, AZ                        85016
---------------------------------------        ---------------------------------
(Address of principal executive                              (Zip Code)
office)

Issuer's telephone number, including area code (602) 955-6100

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Securities  Exchange  Act  during the 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days:

                  YES     X                                   NO
                      --------                                   ---------

State the number of shares outstanding of each of the issuer's classes of common
stock as of the close of the latest  practicable date. There were 697,677 shares
of $.01 par value common stock outstanding as of February 5, 1996.

<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1.   Summarized Financial Information


                        INTERNATIONAL LEISURE HOSTS, LTD.
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
   
                                                                  December         March
                                                                  31, 1995        31, 1995
                                                                 -----------    -----------
<S>                                                              <C>            <C>
ASSETS
CURRENT ASSETS:
 Cash and cash equivalents                                       $    45,171    $   573,279
 Marketable investment securities                                                   300,000
 Accounts receivable                                                  19,923         10,855
 Merchandise inventories                                             198,700        114,515
 Prepaid income taxes                                                 92,476         15,147
 Prepaid expenses and other                                           49,145          6,338
                                                                 -----------    -----------

                        Total current assets                         405,415      1,020,134
                                                                 -----------    -----------

CASH SEGREGATED  FOR CONSTRUCTION OF
 REPLACEMENT PROPERTY                                                               116,758

PROPERTY AND EQUIPMENT
 Buildings, equipment and improvements                             6,222,426      2,807,179
 Construction in process                                             252,700      2,841,521
 Less accumulated depreciation and amortization                   (2,489,946)    (2,357,201)
                                                                 -----------    -----------
                       Property and equipment - net                3,985,180      3,291,499

DEPOSITS                                                               2,478          2,478
                                                                 -----------    -----------

                                                                 $ 4,393,073    $ 4,430,869
                                                                 ===========    ===========


LIABILITIES & SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
 Accounts payable                                                $   165,099    $   476,423
 Accrued liabilities                                                  66,553         63,005
 Advanced deposits                                                   206,389        106,520
                                                                 -----------    -----------
                                                                 
                       Total current liablilites                     438,041        645,948

DEFERRED INCOME TAXES                                                180,852        180,852
                                                                 -----------    -----------

                       Total liabilities                             618,893        826,800
                                                                 -----------    -----------
    

COMMITMENTS AND CONTINGENCIES (Note 3)

SHAREHOLDERS' EQUITY:
 Preferred stock, $5 par value - authorized 100,000 shares;
       issued, none
 Common stock $.01 par value - authorized 2,000,000 shares;
        issued, 718,373 shares                                         7,184          7,184
 Additional paid-in capital                                          656,426        656,426
 Retained earnings                                                 3,173,082      2,999,687
 Common stock in treasury, at cost  - 20,696 and 19,875 shares       (62,512)       (59,228)
                                                                 -----------    -----------
                       Total shareholders' equity                  3,774,180      3,604,069
                                                                 -----------    -----------

                                                                 $ 4,393,073    $ 4,430,869
                                                                 ===========    ===========
</TABLE>

See notes to the consolidated financial statements.
<PAGE>
<TABLE>


                        INTERNATIONAL LEISURE HOSTS, LTD.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>




                                                                Nine months ended December 31,
                                                                  --------------------------
                                                                     1995           1994
                                                                  -----------    -----------
<S>                                                               <C>            <C>

OPERATING ACTIVITIES:
 Net Income                                                       $   173,395    $   349,894
 Adjustment to reconcile net income to net cash
      provided by (used in) operations:
      Depreciation and amortization                                   132,745         57,774


 Changes in assets and liabilities:
      Accounts receivable                                              (9,068)        51,880
      Merchandise inventories                                         (84,185)        (8,267)
      Prepaid expenses and other                                      (42,807)       (60,508)
      Accounts payable                                               (311,324)       336,012
      Accrued liabilities                                               3,548        (47,855)
      Advance deposits                                                 99,869        150,594
      Income taxes                                                    (77,329)       (38,811)
                                                                  -----------    -----------

            Net cash provided by (used in) operating activities      (115,156)       790,713
                                                                  -----------    ----------- 

   

INVESTING ACTIVITIES:
      Increase in property and equipment                           (3,415,247)       (26,271)
      Decrease (Increase) in construction in progress               2,588,821     (2,218,397)
      Use of cash segregated for construction of
           replacement  property                                      116,758        916,790
      Purchase of marketable investment securities                                  (398,044)
      Sale of marketable investment securities                        300,000      1,542,892
                                                                  -----------    -----------
                                                                  

           Net cash used by investing activities                     (409,668)      (183,030)
    

FINANCING ACTIVITIES:
      Common stock purchased for treasury                              (3,284)
                                                                  -----------    -----------

NET INCREASE (DECREASE) IN
      CASH AND CASH EQUIVALENTS                                      (528,108)       607,683

CASH AND CASH EQUIVALENTS,
      BEGINNING OF PERIOD                                             573,279         95,505
                                                                  -----------    -----------

CASH AND CASH EQUIVALENTS,
     END OF PERIOD                                                $    45,171    $   703,188
                                                                  ===========    ===========
</TABLE>


See notes to consolidated financial statements.
<PAGE>


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


                        INTERNATIONAL LEISURE HOSTS, LTD.
                        --------------------------------
                                  (REGISTRANT)


   


DATE:     2/27/96                   BY: /s/ John L. Bradley
      -----------------                 ----------------------
                                            John L. Bradley
                                            President


DATE:     2/27/96                   BY:  /s/ Mark G. Sauder
      -----------------                 ----------------------
                                             Mark G. Sauder,
                                             Chief Financial Officer