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

                                   FORM 10-QSB

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

                For the Quarterly Period Ended DECEMBER 31, 1999

                           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)


                      3207 S. Hardy Drive, Tempe, AZ 85282
          -----------------------------------------------------------
          (Address of principal executive office, including zip code)


         Issuer's telephone number, including area code (480) 829-7600


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 694,457 shares
of $.01 par value common stock outstanding as of December 31, 1999.

                                  Page 1 of 11
<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1 - SUMMARIZED FINANCIAL INFORMATION

                        INTERNATIONAL LEISURE HOSTS, LTD.
                 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

                                                      December 31,    March 31,
                                                         1999           1999
                                                      ----------     ----------
ASSETS
CURRENT ASSETS:
 Cash and cash equivalents                            $  141,126     $  296,291
 Accounts receivable                                      12,158          9,854
 Merchandise inventories                                 124,382         92,481
 Prepaid expenses and other                               22,090         18,936
                                                      ----------     ----------
     Total current assets                                299,756        417,562
                                                      ----------     ----------
PROPERTY AND EQUIPMENT:
 Buildings and improvements                            5,859,393      5,421,138
 Equipment                                             1,980,960      1,815,620
 Leasehold improvements                                  325,600        325,600
 Construction in process                                 660,197        446,206
                                                      ----------     ----------
     Total property and equipment                      8,826,150      8,008,564
 Less accumulated depreciation and amortization        2,542,684      2,215,754
                                                      ----------     ----------
     Property and equipment - net                      6,283,466      5,792,810
                                                      ----------     ----------
DEPOSITS                                                                  1,500
                                                      ----------     ----------
TOTAL                                                 $6,583,222     $6,211,872
                                                      ==========     ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
 Note payable under line of credit from related
  party                                               $1,460,000     $1,460,000
 Accounts payable - trade                                164,590        110,240
 Income taxes payable                                     46,832        117,684
 Accrued liabilities                                      40,827         44,257
 Advance deposits                                        215,153        166,842
                                                      ----------     ----------
     Total current liabilities                         1,927,402      1,899,023
DEFERRED INCOME TAXES                                    193,076        193,076
                                                      ----------     ----------
        Total liabilities                              2,120,478      2,092,099
                                                      ----------     ----------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
 Preferred stock, $5 par value - authorized
  100,000 shares: none issued
 Common stock, $.01 par value - authorized
  2,000,000 shares: 718,373 shares issued                  7,184          7,184
 Additional paid-in capital                              656,426        656,426
 Retained earnings                                     3,877,846      3,534,075
                                                      ----------     ----------
                                                       4,541,456      4,197,685
 Less common stock in treasury - at cost,
  12/31/99 - 23,916 shares, 3/31/99 -
  23,796 shares                                          (78,712)       (77,912)
                                                      ----------     ----------
     Total shareholders' equity                        4,462,744      4,119,773
                                                      ----------     ----------
TOTAL                                                 $6,583,222     $6,211,872
                                                      ==========     ==========

See notes to unaudited condensed consolidated financial statements

                                  Page 2 of 11
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                Nine months ended              Three months ended
                                                   December 31,                    December 31,
                                            -------------------------        ------------------------
                                               1999           1998             1999           1998
                                            ----------     ----------        ---------      ---------
<S>                                         <C>            <C>               <C>            <C>
REVENUES:
 Sales of merchandise                       $1,678,902     $1,525,382        $ 140,575      $ 142,233
 Room, cabin and trailer space rentals       1,592,129      1,473,881           82,623         73,540
 Snowmobile and related rentals                147,133        111,979          147,485        111,829
 Other rentals and income                      209,406        155,905            2,656          3,605
 Net gain (loss) on asset disposals              7,689         14,010           (3,470)         2,105
 Interest                                       10,402          1,233            3,232
                                            ----------     ----------        ---------      ---------
    Total revenues                           3,645,661      3,282,390          373,101        333,312
                                            ----------     ----------        ---------      ---------
COSTS AND EXPENSES:
 Cost of merchandise                         1,008,107        924,670           99,877         81,869
 Operating                                   1,556,686      1,508,481          383,863        375,858
 General and administrative                     68,602         44,809           17,275         10,960
 General and administrative - related
   party                                        85,024        102,474           26,748         35,349
 Depreciation and amortization                 327,500        273,333          113,611        100,678
 Interest - related party                       53,972         52,761           17,212         12,925
                                            ----------     ----------        ---------      ---------
    Total costs and expenses                 3,099,891      2,906,528          658,586        617,639
                                            ----------     ----------        ---------      ---------

Income (loss) before income taxes              545,770        375,862         (285,485)      (284,327)

Provision (benefit) for income taxes           202,000        140,000         (107,000)       (93,000)
                                            ----------     ----------        ---------      ---------

NET INCOME (LOSS)                           $  343,770     $  235,862        ($178,485)     ($191,327)
                                            ==========     ==========        =========      =========
NET INCOME (LOSS)PER COMMON SHARE -
  BASIC AND ASSUMING DILUTION               $     0.49     $     0.34        $   (0.26)     $   (0.28)
                                            ==========     ==========        =========      =========
</TABLE>

See notes to unaudited condensed consolidated financial statements


                                  Page 3 of 11
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                           Nine months ended
                                                              December 31,
                                                       -------------------------
                                                         1999          1998
                                                       ---------    -----------
OPERATING ACTIVITIES:
  Net income                                           $ 343,770    $   235,862
  Adjustments to reconcile net income to net cash
    provided by operating activities:
      Depreciation and amortization                      327,500        273,333
      Net gain on asset disposals                         (7,689)       (14,010)
  Changes in assets and liabilities:
      Accounts receivable                                 (2,304)        14,784
      Accounts receivable from related party                             82,800
      Merchandise inventories                            (31,901)       (84,247)
      Prepaid expenses and other                          (1,654)       (48,467)
      Accounts payable - trade                            54,350        104,503
      Accounts payable - related party                                    4,430
      Income taxes payable                               (70,852)
      Accrued liabilities                                 (3,430)       158,208
      Advance deposits                                    48,311         51,894
                                                       ---------    -----------
          Net cash provided by operating activities      656,101        779,090
                                                       ---------    -----------
INVESTING ACTIVITIES:
      Purchases of property and equipment               (855,216)    (1,252,188)
      Proceeds from sale of property and equipment        44,750         29,366
                                                       ---------    -----------
        Net cash used in investing activities           (810,466)    (1,222,822)
                                                       ---------    -----------
FINANCING ACTIVITIES:
       Borrowings from affiliated company                               395,000
       Common stock purchased for treasury                  (800)
                                                       ---------    -----------
        Net cash (used in) provided by financing
          activities                                        (800)       395,000
                                                       ---------    -----------

NET DECREASE IN CASH AND CASH EQUIVALENTS               (155,165)       (48,732)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD           296,291        212,593
                                                       ---------    -----------

CASH AND CASH EQUIVALENTS, END OF PERIOD               $ 141,126    $   163,861
                                                       =========    ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION - Cash paid for interest                   $  91,375    $    77,826
                                                       =========    ===========
            - Cash paid for income taxes               $ 142,000
                                                       =========

See notes to unaudited condensed consolidated financial statements

                                    Page 4 of 11
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.

         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
           For the Nine Month Periods Ended December 31, 1999 and 1998

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

International  Leisure  Hosts,  Ltd.  (the  "Company")  operates in one business
segment,  the  ownership and  operation of Flagg Ranch  Resort,  a  full-service
resort motel and trailer park located in the John D.  Rockefeller  Jr.  Memorial
Parkway,  approximately  four miles north of Grand Teton  National  Park and two
miles south of the southern entrance to Yellowstone National Park.

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions  to Form 10-QSB.  Accordingly,
they do not  include all of the  information  and notes  required  by  generally
accepted accounting principles for complete financial statements. In the opinion
of management, all adjustments and reclassifications  considered necessary for a
fair and comparable  presentation  have been made and are of a normal  recurring
nature.  Operating  results for the nine months ended  December 31, 1999 are not
necessarily  indicative  of the results that may be expected for the year ending
March 31, 2000. The enclosed financial  statements should be read in conjunction
with the  consolidated  financial  statements and notes thereto  included in the
Company's Annual Report on Form 10-KSB for the year ended March 31, 1999.

SIGNIFICANT ACCOUNTING POLICIES are as follows:

a.   MERCHANDISE   INVENTORIES  are  stated  at  the  lower  of  aggregate  cost
     (first-in, first-out basis) or market.

b.   PROPERTY  AND  EQUIPMENT  are stated at cost.  Depreciation  is computed by
     straight-line  and  accelerated  methods over the  estimated  useful lives,
     which range from 5 to 40 years, for such assets. Leasehold improvements are
     amortized using the  straight-line  method over the lesser of the estimated
     useful life of the related asset or the term of the lease.

     The  Company  reviews  the  carrying  values of its  long-lived  assets and
     identifiable intangibles for possible impairment whenever events or changes
     in circumstances indicate that the carrying amount of assets to be held and
     used may not be  recoverable.  For assets to be  disposed  of, the  Company
     reports long-lived assets and certain identifiable intangibles at the lower
     of carrying amount or fair value less cost to sell.

c.   INCOME TAXES - Deferred  income taxes have been  provided for the temporary
     differences between financial statement and income tax reporting on certain
     transactions.

d.   USE OF ESTIMATES - The  preparation  of financial  statements in conformity
     with  generally  accepted  accounting   principles   necessarily   requires
     management  to make  estimates  and  assumptions  that affect the  reported
     amounts of assets and liabilities  and disclosure of contingent  assets and

                                  Page 5 of 11
<PAGE>
     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 those estimates.

e.   NET INCOME  (LOSS) PER COMMON SHARE - Net income (loss) per common share is
     computed by dividing net income  (loss) by the weighted  average  number of
     common shares  outstanding.  The weighted  average  number of common shares
     outstanding was 694,505 and 694,577 shares for the nine month periods ended
     December 31, 1999 and 1998,  respectively,  and 694,477 and 694,577 for the
     three month periods ended December 31, 1999 and 1998, respectively.

f.   STATEMENTS  OF CASH  FLOWS - For  purposes  of the  condensed  consolidated
     statements  of cash  flows,  cash and cash  equivalents  represent  cash in
     banks,  money  market  funds,  and  certificates  of deposit  with  initial
     maturities of three months or less.

g.   ESTIMATED  FAIR VALUE OF FINANCIAL  INSTRUMENTS - The Company has estimated
     the fair value of its financial  instruments  using available  market data.
     However,  considerable  judgment is required in interpreting market data to
     develop estimates of fair value. The use of different market assumptions or
     methodologies  may have a material  effect on the estimates of fair values.
     The  carrying  values  of  cash,  receivables,  lines of  credit,  accounts
     payable,  accrued expenses,  and long-term debt approximate fair values due
     to the short-term maturities or market rates of interest.

h.   NEW  ACCOUNTING  PRONOUNCEMENT  - In June 1998,  the  Financial  Accounting
     Standards  Board  ("FASB")  issued SFAS No. 133,  ACCOUNTING FOR DERIVATIVE
     INSTRUMENTS AND HEDGING ACTIVITIES, but has delayed the effective date from
     fiscal years beginning after June 15, 1999 to June 15, 2000. Management has
     not  completed  the  analysis of the effects  SFAS No. 133 will have on its
     financial  statements.  SFAS No. 133  establishes  accounting and reporting
     standards  for  derivative   instruments,   including  certain  derivatives
     embedded in other contracts,  and for hedging activities.  It requires that
     entities record all  derivatives as either assets or liabilities,  measured
     at fair value.

2. COMMITMENTS AND CONTINGENCIES

The Company receives its operating  authorization from the National Park Service
("NPS").  The NPS Contract (the "Contract") which became effective on January 1,
1990, will expire on December 31, 2009.  Under the terms of the Contract,  prior
to November  30,  2000,  the Company is  required to move its  existing  54-unit
riverside motel from its current location to the high ground above the river, to
provide  for new  employee  housing and make  certain  other  improvements.  The
Company has chosen to meet these  requirements by moving the riverside motel and
converting it into employee housing,  plus building  additional employee support
facilities, which began in summer 1998, with expected completion in summer 2000.
The remaining  cost of this  relocation is estimated to be between  $600,000 and
$900,000  depending  on the number of employee  housing  units and the extent of
additional  improvements  required by the NPS. If the Company builds new lodging
units to replace the 54-unit riverside motel, the additional cost to build these
units is estimated to be between $1,000,000 and $1,200,000. This would result in
a combined total cost of relocation and new  construction of between  $1,600,000
and  $2,100,000.  The  Company  has not made a decision  at this time  regarding
replacing the riverside motel with new lodging units.

                                  Page 6 of 11
<PAGE>
The Contract fee to the NPS is calculated at 2% of gross  receipts (as defined),
subject to review and possible  adjustment every five years. For the nine months
ended  December  31, 1999 and 1998,  this fee  amounted to $70,600 and  $64,400,
respectively.

Flagg Ranch faces competition from hotels,  camping areas and trailer facilities
in Yellowstone and Grand Teton National Parks, as well as from a large number of
hotels and motels in Wyoming,  Montana and Idaho, offering some facilities which
are similar to those offered by Flagg Ranch. In addition,  the business of Flagg
Ranch is susceptible to weather conditions and unfavorable trends in the economy
as a whole.  Business  could be  significantly  affected  depending upon actions
which might be taken by the NPS if cutbacks are made to their budget. If the NPS
decides to close  Yellowstone  National Park for the winter  months,  then Flagg
Ranch would have to discontinue its winter operations. NPS budget cutbacks could
also  negatively  impact  the  length of the  summer  season  and the  number of
visitors to the Parks and have a  corresponding  negative  impact on Flagg Ranch
revenues.

On May 20, 1997,  the Fund for Animals,  Biodiversity  Legal  Foundation et. al.
filed a lawsuit  against  the NPS  challenging  the action of the NPS  regarding
winter use of Yellowstone  and Grand Teton National  Parks.  The plaintiffs have
asked the Federal Court to stop winter  activities,  primarily  snowmobiling and
related snow grooming,  until environmental impacts are documented. A settlement
agreement was reached that requires the NPS to prepare an  environmental  impact
statement ("EIS").  In July 1999 a draft EIS was prepared and made available for
public comment  (comment period ended December 1, 1999).  The NPS will prepare a
final EIS some time around  October  2000.  If the NPS is required to suspend or
terminate winter activities in Yellowstone National Park, Flagg Ranch would have
to suspend or discontinue its winter operations.

3. TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTIES

General and administrative  expenses for the nine months ended December 31, 1999
and 1998 include  management  fees and  administrative  expenses paid to related
parties of  approximately  $85,000 and $102,000,  respectively.  Related parties
during the nine months ended  December 31, 1999 and 1998 refer to the  Company's
majority owner, Robert Walker, or his affiliated companies.

During October 1999, the Company renewed its line of credit from a related party
(see Note 4 below).  Interest  paid  pursuant to these  borrowings  for the nine
months  ended   December  31,  1999  and  1998  totaled   $91,375  and  $77,826,
respectively.

4. NOTE PAYABLE UNDER LINE OF CREDIT

During  October  1999,  the  Company  renewed  its  line  of  credit   agreement
("Agreement")  with an affiliated  company  expiring  September 30, 2000,  which
provides for secured borrowings of up to $1,500,000 at an interest rate of prime
plus .5 percent. Borrowings under the Agreement are collateralized by the assets
and  improvements  of Flagg Ranch.  The Company has borrowed  $1,460,000 on this
line of credit as of December  31,  1999.  The terms of the  Agreement  contain,
among other  provisions,  requirements  for  maintaining  minimum cash flows (as
defined in the  Agreement) and places  limitations  on the Company's  ability to
make loans.  As of December 31, 1999 the Company was not in compliance  with the
minimum cash flow requirement.

                                  Page 7 of 11
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

The statements contained in this Report regarding  management's  anticipation of
the Company's facility completion schedules, quality of facilities,  fulfillment
of National Park Service  requirements,  consumer response to marketing efforts,
ability to offset  inflation  and  adequacy of  financing,  constitute  "forward
looking"  statements  within the  meaning of the Private  Securities  Litigation
Reform  Act  of  1995.  Management's  anticipation  is  based  upon  assumptions
regarding  levels  of  competition,   acceptance  of  facilities  by  consumers,
favorable weather  conditions,  ability to complete facility  construction,  the
market in which the Company operates, the stability of the economy and stability
of the regulatory environment.  Any of these assumptions could prove inaccurate,
and therefore  there can be no assurance that the forward-  looking  information
will prove to be accurate.

The  Company's  net income  for the nine  months  ended  December  31,  1999 was
$344,000  ($.49 per share).  This  compares to net income of $236,000  ($.34 per
share) for the nine months ended  December 31,  1998.  The $108,000  increase in
income was due primarily to increased  revenues.  The Company's net loss for the
quarter ended December 31, 1999 was $178,000 ($.26 per share).  This compares to
a net loss of $191,000 ($.28 per share) for the quarter ended December 31, 1998.
Changes  in the  Company's  revenues  and  expenses  for the nine  months  ended
December  31,  1999  and 1998  are  summarized  below.  These  changes  are also
representative  of the changes that occurred  during the current quarter period.
All  references to years  represent the nine month period ending  December 31 of
the stated year.

Flagg Ranch,  the principal  business of the Company,  is operated as a seasonal
resort.  The two  seasons  coincide  with  the  opening  and  closing  dates  of
Yellowstone  and  Grand  Teton  National  Parks.  The  summer  season  runs from
approximately  May 15 through  October 15 and the winter  season  runs from late
December through mid-March.  Therefore,  the quarter ended December 31, 1999 and
1998 consists of only fifteen days of operations.

REVENUES

Total  revenues  for  1999  increased  by  $363,000  or 11% from  1998.  Of this
increase,  $28,000  was from  motel  and  cabin  rentals,  $91,000  from RV park
rentals, $32,000 from food and beverage revenue, $42,000 in grocery store sales,
$38,000 in gift shop sales,  $41,000 in gasoline sales,  $18,000 from float trip
revenue,  $30,000 from horse rental revenue,  $35,000 from  snowmobile/snowcoach
rental revenue and $8,000 in miscellaneous  income.  The primary reasons for the
increases  in all  revenue  categories  is an overall  increase in the number of
guests  staying at Flagg Ranch as well as an  associated  increase in per capita
spending by the Company's guests.

COSTS AND EXPENSES

The ratio of cost of merchandise  sold to sales of merchandise  was 60% and 61%,
respectively, in 1999 and 1998. Operating expenses increased by $48,000 or 3% in
1999 as  compared to 1998.  The ratio of  operating  expenses  to total  revenue
decreased  to 43% in 1999 from 46% in 1998.  The primary  increases in operating
expenses  were $32,000 in outside  services  and $31,000 in  insurance  expense.
Other increases  included $9,000 in repairs and maintenance,  $18,000 in Company

                                  Page 8 of 11
<PAGE>
travel,  $6,000 in  franchise  fees,  $7,000 in credit card fees and a number of
other expenses  totaling  $25,000.  Offsetting these increases were decreases of
$41,000 in operating  supplies,  $10,000 in telephone,  $10,000 in  advertising,
$11,000 in licenses and fees and a number of other decreases totaling $8,000.

The  increase  in  depreciation  expense  was  attributable  to the  transfer of
finished construction to fixed assets from construction in process.  General and
administrative   expenses  and  interest  expense  remained  fairly  stable  for
comparable periods.

INFLATION

The Company expects that it will be able to offset increased costs and expenses,
principally  labor,  caused by inflation,  by increasing  prices on its services
with minimal effect on operations.

LIQUIDITY AND CAPITAL RESOURCES

During  the last  fiscal  year,  the  Company  began a project to  relocate  the
riverside  motel and other  buildings  located  along the Snake  River to higher
ground  for use as  employee  dormitories  as well  as the  construction  of new
employee RV spaces and other ancillary  buildings.  During the nine months ended
December 31, 1999, the Company incurred costs of approximately  $650,000 related
to the above  construction  projects.  In addition the Company has purchased new
vehicles  and other  equipment  at a cost of  $205,000.  The  Company's  working
capital decreased to a negative  $1,628,000 at December 31, 1999 from a negative
$1,481,000 at March 31, 1999.

The Company may incur additional costs of between $600,000 and $900,000 prior to
November 30, 2000 to relocate  employee  housing units as required under the NPS
Contract.  The Company intends to fund these improvements  through existing cash
funds and cash  generated  from  operations,  plus  additional  borrowings  from
lenders. Cash generated from operations was $964,000, $432,000, and $430,000 for
the fiscal years ended 1999,  1998 and 1997,  respectively.  Cash generated from
operations for the nine months ended December 31, 1999 and 1998 was $656,000 and
$779,000,  respectively.  The  construction  funds will have to be obtained from
outside sources to the extent they exceed cash generated from operations.  There
is no guarantee that the Company will be able to procure  financing on favorable
terms.

YEAR 2000 COMPLIANCE

The Year 2000 Issue is the result of computer  programs  being written using two
digits  rather than four to define the  applicable  year.  Any of the  Company's
computer programs that have  time-sensitive  software may recognize a date using
"00" as the year 1900 rather than the year 2000.  This could  result in a system
failure or miscalculations causing disruptions of operations,  including,  among
other things, a temporary inability to process  transactions,  send invoices, or
engage in similar normal business activities.

Both the Company's  accounting  software as well as its reservation  systems are
already year 2000 compliant.  Management has determined that the year 2000 issue
will not pose significant  operational  problems for its computer systems.  As a
result,  all  costs  associated  with this  conversion  are  being  expensed  as
incurred.

                                  Page 9 of 11
<PAGE>
In  addition,  the  Company  has  communicated  with  others  with  whom it does
significant  business to determine their Year 2000 compliance  readiness and the
extent to which the Company is  vulnerable  to any third party Year 2000 issues.
However,  there can be no guarantee that the systems of other companies on which
the  Company's  systems  rely will be  timely  converted,  or that a failure  to
convert  by another  company,  or a  conversion  that is  incompatible  with the
Company's systems, would not have a material adverse effect on the Company.

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

        None.

ITEM 2. CHANGES IN SECURITIES

        None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

        None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

        None.

ITEM 5. OTHER MATERIALLY IMPORTANT EVENTS

        None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) 1. Financial Statements                                            Page
                                                                            ----
              The following financial statements of International Leisure
              Hosts, Ltd. are included in Part I, Item 1:

              Condensed Consolidated Balance Sheets - December 31, 1999
              (Unaudited) and March 31, 1999                                  2

              Condensed Consolidated Statements of Operations - 3 and 9
              months ended December 31, 1999 and 1998 (Unaudited)             3

              Condensed Consolidated Statements of Cash Flows- 3 and 9
              months ended December 31, 1999 and 1998 (Unaudited)             4

              Notes to Unaudited Condensed Consolidated Financial
              Statements                                                      5

         3.   The following exhibits are incorporated by reference as
              indicated:

         3.1  By-Laws-Adopted June 22, 1992
              Filed with  Form 10-K dated March 31, 1992

         3.2  Articles of Incorporation-filed with Form 10-K dated
              March 31, 1986, pages 32-41

        10.1  United States Department of the Interior National Park
              Service Contract-filed with Form 10-Q dated December
              31, 1989

                                  Page 10 of 11
<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: February 10, 2000                By: Robert L. Walker
                                           -------------------------------------
                                           Robert L. Walker
                                           Chairman and Chief Executive Officer


DATE: February 10, 2000                By: Michael P. Perikly
                                           -------------------------------------
                                           Michael P. Perikly
                                           President and Principal Financial
                                           Officer

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