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, 2000

                           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)                (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, 2000.

                                    Page 1 of 13
<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1 - Summarized Financial Information

                        INTERNATIONAL LEISURE HOSTS, LTD.
                 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

                                                       December      March
                                                       31, 2000     31, 2000
                                                     -----------   -----------
ASSETS
CURRENT ASSETS:
    Cash and cash equivalents                        $   166,560   $   306,354
    Accounts receivable                                    3,342       130,436
    Merchandise inventories                              169,156       100,936
    Prepaid expenses and other                            22,672        17,466
                                                     -----------   -----------
        Total current assets                             361,730       555,192
                                                     -----------   -----------
PROPERTY AND EQUIPMENT:
    Buildings and improvements                         6,258,425     6,248,824
    Equipment                                          2,069,719     1,701,557
    Leasehold improvements                               325,600       325,600
    Construction in process                              678,282       294,176
                                                     -----------   -----------
        Total property and equipment                   9,332,026     8,570,157
    Less accumulated depreciation and amortization     2,827,056     2,592,796
                                                     -----------   -----------
        Property and equipment - net                   6,504,970     5,977,361
                                                     -----------   -----------
DEPOSITS                                                   1,500
                                                     -----------
TOTAL                                                $ 6,868,200   $ 6,532,553
                                                     ===========   ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
    Notes payable:
       Bank                                          $   425,004   $
       Related party                                   1,035,000     1,460,000
    Accounts payable:
       Trade                                             163,289       105,291
       Related party                                                    70,563
    Income taxes payable                                  37,351        59,851
    Accrued liabilities                                   38,426        49,371
    Advance deposits                                     290,133       149,151
                                                     -----------   -----------
        Total current liabilities                      1,989,203     1,894,227
DEFERRED INCOME TAXES                                    170,076       178,076
                                                     -----------   -----------
        Total liabilities                              2,159,279     2,072,303
                                                     -----------   -----------
COMMITMENTS AND CONTINGENCIES (Note 2)

SHAREHOLDERS' EQUITY:
    Preferred stock, $5 par value - authorized,
      100,000 shares; none issued
    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                                  4,124,023     3,875,352
                                                     -----------   -----------
                                                       4,787,633     4,538,962

    Less common stock in treasury - at cost,
      23,916 shares                                      (78,712)      (78,712)
                                                     -----------   -----------
        Shareholders' equity - net                     4,708,921     4,460,250
                                                     -----------   -----------
TOTAL                                                $ 6,868,200   $ 6,532,553
                                                     ===========   ===========

See notes to unaudited condensed consolidated financial statements

                                  Page 2 of 13
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
                                                Nine months ended      Three months ended
                                                   December 31,           December 31,
                                             ----------------------  -----------------------
                                                2000       1999         2000         1999
                                             ----------  ----------  ----------   ----------
REVENUES:
<S>                                          <C>         <C>         <C>          <C>
 Sales of merchandise                        $1,397,080  $1,678,902  $  110,200   $  140,575
 Room, cabin and trailer space rentals        1,247,096   1,592,129      42,829       82,623
 Other rentals and income                       520,237     356,539     338,029      150,141
 Net gain on asset disposals                                  7,689
 Interest                                         7,917      10,402         971        3,232
                                             ----------  ----------  ----------   ----------
    Total revenues                            3,172,330   3,645,661     492,029      376,571
                                             ----------  ----------  ----------   ----------
COSTS AND EXPENSES:
 Cost of merchandise                            819,181   1,008,107      59,625       99,877
 Operating                                    1,437,290   1,556,686     390,075      383,863
 General and administrative                      87,196      68,602      29,278       17,275
 General and administrative - related party     131,042      85,024      60,379       26,748
 Net loss on asset disposals                      4,693                     523        3,470
 Depreciation and amortization                  251,018     327,500      82,326      113,611
 Interest                                         7,240                   7,240
 Interest - related party                        58,999      53,972      12,289       17,212
                                             ----------  ----------  ----------   ----------
    Total costs and expenses                  2,796,659   3,099,891     641,735      662,056
                                             ----------  ----------  ----------   ----------
Income (loss) before income taxes               375,671     545,770    (149,706)    (285,485)

Provision (benefit) for income taxes            127,000     202,000     (47,000)    (107,000)
                                             ----------  ----------  ----------   ----------
NET INCOME (LOSS)                            $  248,671  $  343,770  ($ 102,706)  ($ 178,485)
                                             ==========  ==========  ==========   ==========
NET INCOME (LOSS) PER COMMON SHARE           $     0.36  $     0.49  $    (0.15)  $    (0.26)
                                             ==========  ==========  ==========   ==========
</TABLE>
See notes to unaudited condensed consolidated financial statements

                                  Page 3 of 13
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                         Nine months ended December 31,
                                                        -------------------------------
                                                               2000         1999
                                                             ---------   ---------

OPERATING ACTIVITIES:
<S>                                                          <C>         <C>
  Net income                                                 $ 248,671   $ 343,770
  Adjustments to reconcile net income to net cash
    provided by operating activities:
      Depreciation and amortization                            251,018     327,500
      Net loss (gain) on asset disposals                         4,693      (7,689)
  Changes in assets and liabilities:
      Accounts receivable                                      127,094      (2,304)
      Merchandise inventories                                  (68,220)    (31,901)
      Prepaid expenses and other                                (6,706)     (1,654)
      Accounts payable - trade                                  57,998      54,350
      Accounts payable - related party                         (70,563)
      Income taxes payable                                     (22,500)    (70,852)
      Accrued liabilities                                      (10,945)     (3,430)
      Advance deposits                                         140,982      48,311
      Deferred income taxes                                     (8,000)
                                                             ---------   ---------
          Net cash provided by operating activities            643,522     656,101
                                                             ---------   ---------
INVESTING ACTIVITIES:
      Purchases of property and equipment                     (817,820)   (855,216)
      Proceeds from sale of property and equipment              34,500      44,750
                                                             ---------   ---------
        Net cash used in investing activities                 (783,320)   (810,466)
                                                             ---------   ---------
FINANCING ACTIVITIES:
      Loan payments to related party                          (425,000)
      Borrowings under note payable                            425,004
      Common stock purchased for treasury                                     (800)
                                                             ---------   ---------
        Net cash provided by (used in) financing activities          4        (800)
                                                             ---------   ---------
NET DECREASE  IN CASH AND CASH EQUIVALENTS                    (139,794)   (155,165)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                   306,354     296,291
                                                             ---------   ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD                     $ 166,560   $ 141,126
                                                             =========   =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION - Cash paid for interest                         $ 101,665   $  91,375
                                                             =========   =========
            - Cash paid for income taxes                     $  97,500   $ 142,000
                                                             =========   =========
</TABLE>
See notes to unaudited condensed consolidated financial statements

                                  Page 4 of 13
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.

         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
          For the Nine Month Periods Ended December 31, 2000 and 1999

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 accounting principles generally accepted in the
United States of America for interim financial information and with the
instructions to Form 10-QSB. Accordingly, they do not include all of the
information and notes required 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, 2000 are not
necessarily indicative of the results that may be expected for the year ending
March 31, 2001. 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, 2000.

Significant Accounting Policies - The Company prepares its financial statements
in accordance with accounting principles generally accepted in the United States
of America. A summary of significant accounting policies is 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.
                                  Page 5 of 13
<PAGE>
d.   Use of Estimates - The preparation of financial statements in conformity
     with accounting principles generally accepted in the United States of
     America necessarily 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 those estimates.

e.   Net Income per Common Share - Basic 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 694,457 and 694,505 shares for the nine month periods ended
     December 31, 2000 and 1999, respectively and 694,457 and 694,477 for the
     three month periods ended December 31, 2000 and 1999, respectively. Diluted
     net income per share reflects potential dilution that could occur from
     common shares issuable through stock options, warrants or other convertible
     securities; however, the Company has no dilutive securities.

f.   Statements of Cash Flows - For purposes of the 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, and accrued expenses approximate fair values due to the short-term
     maturities or market rates of interest.

h.   New Accounting Pronouncement - The Financial Accounting Standards Board
     ("FASB") issued SFAS No. 133, Accounting for Derivative Instruments and
     Hedging Activities. The effective date of SFAS No. 133 for the Company is
     the fiscal quarter beginning April 1, 2001. 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. Management does not believe
     that SFAS No. 133 will have a significant effect on its financial
     statements.

i.   Reclassifications - Certain reclassifications have been made in the 1999
     financial statements to conform to the presentation in 2000.

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 December 31, 2002, the Company is required to move its existing 54-unit
riverside motel from its current location to the high ground above the Snake
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

                                  Page 6 of 13
<PAGE>
additional employee support facilities, which began in summer 1998, with
expected completion in summer 2002. The remaining cost of this relocation is
estimated to be between $100,000 and $350,000 depending on the number of
employee housing units and the extent of additional improvements required by the
NPS.

The Contract fee to the NPS is calculated at 2 percent of gross receipts (as
defined), subject to review and possible adjustment every five years. For the
nine months ended December 31, 2000, and 1999, this fee amounted to $60,871, and
$70,600 respectively, which has been recorded as operating expense.

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 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 required the NPS to prepare an environmental impact
statement ("EIS") during which time period the Parks continued activities under
the then existing winter visitor-use plan.

Upon completion of the EIS, the NPS prepared a draft winter-use plan with
several alternatives. The NPS has adopted the draft winter-use plan which
eliminates snowmobiling from the Park with a phase-in period of three years
during which time the winter snowmobiling operation may be continued.

A lawsuit has been filed by various other organizations to overturn the NPS's
decision and other efforts to either overturn or modify the winter-use plan are
ongoing. If these efforts are unsuccessful, then Flagg Ranch would have to
suspend or discontinue winter operations completely. This would have a
significant negative impact on the revenues and financial results of the
Company. During fiscal 2000, winter operations accounted for approximately 27%
of total revenues.

         The Department of Labor ("DOL") has notified the Company, on behalf of
current and past employees, that additional overtime is due for the period
beginning November 1, 1997. Currently the Company pays overtime for any hours in
excess of 48 during a one-week period. The Company, as well as other Park
concessioners in the area, have operated under an exemption that exists in the
Fair Labor Standards Act. The DOL has claimed that this exemption does not apply
due to conflicting language in the Contract Work Hours Safety Standard Act which
requires overtime to be paid to laborers and mechanics working on a government
contract after 40 hours worked during a week. If the DOL prevails, the estimate
of the additional expense to the Company ranges from $40,000 to $60,000. While
there is no guarantee, the Company believes it will not be subject to the
additional overtime payments.
                                  Page 7 of 13
<PAGE>
3.   TRANSACTIONS WITH RELATED PARTIES

General and administrative - related party expenses for the nine months ended
December 31, 2000 and 1999 represent management fees and administrative expenses
paid to related parties and totaled approximately $131,000, and $85,000,
respectively. Related parties during the nine months ended December 31, 2000,
and 1999 are owned by the Company's current majority owner, Robert Walker, or
family members. Related parties during the nine month period ended December 31,
2000 also include a company owned by the Company's current President, Michael P.
Perikly.

Interest incurred on related party debt (see note 4) for the nine months ended
December 31, 2000 and 1999 was $59,000 and $54,000, respectively. During the
nine month period ended December 31, 2000, the Company repaid $425,000 on the
related party line of credit agreement.

4.   NOTES PAYABLE UNDER LINES OF CREDIT

During October 2000, the Company renewed a line of credit agreement
("Agreement") with an affiliated company, which provides for collateralized
borrowings of up to $1,500,000 at an interest rate of prime plus .5 percent. The
Agreement was renewed until September 30, 2001. On December 1, 2000, the Company
entered into a line of credit agreement ("Agreement") with a second affiliated
company expiring November 30, 2001, which provides for collateralized borrowings
of up to $500,000 at an interest rate of prime plus .5 percent. Borrowings under
both Agreements are collateralized by the assets and improvements of Flagg
Ranch. The Company has borrowed $1,035,000 on the lines of credit as of December
31, 2000. The terms of the Agreements 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, 2000, the Company was not in compliance with the minimum cash flow
requirement.

On October 5, 2000 the Company entered into a line of credit agreement with
Jackson State Bank ("JSB Agreement"), which provides for collateralized
borrowings of up to $500,000 at an interest rate of prime plus .875 percent.
Borrowings under the JSB Agreement are collateralized by the assets and
improvements of Flagg Ranch. The Company has borrowed $425,004 on the JSB
Agreement as of December 31, 2000.

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.
                                  Page 8 of 13
<PAGE>
The Company's net income for the nine months ended December 31, 2000 was
$249,000 ($.36 per share). This compares to net income of $344,000 ($.49 per
share) for the nine months ended December 31, 1999. The $95,000 decrease in
income is primarily attributable to the loss of revenue resulting from the
closure and evacuation of the Company's facilities for two weeks during August
2000 due to the fire danger in the immediate area from the surrounding fires
that threatened the Park during the summer. The Company has limited business
interruption insurance that has covered some of the losses incurred. While none
of the Company's facilities were damaged, the closure and fire threat prompted a
large number of cancellations even after the facilities reopened. The Company's
net loss for the quarter ended December 31, 2000 was $103,000 ($.15 per share).
This compares to a net loss of $178,000 ($.26 per share) for the quarter ended
December 31, 1999. Changes in the Company's revenues and expenses for the three
and nine months ended December 31, 2000 and 1999 are summarized below. 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 22 through October 8 and the winter season runs from late
December through mid-March.

Revenues

Total revenues for 2000 decreased by $473,000 or 13% from 1999. Of this
decrease, $289,000 was from motel and cabin rentals, $56,000 from RV park
rentals, $114,000 from food services, $69,000 from grocery store sales, $72,000
from gift shop sales, $26,000 from gasoline sales, $15,000 from float trip
revenue, and $13,000 in trail ride rentals. Offsetting these decreases were
increases of $12,000 in winter activities and $169,000 in other income resulting
primarily from a payment by our insurance company for business interruption
coverage. Total revenues for the three months ended December 31, 2000 increased
by $115,000 or 31% from 1999. Of this increase, $12,000 was from winter
activities and $173,000 from other income resulting from the insurance company
payment. Offsetting these increases were decreases of $39,000 from motel and
cabin rentals, $16,000 from food services, $6,000 from grocery store sales,
$5,000 from gift shop sales, and $4,000 from gasoline sales. The primary reason
for the decrease in all revenue items is due to a shortening of the end of our
summer season by 7 days and the beginning of our winter season by 4 days as well
as the closing of the property in mid-August due to the fire danger in the Park.

Expenses

The ratio of cost of merchandise sold to sales of merchandise was 59% and 60% in
2000 and 1999, respectively. Operating expenses decreased by $119,000 or 8% in
2000 as compared to 1999. The ratio of operating expenses to total revenue
increased to 45% in 2000 from 43% in 1999. Of this decrease, $94,000 was from
labor, $10,000 in utilities, $3,000 in office supplies, $13,000 in equipment
rental, $13,000 in snowmobile parts and gas, $14,000 in outside services,
$12,000 in telephone costs, $15,000 in Company vehicle and travel, $7,000 in
printing, $4,000 in credit card fees, and $10,000 in franchise fees. Offsetting
these decreases were increases of $29,000 in operating supplies, $6,000 in
repairs and maintenance, $14,000 in advertising, $6,000 in postage and freight,
$11,000 in insurance, and $10,000 in other items. Depreciation decreased
primarily as a result of a number of large dollar items becoming fully
depreciated in the prior fiscal year. General and administrative expenses
increased $19,000 or 27% in 2000 as compared to 1999.

                                  Page 9 of 13
<PAGE>
Of this increase, $9,000 was in legal and accounting fees, $8,000 in travel and
transportation, and $2,000 in other items. General and administrative expenses -
related party increased by 46,000 or 54% in 2000 as compared to 1999 primarily
due to a reclassification of certain accounting fees and an increase in payments
for management fees.

Inflation

The Company expects that it will be able to offset increases in 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 prior fiscal year, the Company continued work on a project to
relocate it's 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 management housing. During the nine months ended December 31, 2000,
the Company incurred costs of approximately $371,000 related to the above
construction projects. In addition the Company has purchased new vehicles and
other equipment at a cost of $447,000. The Company's working capital decreased
to a negative $1,627,000 at December 31, 2000 from a negative $1,339,000 at
March 31, 2000.

The Company may incur additional costs of between $100,000 to $350,000 prior to
December 31, 2002 to finish relocating the 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. Cash generated from operations was $706,000,
$964,000, and $432,000 for the fiscal years ended 2000, 1999 and 1998,
respectively. Cash generated from operations for the nine months ended December
31, 2000 and 1999 was $644,000 and $656,000, 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.

On October 5, 2000 the Company entered into a line of credit agreement with
Jackson State Bank ("JSB Agreement"), expiring on September 8, 2001, which
provides for collateralized borrowings of up to $500,000 at an interest rate of
prime plus .875 percent. Borrowings under the JSB Agreement are collateralized
by the assets and improvements of Flagg Ranch. The Company has borrowed $425,004
on the JSB Agreement as of December 31, 2000.

                                 Page 10 of 13
<PAGE>
                           PART II - OTHER INFORMATION

ITEM I.           Legal Proceedings

                  The Department of Labor ("DOL") has notified the Company, on
                  behalf of current and past employees, that additional overtime
                  is due for the period beginning November 1, 1997. Currently
                  the Company pays overtime for any hours in excess of 48 during
                  a one-week period. The Company, as well as other Park
                  concessioners in the area, have operated under an exemption
                  that exists in the Fair Labor Standards Act. The DOL has
                  claimed that this exemption does not apply due to conflicting
                  language in the Contract Work Hours Safety Standard Act which
                  requires overtime to be paid to laborers and mechanics working
                  on a government contract after 40 hours worked during a week.
                  If the DOL prevails, the estimate of the additional expense to
                  the Company ranges from $40,000 to $60,000. While there is no
                  guarantee, the Company believes it will not be subject to the
                  additional overtime payments.

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,
                  2000 (Unaudited) and March 31, 2000                          2

                  Condensed Consolidated Statements of Operations -
                  Three and Nine months ended December 31, 2000 and
                  1999 (Unaudited)                                             3

                  Condensed Consolidated Statements of Cash Flows-
                  Nine months ended December 31, 2000 and1999
                  (Unaudited)                                                  4

                  Notes to Unaudited Condensed Consolidated Financial
                  Statements                                                   5

                            Page 11 of 13
<PAGE>
                  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 12 of 13
<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:  January 31, 2001          BY: ROBERT L. WALKER
      -----------------             ------------------------------------------
                                     Robert L. Walker
                                     Chairman and Chief Executive Officer



DATE:  January 31, 2001          BY: MICHAEL P. PERIKLY
      ------------------            ------------------------------------------
                                     Michael P. Perikly
                                     President and Principal Financial Officer

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