SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
                                   FORM 10-Q

     [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                             EXCHANGE ACT OF 1934
                 For the quarterly period ended March 31, 1997
    [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                             EXCHANGE ACT OF 1934
For  the  transition  period  from                    -      to              -
                              ----                    ---------              -
                        Commission file number 0-20712
                              CASINO MAGIC CORP.
                              ------------------
            (Exact name of registrant as specified in its charter)
                  MINNESOTA                       64-0817483
                  ---------                       ----------
            (State or other jurisdiction of         (I.R.S. Employer
           incorporation or organization)        Identification No.)
               711 CASINO MAGIC DRIVE, BAY ST. LOUIS, MS   39520
               -------------------------------------------------
              (Address of principal executive offices) (Zip Code)
                                (228) 467-9257
                                --------------
             (Registrant's telephone  number, including area code)
                                NOT APPLICABLE
                                --------------
   (Former name, former address and former fiscal year, if changed since last
                                    report)

Indicate  by  check  mark  whether  the  registrant  (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934  during  the  preceding  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
                                                       ----------  --
Indicate  the  number  of shares outstanding of the issuer's classes of common
stock,  as  of  the  latest  practicable  date. 35,722,124 shares common stock
outstanding  as  of  May  12,  1998.

<PAGE>
                      CASINO MAGIC CORP. AND SUBSIDIARIES

                                     INDEX

PART  I          FINANCIAL  INFORMATION          PAGE  NO.
Item  1.          Financial  Statements.
     Condensed  Consolidated  Statements  of  Operations  -
     For  the  three  months  ended  March  31,  1998  and  1997          1
     Condensed  Consolidated Balance Sheets -  
     March 31, 1998 and December 31, 1997          2
     Condensed  Consolidated  Statements  of  Cash  Flows  -
     For  the  three  months  ended  March  31,  1998  and  1997          3
     Notes  to  Condensed  Consolidated  Financial  Statements          4
Item  2.          Management's  Discussion and Analysis of Financial Condition
     and  Results  of  Operations          5
PART  II          OTHER  INFORMATION
Item  1.          Legal  Proceedings          8
Item  2.          Changes  in  Securities          8
Item  3.          Default  Upon  Senior  Securities          8
Item  4.          Submission  of  Matters  to a Vote of Security Holders     8
Item  5.          Other  Information          8
Item  6.          Exhibits  and  Reports  on  Form  8-K          8
     SIGNATURES          10

<PAGE>
<TABLE>
<CAPTION>

                         PART I - FINANCIAL INFORMATION
                      CASINO MAGIC CORP. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)

                                                 THREE  MONTHS  ENDED  MARCH  31,
                                                          1998          1997
                                                      -----------  ------------
<S>                                                   <C>          <C>
REVENUES:
   Casino. . . . . . . . . . . . . . . . . . . . . .  $68,172,040  $61,673,683 
   Food, beverage and rooms. . . . . . . . . . . . .    2,412,843    2,507,043 
   Royalty and management fees . . . . . . . . . . .      369,039      547,431 
   Other Operating revenues. . . . . . . . . . . . .    1,231,979    1,052,721 
                                                      -----------  ------------
                                                       72,185,901   65,780,878 
                                                      -----------  ------------
COSTS AND EXPENSES:
   Casino. . . . . . . . . . . . . . . . . . . . . .   32,153,839   26,535,455 
   Food and beverage . . . . . . . . . . . . . . . .    2,643,148    4,889,882 
   Rooms . . . . . . . . . . . . . . . . . . . . . .      151,544      426,247 
   Other operating costs and expenses. . . . . . . .    1,008,678    1,173,317 
   Advertising and marketing . . . . . . . . . . . .    8,751,330   13,154,697 
   General and administrative. . . . . . . . . . . .    6,657,455    7,317,546 
   Property operation, maintenance and
     energy cost . . . . . . . . . . . . . . . . . .    2,702,809    3,010,008 
   Rents, property taxes and insurance . . . . . . .    2,089,354    1,954,642 
   Development expenses. . . . . . . . . . . . . . .       78,241      282,289 
   Depreciation and amortization . . . . . . . . . .    4,994,990    5,039,654 
                                                      -----------  ------------
                                                       61,231,388   63,783,737 
INCOME FROM OPERATIONS . . . . . . . . . . . . . . .   10,954,513    1,997,141 

OTHER (INCOME) EXPENSE:
   Interest expense, net . . . . . . . . . . . . . .    7,495,208    7,505,465 
   Other . . . . . . . . . . . . . . . . . . . . . .      562,057       98,387 
                                                      -----------  ------------
                                                        8,057,265    7,603,852 
                                                      -----------  ------------
INCOME (LOSS) BEFORE INCOME TAXES AND
       MINORITY INTEREST IN INCOME FROM SUBSIDIARY:.    2,897,248   (5,606,711)

INCOME TAX BENEFIT . . . . . . . . . . . . . . . . .            -   (1,935,000)
MINORITY INTEREST. . . . . . . . . . . . . . . . . .      418,820            - 
                                                      -----------  ------------
NET INCOME (LOSS). . . . . . . . . . . . . . . . . .  $ 2,478,428  $(3,671,711)
                                                      ===========  ============

NET INCOME (LOSS) PER COMMON SHARE
     BASIC . . . . . . . . . . . . . . . . . . . . .  $      0.07  $     (0.10)
                                                      ===========  ============
     DILUTED . . . . . . . . . . . . . . . . . . . .  $      0.07  $     (0.10)
                                                      ===========  ============

AVERAGE SHARES AND EQUIVALENTS OUTSTANDING:
     BASIC . . . . . . . . . . . . . . . . . . . . .   35,722,124   35,637,083 
                                                      ===========  ============
     DILUTED . . . . . . . . . . . . . . . . . . . .   35,822,997   35,637,083 
                                                      ===========  ============
<FN>

SEE  NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS.
</TABLE>





                                       1

<TABLE>
<CAPTION>

                              CASINO MAGIC CORP. AND SUBSIDIARIES
                             CONDENSED CONSOLIDATED BALANCE SHEETS
                                            ASSETS
                                          (Unaudited)

                                                                MARCH 31,      DECEMBER 31,
                                                                      1998         1997 (*)
                                                                  -------------  -------------
<S>                                                               <C>            <C>
CURRENT ASSETS:
   Cash and cash equivalents . . . . . . . . . . . . . . . . . .  $ 22,064,678   $ 20,986,510 
   Other current assets including restricted marketable
     securities of $10,435,816 and $10,629,405 respectively. . .    18,377,824     18,754,277 
                                                                  -------------  -------------
       Total current assets. . . . . . . . . . . . . . . . . . .    40,442,502     39,740,787 
                                                                  -------------  -------------

       Property and equipment, net . . . . . . . . . . . . . . .   269,754,860    263,993,452 
                                                                  -------------  -------------

       Other long-term assets. . . . . . . . . . . . . . . . . .    67,076,031     68,970,578 
                                                                  -------------  -------------
                                                                  $377,273,393   $372,704,817 
                                                                  =============  =============

LIABILITIES AND SHAREHOLDERS' EQUITY

   Current liabilities . . . . . . . . . . . . . . . . . . . . .  $ 49,288,007   $ 51,031,097 
                                                                  -------------  -------------

    Other long-term liabilities and minority interest. . . . . .     8,649,362      8,748,212 
                                                                  -------------  -------------

    Long-term debt, net of current maturities. . . . . . . . . .   257,346,153    253,471,219 
                                                                  -------------  -------------


SHAREHOLDERS' EQUITY:
   Common stock, $0.01 par, 50,000,000 shares authorized,
     35,722,124 issued and outstanding at March 31, 1998
     and outstanding at December 31, 1997. . . . . . . . . . . .       357,221        357,221 
    Undesignated stock, 2,500,000 shares authorized, none issued             -              - 
   Additional paid-in capital. . . . . . . . . . . . . . . . . .    67,122,856     67,122,852 
   Retained deficit. . . . . . . . . . . . . . . . . . . . . . .    (5,283,848)    (7,762,270)
   Less unearned compensation. . . . . . . . . . . . . . . . . .      (206,358)      (263,514)
                                                                  -------------  -------------
       Total shareholders' equity. . . . . . . . . . . . . . . .    61,989,871     59,454,289 
                                                                  -------------  -------------

                                                                  $377,273,393   $372,704,817 
                                                                  =============  =============
<FN>

*DERIVED  FROM  AUDITED  FINANCIAL  STATEMENTS
SEE  NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS.
</TABLE>


                                       2

<PAGE>
<TABLE>
<CAPTION>

                                CASINO MAGIC CORP. AND SUBSIDIARIES
                          CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                   THREE  MONTHS  ENDED  MARCH  31,
                                                                   ---------------------------------
                                                                            1997          1996
                                                                        ------------  -------------
<S>                                                                     <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income (loss) . . . . . . . . . . . . . . . . . . . . . . . . .  $ 2,478,428   $ (3,671,711)
  Adjustments for non-cash charges . . . . . . . . . . . . . . . . . .    5,671,232      7,984,066 
  Changes in assets and liabilities. . . . . . . . . . . . . . . . . .   (3,306,287)    (6,923,953)
                                                                        ------------  -------------

Net cash used in operating activities. . . . . . . . . . . . . . . . .    4,843,373     (2,611,598)
                                                                        ------------  -------------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Acquisitions of property and equipment . . . . . . . . . . . . .   (6,742,963)   (15,537,976)
      Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . .      702,023      2,816,685 
                                                                        ------------  -------------

          Net cash provided by (used in)  investing activities . . . .   (6,040,940)   (12,721,291)
                                                                        ------------  -------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from issuance of notes payable and
         long-term debt. . . . . . . . . . . . . . . . . . . . . . . .   (1,457,535)    (5,259,870)
     Net procees from issuance of long-term debt . . . . . . . . . . .    3,733,270      6,350,000 
     Other, net. . . . . . . . . . . . . . . . . . . . . . . . . . . .            -       (117,668)
                                                                        ------------  -------------

          Net cash provided by (used in) financing activities. . . . .    2,275,735        972,462 
                                                                        ------------  -------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS . . . . . . . . .    1,078,168    (14,360,427)
                                                                        ------------  -------------

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD . . . . . . . . . . . .   20,986,510     34,546,166 
                                                                        ------------  -------------

CASH AND CASH EQUIVALENTS, END OF PERIOD . . . . . . . . . . . . . . .  $22,064,678   $ 20,185,739 
                                                                        ============  =============

SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid during the period for:
    Interest (net of amount capitalized) . . . . . . . . . . . . . . .    8,007,497      7,032,156 
    Income taxes (net of refunds). . . . . . . . . . . . . . . . . . .            -              - 

Supplemental schedule of non-cash investing and financing activities:

Property and equipment and other asset acquisitions included in
  accounts and construction payable and accrued expenses . . . . . . .    3,372,006      3,959,982 





<FN>

SEE  NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS.
</TABLE>






                                       3

<PAGE>
                      CASINO MAGIC CORP. AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  (Information with respect to the Three Months Ended  March 31, 1998 and 1997
                                 is Unaudited)
1.          Summary  of  significant  accounting  policies:
Organization  and  basis  of  presentation:
Casino  Magic  Corp.  and Subsidiaries is an international gaming company with
operations  in  Bay  Saint  Louis,  Mississippi  ("Casino Magic-BSL"), Biloxi,
Mississippi  ("Casino  Magic-Biloxi"),  Bossier  City,  Louisiana  ("Casino
Magic-Bossier  City"),  and the Argentina Province of Neuqu n in the cities of
Neuqu  n  City  and  San  Mart  n  de  los  Andes  ("Casino  Magic-Neuquen").
Unless  the  context  requires  otherwise,  reference  in  this  report to the
"Company"  means  Casino  Magic  Corp.  and  its  relevant  subsidiaries,  and
reference  to  "Casino  Magic"  means  Casino  Magic  Corp.
The  consolidated  financial  statements  include the accounts of Casino Magic
Corp.  and  its  wholly-owned  and  majority-owned  subsidiaries.
All  significant  intercompany accounts and transactions have been eliminated.
The  accompanying  unaudited  consolidated  financial  statements  contain all
adjustments  which  are,  in  the  opinion of management, necessary for a fair
statement  of  the  results of the interim periods.  The results of operations
for  the  interim  periods  are not indicative of results of operations for an
entire  year.  It is suggested that these consolidated financial statements be
read  in  conjunction with the consolidated financial statements and the notes
thereto  included  in  the  Company's  Annual Report on Form 10-K for the year
ended  December  31,  1997.
Certain  reclassifications  have been made to 1997 amounts to conform with the
March  31,  1998  presentation.

2.          Accounting  for  Start-Up  Costs:
During  April  1998, the Accounting Standards Executive Committee of the AICPA
issued Statement of Position 98-5 ("SOP"), "Reporting on the Costs of Start-Up
Activities."    The SOP requires costs of start-up activities and organization
costs  to  be  expensed  as  incurred.    The  SOP  is effective for financial
statements for fiscal years beginning after December 15, 1998. The company did
not  adopt  the  SOP  in  the  first  quarter  of  1998.












                                       4
<PAGE>
                      CASINO MAGIC CORP. AND SUBSIDIARIES
   Management's Discussion and Analysis of Financial Condition and Results of
                                  Operations
RESULTS  OF  OPERATIONS
The  discussions  regarding  proposed  Company  developments  and  operations
included  in  "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS  OF  OPERATIONS"  contain  forward  looking  statements that involve a
number of risks and uncertainties.  These proposed developments and operations
include:  (i)  completion of a hotel in 1998, at Casino Magic-Bossier City and
(ii)  the  Company's  ability  to  fund  planned developments and debt service
obligations  over  the  next  twelve  months with currently available cash and
marketable securities, and with cash flow from operations.  In addition to the
risks and uncertainties discussed below, other factors that could cause actual
results  to  differ materially are detailed from time to time in the Company's
reports  filed  with the Securities and Exchange Commission, including without
limitation  in  Note 1 of Notes to the Consolidated Financial Statements filed
with  the Annual Report on Form 10-K for Casino Magic Corp. for the year ended
December  31,  1997.
The  following  table  sets  forth for the periods indicated certain operating
information  for  the  Company  on  a  consolidated basis and for its existing
properties.  The  principal  operating  entities  are  Mardi Gras Casino Corp.
("Casino  Magic-BSL")  and  Biloxi  Casino  Corp. ("Casino Magic-Biloxi") both
dockside casinos operating on the Gulf Coast of Mississippi (together referred
to  collectively as the "Casino Magic-Gulf Coast"), Casino Magic of Louisiana,
Corp.  ("Casino  Magic-Bossier  City")  and  Casino  Magic-Neuquen  SA,  which
operates  gaming  facilities  at two casino sites in Neuquen and San Martin de
los  Andes,  Argentina.
<TABLE>
<CAPTION>


                                 (in thousands)    Quarter ended March 31,
<S>                              <C>              <C>
Revenues: . . . . . . . . . . .            1998                       1997 
                                 ---------------  -------------------------
Casino Magic-BSL (1). . . . . .  $       23,219   $                 22,066 
Casino Magic-Biloxi (2) . . . .          16,250                     16,092 
Casino Magic Bossier City (3) .          27,928                     23,206 
Casino Magic-Neuquen. . . . . .           4,784                      4,415 
Corporate and Other . . . . . .               5                         -- 
                                 ---------------  -------------------------
Total revenues. . . . . . . . .          72,186                     65,779 

Costs and expenses:
Casino Magic-BSL. . . . . . . .          18,378                     18,248 
Casino Magic-Biloxi . . . . . .          15,335                     14,711 
Casino Magic Bossier City . . .          22,735                     25,305 
Casino Magic-Neuquen. . . . . .           3,313                      3,083 
Corporate and Other . . . . . .           1,470                      2,435 
                                 ---------------  -------------------------
Total costs and expenses. . . .          61,231                     63,782 

Income (loss) from operations:
Casino Magic-BSL. . . . . . . .           4,841                      3,818 
Casino Magic-Biloxi . . . . . .             915                      1,381 
Casino Magic Bossier City . . .           5,193                     (2,099)
Casino Magic-Neuquen. . . . . .           1,471                      1,332 
Corporate and Other . . . . . .          (1,465)                    (2,435)
                                 ---------------  -------------------------
Total income from operations. .  $       10,955   $                  1,997 
                                 ===============  =========================
<FN>

(1) Began operations September 30, 1992; expanded casino capacity December 31,
1992.
(2) Began operations June 5, 1993; expanded casino capacity December 16, 1993.
(3)  Began  operations  October 4, 1996; opened permanent facility on December
31,  1996.
</TABLE>

                                       5

<PAGE>
                      CASINO MAGIC CORP. AND SUBSIDIARIES
   Management's Discussion and Analysis of Financial Condition and Results of
                            Operations (continued)
Three  months  ended  March  31, 1998 compared to three months ended March 31,
1997.
Consolidated  revenues  increased $6.4 million, or 9.7%, to $72.2 in the first
quarter  of 1998, compared to $65.8 million in the first quarter of 1997.  The
increase in consolidated revenues is attributable to increased revenues at all
five casinos operated by the Company.  The largest individual increase of $4.7
million,  between  the  comparable  periods,  occurred at Casino Magic-Bossier
City.    The increase at Casino Magic-Bossier City is attributable to improved
marketing  efforts  and  an  overall  increase in the Bossier City/Shreveport,
Louisiana  gaming  market  of $18.5 million, to $150.7 million or 14%, between
the comparable periods.  In addition, Casino Magic-Bossier City's market share
for  the  first quarter of 1998 was 18.5% compared to 17% in the first quarter
of 1997.  The increased revenues at the Company's other domestic locations are
due to improved amenities or increased hold percentages between 1998 and 1997.
At  the  Company's  operations in Argentina, slot machine revenues continue to
improve  due  to  an  increase  in  the  number of slot machines and continued
popularity  of  slot  machines  and  American  style  gaming.      Management
anticipates  that  after  the  opening  of  the  378  room  hotel  at  Casino
Magic-Biloxi,  revenues  at  Casino  Magic-Biloxi, both gaming and non-gaming,
will  increase.    The  hotel  opened  May  1,  1998.
Operating costs and expenses decreased $2.6 million, or 4.0%, to $61.2 million
in the first quarter of 1998 as compared to $63.8 million in the first quarter
of  1997.    Casino  expenses  increased  by  $5.6  million,  or 21.1%, due to
increases  in  gaming  taxes  related  to increased gaming revenues, increased
personnel  costs  related  to  the increased gaming volume and  an increase in
slot  point  redemption values.  Food and beverage costs declined $2.3 million
or  45.9%,  to $2.6 million in the first quarter of 1998 due to a reduction in
the  use of complimentaries as a promotional tool.  Approximately half of this
reduction  occurred  at  Casino Magic-Bossier City.  Advertising and marketing
costs declined $4.4 million, or 33.5%, to $8.8 million in the first quarter of
1998,  compared  to  $13.2  million  in the first quarter of 1997.  During the
first  quarter  of  1997 at Casino Magic-Bossier City the Company attempted to
increase  market  share  and    revenue  with  expensive promotions which were
significantly  less  successful than anticipated.  In May 1997 the promotional
programs  at Casino Magic-Bossier City  were significantly reduced.  Corporate
expenses declined by $0.9 million in the first quarter of 1998, as compared to
the  first  quarter  of  1997.    The  decline is the result of a reduction in
corporate  officer's  salaries  and  development  efforts.
Other  (income) expense (non-operating income and expenses) increased to a net
expense  of $8.1 million in the first quarter 1998 as compared to $7.6 million
in  the  first  quarter  of  1997.    This increase in net expense is due $0.5
million  in  expenses related to the proposed merger between Casino Magic Corp
and  Hollywood Park, Inc.  There were no expenses in the first quarter of 1997
relating  to  merger  costs.
There  was  no income tax expense recorded in the first quarter of 1998 due to
the  use  of  net  operating  loss  carryforwards  and  related  reductions in
allowances  against  deferred  tax  assets.
Liquidity  and  Capital  Resources
At March 31, 1998, the Company had unrestricted cash of $22.0 million compared
to  unrestricted cash of $21.0 million at December 31, 1997.  In addition, the
Company had $10.4 million and $10.7 million in  cash and marketable securities
at  March 31, 1998 and December 31, 1997, respectively, which is restricted as
to  its  use  under  the  indenture relating to $115,000,000 of First Mortgage
Notes issued by Jefferson Casino Corp. The restricted cash and securities held
as  of  March  31,  1998  were  received  from  the  sale of the Crescent City
Riverboat  for  $11.7  million.      For the quarter ended March 31, 1998, the
Company  expended  $4.8  million  of  cash  flow from operating activities and
received  $3.7 million of proceeds from the incurrence of long term debt.  The
Company  spent  $6.7  million  for the acquisitions of property, equipment and
other  long-term assets, and reduced long term debt by $1.5 million, for a net
increase  of  $2.2  million.
The  Company  expended  approximately $6.2 million for capital improvements at
its Gulf Coast properties and $5.0 million for capital improvements  at Casino
Magic-Bossier  City  during  the  first  quarter  of  1998.    The  Company

                                       6


                      CASINO MAGIC CORP. AND SUBSIDIARIES
   Management's Discussion and Analysis of Financial Condition and Results of
                            Operations (continued)
plans  additional  capital  improvements  in 1998 at its Gulf Coast properties
and  at  Casino Magic-Bossier City, much of which is subject to the cash flows
of the Company or the availability of financing.  There are no assurances that
adequate  funding  will  be  available  for  these  planned  investments.
At  Casino  Magic-Bossier  City  ,  the Company plans to expand the land based
pavilion  and  construct  a 188-room convention hotel,  including restaurants,
and  a  swimming pool.  The construction of the hotel is expected to be funded
primarily by $10.4 million of restricted cash obtained as a result of the sale
of  the  Crescent  City  Riverboat,  current unrestricted cash on hand, future
operating  cash  flow  of  Casino  Magic-Bossier  City and lease financing for
furniture,  fixtures and equipment.  No assurances can be given that the  cash
on  hand  and  the  cash flow from the operations of Casino Magic-Bossier City
will be sufficient to complete such hotel and related facilities or that these
improvements  will  ever  be  developed.
The  Company  has    completed  a hotel tower at Casino Magic-Biloxi above the
eight-story  parking  garage  adjacent  to the casino.  The hotel  consists of
378  rooms,  including  86  suites,  and  includes a health spa, beauty salon,
swimming  pool  and  conference  space.  The hotel opened on May 1, 1998, with
only  16 suites not available for use.  These rooms should be available by the
end  of  May  1998.   The hotel construction costs have been funded out of the
cash flow of Casino Magic-BSL and Casino Magic-Biloxi, and the $7.0 million in
proceeds  from  the  sale of a 49% ownership interest in Casino Magic-Neuquen.
The  Company  has  also obtained debt financing of the furniture, fixtures and
equipment  for  the  Casino  Magic-Biloxi hotel in the amount of $6.5 million.
Under  the  terms  of  the  Indenture  associated  with the $135,000,000 First
Mortgage  Notes,  Casino  Magic  Corp., Mardi Gras Casino Corp., Biloxi Casino
Corp.  and  Casino  Magic  Finance Corp. have certain restrictions relative to
additional  borrowings and guarantees.  Jefferson Casino Corp and Casino Magic
of  Louisiana,  Corp.  have  certain  restrictions  relative  to  additional
borrowings and cash flow under the terms of the Louisiana Indenture associated
with  the  $115,000,000  First  Mortgage  Notes.
The  Company's operations in Argentina subjects it  to certain risks including
foreign  currency  exchange, repatriation of earnings and profits, and adverse
foreign  tax  treatment.    In  addition,  the  Company will incur the general
business  risk associated with operating in a foreign county where culture and
business  practices  may  vary  significantly  from that in the United States.
Such risks could have a material impact on the operating results and liquidity
of  the  Company.
The  Company will have a significant need for cash in 1998 and beyond in order
to  continue  its planned development of its existing properties.  The Company
believes that cash and restricted marketable securities at March 31, 1998, and
cash  flows  from  operations  will be sufficient to service its operating and
debt  service requirements, through at least the next twelve months, including
planned  improvements  at  Casino  Magic-Biloxi  and  the  commencement of the
construction  of  the Casino Magic-Bossier City hotel, but are not anticipated
to  be  sufficient  to  engage  in  any  other  development  activities.

                                       7

<PAGE>
                      CASINO MAGIC CORP. AND SUBSIDIARIES

PART  II  -  OTHER  INFORMATION
Item  1.          Legal  Proceedings
Reference  is  made  to  the Company's Annual Report on Form 10-K for the year
ended  December  31, 1997 on file with the Securities and Exchange Commission.
During  the  quarter  ended March 31, 1998, the Company was not a party to any
newly  instituted  legal  proceedings  and  there  have  been  no  material
developments  during  such  period  to  existing  legal  proceedings.
Item  2.          Changes  in  Securities
     None.
Item  3.          Default  Upon  Senior  Securities
     None.
Item  4.          Submission  of  Matters  to  a  Vote  of  Security  Holders
     None.
Item  5.          Other  Information
On February 19, 1998, the Company entered into an Agreement and Plan of Merger
(the  "Merger  Agreement") with Hollywood Park, Inc. ("Hollywood"), a Delaware
corporation  and  HP  Acquisition II, Inc. ("HP"), a Minnesota corporation and
the  wholly  owned  subsidiary  of Hollywood.  Under the Merger Agreement, the
Company  has  agreed,  subject  to approval of the Company's  shareholders, to
merge  "(the  "Merger")  with  HP.  Upon such Merger, the Company shall be the
surviving entity and will become the wholly owned subsidiary of Hollywood. The
separate  existence  of HP will then cease.  Upon the Merger, the shareholders
of  the  Company  will  be  entitled  to  receive  $2.27 for each share of the
Company's  common stock held. All shareholders of the Company will be entitled
to dissent from the Merger in accordance with the provisions of Minnesota law.
The  Merger  is subject to the approval of the Company's shareholders prior to
October  31,  1998,  and to the approval of the Mississippi Gaming Commission,
the  Nevada  Gaming  Commission,  and the Louisiana Gaming Control Board.  The
Merger  is  also  contingent  upon other matters, including a requirement that
neither  the  Company  nor  Hollywood  has  materially  breached any warranty,
representation  or  covenant  contained in the Merger prior to the time of the
Merger. If the Merger Agreement is terminated for certain reasons, including a
voluntary    termination  by  the Company should the Board of Directors of the
Company  determine  to  accept  a  proposal  of another party to merge with or
acquire  the  Company  on  terms  which  it  believes  to be superior to those
contained  in  the  Merger  Agreement,  the  Company  will  be required to pay
Hollywood  $3,500,000.
The  Proposed Merger was reported in, and the Merger Agreement was provided as
an  exhibit  to,  the  Company's  Form  8K  filed  on  March  4,  1998.


Item  6.          Exhibits  and  Reports  on  Form  8-K
(a)          Exhibits
10.1          Change  in  Control Severance Plan for Officers of Casino Magic,
amending and superceding the Change in Control Severance Plan filed as exhibit
10.113  to  the  Registrants  Annual  Report  on  Form  10k for the year ended
December  31,  1997.
     10.2          1998  Executive  Officer  Bonus  Plan
10.3     Executive Officer Salary/Bonus Agreement dated March 1, 1998, between
the  Registrant  and  James  E.  Ernst.
10.4     Executive Officer Salary/Bonus Agreement dated March 1, 1998, between
the  Registrant  and  Marlin  F.  Torguson.
                                       8
<PAGE>
                      CASINO MAGIC CORP. AND SUBSIDIARIES


10.5          Executive  Officer  Salary/Bonus Agreement dated April 15, 1998,
between  the  Registrant  and  Jay  S.  Osman
10.6          Executive  Officer  Salary/Bonus Agreement dated April 29, 1998,
between  the  Registrant  and  Robert  A.  Callaway
10.7          Executive  Officer  Salary/Bonus Agreement dated April 29, 1998,
between  the  Registrant  and  Kenneth  N.  Schultz

     27  Financial  data  schedule  (filed  electronically  only)

     (b)  Reports  on  Form  8-K:
     None.





























                                       9

<PAGE>

SIGNATURES
Pursuant  to  the  requirements  of  the  Securities Exchange Act of 1934, the
Registrant  has  duly  caused  this  report  to be signed on its behalf by the
undersigned  thereunto  duly  authorized.


     CASINO  MAGIC  CORP.
Date:    May  14,  1998          /s/  James  E.  Ernst
                                 ---------------------
     James  E.  Ernst,  President  and  Chief  Executive  Officer



Date:    May  14,  1998          /s/  Jay  S.  Osman
                                -------------------
     Jay  S. Osman, Chief Financial Officer and Treasurer (principal financial
     and  accounting  officer)


















                                      10