|                                                                   |   |                                           |
|------------------------------------------------------------------------|--------|------------------------------------------------|
| ILLINOIS(State or other jurisdiction of incorporation or organization) |   | 36-1944630(IRS Employer Identification Number) |

|                          |   |                                      |
|-------------------------------|--------|-------------------------------------------|
| Common Stock, $1.00 par value |   | NYSE Amex                                 |
| Title of each class           |   | Name of each exchange on which registered |

|                      |                |                                                                      |                        |
|---------------------------|---------------------|---------------------------------------------------------------------------|-----------------------------|
| Large accelerated filer o | Accelerated filer o | Non-accelerated filer o (Do not check if aSmaller Reporting Company) | Smaller Reporting Company x |

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|                                             |                                                                                                         |   |   |   |   |   |   |   |
|--------------------------------------------------|--------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| PART I                                           |
|                                             | Item 1. BUSINESS                                                                                        |
|                                             | Item 2. PROPERTIES                                                                                      |
|                                             | Item 3. LEGAL PROCEEDINGS                                                                               |
|                                             | Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                             |
| PART II                                          |
|                                             | Item 5. MARKET FOR THE REGISTRANT’S COMMON STOCK AND RELATED STOCKHOLDERS MATTERS                 |
|                                             | Item 6. SELECTED FINANCIAL DATA                                                                         |
|                                             | Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS     |
|                                             | Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                     |
|                                             | Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                                                     |
|                                             | Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE            |
|                                             | Item 9A. CONTROLS AND PROCEDURES                                                                        |
|                                             | Item 9B. OTHER INFORMATION                                                                              |
| PART III                                         |
|                                             | Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT                                             |
|                                             | Item 11. EXECUTIVE COMPENSATION                                                                         |
|                                             | Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
|                                             | Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS                                                 |
|                                             | Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES                                                         |
| PART IV                                          |
|                                             | Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES                                                        |
| SIGNATURES                                       |
|                                             |
|                                             |
|                                             |
| Annual Report to Shareholders                    |
| Consent of Blackman Kallick LLP                  |
| Certification of CEO Pursuant to Section 302     |
| Certification of CFO Pursuant to Section 302     |
| Statement of CEO and CFO Pursuant to Section 906 |

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TABLE OF CONTENTS

Item 1. BUSINESS

| Market    |   |   |   |   | 2010  |   |   |   | 2009  |   |   |   | 2008   |
|-----------|--------|--------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|--------|
| Gaming    |   |   |   |   | 93         | %      |   |   |       | 93     | %      |   |   |   | 90 | % |
| Amusement |   |   |   |   | 7          | %      |   |   |       | 7      | %      |   |   |   | 10 | % |
| Totals    |   |   |   |   | 100        | %      |   |   |       | 100    | %      |   |   |   | 100 | % |

Item 2. PROPERTIES

Item 3. LEGAL PROCEEDINGS

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

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TABLE OF CONTENTS

PART II

Item 5. MARKET FOR THE REGISTRANT’S COMMON STOCK AND RELATED STOCKHOLDERS MATTERS

Item 6. SELECTED FINANCIAL DATA

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

|   |   |   |   |                                                                                                         |
|--------|--------|--------|--------|--------------------------------------------------------------------------------------------------------------|
|   |   | -      |   | Consolidated Balance Sheets as of December 31, 2010 and 2009                                            |
|   |   | -      |   | Consolidated Statements of Operations for years ended December 31, 2010, 2009, and 2008                 |
|   |   | -      |   | Consolidated Statements of Shareholders’ Equity for years ended December 31, 2010, 2009, and 2008 |
|   |   | -      |   | Consolidated Statements of Cash Flows for years ended December 31, 2010, 2009, and 2008                 |
|   |   | -      |   | Notes to the Consolidated Financial Statements                                                               |
|   |   | -      |   | Independent Auditors’ Reports                                                                          |

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

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TABLE OF CONTENTS

Item 9A. CONTROLS AND PROCEDURES

Item 9B. OTHER INFORMATION

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TABLE OF CONTENTS

PART III

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Item 11. EXECUTIVE COMPENSATION

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

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TABLE OF CONTENTS

PART IV

Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

|   |   |   |   |                                                                                                         |
|--------|--------|--------|--------|--------------------------------------------------------------------------------------------------------------|
|   |   | -      |   | Consolidated Balance Sheets as of December 31, 2010 and 2009                                            |
|   |   |   |   |                                                                                                         |
|   |   | -      |   | Consolidated Statements of Operations for years ended December 31, 2010, 2009, and 2008                 |
|   |   |   |   |                                                                                                         |
|   |   | -      |   | Consolidated Statements of Shareholders’ Equity for years ended December 31, 2010, 2009, and 2008 |
|   |   |   |   |                                                                                                         |
|   |   | -      |   | Consolidated Statements of Cash Flows for years ended December 31, 2010, 2009, and 2008                 |
|   |   |   |   |                                                                                                         |
|   |   | -      |   | Notes to the Consolidated Financial Statements                                                               |
|   |   |   |   |                                                                                                         |
|   |   | -      |   | Independent Auditors’ Reports                                                                          |

| 3.1    |                                                                                                                                                                                    | Articles of Incorporation of the Company, as amended, filed as Exhibit 3.1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1994 and incorporated herein by reference.                                                 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                    |
| 3.2    |                                                                                                                                                                                    | By-Laws of the Company, as amended and restated and in force February 18, 2010, filed as Exhibit 3.2 of the Company’s Current Report on Form 8-K dated February 23, 2010 and incorporated herein by reference.                                              |
|   |                                                                                                                                                                                    |                                                                                                                                                                                                                                                              |
| 10.1   |                                                                                                                                                                                    | Employment Agreement dated February 29, 1996 between the Company and Anthony Spier, as amended, filed as Exhibit 10.1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1995 and incorporated herein by reference. |
|   |                                                                                                                                                                                    |
| 10.2   |                                                                                                                                                                                    | First, Second, Third and Fourth Amendment to the Employment Agreement between the Company and Anthony Spier filed as Exhibit 10.15 of the Company's Annual Report on Form 10-K for the year ended December 31, 2004 and incorporated herein by reference.         |
|   |                                                                                                                                                                                    |                                                                                                                                                                                                                                                              |
| 10.3   |                                                                                                                                                                                    | Fifth Amendment to the Employment Agreement between the Company and Anthony Spier filed as Exhibit 10.3 of  the Company’s Annual Report on Form 10-K for the year ended December 31, 2007 and incorporated herein by reference.                   |
|   |                                                                                                                                                                                    |                                                                                                                                                                                                                                                              |
| 10.4   | Sixth Amendment to the Employment Agreement between the Company and Anthony Spier filed as part of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. |                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                    |                                                                                                                                                                                                                                                              |
| 10.5   |                                                                                                                                                                                    | Wells-Gardner Electronics Corporation Employee 401K Plan dated January 1, 1990, as amended, filed as Exhibit 10.10 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1993 and incorporated herein by reference.    |
|   |                                                                                                                                                                                    |
| 10.6   |                                                                                                                                                                                    | Wells-Gardner Electronics CorporationAmended and Restated Incentive Stock Plan, as amended and filed as Exhibit 4.1 of the Company’s Form S-8, dated August 21, 1998 and incorporated herein by reference.                                        |
|   |                                                                                                                                                                                    |
| 10.7   |                                                                                                                                                                                    | Wells-Gardner Electronics Corporation Amended and Restated Executive Stock Award Plan, as amended and filed as Exhibit A to the Definitive Proxy Statement filed March 26, 2009.                                                                             |
|   |                                                                                                                                                                                    |                                                                                                                                                                                                                                                              |
| 10.8   |                                                                                                                                                                                    | Acquisition of Certain Assets of American Gaming and Electronics dated January 12, 2000, filed as Exhibits 2.1, 2.2 and 2.3 to the Company’s Current Report on Form 8-K, dated January 27, 2000 and incorporated herein by reference.             |

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TABLE OF CONTENTS

| 10.9   |   | Executive Stock Award Plan, filed as Exhibits 4.1 and 4.2 of the Company’s Form S-8, dated May 12, 2000 and incorporated herein by reference.                                                                                                                                                 |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
| 10.10  |   | Agreement dated July 3, 2006, between the Company and Local 1031, I.B.E.W., AFL-CIO filed as Exhibit 10.9 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 and incorporated herein by reference.                                                                   |
|   |   |
| 10.11  |   | Agreement dated June 30, 2010 between the Company and Local 1031, I.B.E.W., AFL-CIO filed as part of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010.                                                                                                                |
|   |   |
| 10.12  |   | Credit and Security Agreement with Wells-Fargo Bank, National Association, dated August 21, 2006 filed as Exhibit 10.1 to the Company’s Form 8K/A dated August 25, 2006 and incorporated herein by reference.                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.13  |   | First Amendment to Credit and Security Agreement with Wells-Fargo Bank, National Association, dated March 29, 2007 filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 and incorporated herein by reference.                                       |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.14  |   | Second Amendment to Credit and Security Agreement with Wells-Fargo Bank, National Association, dated June 29, 2007 filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 and incorporated herein by reference.                                        |
|   |   |
| 10.15  |   | Third Amendment to Credit and Security Agreement with Wells-Fargo Bank, National Association, dated September 15, 2009 filed as Exhibit 10.14 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 and incorporated herein by reference.                              |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.16  |   | Fourth Amendment to Credit and Security Agreement with Wells-Fargo Bank, National Association, dated March 4, 2011 filed as part of  the Company’s Annual Report on Form 10-K for the year ended December 31, 2010.                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.17  |   | Audited financial statements of the Company’s joint venture, Wells-Eastern Asia Displays (m) Sdn. Bhd. for the year ended October 5, 2007 filed as Exhibit 10.12 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007 and incorporated herein by reference. |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.18  |   | Employment Agreement dated as of May 13, 2008 between the Company and James F. Brace, filed as Exhibit 10.13 of the Company's Current Report on Form 8-K dated May 14, 2009 and incorporated herein by reference.                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.19  |   | Aristocrat Master Supply Agreement with Wells-Gardner Electronics Corporation dated October 13, 2010 filed as part of the Company's Annual Report on Form 10-K for the year ended December 31, 2010.                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 13.0   |   | Company’s Annual Report to Shareholders for the year ended December 31, 2010.                                                                                                                                                                                                            |
| 14.0   |   | Wells-Gardner Code of Business Conduct and Ethics filed as Exhibit 14.0 of the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference.                                                                                                      |
| 23.0   |   | Consent of Blackman Kallick LLP.                                                                                                                                                                                                                                                                         |
|   |   |
| 31.1   |   | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                 |
|   |   |
| 31.2   |   | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                 |
|   |   |
| 32.1   |   | Statement of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                     |

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TABLE OF CONTENTS

PRESS RELEASES

| DATE     | TITLE                                                                                                                                                 |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                                  |
| 01/5/10  | Wells-Gardner Appoints Management Team To Direct Illinois Video Lottery Terminal Business                                                             |
|     |                                                                                                                                                  |
| 01/20/10 | Wells-Gardner Announces Sale of its 25,000th LCD Replacement Kit                                                                                      |
|     |                                                                                                                                                  |
| 02/12/10 | Wells-Gardner Reports Fiscal 2009 Earnings of $1.1 Million Compared to $204,000 in 2008                                                               |
|     |                                                                                                                                                  |
| 02/23/10 | Wells-Gardner Announces Stock Dividend                                                                                                                |
|     |                                                                                                                                                  |
| 03/02/10 | Wells-Gardner Announces Investor Presentation at the Roth Capital Partners Growth Stock Conference in Laguna Niguel, California                       |
|     |                                                                                                                                                  |
| 04/19/10 | Wells-Gardner Announces Appointment of David Silk To Be Senior Vice President of  Business Development and Engineering                      |
|     |                                                                                                                                                  |
| 05/05/10 | Wells-Gardner Reports First Quarter 2010 Earnings                                                                                                     |
|     |                                                                                                                                                  |
| 06/17/10 | Lottomatica Group Subsidiary Spielo Signs Agreement With American Gaming & Electronics To Distribute Video Gaming Terminals In Illinois           |
|     |                                                                                                                                                  |
| 07/22/10 | Wells-Gardner Announces Its American Gaming & Electronics Subsidiary Has Been Appointed Sales Distributor for North and South America by Nanoptix |
|     |                                                                                                                                                  |
| 08/05/10 | Wells-Gardner Reports Second Quarter and First Half 2010 Earnings                                                                                     |
|     |                                                                                                                                                  |
| 11/04/10 | Wells-Gardner Reports Third Quarter Earnings 2010                                                                                                     |
|     |                                                                                                                                                  |
| 12/21/10 | Wells-Gardner Extends CEO's Employment contract To 2014                                                                                               |

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TABLE OF CONTENTS

SIGNATURES

|   |   |               |   |   |   |                                          |   |   |   |           |
|--------|--------|--------------------|--------|--------|--------|-----------------------------------------------|--------|--------|--------|----------------|
| By:    |   | /s/ ANTHONY SPIER  |   |   |   | Chairman of the Board, President              |   |   |   |           |
|   |   | Anthony Spier      |   |   |   | & Chief Executive Officer                 |   |   |   | March 10, 2011 |
|   |   |               |   |   |   |                                          |   |   |   |           |
|   |   | /s/ JAMES F. BRACE |   |   |   | Executive Vice President,Secretary, Treasurer |   |   |   |           |
|   |   | James F. Brace     |   |   |   | & Chief Financial Officer                 |   |   |   |           |
|   |   |               |   |   |   | (Principal Accounting Officer)                |   |   |   | March 10, 2011 |

|                   |   |   |   |                             |   |   |   |           |
|------------------------|--------|--------|--------|----------------------------------|--------|--------|--------|----------------|
| /s/ ANTHONY SPIER      |   |   |   | Chairman of the Board, President |   |   |   |           |
|   Anthony Spier   |   |   |   | & Chief Executive Officer    |   |   |   | March 10, 2011 |
|                   |   |   |   |                             |   |   |   |           |
| /s/ MERLE BANTA        |   |   |   |                             |   |   |   |           |
|   Merle Banta     |   |   |   | Director                         |   |   |   | March 10, 2011 |
|                   |   |   |   |                             |   |   |   |           |
| /s/ MARSHALL L. BURMAN |   |   |   |                             |   |   |   |           |
| Marshall L. Burman     |   |   |   | Director                         |   |   |   | March 10, 2011 |
|                   |   |   |   |                             |   |   |   |           |
| /s/ FRANK R. MARTIN    |   |   |   |                             |   |   |   |           |
|   Frank R. Martin |   |   |   | Director                         |   |   |   | March 10, 2011 |

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TABLE OF CONTENTS

SCHEDULE II

|                                       | Year Ended December 31, |
|--------------------------------------------|-------------------------|
| ALLOWANCE FOR DOUBTFUL ACCOUNTS            | 2010                    | 2009 | 2008 |
| Beginning balance                          |                    | $ | 248 |   |   | $ | 160 |   |   | $ | 154 |   |
| Additions charged to expense               |                    | $ | 26 |   |   | $ | 101 |   |   | $ | 31 |   |
| Deductions                                 |                    | $ | (18 | ) |   | $ | (13 | ) |   | $ | (25 | ) |
| Balance at end of year                     |                    | $ | 256 |   |   | $ | 248 |   |   | $ | 160 |   |
|                                       |                    |   |   |   |   |   |   |   |   |   |   |   |
| INVENTORY OBSOLESCENCE RESERVE:            |                    |   |   |   |   |   |   |   |   |   |   |   |
| Beginning balance                          |                    | $ | 2,549 |   |   | $ | 2,734 |   |   | $ | 2,145 |   |
| Additions charged to expense               |                    | $ | 1,167 |   |   | $ | 970 |   |   | $ | 1’671 |   |
| Deductions                                 |                    | $ | (1,929 | ) |   | $ | (1,155 | ) |   | $ | (1,082 | ) |
| Balance at end of year                     |                    | $ | 1,787 |   |   | $ | 2,549 |   |   | $ | 2,734 |   |
|                                       |                    |   |   |   |   |   |   |   |   |   |   |   |
| DEFERRED TAX ASSET VALUATION ALLOWANCE:    |                    |   |   |   |   |   |   |   |   |   |   |   |
| Beginning balance                          |                    | $ | 3,013 |   |   | $ |   3,569 |   |   | $ |   3,764 |   |
| Additions charged (credited to) to expense |                    | $ | (169 | ) |   | $ | (556) |   |   | $ | (195 | ) |
| Balance at end of year                     |                    | $ | 2,844 |   |   | $ | 3,013 |   |   | $ | 3,569  |   |

| WARRANTY RESERVE:      |   |   |   |   |   |   |   |   |   |   |   |   |
|------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Beginning balance      |   | $      | 90     |   |   | $      | 183    |   |   | $      | 200    |   |
| Additions              |   | $      | 114    |   |   | $      | 160    |   |   | $      | 334    |   |
| Payments               |   | $      | (129   | )      |   | $      | (253   | )      |   | $      | (351   | )      |
| Balance at end of year |   | $      | 75     |   |   | $      | 90     |   |   | $      | 183    |   |

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