SECURITIES AND EXCHANGE C012415510N
                        Washington, D.C. 10549

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


     For Quarter Ended                             Commission file number
     June 30, 1998                                 0-2 0217
                

        (Exact name of registrant as appended in its charter)


                  CONTINENTAL WELLNESS CASINOS TRUST


        (State or other jurisdiction of
        incorporation or organization)     (I.R.S. Employer identification No.)
        Nevada                              84-068750

         (Address of principal executive offices) (Zip Code)

                      2205 Purple Majesty Court
                       Las Vegas, Nevada 89117
                   (Registrant's telephone number,
                         including area code)
                              (702) 240
                                   
                                   
                                   
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 of 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 report), and (2) has been subject to 
such filing requirements for the past 90 days.

                      Yes  X            No      


Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.

        [S][C]                                          [C]<TABLE-ONE> 
        Title of Class                                   June 30, 1998

        Common Class "A"                                   90, 250,877
          
        Common Class "B"                                   5,266,960


                        CONTINENTAL WELLNESS CASINOS TRUST

                                         Index
                                 
       Part I    FINANCIAL INFORMATION                                  Page

       Item 1    Financial Statements
       Consolidated Balance Sheets                                       2
       Consolidated Statements of Operations                             4
       Consolidated Statements of  Cash Flows                            5  
       Notes to Consolidated Financial Statements                        7
       Item 2    Management's Discussion and Analysis of Financial
       Condition and Results of  Operations                              11
                    
        Part II   OTHER INFORMATION

          Item 1    Legal Proceedings                                   14
          Item 2    Changes in Securities                               14
          Item 3    Defaults upon Senior Securities                     14
          Item 4    Submission of Matters to a Vote of Security Holders 14
          Item 5    Other Information                                   14
          Item 6    Exhibits and Reports on Form 8-K                    15





                  CONTINENTAL WELLNESS CASINOS TRUST
                                  A
              REALESTATE INVESTMENT TRUST BALANCE SHEETS
                   JUNE 30, 1998 AND JUNE 30, 1998
                                   
        (TABLE> 2                                        [C]      [C]
                                                   June 30,     June 30,
        (S><C>                                     1998         1997   
                              [CAPTION] (Dollars In Thousands)

        ASSETS
        Gold in storage (Note 2)                  $   27,317    $27,317

        Investment in stocks                                      0,175        
    

        Deferred charges and other assets (Note 3)
        Deferred mining exploration costs and
        Deferred operating expenses                        5,534     3,365

Proven reserves (Note 5) 
Gold                                             2,032,380         2,665,600
Silver                                             112,955         91,580
Total assets                                   $ 2,178,186         $2,787,862
                                                                  
Loans payable (Note 12)

STOCKHOLDERS' EQUITY                                                    31
Common stock, Class "A" $0.003 par value
Authorized shares-500,000,000                                    
Issued and outstanding-90,250,877 in 90,028,877 in     271             270

Common stock, Class "B" no par value, with a stated
value of $1.00 per share.
Authorized shares-50,000000 in1998 and 1997
Issued and outstanding-5,266,960 in 1998 and 1997    5,266           5,266

Capital in excess of par (Note 14)                 2,172,649      2,782,295
                                                      
Total Liabilities and Stockholders' equity     $ 2,178,186      $ 2,787,862

                                   
        See accompanying notes to Financial Statements.
        June 30, 1998
                    
                                   
                                   

                                CONTINENTAL WELLNESS CASINOS TRUST
                                                A
                                   REAL ESTATE INVESTMENT TRUST
                                     Statement of Cash Flows
                               For the quarter ended June 30, 1998
                                   

                         
                                                         (Dollars in Thousands)
                                                                      
Cash and cash equivalents at beginning of year                   $   - 
Cash flows from operating activities
Payment of accrued payroll                                          (594)
Payments to suppliers                                               (280)
Net cash provided by operating activities                           (874)

        Cash flows from financing activities
            Proceeds from sale of common stocks                            1,480
                                                                  
Attorney's fees                                                     (100)
   Commission to stock broker                                       (486)
SEC fee                                                              (20)
   Net cash flows from financing activities                           874

        Cash and cash equivalents at end of year                         $

        See accompanying notes to Financial Statements



                  CONTINENTAL WELLNESS CASINOS TRUST
                                  A
                    REAL ESTATE IN VESTMENT TRUST
                    NOTES TO FINANCIAL STATEMENTS
                                   
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
   Description of Business - The Company is engaged in the mining development
   industry Since October 22, 1974. The Company has owned and operated thirty-
   nine (39) mines and one (1) mill site at Quincy, Plumas County, California,
   and is engaged in the exploration of said mines for the production of 
   precious metal like gold and silver. The Company also applied for a 
   license in Las Vegas,  Nevada to conduct Life Extension programs and to 
   operate hotels and casinos.

   Currency Transactions - There are no assets and liabilities of operations 
   outside the United States which need to be translated into U. S. dollars 
   using exchange rates.

   Development Costs - The Company will not capitalize property taxes on its 
   mining properties until the mines are ready for operation and development.

2.   GOLD IN STORAGE AT BONDED WAREHOUSE
  On October 9, 1990, the Company deposited at NDS, United States Customs Bonded
  Warehouse located at 19801 So. Santa Fe Ave., Rancho Dominguez.California, 
  90221, six (6) 55 gallon-drum containers of gold dust (powder form) 999.5 
  pure weighing 76.112 troy ounces with a value of $27,316,600 based on the 
  gold floor price of $358.90 per troy ounce. The market values of gold per 
  troy ounce as of June 30, 1998 and June 30, 1997 are $290.34 and $380.80. 
  respectively. At these prices, the gold in storage would carry
  fair market values of $22,09S.358 in 1998 and 528,983,450 in 1997.

3.   DEFERRED CHARGES AND OTHER ASSETS
          This consists of                                                     
          In Thousand Dollars
 Deferred Mining Exploration Costs                                 $ 3,253
 Deferred mining exploration costs were incurred
 in prior years with the amounts being estimated
 based on the prevailing costs of mining exploration 
 at that time due to the absence of supporting documentation.
 On April 13, 1996, the Company issued shares of stocks valued     
 at $3,252,669 to pay for its obligation arising thereto.

 Deferred Operating Expenses
 Related to additional sale of Common "A" shares
     (See Statement of Cash Flows)                                  $ 1,480
    Prior years expenses                                               801
          Total Operating Expenses                                     2281
          Total Deferred Charges and Other Assets                   $  5,534.

     4.   DEFERRED MINING EXPLORATION COSTS
          Deferred mining exploration costs were incurred in prior years
          with the amounts being estimate based on the prevailing costs of
          mining exploration at that time due to the absence of supporting
          documentation. In On April 13, 1996, the Company issued shares of
          stocks valued at $3,252,669 to pay for its obligation arising thereto.

     5.   RELATED PARTY TRANSACTIONS
          Grand American Bank Trust owns approximately 60% of the Company's 
          Class "A" common stock as of

     6.   PROVEN GOLD AND SILVER RESERVE
          The process of estimating mineral reserves is very complex, requiring
          significant subjective decision in the evaluation of available 
          geological, engineering, and economic data for each reserve. The 
          data for a given reserve may change substantially over time as a 
          result of additional development  activity, production under 
          varying economic conditions, etc.
          Consequently, material revision to the existing reserve estimates may
          occur in the future.  Although, every reasonable effort was made 
          to ensure that the reserve estimates reported represent the most 
          accurate assessment possible, the significance of the  ubjective 
          decision  required, the variances in the available data for various
          reserves, make these estimates generally less precise than other 
          estimates in connection with financial disclosure Proven reserves 
          are estimated quantities of gold and silver which geological
          and engineering data demonstrate, with reasonable certainty, to be
          recoverable in future years from known reserves under existing 
          economic and operating conditions.

          Stickel and Associates, independent consultants in applied geology,
          geophysics and engineering, has estimated 7,000,000 troy ounces of 
          gold and 19,000,000 troy ounces 01 silver The values of these 
          reserves based on average market prices as of December 31, 997 and 
          October 31, 1996 are as follows;

<TABLE>                3                           06/30/98            6/30/97
<S><C>           <CAPTION>                             (Dollars in Thousands)
Gold         7,000,000 troy ounces
                  @$290.34/troy ounce                        $2,032,380
   @$380.80/troy ounce                                       $2,665,600 
    
Silver      19,000,000 troy ounces
       @$5.945/troy ounce                             112,955
       @$4.82/troy ounce                        _____________         91.580 
                              
                                                   $2,145,335     $2,757,180

7.  STOCKHOLDERS' EQUITY:
    The Company is authorized to issue 50,000,000 shares of no par value 
    Class "B" shares. The Company gave authority to its Board of Directors to 
    issue such Class"B" stock in one or more series, and to fix the number 
    of shares in each series, and all  designations, relative rights,
    preferences and limitations of the stock issued in each series As of 
    April 13, 1994, the Board of Directors had exercised the authority granted.
          
8.  CONTINGENCIES.
    The Company is not involved in any legal proceeding which is considered to 
    be ordinary routine litigation incident to its business.

9.   TAXES.
     The Company has not filed a federal income tax return because there are no
     earnings to report
10.   The Secretary of the State of Colorado Corporation Office approved the 
      following on June 6,  1996:

  a)    The name Grand American international Corporation be changed to 
        Continental Wellness Casinos, Inc.
  b)    The authorized capital stock, common shares Class "A" of the Company 
        be increased from 100,000,000 shares to 500,000,000 shares with a 
        $0.003 par value per share
11.   ACQUISITION OF A HOTEL AND CASINO IN LAS VEGAS, NEVADA
      The Company is in the process of concluding the purchase of the Maxim 
      Hotel and Casino in Las Vegas, Nevada, an 800-room hotel and casino

12.   THE INCREASE OF THE ISSUED AND OUTSTANDING CLASS "A" COMMON SHARES
      The Company on December 6, 1995 by Company Resolution approved the 
      issuance of 47,958.512 common "A"shares to pay the mining exploration 
      cost of $3,252,669 that was paid by the Grand American Bank Trust.

      The Grand American Bank Trust could not accept the shares until a legal
opinion is given by the Regulators.

      The Legal opinion was given on February 15, 1996 and the 47,958,512
class "A" shares were issued to Gand American Bank Trust in April 1996 by 
American Securities Transfer, Inc . transfer agent. The Company by Certificate 
of Resolution that was approves on March 22, 1996 issued 3,266,960 class A" 
restricted common shares to Joseph Witzman in payment of the Company's 
obligation to him of $180,953 75.

         The outstanding shares in 1997 of 90,250,877 and 90,028,877 in 1996
consist of
               Balance 1/31/94                                    21,803,405
               Issued to Grand American Bank Trust               1 7,000,000
               Balance 10/31/95                                               
   38,803,405
               Issued to Grand American Bank Trust                47,958,512
               Issued to Joseph Witzman                            3,266,960
               Balance 10/31/96                                   90,028,877
               Issued under SEC Regulation "S"                       222.000
               Balance 10/31/97                                   90,250,877

                                                       
13.   LOANS PAYABLE-This represents the amount owing to Dolores M Kelly
      Successor Trustee  of the Kelly Family Exemption, UDT dated January 19,
      1984, due January 1, 1997, and personally guaranteed by Fred Cruz, 
      President of Continental Wellness Casinos (formerly  Grand American 
      International Corporation). This was paid in March, 1997

14.   Unsecured and unrecorded personal loans of prior years were paid for the
      year ended. December 31. 1997. These accounts were charged to Deferred 
      Charges and Other Assets

15.   CAPITAL IN EXCESS OF PAR- It is the excess of Total Assets over 
      Liabilities and Common Stock "A" and "B"

16.   CHANGE OF NAME OF END OF ACCOUNTING YEAR

      The Board of Directors adopted on December 22. 1997 the following 
      resolutions
      a)      The name of the Company was changed to Continental Wellness 
              Casinos Trust A Real Estate Investment Trust
      b)      The accounting  year was changed from October 31 December 31.
  
17.   The June 30, 1998 quarterly balance sheet was per my unaudited report.

18.   On March 18, 1998 the Company signed a Letter of Intent to purchase the
      Maxim Hotel and Casino Las Vegas, Nevada for $45,000,000. The hotel has 
      total revenue of $66,000,000 and net income of $6,000,000.

19.   On March 14, 1998 the Company signed a Letter of Intent to purchase the
      Desert Inn Hotel and  Casino Las Vegas, Nevada for $400,000,000. The 
      hotels total revenue of $142,700,000 and the EBITDA of $25,000,000.

20.   On April 8, 1998 the Company signed an offer to purchase all the issued
      and outstanding shares of common stock of Riviera Holding Corporation, 
      operators of the Riviera Hotel and Casino Las Vegas, Nevada at the rate
      of $15.00 per share to all stockholders of record. The Riviera Holding
      Corporation has a total revenue of $40,931,000 and net income of 
      $4,838,000.





                                INDEX



                                                       Page

Report on Projected Income Statement                                     1
                                             
Projected Income Statement                                               2
                                                                   






















To the Board of Directors and Stockholders 
Continental Wellness Casinos Trust
A Real Estate Investment Trust
Las Vegas, Nevada                  


I have assembled, from information provided by management, the forecasted
statement of income for the year ended, December 31, 1998.


This projection is prepared for the acquisition of a hotel, casino and Life
Extension Program in Las Vegas, Nevada. This financial forecast omits the 
summary of significant accounting policies. I have not compiled or examined 
the forecast and express no assurance of any kind on it. Furthermore, there 
will usually be differences between the forecasted and actual results because
events and circumstances frequently do not occur as expected, and those 
differences may be material. I have no responsibility to update this report 
for events and circumstances after the date of this report.




LUIS R. HIDALGO, Jr.
Certified Public Accountant


June 30, 1998










                  CONTINENTAL WELLNESS CASINOS TRUST
                                  A
                     REAL ESTATE INVESTMENT TRUST
                      PROJECTED INCOME STATEMENT
                For the year ended, December 31, 1998
                                   
                                   
                                   
                                   
                                   
INCOME:                                                (Dollars in Thousands)
                                   
     Life Extension Membership Club                                $ 100,000
                                                                      
     Hotel and Casino, Las Vegas, Nevada                              75,000

     Gold and Silver Mine Properties                                 150,000
                                   
     Miscellaneous Income                                             25,000

          Total Income                                               350,000


EXPENSES:
                                        
     Life Extension Membership Club                                  61,704
                                                  
     Hotel and Casino, Las Vegas, Nevada                             51,200
                                              
     Gold and Silver Mines Properties                                41,200

     Other Expenses                                                     754

          Total Expenses                                            154,858

          Net Income                                              $ 195,142


                  CONTINENTAL WELLNESS CASINOS TRUST
                                   
ITEM 2    Management's Discussion and Analysis ofFinancial Condition and
          Results of Operations
                         
               
Results of Operations


Summary of significant Accounting Policies Nature of the Business of
Continental Well Casinos, Incorporated, a Colorado corporation which was 
incorporated October 29, 1974. The Company is engaged in the discovery and 
development of precious metals mining properties located at Quincy, Plumas 
County, California which consists of 750 acres of land where 39 unpatented 
mines claims are located. All assessment work has been done at the mines and 
all the reports had been filed with the Bureau of Land Management, Sacramento,
California and the County of Plumas in accordance with the mining rules and 
regulations. The Company has permit to operate in small scale the mines from
the United States Forestry Department, Quincy, California. The Company intends
in going into a big mining venture to recover the gold and silver in the proven 
reserves as soon as the price of gold increases in value.

The Company is in the process of getting their Live Longer Center, a Longevity 
Members Association, with the purpose of making people live longer by using 
Preventive Medicine with the genes testing for discovery of predominant illness
in the different subjects and repair said genes by genetic engineering followed 
with a program of exercise and nutrition. The member signs for a period of 
ten years and receives one week of care at the Center. The cost for this
program is $ 1,000.00 per year per member and the fee is refundable by the 
member group insurance and it is also tax deductible making it a good way to 
slow down the cost of medical treatments that are out of control. For the
starting of this program the Company is using the real estate that was acquired.

Liquidity and Capital Resources

The expansion and diversification of the Registrant's business has occurred
selectively for the past two years through the development of the Registrant's 
mines for the production of gold and silver and other precious metals. The 
Registrant is in the organization of their Longevity Center, a Wellness Resort 
for Life Extension. The strategic and aggressive growth program enables
the Registrant to provide future earnings for the Company. The Registrant is 
confident that the organization program of the Longevity Center, a Well Resort
for Life Extension will increase sales and resulting cash flow.
                      



PART II  -  OTHER INFORMATION

Item 1.   Legal Proceedings

          As of                   the Company was not a party to any material 
          legal proceedings other than ordinary routine litigations incidental 
          to its business.

Item 2.   Changes in Securities

          Not applicable

Item 3.   Defaults Upon Senior Securities

          Not applicable

Item 4.   Submission of Matters to a vote of Security Holders

          Not applicable

Item 5.   Other Information

          Not applicable

Item 6.   Exhibits and Reports on Form 8-K

          (a) Exhibits:

          "A" Geological Evaluation of Gold Claims Reserves.

          (b) Reports on Form 8-K

              (1)    Amendment No. 7, dated March 26, 1998
                                   
                                   



SIGNATURES


Pursuant to the requirements of Section 13 of 15 (d) 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.



                         


                  CONTINENTAL WELLNESS CASINOS, INC.



               By (S)      FRED CRUZ                 DATED: August 24, 1998
                                       Fred Cruz
                                       President and Chief Executive Officer



               By (S) FERNANDO JUAN                   DATED: August 24, 1998
                                       Fernando Juan
                                       Vice President and Chief  Financial



                                   




                  GEOLOGIC EVALUATION OF GOLD CLAIMS
                                   
                                  IN
                                   
                      PLUMAS COUNTY, CALIFORNIA                                
                             EXHIBIT "A"
                                   
                                   
                                   
STICKEL & ASSOCIATES
P.O. Box 91, Tustin, CA 92681                               (714) 751


May 14, 1985


Minerals, Mining and Energy Corp.
7750 El Camino Real, Suite K
Rancho La Costa, California 92008


Attention:    Stewart Douglas, President

Subject:       Review of Literature and Inspection of Gold Claims in Plumas
               County, California, Black-hawk, Alan, MMC and Dean Lode Claims 
               conconsisting of 750 acres.
          

References:    1)  Geology of the Pulga and Bucks Lake Quadrangles, Butte and
                   Plumas Counties, California, USGS Prof. Paper 731, date 1973.

               2)  Examination and Sampling of the Blackhawk and  Section 13 
                   Claims, Plumas  County,  California, by Win. H. Bird, date
                   June 1, 1976.

               3)   Bucks Lake Quadrangle, Map, USGS, 1:62,500, DATE 1950. 
                                             
                                                  



Gentlemen

This letter presents our present geological engineering evaluation of the
subject gold and silver claims that are located in Plumas County, California.
                                        
We visited and inspected the property on April 19 and 20, 1985. The property
consists of approximately 750 acres of lode claims with a reported overlying of 
a few placer claims. The properties lie about 5 and 11 miles directly west of 
Quincy on the Bucks Lake Road.


The claims are named Blackhawk, Alan, MMC, and Dean.  The Blackhawk, Alan and
MMC claims lie in the northwest corner of Section 13, T24N, R8E.

                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                                                   
      CONSULTANTS IN APPLIED GEOLOGY, GEOPHYSICS AND ENGINEERING
                                   

Letter Report
MM&E Corporation
May 14, 1985

GEOLOGY

These claims lie along the southwest and northwest borders of a northwest
trending zone or band of highly fractured peridotite altered to serpentine. 
Broad fault zones bound the peridotite bodies or bands and there are no 
indications of heat alteration. There has been no production from hard rock
mining, however, significant placer hydraulicking and sluicing has occurred.
The placer deposits occur in two periods of erosion, the Present and the 
Tertiary. Although, concentrations of gold have only been found in the 
Blackhawk and Dean claims, it does occur scattered throughout the peridotite.
                                   
PRESENCE OF GOLD AND SILVER

Reference 2 indicates that there is a conservative               
10,000,000 tons of hard rock ore reserves. Rock Chip and channel samples were
obtained from 10 to 50 foot sections of road cuts and outcrops on these claims 
and it is reported - assayed high in gold (Au). The highest gold value was 
2.80 oz /ton, however, the overall average was .7 oz/ton. Silver
(Ag) ranged from a trace to 2.62 oz/ton. These values varied greatly, depending 
upon the freshness of the outcrop. Assays also indicated the presence of 
platinoid metals.

Total amount of gold and silver in these claims is 7,000,000 oz. of gold and
19,000,000 oz. of silver.  These figures were compiled from data presented 
in Reference 2. 

It is reported that during the summer of 1983, approximately $30,000 worth of
placer gold was dredged from one of the creeks flowing through the Blackhawk 
claims. This gold was dredged from an area of the creek about 100 yards long.

Stickel 7 Associates warrant that our services are performed within the limits
prescribed by our clients,  with the usual thoroughness and competence of the 
geological engineering profession. No other warranty or representation, either 
expressed or implied, is included or intended in our proposals or reports or 
contracts.

We appreciate the opportunity of presenting this report. If you have any
questions, please contact this office.

Very truly yours,

STICKEL & ASSOCIATES

By   (S) J. F. STICKEL
          J.F. STICKEL RG 2999
                         
JFS/hr




April 25, 1986

It is our opinion that the described and proven indicated" ore reserves are
based on data as described above.



STICKEL & ASSOCIATES
                                   
                                   
By (S) J.F. STICKEL
       J.F. STICKEL,
                                   
RG 2999



</TABLE>