SECURITIES AND EXCHANGE COMMISSION
                        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
     September 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) 240-4408                                

<PAGE>                              2

   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.

        Title of Class                                   September 30, 1998

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

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                        CONTINENTAL WELLNESS CASINOS TRUST

                                         Index
                                 
   Part I    FINANCIAL INFORMATION                                     Page

       Item 1    Financial Statements

                 Consolidated Balance Sheets                             4

                 Consolidated Statements of Operations                   4

                 Consolidated Statements of  Cash Flows                  5

                 Notes to Consolidated Financial Statements              6

       Item 2    Management's Discussion and Analysis of Financial
                 Condition and Results of  Operations                   10

  Part II   OTHER INFORMATION

       Item 1    Legal Proceedings                                      11

       Item 2    Changes in Securities                                  11

       Item 3    Defaults upon Senior Securities                        11

       Item 4    Submission of Matters to a Vote of Security Holders    11

       Item 5    Other Information                                      11

       Item 6    Exhibits and Reports on Form 8-K                       11



<PAGE>                                4


                  CONTINENTAL WELLNESS CASINOS TRUST
                                  A
                    REALESTATE INVESTMENT TRUST

                           BALANCE SHEETS

              September 30, 1998 and September 30, 1997
                                   

                                                September 30, September 30,
                                                  1998         1997   
                                                 (Dollars In Thousands)

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

        Investment in stocks                             0          0
    
        Deferred charges and other assets (Note 3)

           Deferred mining exploration costs and
           Deferred operating expenses               5,534      3,365

        Proven reserves (Note 5) 
           Gold                                  2,074,800  2,335,200

           Silver                                  101,080     98,800

        Total assets                           $ 2,208,731 $2,464,682
                                                                  
        Loans payable (Note 12)                          0         31

        STOCKHOLDERS' EQUITY

         Common stock, Class "A" $0.003 par value
         Authorized shares-500,000,000                                    
         Issued and outstanding-90,250,877            271         270

         Common stock, Class "B" no par value,
         with a stated value of $1.00 per share.
         Authorized shares-50,000,000 in 1998
         and 1997. Issued and outstanding-
         5,266,960 in 1998 and 1997                 5,266       5,266

         Capital in excess of par (Note 14)     2,203,194   2,459,146
                                                       
        Total Liabilities and Stockholders'
         Equity                               $ 2,208,731 $ 2,464,682

                                   
        See accompanying notes to Financial Statements.
        September 30, 1998
                    
<PAGE>                              5                                   
                                   

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

<PAGE>                             6

                  CONTINENTAL WELLNESS CASINOS TRUST
                                  A
                    REAL ESTATE INVESTMENT TRUST

                    NOTES TO FINANCIAL STATEMENTS
                                   
   1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      Description of Business - The Company was 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 engaged in the exploration of said mines for the
      production of precious metals like gold and silver. More recently, the
      Company has 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.There are no plans currently in effect to re-open mining
      operations.

   2. GOLD IN STORAGE AT BONDED WAREHOUSE

      On October 9, 1990, the Company deposited at NDS, United States Customs
      Bonded Warehouse currently 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 a gold floor price of $358.90 per troy ounce.
      The market values of gold per troy ounce as of September 30, 1998 and
      September 30, 1997 are $296.40 and $333.60, respectively. At these prices
      the gold in storage would carry fair market values of $22,559,596 on
      September 30, 1998 and $25,390,963 on September 30, 1997.


<PAGE>                            7

   3. DEFERRED CHARGES AND OTHER ASSETS
                                                          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
          The Company is not 50% owned by 5 or fewer individuals.
     
   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.

<PAGE>                              8

         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 of silver. The values of these
         reserves based on average market prices as of September 30, 1997 and
         September 30, 1998 are as follows;

                                               9/30/98            9/30/97
                                                (Dollars in Thousands)

        Gold         7,000,000 troy ounces
                     @$296.40/troy ounce     $2,074,800
                     @$3333.60/troy ounce                      $2,335,200 
    
        Silver      19,000,000 troy ounces
                    @$5.320/troy ounce          101,080
                    @$5.200/troy ounce      _____________          98,800 
                                
                                             $2,175,880        $2,434,000

    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.

<PAGE>                             9

   11.  ACQUISITION OF A HOTEL AND CASINO IN LAS VEGAS, NEVADA
        The Company is in the process of purchasing a hotel and casino in
        Las Vegas, Nevada, with at least 800 rooms.

   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.
        47,958,512 Class "A" shares were issued to Gand American Bank Trust 
        in April 1996 by American Securities Transfer, Inc., the Company's
        transfer agent. Grand American Bank Trust has since distributed the
        shares to its Beneficiaries.
        The Company by Certificate of Resolution that was approved 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.

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

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

   15.  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.
        b) The accounting  year was changed from October 31 to December 31.
  
   16.  The September 30, 1998 quarterly balance sheet is per an unaudited
        report.

<PAGE>                             10


                  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: Continental Well Casinos Trust, a Nevada real estate
investment trust was originally incorporated in Colorado on October 29, 1974,
as Minerals Mining Corporation. The name was first changed to Grand American 
International Corporation, then Continental Wellness Casinos Corp., and then
the form of the Company was changed to a real estate investment trust in Nevada
December 22, 1997, and the present name was adopted. The Company had been
engaged in the discovery and development of precious metals with mining
properties located at Quincy, Plumas County, California. The Company has 750
acres of land where 39 unpatented mineing claims are located. All assessment
work has been done at the mines and all reports have 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 permits to
operate the mines from the United States Forestry Department, Quincy,
California. The Company presently does not intend to re-open mining operations
to recover the gold and silver in the proven reserves, and will not do so until
the price of gold increases significantly.

The Company is in the process of getting its live longer center, a longevity 
members association, with the purpose of making people live longer by using 
preventive medicine with genes testing for discovery of predominant illness
in the different subjects and repair defective genes by genetic engineering 
followed with a program of exercise and nutrition. The hotel's guests sign a
long term rental agreement for a room or suite at the Company's resort hotel
and casino for a week or two per year for a period of ten years, payable in 
advance, and also receive one week of care at the center. The rental cost is
$ 1,000.00 per week per year per guest. 


<PAGE>                            11

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 organizing its 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 program of long term room rentals in a resort hotel and casino
in conjunction with a longevity center, will increase sales and produce
a positive cash flow.

PART II  -  OTHER INFORMATION

Item 1.   Legal Proceedings

          As of September 30, 1998 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
                                   
<PAGE>                             12                                   



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: October 8, 1998
                                       Fred Cruz
                                       President and Chief Executive Officer



               By (S) FERNANDO JUAN                   DATED: October 8, 1998
                                       Fernando Juan
                                       Vice President and Chief  Financial



<PAGE>                             13                                   

                  GEOLOGIC EVALUATION OF GOLD CLAIMS
                                  IN
                      PLUMAS COUNTY, CALIFORNIA


                              EXHIBIT "A"

                                   
                         STICKEL & ASSOCIATES
                    P.O. Box 91, Tustin, CA 92681
                            (714) 751-4742


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. 

<PAGE>                             14

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.

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. 

<PAGE>                             15

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

<PAGE>                             16


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