<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                  FORM 10-K/A

  X     Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
-----   Act of 1934 for the fiscal year ended December 31, 1999 or

_____   Transition report pursuant to Section 13 or 15(d) of the Securities
        Exchange Act of 1934


                        Commission File Number: 0-22752

                          MIKOHN GAMING CORPORATION
--------------------------------------------------------------------------------
            (Exact name of registrant as specified in its Charter)


                 Nevada                                        88-0218876
--------------------------------------------------------------------------------
       (State or other jurisdiction                          (IRS Employer
     of incorporation or organization)                     Identification No.)

             920 Pilot Road,
     (Formerly 1045 Palms Airport Dr.),
      P. O. Box 98686, Las Vegas, NV                              89119
--------------------------------------------------------------------------------
  (Address of principal Executive Office)                      (Zip Code)

Registrant's telephone number, including area code: (702) 896-3890
                                                   -----------------------------

          Securities registered pursuant to Section 12(b) of the Act:
                                                      Name of each Exchange
Title of each class:                                   on which registered:
--------------------                                   --------------------
        None                                                    None

          Securities registered pursuant to Section 12(g) of the Act

                    Common Stock, par value $.10 per share
                    --------------------------------------
                               (Title of Class)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 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
filing requirement for the past 90 days. Yes  X  No___
                                             ---

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K, or any amendment to
this Form 10-K. X

     The number of shares of common stock outstanding as of March 13, 2000, was
10,891,515. The market value of the common stock held by nonaffiliates of the
Registrant as of March 13, 2000, was approximately $42,111,926. The market value
was computed by reference to the closing sales price of $7.125 per share of
common stock on the NASDAQ National Market System as of March 13, 2000.

                                       I
<PAGE>

<TABLE>
<CAPTION>
===============================================================================================
                                                                  Area
                     Location / Activity                       (Sq. Ft.)    Owned / Leased
                     -------------------                       ---------    --------------
<S>                                                            <C>          <C>
Las Vegas, NV - Slot Glass / Human Resources                       17,225       Leased
Reno, NV - Administration / Service                                 8,575       Leased
Gulfport, MS - Manufacturing                                       28,000       Leased
Hurricane, UT - Manufacturing                                      79,230       Leased
Rapid City, SD - Manufacturing  *                                  48,881        Owned
Kansas City, MO - Service                                           1,650       Leased
Ft. Lauderdale, FL - Service                                       11,000       Leased
Golden, CO - Service                                                3,000       Leased
Egg Harbor, NJ - Service                                            2,800       Leased
Pleasantville, NJ - Manufacturing and Service                       7,000       Leased
Amsterdam, The Netherlands - Manufacturing                         20,000       Leased
Lima, Peru - Manufacturing                                         35,674       Leased
                                                                ---------
 .   Closed in 1999 and sold in March 2000                         508,928
                                                                =========
===============================================================================================
</TABLE>

  There are many sources of supply for nearly all of the components and raw
materials used in the Company's products and there are many suppliers who can
assemble the Company's progressive jackpot products. Accordingly, the Company is
not dependent in any significant way upon any single supplier or vendor.

Marketing and Distribution

  The Company maintains facilities to sell and service its products to markets
throughout the world. In addition to the Las Vegas corporate headquarters, the
Company has regional sales offices in Reno, Nevada; Ft. Lauderdale, Florida; Egg
Harbor, New Jersey; Golden, Colorado; Gulfport, Mississippi; Amsterdam, the
Netherlands; Buenos Aires, Argentina and Lima, Peru.

  Historically, the Company's marketing efforts have been domestically focused,
as measured by the percentage of sales to customers in the U.S.  However, since
1994 we have broadened our distribution capabilities to better serve
international markets, take advantage of growth opportunities and
correspondingly reduce our dependence on domestic casino operators and gaming
machine manufacturers.  We expect to continue this strategy as more
international jurisdictions legalize gaming.

  The Company and its distributors service the Company's progressive jackpot
products, and the Company, a subcontractor or the customer typically services
the Company's interior signs. The Company performs maintenance on exterior
lighting and signs, typically under multi-year contracts, and provides limited
warranties on most of its products.

Research and Development

  During the fiscal years ended December 31, 1999, 1998 and 1997, the Company
expended approximately $6.0 million, $5.5 million and $3.9 million,
respectively, on research and development activities.

  As previously noted, the casino gaming industry is intensely competitive, for
which reason casinos constantly seek out, evaluate and introduce new and
upgraded gaming products in an effort to attract and retain gaming customers.
An important part of the Company's strategy is to provide

                                       16
<PAGE>

                           MIKOHN GAMING CORPORATION
                          CONSOLIDATED BALANCE SHEETS
                       as of December 31, 1999 and 1998

<TABLE>
<CAPTION>
(Amounts in thousands except per share amounts)                       1999               1998
                                                                      ----               ----
                                                                      (Restated; See Note 22)
                                                                      -----------------------
<S>                                                               <C>                 <C>
          LIABILITIES AND STOCKHOLDERS' EQUITY
          ------------------------------------
Current liabilities:
   Current portion of long-term debt and notes payable             $   1,436           $  2,122
   Trade accounts payable                                             11,615              9,098
   Customer deposits                                                   3,600              4,675
   Accrued and other current liabilities                               6,743              5,729
   Deferred license fees - current                                       451
                                                                   ---------          ---------
      Total current liabilities                                       23,845             21,624
                                                                   ---------          ---------

Long-term debt, net of current portion                                85,417             84,881
                                                                   ---------          ---------

Deferred license fees - noncurrent                                     1,806
                                                                   ---------          ---------

Deposit on net assets transferred under
   contractual agreement                                               4,890
                                                                   ---------          ---------

Deferred tax liability - noncurrent                                   14,221             14,609
                                                                   ---------          ---------

Commitments and contingencies (See Note 14)

Stockholders' equity:
   Preferred stock, $.10 par value, 5,000 shares authorized,
      none issued and outstanding
   Common stock, $.10 par value, 20,000 shares authorized,
      10,799 and 10,681 shares issued and outstanding                  1,080              1,068
   Additional paid-in capital                                         53,350             52,983
   Notes receivable from stockholders                                 (1,251)            (1,365)
   Foreign currency translation                                         (597)            (1,018)
   Accumulated deficit                                                (4,238)            (4,713)
                                                                   ---------          ---------
      Subtotal                                                        48,344             46,955
   Less treasury stock, 19 shares, at cost                              (228)              (228)
                                                                   ---------          ---------
      Total stockholders' equity                                      48,116             46,727
                                                                   ---------          ---------

Total liabilities and stockholders' equity                         $ 178,295          $ 167,841
                                                                   =========          =========
</TABLE>

See notes to consolidated financial statements

                                       42
<PAGE>

     In addition, in 1998, goodwill was recorded in the amount of $29,892 and
$3,223, as part of the acquisitions of PGI and P&S Leasing, respectively. The
amount originally recorded as goodwill for the acquisition of PGI was subject to
change for items, such as Year 2000 costs and international tax withholding,
with the former owner of PGI. In 1999, additional goodwill was recorded in the
amounts of $2,460 and $187 with regard to the acquisitions of PGI and P&S
Leasing, respectively. These amounts were for the Year 2000 costs and
international tax withholding issues. Subsequent to the issuance of the
Company's 1999 financial statements, the Company's management determined that
such amounts previously classified as goodwill should be classified as a
perpetual license with an estimated useful life of 40 years.

     As a result, the 1999 and 1998 financial statements have been restated from
amounts previously reported to account for the non-divestiture of MGA to
reclassify goodwill to perpetual licenses as described above. A summary of the
effects of the restatement follows:


<TABLE>
<CAPTION>
                                                      1999                           1998
                                                      ----                           ----
                                               As                             As
                                           Previously         As          Previously        As
                                            Reported       Restated        Reported      Restated
                                            --------       --------        --------      --------
<S>                                        <C>             <C>            <C>            <C>
At December 31:
  Intangible assets                          $16,810       $70,097          $13,651       $64,188
  Goodwill                                    40,208         5,572           39,916         7,067
  Net assets of business
   transferred under contractual
    agreement                                                  558
  Deferred tax asset - noncurrent              2,914                          3,079
  Deposit on net assets
   transferred under contractual
   agreement                                                 4,890
  Deferred tax liability - noncurrent                       14,221                         14,609
  Stockholders' equity                        50,932        48,116

For the year end December 31:
  Selling, general and
    administrative expenses                   41,505        41,966           38,837        38,983
  Other income and (expense)                   5,052           720
  Income (loss) from continuing
    operations before income tax
    (provision) benefit                        5,383           590
  Income tax (provision) benefit              (1,635)          342            3,190         3,335
  Net income (loss)                            3,748           932
  Net income (loss) per share:
    Basic                                    $  0.35       $  0.09
    Diluted                                  $  0.35       $  0.09
</TABLE>

                                       75