SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8 - K
CURRENT REPORT


PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934

Date of Report:  January 23, 2002

Commission file number:  0-22622

CREATOR CAPITAL LIMITED
 (Exact name of registrant as specified in its charter)

BERMUDA 	98-0170199
(State or other Jurisdiction of  	(I.R.S. Employer
Incorporation or Organization) 	Identification Number)

Cedar House, 41 Cedar Street
Hamilton HM 12, Bermuda
(Address of principal executive offices)

(604) 947-2555
(Registrant's telephone number, including area code)


Securities registered pursuant to Section 12(g) of the Act:
50,000,000

ITEM 5:  OTHER EVENTS

On January 23, 2002, Creator Capital Limited is pleased to
provide its shareholders with the following update.


A copy of the News Release is attached hereto and filed as an
Exhibit to this filing on Form 8-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following
person(s) on behalf of the Registrant and in the capacities and
on the date indicated.

CREATOR CAPITAL LIMITED

"Deborah Fortescue-Merrin"
_____________________________
Name:  Deborah Fortescue-Merrin
Title:  President




EXHIBIT 1
News Release
January 23, 2002

Creator Capital Limited
Cedar House, 41 Cedar Street
Hamilton HM 12
Islands of Bermuda


PRESS RELEASE

HAMILTON, BERMUDA - January 23, 2002 - CREATOR CAPITAL LIMITED
(CTORF:OTCBB) ("CCL") is pleased to provide its shareholders with
the following update.

While audited figures have not yet been received, CCL has been
informed that total sales generated through the main location and
the seven satellite locations selling the Soccer Betting Lottery
in China, have almost doubled month over month since its launch
three months ago.  CCL's associates, Beacon Hill Investments
Ltd., have informed CCL that the main location is one of only two
such government sanctioned destination locations in all of
Mainland China (population 1.3 billion).

To further assist our shareholders in understanding the mechanics
of the Soccer Betting Lottery, the following excerpts from
various newspaper articles are included below:

The China Daily, Hong Kong Edition:
"The official soccer lottery is the first single-game lottery
since the country's general sports lottery successfully attracted
a large number of regular buyers and brought great profits.  But
for the time being, ticket holders cannot bet on Chinese football
games, but can wager on the English Premiership and Italy's Serie
A.
The Sports Lottery Administration Centre, which is in charge of
the launch of the football lottery, explained that this was
because China's professional football games and the operation of
the lottery were not mature enough, but would be included when
the time comes.
The single-event sports lottery is expected to be a perfect
combination of gambling and learning, said Sun Jinfang, director
of the Administration Centre.  "It can further trigger people's
enthusiasm for football (soccer) and allow them to know the
sporting event better through the lottery," she added.
Football (Soccer) has been attracting more loyal and enthusiastic
fans in China, and the country introduced a professional league
nearly a decade ago.  Chinese football fans not only cry for
their own teams, but they also support the world's top teams.
The government hopes the official soccer lottery will replace
underground football gambling
For every round of football (soccer) games in England and Italy,
Chinese people will choose nine Italian games and four English
games to gamble on.  People who successfully predict the results
of all 13 games will share a top prize, which includes 50 per
cent of the money for all tickets sold and the leftover prizes
from the previous round. Those who guess 12 results correctly
will share 50 per cent of the value of all tickets.  The highest
prize for each prize has been limited to 5 million yuan
(US$600,000).
People are saying that the timing of the launch of soccer lottery
is perfect, as China's national team has just qualified for the
World Cup finals.
Since making its debut in March 1994, the sports lottery has been
growing and has become a major element of China's sports
industry.  The lottery sells well around the country, with ticket
sales worth 9.1 billion yuan (US$1.1 billion) in 2000, a 127 per
cent increase over 1999.  Liu Yueye, secretary general of the
administration, said the robust buying of sports lottery tickets
demonstrates people's fondness for sports as well as their
enjoyment of the potentially big payoffs.  However, the sale of
sports lottery tickets means more than just betting in China, Liu
said.  The lottery is important in its role in raising funds for
sporting events and maintaining sports facilities."

The China Daily, Business Weekly:
	"There are hundreds of millions of soccer fans in China, who
pay close attention to the domestic and international soccer
leagues.  Therefore, the soccer lottery possesses a big potential
market." said Yi Jiandong, a senior sports industry researcher at
Beijing University of Physical Education.  Yi said the soccer
lottery would play appositive role in increasing the popularity
of soccer among non-fans.  "A possible prize of Rmb 5 million
(US$600,000) is no doubt a great temptation." he said.

The China Daily, Print Edition:
"At present the lottery centers on forecasting the results of
foreign soccer leagues, namely, win, tie, or loss.  Ticket
holders can bet on 13 matches: nine from Italy's Serie A and 4
from the English Premiership.  The Chinese Soccer Lottery adopts
the Italian total lottery system.  People who get all the results
right share the top prize, and those who only make one mistake
share the second prize."

Development of the www.china-lotteries.com site is continuing.
The site is being developed in conjunction with CCL's associates,
Asset China Investments Ltd., and Beacon Hill Investments Ltd.

CCL is also pleased to announce the appointment of Mr. Stefen
West as Chief Technology Officer.  Mr. West has been a consultant
in the IT industry for over 13 years.  He has worked in a wide
range of areas including distributed robotic networks, computer
aided manufacturing, process automation, graphics processing, the
application of artificial intelligence in computer games and
bioinformatics.  Previous clients include IBM, VEB, Seaboard
Life, PC Multimedia and Entertainment, Summit Logistics, Spirit
Systems Group, Annex Consulting Group, Neuberg and Associates and
the Syreon Corporation.  For the two years prior to joining CCL,
Stefen was involved in developing secure global digital
informatics networks for use by large pharmaceutical companies.

Mr. West's expertise will be most valuable in organizing and
implementing CCL's future plans for its Airline division
incorporating the Sky Games/Sky Play interactive PC amusement
games and gambling software business.

Creator Capital Ltd., formerly known as Interactive Entertainment
Ltd., is a Bermuda exempted company.  The Company introduced the
in-flight interactive gaming experience to international airline
passengers as a method of creating additional revenues for
airlines.  Creator Capital's two products are Sky Games and Sky
Play.  Sky Games consists of interactive gaming, such as
Blackjack (21), Draw Poker, and Slots.  Sky Play consists of
interactive PC amusement games such as Mah Jong, Solitaire and
Chess.

ON BEHALF OF THE BOARD OF DIRECTORS

"Deborah Fortescue-Merrin"

Deborah Fortescue-Merrin


Corporate Contact:

Contact:	Deborah Fortescue-Merrin
Telephone	(604) 947-2555
Email	info@creatorcapital.com
Website	http://www.creatorcapital.com

Safe Harbour statements under the Private Securities Litigation
Reform Act of 1995; - this release contains forward looking
statements within the meaning of Section 27A of the Securities
Act of 1933, and Section 21B of the Securities Exchange Act of
1934.  Any statements which express or involve discussions with
respect to predictions, expectations, beliefs, plans,
projections, objectives, goals, assumptions or future events or
performance are not statements of historical fact, may be
foreword looking statements.  Forward looking statements are
based upon expectations, estimate sand projections at the time
the statements are made, which involve a number of risks and
uncertainties which could cause actual results or events to
differ materially from those presently anticipated.