UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                FORM 8-K AMENDED

                                 CURRENT REPORT
    PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported) JUNE 25, 1997

                           NEVADA GOLD & CASINOS, INC.
             (Exact name of registrant as specified in its charter)

              NEVADA                 0-8927                     88-0142032
(State of other jurisdiction      (Commission                  (IRS Employer
    of incorporation)             File number)               Identification No.)

              3040 POST OAK BLVD., SUITE 675, HOUSTON, TEXAS 77056
                    (Address of principal executive offices)

                                  713-621-2245
               Registrant's Telephone Number, Including Area Code




ITEM 4.     CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

            On June 25, 1997, the Company retained Pannell Kerr Forster of
            Texas, P.C. as its independent public accountants to audit the
            financial statements of the Company for the fiscal year ended March
            31, 1997. The decision to change independent auditors was approved
            by resolution of the Board of Directors. During the two most recent
            years and through the date of this filing, the Company has not
            consulted with Pannell Kerr Forster of Texas, P.C. on items which
            concerned the subject matter of a disagreement or reportable event
            with the former auditor.

            During the Company's two most recent fiscal years and during the
            period through the date of this filing, there were no disagreements
            with the former auditor, Arthur Andersen LLP, on any matter of
            accounting principles or practices, financial statement disclosure,
            or auditing scope or procedure, which if not resolved to the
            satisfaction of Arthur Andersen LLP would have caused it to make
            reference to the subject matter of the disagreement in connection
            with its report. No "Reportable Events" (as such term is defined in
            item 304 (a)(1)(v) of Regulation S-K) occurred during the Company's
            two most recently completed fiscal years and the subsequent interim
            period. Arthur Andersen LLP declined to stand for reelection. Arthur
            Andersen LLP's reports on the Company's financial statements for
            each of the past two years did not contain an adverse opinion or
            disclaimer of opinion, not were they qualified or modified as to
            audit scope or accounting principles; however, the reports were
            qualified due to uncertainties resulting from going concern issues.

ITEM 5.     OTHER EVENTS

            Through wholly owned subsidiaries of each company, Nevada Gold &
            Casinos, Inc. and Casino America, Inc. have entered into a joint
            venture to develop a new Isle of Capri casino planned to be the
            largest in Colorado at Black Hawk, 25 miles west of Denver.

            In March 1996, Nevada Gold & Casinos, Inc. and Caesar's World Gaming
            Corporation, a subsidiary of ITT Corporation, announced joint
            development plans for the project. Although all the necessary land
            was assembled, designs completed, operating agreements signed and
            regulatory approvals obtained, no further action was taken. Now, to
            join the Black Hawk venture, Casino America has contracted to
            purchase Caesar's interest in the project.

            The new joint venture's plans call for a facility with approximately
            1,000 slot machines, 25 blackjack and poker games, restaurants, a
            parking garage and other casino and gaming-related activities.
            Construction is expected to take approximately 18 months.

            Nevada Gold & Casinos, Inc. will retain approximately 48% interest
            in the joint venture: Casino America will own about 52% of the joint
            venture and will manage the new Isle of Capri Casino under a
            long-term management agreement. The development of the project is
            subject to a number of conditions, including due diligence matters,
            determination of economic feasibility, receipt of all required
            regulatory permits, including approvals from the Colorado Gaming
            Division and the City of Black Hawk, as well as financing for the
            project, which is planned to be through the issuance of non-recourse
            project debt.

            Black Hawk is one of three historic mining towns in Colorado where
            limited stakes gaming has been legalized. It is the leader among the
            state's mining towns, producing more than 55% of Colorado's over
            $400 million in annual gaming revenues.

ITEM 7.     FINANCIAL STATEMENTS AND EXHIBITS

            16.  Letter from Arthur Andersen LLP to Securites.and Exchange
                 Commission

                                   SIGNATURES

      Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                    NEVADA GOLD & CASINOS, INC.
                                    BY: /S/ ELIZABETH A. WOODS
                                    ELIZABETH A. WOODS
                                    TREASURER & CHIEF
                                    FINANCIAL OFFICER