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 (Date of earliest event reported): February 22,
2001
LAS VEGAS GAMING, INC.
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(Exact name of registrant as specified in its charter)
NEVADA 88-0392994
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3261 S. Highland Avenue, Suite 613
Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code 702-733-9703
Commission File Number: 0-30375
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(Former name or former address, (Zip Code)
if changed since last report.)
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
None
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
None
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
None
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
None
ITEM 5. OTHER EVENTS
Las Vegas Gaming, Inc. (the "Company") entered into a 5-year
license agreement on February 22, 2001 with Park Place
Entertainment Corporation ("Park Place"), renewable in 5-year
increments by mutual agreement at least 90 days prior to
expiration. The Company granted a non-exclusive license to Park
Place for its 5-spot version of its 2-9 spot linked and
progressive keno games. Park Place is allowed to operate the game
in its Nevada casinos and broadcast the results on its web site.
The license also applies to New Jersey, Mississippi, Louisiana,
and Indiana, subject to regulatory approval; the license agreement
does not apply to Indian gaming operations in any state.
In return, Park Place agreed to pay the Company 10% of the ticket
price per ticket sold for the 5-spot progressive ticket, also
known as "Nevada Numbers". A marketing fund of 6% of the ticket
price per ticket sold was also agreed to in the license agreement.
Park Place is responsible for paying $2.5 million to the Company
for payment to the game's jackpot winner at the time an official
winner is declared. The Company and Park Place will split the
cost of any shortfall between the net present value of the base
jackpot and the $2.5 million due from Park Place.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS
None
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Financial Statements
None
Exhibits
License Agreement between the Company and Park Place Entertainment
Corporation dated February 22, 2001.
ITEM 8. CHANGE IN FISCAL YEAR
None
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SIGNATURES
Pursuant to the requirements 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.
LAS VEGAS GAMING, INC.
/s/ Russell Roth
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Russell Roth, President
Date: March 2, 2001
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