U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
NOTIFICATION OF LATE FILING
FORM 12b-25
Sec. File Number 0-9624 Cusip Number 460491 80 6
[Check One]
[ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [ X ] Form 10-Q
[ ] Form N-SAR
For the Period Ended: March 31,1997
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended ________________
_____________________________________________________________________________
Read Instructions (on back page) Before Preparing Form.
Please Print or Type
Nothing in this form shall be constructed to imply that the
Commission has verified any information contained herein
If the notification relates to a portion of the filing checked
above, identify the Item[s] to which the notification relates:
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PART I - REGISTRANT INFORMATION
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Full Name of Registrant International Thoroughbred Breeders, Inc.
Former Name If Applicable
Address of Principal Executive Office (Street and Number)
Haddonfield Road and Route 70
City, State and Zip Code Cherry Hill, New Jersey 08034
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PART II - RULES 12b-25[b] and [c]
_____________________________________________________________________________
If the subject report could not be filed without unreasonable
effort or expense and the registrant seeks relief pursuant to
Rule 12-b-25[b], the following should be completed.
[Check box if appropriate]
[a] The reasons described in reasonable detail in Part
III of this form could not be eliminated without
unreasonable effort or expenses;
[X] [b] The subject annual report, semi-annual report,
transition report on From 10-K, Form 2-F, Form 11-K,
Form N-SAR, or portion thereof, will be filed on or
before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report
or transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth
calendar day following the prescribed due date; and
[c] The accountant's statement or other exhibit required
by Rule 12b-25[c] has been attached if applicable
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PART III - NARRATIVE
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State below in reasonable detail the reasons why the Form 10-K, 20-F, 11-k, 10-Q
or N-SAR or the transition report or portion thereof, could not be filed within
the prescribed time period. {Attach Extra Sheet if Needed} See Attached
_____________________________________________________________________________
PART IV - OTHER INFORMATION
_____________________________________________________________________________
[1] Name and telephone number of person to contact in regard to this
notification
William Warner 609 488-3625
[Name] [Area Code] [Telephone No.]
[2] Have all other periodic reports required under
Section 13 or 15[d] of the Securities and Exchange
Act of 1934 or Section 10 of the Investment Company
Act of 1940 during the preceding 12 months [or for
such shorter period that the registrant was required
to file such reports] been filed? If answer is no,
identify report[s]. [ X ] Yes [ ] No
[3] It is anticipated that any significant change in
results of operations from the corresponding period
for the last fiscal year will be reflected by the
earnings statements to be included in the subject
report or portion thereof? [ X ] Yes [ ] No
If so, attach an explanation of the anticipated
change both narratively and quantitatively, and, if
appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
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International Thoroughbred Breeders, Inc.
____________________________________________________________________________
[Name of Registrant as Specified in Charter]
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date May 14, 1997 By/s/William H. Warner
William H. Warner, Principal Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The
name and title of the person signing the form shall be typed or
printed beneath the signature. If the statement is signed on
behalf of the registrant by an authorized representative [other
than an executive officer], evidence of the representative's
authority to sign on behalf of the registrant shall be filed with
the form.
ATTENTION
Intentional misstatements or omissions of fact constitute
Federal Criminal Violation [See 18 U.S.C. 1001]
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 [17CFR 240.12b-25] of the
General Rules and Regulations under the Securities Exchange Act
of 1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the
Securities and Exchange Commission, Washington, D.C. 20549, in
accordance with Rule 0-3 of the General Rules and Regulations
under the Act. The information contained in or filed with the
form will be made a matter of the public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall
be filed with each national securities exchange on which any
class of securities of the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25, but
need not restate information that has been correctly furnished. The
form shall be clearly identified as an amendment notification.
International Thoroughbred Breeders, Inc.
Form 12b-25
Form 10-Q for Period Ended March 31, 1997
_____________________________________________________________________________
Part III - Narrative
_____________________________________________________________________________
Prior to the filing due date of Form 10-Q for the quarter ended
March 31, 1997, the Company entered into major financial mortgage
contracts that are required to be fully disclosed in this filing.
The Directors and Chairman of the Board need time to review said
documents and disclosures. As a result, the Registrant is unable
to complete the preparation of the Form 10-Q report for filing by
May 15, 1997.
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Part IV - Other Information
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(3) For the three and nine months ended March 31, 1996, the
Registrant reported a net loss of ($1,151,532) and ($294,532)
respectively. For the three and nine months ended March 31, 1997,
the Registrant anticipates reporting a net loss of approximately
($1,600,000) and ($5,200,000), respectively, primarily as a result
of increased costs associated with casino development projects and
a write off of deposits associated with an option to purchase a
parcel of land in Las Vegas.
