<PAGE 13>
EXHIBIT 11
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AMERICAN GAMING & ENTERTAINMENT, LTD.
COMPUTATION OF EARNINGS (LOSS) PER SHARE
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
____ ____ ____ ____
<S> <C> <C> <C> <C>
Weighted average number
of shares for computation 12,561,750 12,532,102 12,547,849 12,532,102
========== ========== ========== ==========
Net income (loss) $(135,000) $1,413,000 $(271,000) $(450,000)
Dividends and accretion
on preferred stock 317,000 467,000 633,000 933,000
__________ __________ __________ ___________
Net income (loss) for common
stockholders $(452,000) $ 946,000 $(904,000) $(1,383,000)
========= ========== ========= ===========
Income (loss) for common
stockholders per common
share $(0.04) $0.08 $(0.07) $(0.11)
========= ========== ========= ==========
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