CASINO AMERICA INC
SC 13G/A, 1998-02-18
MISCELLANEOUS AMUSEMENT & RECREATION
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<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                SCHEDULE 13G/A


            Information Statement Pursuant to Rules 13d-1 and 13d-2
                   Under the Securities Exchange Act of 1934
                             (Amendment No. 5)/1/


                              CASINO AMERICA, INC.
                      ------------------------------------
                                (Name of Issuer)

                                  COMMON STOCK
                      ------------------------------------
                         (Title of Class of Securities)

                                   147575104
                                  -----------
                                 (CUSIP Number)


     Check the following box if a fee is being paid with this statement [_]. (A
fee is not required only if the filing person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)

- -------------------------
/1/The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

   The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 147575104               13G                    PAGE 2 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSONS
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
                                                                                
      Bernard Goldstein    SS####-##-####
                          
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [X]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
      

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4                                 
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5                                                       
     NUMBER OF            3,012,101       
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6       
                          
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7       
    REPORTING             3,012,101
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8       
                          
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9                           
      3,012,101
- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10           
                                                                    [X]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11           
      12.8%                                                                   

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12           
      IN

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 147575104               13G                    PAGE 3 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSONS
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
                                                                                
      Robert S. Goldstein    SS####-##-####
                          
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [X]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
      

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4                                 
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5                                                       
     NUMBER OF            1,091,655
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6       
                          
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7       
    REPORTING             1,091,655
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8       
                          
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9                           
      1,091,655
- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10           
                                                                    [X]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11           
      4.6%                                                                   

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12           
      IN

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 147575104               13G                    PAGE 4 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSONS
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
                                                                                
      Richard A. Goldstein    SS####-##-####
                          
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [X]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
      

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4                                 
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5                                                       
     NUMBER OF            1,026,655
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6       
                          
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7       
    REPORTING             1,026,655
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8       
                          
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9                           
      1,026,655
- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10           
                                                                    [X]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11           
      4.4%                                                                   

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12           
      IN

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 147575104               13G                    PAGE 5 OF 8 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSONS
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
                                                                                
      Jeffrey D. Goldstein    SS####-##-####
                          
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [X]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
      

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4                                 
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5                                                       
     NUMBER OF            1,026,655
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6       
                          
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7       
    REPORTING             1,026,655
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8       
                          
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9                           
      1,026,655
- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10           
                                                                    [X]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11           
      4.4%                                                                   

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12           
      IN

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>
 
                                                            Page 6 of 8 Pages

Item 1(a).  Name of Issuer:  CASINO AMERICA, INC.

Item 1(b).  Address of Issuer's Principal Executive Offices:  711 Washington
            Loop, Biloxi, Mississippi 39530.

Item 2(a).  Name of Person Filing: Bernard Goldstein, Robert S. Goldstein,
            Richard A. Goldstein and Jeffrey D. Goldstein are the filing persons
            and they each disclaim membership in a group and beneficial
            ownership of the shares owned by the others.

Item 2(b).  Address of Principal Business Office or, if None, Residence: 2117
            State Street, Suite 300, Bettendorf, Iowa 52722-1400 is the
            principal business address for all of the filing persons with the
            exception of Bernard Goldstein who resides at 4001 N. Ocean Blvd.,
            Apt. 801B, Boca Raton, Florida 33431.

Item 2(c).  Citizenship:  Each filing person is a citizen of the United States
            of America.

Item 2(d).  Title of Class of Securities:  Common Stock
 
Item 2(e).  CUSIP Number:  147575104
             
Item 3.     If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
            check whether the person filing is a: Not applicable, filed pursuant
            to Rule 13d-1(c)

            (a)  [_]  Broker or dealer registered under Section 15 of the Act,
 
            (b)  [_]  Bank as defined in Section 3(a)(6) of the Act,
 
            (c)  [_]  Insurance Company as defined in Section 3(a)(19) of the
                      Act,

            (d)  [_]  Investment Company registered under Section 8 of the
                      Investment Company Act,
            
            (e)  [_]  Investment Adviser registered under Section 203 of the 
                      Investment Advisers Act of 1940,
 
            (f)  [_]  Employee Benefit Plan, Pension Fund which is subject to
                      the provisions of the Employee Retirement Income Security
                      Act of 1974 or Endowment Fund; see 13d-1(b)(1)(ii)(F),
 
            (g)  [_]  Parent Holding Company, in accordance with 
                      Rule 13d-1(b)(ii)(G); see Item 7,
 
            (h)  [_]  Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
<PAGE>
 
                                                            Page 7 of 8 Pages

Item 4.   Ownership:  As of December 31, 1997, Bernard Goldstein, Robert S.
          Goldstein, Richard A. Goldstein and Jeffrey D. Goldstein,
          collectively, beneficially owned an aggregate of 6,157,066 shares of
          Common Stock of the Company which represented approximately 26.1% of
          the outstanding shares.  Bernard Goldstein, Robert S. Goldstein,
          Richard A. Goldstein and Jeffrey D. Goldstein each disclaim membership
          in a group, and their individual share ownership and percentages and
          information regarding the manner in which the shares are beneficially
          owned are set forth in their respective cover pages.  The 3,012,101
          shares beneficially owned by Bernard Goldstein include 40,000 shares
          issuable upon exercise of stock options that are exercisable within 60
          days.  The 1,091,655 shares beneficially owned by Robert S. Goldstein
          includes 55,000 shares issuable upon exercise of stock options that
          are exercisable within 60 days.

Item 5.   Ownership of Five Percent or Less of a Class:  Not Applicable.

Item 6.   Ownership of More than Five Percent on Behalf of Another Person:  Not
          Applicable.

Item 7.   Identification and Classification of the Subsidiary Which Acquired the
          Security Being Reported on by the  Parent Holding Company:  Not
          Applicable.

Item 8.   Identification and Classification of Members of the Group:  Not
          Applicable.

Item 9.   Notice of Dissolution of Group:  Not Applicable.
          

Item 10.  Certification:  Not Applicable.
          
<PAGE>
 
                                                            Page 8 of 8 Pages

                                 SIGNATURES

     After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.


Date: February 17, 1998  /s/ Bernard Goldstein
                         _________________________________________________
                         Bernard Goldstein

Date: February 17, 1998  /s/ Robert S. Goldstein
                         _________________________________________________
                         Robert S. Goldstein

Date: February 17, 1998  /s/ Richard A. Goldstein
                         _________________________________________________
                         Richard A. Goldstein

Date: February 17, 1998  /s/ Jeffrey D. Goldstein
                         _________________________________________________
                         Jeffrey D. Goldstein


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