<PAGE> 1
Filed Pursuant to Rule 424(b)3
Registration No. 333-77737
SUPPLEMENT
TO
LEISURE TIME CASINOS & RESORTS, INC.
PROSPECTUS
DATED SEPTEMBER 15, 1999
Leisure Time is modifying the software in its data communication device for
resubmission for approval by an independent testing laboratory for use in South
Carolina. Leisure Time still expects that its data communication device will be
approved before December 1, 1999.
R. Thomas Klingel has resigned as an officer and director of Leisure Time
and has been appointed the President and Chief Executive Officer of Solutia
Gaming Systems Inc. Elden W. Rance, an officer and director of Leisure Time, has
been elected the sole director of Solutia Gaming and was appointed the Vice
President, Treasurer and Secretary of Solutia Gaming. Messrs. Klingel and Rance
replaced Gary W. Watkins as an officer and director of Solutia Gaming. Mr.
Watkins will be a consultant to Solutia Gaming.
At the end of October 1999, Leisure Time will suspend for the winter season
the offshore gaming operations of the Vegas Express. In November 1999, the Vegas
Express will be placed in a shipyard for the routine two year inspection
required by the United States Coast Guard. It is anticipated that the Vegas
Express will resume operations in the spring of 2000.
The former holders of 11% convertible promissory notes described on page 12
of the risk factors section of Leisure Time's prospectus have advised Leisure
Time that they intend to file a complaint in the United States District Court
for the Northern District of Ohio against Leisure Time. The proposed complaint
that has been received by Leisure Time alleges that Leisure Time breached the
terms of the 11% convertible promissory notes by failing to provide the holders
with Leisure Time's financial statements denying them the benefit of their
bargain and unjustly enriching Leisure Time by preventing them from having a
legitimate opportunity to exercise their conversion and purchase rights under
the 11% convertible promissory notes. The proposed complaint requests judgment
against Leisure Time in an unspecified amount including all costs and attorneys'
fees. Leisure Time has not yet been served with the complaint. Leisure Time
believes that the conversion features of the notes have expired and intends to
vigorously defend any such lawsuit.
The date of this Supplement is October 6, 1999
