SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER
000-26935
CUSIP NUMBER
52541 P 101
(CHECK ONE): / /Form 10-K / /Form 20-F / / Form 11-K /X/Form 10-Q / / Form N-SAR
For Period Ended: SEPTEMBER 30, 2000
/ / Transition Report on Form 10-K / / Transition Report on Form 10-Q
/ / Transition Report on Form 20-F / / Transition Report on Form N-SAR
/ / Transition Report on Form 11-K
For the Transition Period Ended:
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Read attached instruction sheet before preparing form. Please print or type.
Nothing in this form shall be construed 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: LEISURE TIME CASINOS & RESORTS, INC.
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Former Name if Applicable: N/A
Address of principal executive office (Street and number):
4258 COMMUNICATIONS DRIVE
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City, State and Zip Code: NORCROSS, GEORGIA 30093
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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 12b25(b), the following should
be completed. (Check appropriate box.)
/X/ (a) The reason described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
/X/ (b) The subject annual report, semi-annual report, transition report on
Form 10-K, 20-F, 11-K or 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.
PART III - NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, N-SAR
or the transition report or portion thereof, could not be filed within the
prescribed time period. (Attach extra sheets if needed.)
The Registrant reevaluated its business segments and discontinued operations
during the prior fiscal year, which delayed the completion and filing of the
annual audit. Because of the delay in completing the prior year audit, the
Registrant's limited accounting staff have encountered delays in the preparation
and filing of the Registrant's quarterly report for the period ended September
30, 2000.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
ALAN N. JOHNSON 440 934-1020
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 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 report(s) been filed? If answer is no,
identify report(s). /X/ Yes/ / No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year would be reflected by the
earnings statements to be included in the subject report or portion
thereof? /X/ Yes/ / No
As discussed in Part III of this document, the Registrant discontinued
certain business segments including offshore gaming cruises and the hotel
during the third quarter of the prior year. Based upon the elimination of
gaming in South Carolina and the denial of gaming licenses in certain
jurisdictions, the Registrant is experiencing significant losses from
continuing operations as well as a net loss as of September 30, 2000. The
Registrant is continuing to analyze the effect that the denial of licenses
will have on its operations and as such a reasonable estimate of the
results of operations is unavailable at this time.
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.
LEISURE TIME CASINOS & RESORTS, INC.
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: SEPTEMBER 27, 2000 By: /S/ ALAN N. JOHNSON
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ALAN N. JOHNSON, PRESIDENT
