BANKERS TRUST NEW YORK CORP
SC 13G, 1997-02-14
STATE COMMERCIAL BANKS
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BANKERS TRUST NEW YORK CORPORATION
One Bankers Trust Plaza
New York, New York  10006


Linda L. Assali             Mailing Address
Vice President              BT Services Tennessee, Inc.
Telephone : (615)835-2901   648 Grassmere Park Road
                            Nashville, Tennessee 37211


                            February 14, 1997


Securities and Exchange Commission
SEC Document Control
450 Fifth Street,  N W
Washington, DC  20549
Attn. :   Filling Desk


Dear Sirs :


    Re :   Filing of Schedule 13G on

            SHOWBOAT INC



Pursuant to Rule 13d-1 of the General Rules and
Regulations copy under the Securities Exchange Act of 1934,
the following is one of the Schedule 13G with respect to
the common stock of the above referenced corporation.

Please acknowledge your receipt of the Schedule 13G filing
submission through the EDGAR-Link System software, by
E-Mail confirmation.


                            Sincerely,

                            Linda L. Assali



Enclosures






                                     Page 1 of  6

        SECURITIES AND EXCHANGE COMMISSION

             Washington, D.C.   20549

                   SCHEDULE 13G

    Under the Securities Exchange Act of 1934

               (Amendment No. ) *

                   SHOWBOAT INC
                 NAME OF ISSUER :

               Common Stock:  $1.00 Par Value

           TITLE OF CLASS OF SECURITIES

                    825390107
                   CUSIP NUMBER

Check the following box if a fee is being paid with this
statement   [ x ].  (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 there to
reporting beneficial ownership of five percent or less of
such class. ) ( See Rule 13d-7.)

* 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 reminder of this cover page
shall not be deemed to be filed for the purpose of
Section 18 of the Securities Exchange Act of 1934 ( Act )
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).


              Continued on following page(s)





                                    Page 2 of 6
CUSIP No. 825390107

1.   NAME OF REPORTING PERSON
  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Bankers Trust New York Corporation and its wholly-
     owned subsidiary, Bankers Trust Company and its
     indirectly wholly owned subsidiary, BT Australia  Limited.
     13-6180473

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  *
           (A)    [  ]
           (B)    [  ]

3.   SEC USE ONLY


4.   CITIZENSHIP  OR  PLACE  OF  ORGANIZATION
     Both Bankers Trust New York Corporation and Bankers
     Trust Company are New York Corporation.  BT Australia
     Limited is an Australia Corporation.

NUMBER OF  5. SOLE VOTING POWER
              Bankers Trust Company   63,900 shares
              BT Australia Limited 1,201,100 shares
                                   1,265,000 shares
SHARES
BENEFICIALLY  6.SHARED VOTING POWER
              Bankers Trust Company        0  shares
              BT Australia Limited         0  shares
                                           0  shares
OWNED BY
EACH       7. SOLE DISPOSITION POWER
              Bankers Trust Company  241,200  shares
              BT Australia Limited 1,201,100  shares
                                   1,442,300  shares
REPORTING
PERSON     8. SHARED DISPOSITION POWER
              Bankers Trust Company        0  shares
              BT Australia Limited         0  shares
                                           0  shares

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
     PERSON
              Bankers Trust Company   241,200  shares
              BT Australia Limited  1,201,100  shares
				    1,442,300  shares

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW(9) EXCLUDES
     CERTAIN SHARES  *

            [  ]

                                      Page 3 of 6

CUSIP No. 825390107

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
              Bankers Trust Company   1.49%
              BT Australia Limited    7.43%
				      8.92%

12.  TYPE  OF  REPORTING  PERSON  *

            Bankers Trust New York Corporation - HC
            Bankers Trust Company - BK


Item 1 (a)     NAME OF ISSUER:

	        SHOWBOAT INC

Item 1 (b)     ADDRESSES OF ISSUER'S PRINCIPAL EXECUTIVE
        OFFICES:

	          2800 Freemont Street
        	  Las Vegas, NV  89104

Item 2 (a)     NAME OF PERSON FILING:

          Bankers Trust New York Corporation, and its
          wholly-owned subsidiary, Bankers Trust Company and
          its indirectly wholly owned subsidiary BT
	  Australia Limited.

Item 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:

          280 Park Avenue
          New York, New York 10017

Item 2(c) CITIZENSHIP:

          Bankers Trust New York Corporation, and its
          wholly - owned subsidary, Bankers Trust Company
          are incorporated in the State of New York with
          its principal business office located in New
          York.  BT Australia Limited is an Australia
	  company doing business in Australia.

Item 2(d) TITLE OF CLASS OF SECURITIES:

          Common Stock:  $1.00 Par Value

Item 2 (e)     CUSIP NUMBER:

          825390107

CUSIP No. 825390107                   Page 4 of 6


Item 3    THE PERSON FILING IS A:

     For Bankers Trust New York Corporation,
  (g)     [X]  Parent Holding Company, in accordance with
          Section 240.13d-1(b) (ii) (G)

     For Bankers Trust company,
  (b)     [X]  Bank as defined in Section 3(a)(6) of the Act

          BT Australia Limited is a corporation permitted to
	  report on Schedule 13G in accordance with Securities and Exchange
     	  Commission no-action letter to Bankers Trust New York
          Corporation date May 15, 1990 (avail May 15, 1990).

Item 4     OWNERSHIP:

  As of December 31, 1996

  (a)   Amount Beneficially Owned:

              Bankers Trust Company    241,200  shares
              BT Australia Limited   1,201,100  shares
				     1,442,300  shares

  (b)  Percent of Class:

              Bankers Trust Company        1.49%
              BT Australia Limited         7.43%
					   8.92%

 (c) Number of shares as to which the Bank has:

 (i) Sole power to vote or to direct the vote -

              Bankers Trust Company     63,900 shares
              BT Australia Limited   1,201,100 shares
                                     1,265,000 shares

 (ii) Shared power to vote or to direct the vote -

              Bankers Trust Company          0  shares
              BT Australia Limited           0  shares
                                             0  shares


CUSIP No. 825390107                  Page 5 of 6


(iii) Sole power to dispose or to direct the disposition of
- -

              Bankers Trust Company    241,200  shares
              BT Australia Limited   1,201,100  shares
                                     1,442,300 shares

 (iv) Shared power to dispose or to direct the disposition
       of -

              Bankers Trust Company          0  shares
              BT Australia Limited           0  shares
                                             0  shares


Item 5    OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

        [   ]

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:
 
          See Item 3 above.

Item 8    IDENTIFICATION AND CLASSIFICATION OF
          MEMBERS OF THE GROUP:

               Not applicable.

Item 9    NOTICE OF DISSOLUTION OF GROUP:

	       Not applicable.

                                      Page 6 of 6
CUSIP No. 825390107




Item 10   CERTIFICATION:

        By signing below I certify that , to the best of
my knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and were
not acquired for the purpose of and do not have the effect
of changing or influencing the control of the issuer of
such securities and were not acquired in connection with
or as a participant in any transaction having such purpose
or effect.


SIGNATURE:

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


Date:               as of December 31, 1996

Signature:      Bankers Trust New York Corporation

By :                  /s/James T. Byrne, Jr.

Name :            James T. Byrne, Jr.

Title:               Secretary

Signature:      Bankers Trust Company

By:                  /s/James T. Byrne, Jr.

Name:             James T. Byrne, Jr.

Title:               Secretary

Signature:      BT Australia Limited

By:                  /s/ Jarod Glenn Benson

Name:            Jarod Glenn Benson

Title:               Secretary






                      EXHIBIT TO ITEM 7

The chain of ownership from Bankers Trust New York
Corporation to Bankers Trust Company is shown below:


             Bankers Trust New York Corporation
                              
                              |
                            100%
                              |
                              
                    Bankers Trust Company
                              







                      EXHIBIT TO ITEM 7

The chain of ownership from Bankers Trust New York
Corporation to BT Australia Limited  is shown below:


             Bankers Trust New York Corporation
                              
                              |
                            100%
                              |
                              
                    Bankers Trust Company
                              |
                             100%
                              |
                              
              Bankers International Corporation
                              
                              |
                             100%
                              |
                              
               B.T. International (Delaware), Inc.
                              
                              |
                             100%
                              |
                              
              BT Foreign Investment Corporation
                              
                              |
                             100%
                              |
                              
             BT Investments (Australia) Limited
                              
                              |
                            100%
                              |
                              
               Bankers Trust Australia Limited
                              
                              |
                            100%
                              |
                              
                    BT Australia Limited
                              


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