UNITED STATES

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 8-K


CURRENT REPORT


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



Date of Report (Date of earliest event reported):   December 30, 2009




GLOBAL CASINOS, INC.
(Exact Name of Registrant as Specified in its Charter)



       Utah       

       0-15415       

    87-0340206    

(State or other jurisdiction
of incorporation)

Commission File
Number

(I.R.S. Employer Identification number)



1507 Pine Street, Boulder, CO  80302
(Address of principal executive offices)                    (Zip Code)


Registrant's telephone number, including area code:   (303) 449-2100


______________________________________________________

(Former name or former address, if changed since last report)



___

Written communications pursuant to Rule 425 under the Securities Act

___

Soliciting material pursuant to Rule 14a-12 under the Exchange Act

___

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act






  

ITEM 1.01

ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

ITEM 2.03

CREATION OF A DIRECT FINANCIAL OBLIGATION


     Effective December 30, 2009, Casinos U.S.A., Inc., (as “Borrower”) a wholly-owned subsidiary of Global Casinos, Inc., (the “Company”) executed an Allonge and Modification Agreement (“Agreement”) with Lisa Paige Montrose (as Lender) modifying the terms of that certain promissory note in the original principal amount of $761,202.21 dated as of January 17, 1997 (the “Note”) providing for extensions of the maturity date of the Note with modifications to its terms, subject to the conditions set forth in the Agreement.   By Current Report dated September 19, 2009, the Company had previously disclosed the maturity of the Note.  A copy of the Allonge and Loan Participation Agreement is filed herewith as Exhibit 10.1.



ITEM 9.01:       EXHIBITS


 

(c)

Exhibit

   
 

Item

Title

 

10.1

Allonge and Modification Agreement

   





SIGNATURES


       Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


  

Global Casinos, Inc

(Registrant)

    
 

Dated: December 30, 2009

 

/s/ Clifford L. Neuman_______________

Clifford L. Neuman, President