SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K



                Current Report Pursuant to Section 13 or 15(d) of
                           The Securities Act of 1934





        Date of Report (Date of earliest event reported): August 19, 1998


                          Powerhouse Technologies, Inc.
             (Exact name of registrant as specified in its charter)



Delaware                      0-19322                        81-0470853
(State or other               (Commission                    (I.R.S. Employer
jurisdiction                  File Number)                   Identification No.)
of incorporation)



            115 Perimeter Center Place, Suite 911, Atlanta, GA 30346
              (Address of principal executive offices and zip code)


                                 (770) 481-1800
              (Registrant's telephone number, including area code)


<PAGE>


Item 5.  Other Events
         ------------

     On August 19,  1998,  the  Company  announced  that it has  received a $100
Million  credit  facility  arranged  and  syndicated  by Lehman  Brothers,  Inc.
Proceeds of the  borrowing  will be used to  refinance  the  Company's  existing
credit facility and other outstanding  long-term debt and finance capital needs.
     Further,  the Board of Directors has authorized the repurchase of up to $10
Million of the Company's stock. A copy of the Company's Press Release making the
announcement is attached as Exhibit 99.1 hereto.


Item 7.  Financial Statements and Exhibits
         ---------------------------------

         (c)  Exhibits.

                  Exhibit 99.1       Company Press Release dated August 19, 1998



                                       2
<PAGE>
                                                       

                                   SIGNATURES

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


                                    POWERHOUSE TECHNOLOGIES, INC.



Date:  August 19, 1998              /s/ Susan J. Carstensen
                                    ------------------------
                                    Susan J. Carstensen
                                    Chief Executive Officer
                                    (authorized to sign on behalf of Registrant)



                                       3
<PAGE>


                                  EXHIBIT INDEX


Exhibit                                                                Page
Number   Description                                                   Number
------   -----------                                                   ------

99.1     Company Press Release dated August 19, 1998                      5


                                       4
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{"company-data": {"conformed-name": "POWERHOUSE TECHNOLOGIES INC /DE", "cik": "0000875459", "assigned-sic": "3578", "irs-number": "810470853", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19322", "film-number": "98694186"}, "business-address": {"street1": "115 PERIMETER CENTER PL", "street2": "SUITE 911", "city": "ATLANTA", "state": "GA", "zip": "30346", "phone": "7704811800"}, "mail-address": {"street1": "115 PERIMETER CENTER PL", "street2": "SUITE 911", "city": "ATLANTA", "state": "GA", "zip": "30346"}, "former-company": {"former-conformed-name": "VIDEO LOTTERY TECHNOLOGIES INC/DE", "date-changed": "19930328"}}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                Current Report Pursuant to Section 13 or 15(d) of
                           The Securities Act of 1934

        Date of Report (Date of earliest event reported): August 19, 1998

                          Powerhouse Technologies, Inc.
             (Exact name of registrant as specified in its charter)

Delaware                      0-19322                        81-0470853
(State or other               (Commission                    (I.R.S. Employer
jurisdiction                  File Number)                   Identification No.)
of incorporation)

            115 Perimeter Center Place, Suite 911, Atlanta, GA 30346
              (Address of principal executive offices and zip code)

                                 (770) 481-1800
              (Registrant's telephone number, including area code)
Item 5.  Other Events
         ------------

     On August 19,  1998,  the  Company  announced  that it has  received a $100
Million  credit  facility  arranged  and  syndicated  by Lehman  Brothers,  Inc.
Proceeds of the  borrowing  will be used to  refinance  the  Company's  existing
credit facility and other outstanding  long-term debt and finance capital needs.
     Further,  the Board of Directors has authorized the repurchase of up to $10
Million of the Company's stock. A copy of the Company's Press Release making the
announcement is attached as Exhibit 99.1 hereto.

Item 7.  Financial Statements and Exhibits
         ---------------------------------

         (c)  Exhibits.

                  Exhibit 99.1       Company Press Release dated August 19, 1998

                                       2
SIGNATURES

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

                                    POWERHOUSE TECHNOLOGIES, INC.

Date:  August 19, 1998              /s/ Susan J. Carstensen
                                    ------------------------
                                    Susan J. Carstensen
                                    Chief Executive Officer
                                    (authorized to sign on behalf of Registrant)

                                       3
EXHIBIT INDEX

Exhibit                                                                Page
Number   Description                                                   Number
------   -----------                                                   ------

99.1     Company Press Release dated August 19, 1998                      5

                                       4