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



                                 April 22, 1996
                                (Date of Report)




                      DEBBIE REYNOLDS HOTEL & CASINO, INC.
             (Exact Name of Registrant as specified in its charter)



                                     Nevada
                 (State or other jurisdiction of incorporation)



             0-18864                                  88-0335924
     (Commission File Number)              (IRS Employer Identification Number)



              305 Convention Center Drive, Las Vegas, Nevada 89109
          (Address of principal executive offices including zip code)


                                 (702) 734-0711
               (Registrant's telephone number including area code)



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






<PAGE>



Item 5.  Other Events.
         The Company, through its subsidiary Debbie Reynolds Management Company,
Inc.,  has  entered  into a term sheet  with CS First  Boston  Mortgage  Capital
Corporation ("First Boston") providing for financing of $8.5 million, secured by
a first  mortgage on the Debbie  Reynolds Hotel and Casino  (including,  but not
limited to, the hotel, casino,  showroom,  museum and all other improvements) on
approximately 6.2 acres in Las Vegas, Nevada, an assignment of leases and rents,
reserves,  and certain other  collateral.  The financing  will be evidenced by a
two-year  senior note,  with  interest  payable at the rate of LIBOR (the London
Interbank  Offered  Rate) plus 500 basis  points,  payable  monthly in  arrears.
Subject to certain terms and conditions  outlined in the term sheet, the Company
may  borrow an  additional  $1.5  million.  If the  additional  $1.5  million is
borrowed,  the interest  rate on the entire  balance will increase to LIBOR plus
600  basis  points.  The term  sheet  provides  for a  lending  fee of  $500,000
($530,000 if the additional $1.5 million is borrowed),  payable $100,000 in cash
plus $100,000 of the Company's  common stock (subject to additional  deposits of
shares in the event the price of the Company's shares decreases)  immediately as
a deposit, and the balance of the fee payable at closing of the financing.

         The term sheet from First  Boston is not a  commitment  to provide  any
financing;  any such  commitment  would  arise  solely  pursuant  to a  mutually
executed  definitive  agreement.  Payment  of the cash and stock  deposit on the
lending fee is non-refundable, provided that First Boston provides the financing
in accordance with the terms and conditions of the term sheet. At closing of the
financing,  the portion of the deposit  not applied to First  Boston's  expenses
(due  diligence,  legal,  etc.) will be credited  against  the  funding  fee. In
addition,  at the  closing of the  financing,  the  Company is to grant to First
Boston an option to purchase at any time 500,000 shares of the Company's  Common
Stock at 110% of the market  price as of the date of the  execution  of the term
sheet,  which  options  will provide for  piggy-back  registration  rights.  The
funding fee shall be earned when First Boston,  in substantial  conformance with
the term sheet,  is prepared to provide the  financing,  or if First Boston does
not provide the  financing  as a result of the  Company's  failure to  cooperate
(i.e. provide timely information, negotiate legal documents, etc.).

         There can be no assurance that the proposed  financing will be provided
by First Boston on the terms and conditions  set forth in the term sheet,  or at
all.



                                       -2-

<PAGE>




Item 7.  Exhibits.

     99.1 Term Sheet between Debbie  Reynolds  Management  Company,  Inc. and CS
First Boston Mortgage Capital Corporation.




                                       -3-

<PAGE>


                                   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.

                                    DEBBIE REYNOLDS HOTEL & CASINO, INC.



Date:  April 23, 1996               By:  /S/  TODD FISHER
                                        ----------------------------------------
                                        Todd Fisher,
                                        President







                                       -4-

<PAGE>
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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

                                 April 22, 1996
                                (Date of Report)

                      DEBBIE REYNOLDS HOTEL & CASINO, INC.
             (Exact Name of Registrant as specified in its charter)

                                     Nevada
                 (State or other jurisdiction of incorporation)

             0-18864                                  88-0335924
     (Commission File Number)              (IRS Employer Identification Number)

              305 Convention Center Drive, Las Vegas, Nevada 89109
          (Address of principal executive offices including zip code)

                                 (702) 734-0711
               (Registrant's telephone number including area code)

                                       N/A
          (Former name or former address, if changed since last report)
Item 5.  Other Events.
         The Company, through its subsidiary Debbie Reynolds Management Company,
Inc.,  has  entered  into a term sheet  with CS First  Boston  Mortgage  Capital
Corporation ("First Boston") providing for financing of $8.5 million, secured by
a first  mortgage on the Debbie  Reynolds Hotel and Casino  (including,  but not
limited to, the hotel, casino,  showroom,  museum and all other improvements) on
approximately 6.2 acres in Las Vegas, Nevada, an assignment of leases and rents,
reserves,  and certain other  collateral.  The financing  will be evidenced by a
two-year  senior note,  with  interest  payable at the rate of LIBOR (the London
Interbank  Offered  Rate) plus 500 basis  points,  payable  monthly in  arrears.
Subject to certain terms and conditions  outlined in the term sheet, the Company
may  borrow an  additional  $1.5  million.  If the  additional  $1.5  million is
borrowed,  the interest  rate on the entire  balance will increase to LIBOR plus
600  basis  points.  The term  sheet  provides  for a  lending  fee of  $500,000
($530,000 if the additional $1.5 million is borrowed),  payable $100,000 in cash
plus $100,000 of the Company's  common stock (subject to additional  deposits of
shares in the event the price of the Company's shares decreases)  immediately as
a deposit, and the balance of the fee payable at closing of the financing.

         The term sheet from First  Boston is not a  commitment  to provide  any
financing;  any such  commitment  would  arise  solely  pursuant  to a  mutually
executed  definitive  agreement.  Payment  of the cash and stock  deposit on the
lending fee is non-refundable, provided that First Boston provides the financing
in accordance with the terms and conditions of the term sheet. At closing of the
financing,  the portion of the deposit  not applied to First  Boston's  expenses
(due  diligence,  legal,  etc.) will be credited  against  the  funding  fee. In
addition,  at the  closing of the  financing,  the  Company is to grant to First
Boston an option to purchase at any time 500,000 shares of the Company's  Common
Stock at 110% of the market  price as of the date of the  execution  of the term
sheet,  which  options  will provide for  piggy-back  registration  rights.  The
funding fee shall be earned when First Boston,  in substantial  conformance with
the term sheet,  is prepared to provide the  financing,  or if First Boston does
not provide the  financing  as a result of the  Company's  failure to  cooperate
(i.e. provide timely information, negotiate legal documents, etc.).

         There can be no assurance that the proposed  financing will be provided
by First Boston on the terms and conditions  set forth in the term sheet,  or at
all.

                                       -2-
Item 7.  Exhibits.

     99.1 Term Sheet between Debbie  Reynolds  Management  Company,  Inc. and CS
First Boston Mortgage Capital Corporation.

                                       -3-
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.

                                    DEBBIE REYNOLDS HOTEL & CASINO, INC.

Date:  April 23, 1996               By:  /S/  TODD FISHER
                                        ----------------------------------------
                                        Todd Fisher,
                                        President

                                       -4-