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) July 2, 1998


                                       LAS VEGAS ENTERTAINMENT NETWORK, INC.
                         (Exact name of registrant as specified in its charter)

                                                     DELAWARE
                                  (State or other jurisdiction of incorporation)


        0-21270                              94-3123854
(Commission File Number)         (IRS Employer Identification No.)


1801 Century Park East, 23rd Floor, Los Angeles, California   90067
 (Address of principal executive offices)             (Zip Code)


Registrant's telephone number, including area code:  (310) 551-0011




<PAGE>



Item 5.Other Events.

         On July 2, 1998, Las Vegas Entertainment  Network,  Inc. ("LVEN" or the
"Company")  and  certain  of its  subsidiaries,  CountryLand  Properties,  Inc.,
Casino-Co Corporation, and Las Vegas Communications Corporation,  entered into a
Stipulation   and  Agreement  of   Compromise,   Settlement   and  Release  (the
"Stipulation and Agreement") by and among the Company and such subsidiaries,  on
the one hand, and Frank A. Leo, Robert J. Quigley, Francis W. Murray, Charles R.
Dees,  Jr., The Family  Investment  Trust (Henry  Brennan,  Trustee),  NPD, Inc.
("NPD"),  Nunzio P. DeSantis,  Anthony Coelho, Michael Abraham,  Joseph Zappala,
Joseph A. Corazzi, Kenneth S. Scholl,  International Thoroughbred Breeders, Inc.
("ITB"),  D&C  Gaming  Corporation,   James  J.  Murray,  John  Mariucci,  Frank
Koenemund,  Robert W. Green, Robert E. Brennan and Orion Casino Corporation,  on
the other hand, to resolve the pending stockholder derivative litigation brought
in the name of ITB in the  Delaware  Court of  Chancery.  Although  the  Company
executed  the  Stipulation  and  Agreement  on July 2, 1998,  it did not receive
confirmation of the execution  thereof by all of the other parties thereto until
on or about July 6, 1998. The  effectiveness of the settlement  described in the
Stipulation and Agreement (the  "Settlement"),  as it relates to the Company and
its  affiliates,  is subject,  among other things,  to Delaware  Chancery  Court
approval of all of the terms and conditions of the Settlement  following  notice
to ITB's  stockholders,  the  consent of ITB's  primary  lender (the "ITB Lender
Approval"),  and LVEN's  approval of the terms and  conditions of the ITB Lender
Approval.

         Upon effectiveness of the Settlement as it relates to LVEN, the Company
will obtain the right  (exclusive for a period of 120 days (subject to extension
in certain circumstances) (the "Exclusive Period") and nonexclusive with ITB for
an  additional  150 days  (the  "Non-Exclusive  Period"  and  together  with the
Exclusive  Period,  the "Escrow  Period"),  in each case  following  the date of
mailing of the Notice of the Settlement to ITB's  shareholders) to effect a sale
of ITB's  non-operating El Rancho Hotel and Casino property in Las Vegas, Nevada
(the "Property"),  and to retain all sale proceeds in excess of amounts required
under the  Stipulation  and Agreement to be paid to ITB's primary  lender or any
substituted  lender ($44.2 million) and certain amounts which may be required to
be paid to certain other parties.  In the event that the Company does not effect
a sale of the El Rancho property during the Exclusive Period, then ITB will have
the right,  in the absence of a qualifying sale by LVEN, to effect a sale of the
Property  during the  Non-Exclusive  Period for  consideration  of not less than
$56.1  million,  out of which amount $12 million ($10 million net of the payment
of $2  million  to NPD) will be paid over to the  Company.  If no sale of the El
Rancho property has then occurred, LVEN will have the option, exercisable during
the last 30 days of the Escrow  Period,  to arrange for a refinancing  of the El
Rancho  property  and  thereby to extend for a period of time up to one year the
period of time  during  which LVEN may  effect a  qualifying  sale of  Property,
computed as provided in the Stipulation and Agreement. Upon the effectiveness of
the Settlement as to LVEN, all prior  agreements  between or among LVEN and ITB,
including  without  limitation,  that  certain  Bi-Lateral  Agreement,  and that
certain  Tri-Party  Agreement  pursuant  to which ITB  issued to LVEN  2,093,868
shares of ITB Common


<PAGE>



Stock,  will be  terminated  and the Company  will return such shares to ITB for
cancellation.

Item 7.Financial Statements and Exhibits.

(a) (b) Not Applicable.

(c)Exhibits


 10.1    Stipulation and Agreement of Compromise, Settlement and
Release, dated July 2, 1998, by and among Las Vegas Entertainment
Network, Inc., CountryLand Properties, Inc., Casino-Co Corporation,
Las Vegas Communications Corporation, Frank A. Leo, Robert J.
Quigley, Francis W. Murray, Charles R. Dees, Jr., The Family
Investment Trust (Henry Brennan, Trustee), NPD, Inc., Nunzio P.
DeSantis, Anthony Coelho, Michael Abraham, Joseph Zappala, Joseph
A. Corazzi, Kenneth S. Scholl, International Thoroughbred Breeders,
Inc., D&C Gaming Corporation, James J. Murray, John Mariucci, Frank
Koenemund, Robert W. Green, Robert E. Brennan, and Orion Casino
Corporation.


<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.

Dated:July 13, 1998                        LAS VEGAS ENTERTAINMENT NETWORK, INC.



                                                         By:/s/ Carl A. Sambus
                                                         Carl A. Sambus
                                                         Chief Financial Officer


<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

                   Date of Report (Date of earliest event reported) July 2, 1998

                                       LAS VEGAS ENTERTAINMENT NETWORK, INC.
                         (Exact name of registrant as specified in its charter)

                                                     DELAWARE
                                  (State or other jurisdiction of incorporation)

        0-21270                              94-3123854
(Commission File Number)         (IRS Employer Identification No.)

1801 Century Park East, 23rd Floor, Los Angeles, California   90067
 (Address of principal executive offices)             (Zip Code)

Registrant's telephone number, including area code:  (310) 551-0011
Item 5.Other Events.

         On July 2, 1998, Las Vegas Entertainment  Network,  Inc. ("LVEN" or the
"Company")  and  certain  of its  subsidiaries,  CountryLand  Properties,  Inc.,
Casino-Co Corporation, and Las Vegas Communications Corporation,  entered into a
Stipulation   and  Agreement  of   Compromise,   Settlement   and  Release  (the
"Stipulation and Agreement") by and among the Company and such subsidiaries,  on
the one hand, and Frank A. Leo, Robert J. Quigley, Francis W. Murray, Charles R.
Dees,  Jr., The Family  Investment  Trust (Henry  Brennan,  Trustee),  NPD, Inc.
("NPD"),  Nunzio P. DeSantis,  Anthony Coelho, Michael Abraham,  Joseph Zappala,
Joseph A. Corazzi, Kenneth S. Scholl,  International Thoroughbred Breeders, Inc.
("ITB"),  D&C  Gaming  Corporation,   James  J.  Murray,  John  Mariucci,  Frank
Koenemund,  Robert W. Green, Robert E. Brennan and Orion Casino Corporation,  on
the other hand, to resolve the pending stockholder derivative litigation brought
in the name of ITB in the  Delaware  Court of  Chancery.  Although  the  Company
executed  the  Stipulation  and  Agreement  on July 2, 1998,  it did not receive
confirmation of the execution  thereof by all of the other parties thereto until
on or about July 6, 1998. The  effectiveness of the settlement  described in the
Stipulation and Agreement (the  "Settlement"),  as it relates to the Company and
its  affiliates,  is subject,  among other things,  to Delaware  Chancery  Court
approval of all of the terms and conditions of the Settlement  following  notice
to ITB's  stockholders,  the  consent of ITB's  primary  lender (the "ITB Lender
Approval"),  and LVEN's  approval of the terms and  conditions of the ITB Lender
Approval.

         Upon effectiveness of the Settlement as it relates to LVEN, the Company
will obtain the right  (exclusive for a period of 120 days (subject to extension
in certain circumstances) (the "Exclusive Period") and nonexclusive with ITB for
an  additional  150 days  (the  "Non-Exclusive  Period"  and  together  with the
Exclusive  Period,  the "Escrow  Period"),  in each case  following  the date of
mailing of the Notice of the Settlement to ITB's  shareholders) to effect a sale
of ITB's  non-operating El Rancho Hotel and Casino property in Las Vegas, Nevada
(the "Property"),  and to retain all sale proceeds in excess of amounts required
under the  Stipulation  and Agreement to be paid to ITB's primary  lender or any
substituted  lender ($44.2 million) and certain amounts which may be required to
be paid to certain other parties.  In the event that the Company does not effect
a sale of the El Rancho property during the Exclusive Period, then ITB will have
the right,  in the absence of a qualifying sale by LVEN, to effect a sale of the
Property  during the  Non-Exclusive  Period for  consideration  of not less than
$56.1  million,  out of which amount $12 million ($10 million net of the payment
of $2  million  to NPD) will be paid over to the  Company.  If no sale of the El
Rancho property has then occurred, LVEN will have the option, exercisable during
the last 30 days of the Escrow  Period,  to arrange for a refinancing  of the El
Rancho  property  and  thereby to extend for a period of time up to one year the
period of time  during  which LVEN may  effect a  qualifying  sale of  Property,
computed as provided in the Stipulation and Agreement. Upon the effectiveness of
the Settlement as to LVEN, all prior  agreements  between or among LVEN and ITB,
including  without  limitation,  that  certain  Bi-Lateral  Agreement,  and that
certain  Tri-Party  Agreement  pursuant  to which ITB  issued to LVEN  2,093,868
shares of ITB Common
Stock,  will be  terminated  and the Company  will return such shares to ITB for
cancellation.

Item 7.Financial Statements and Exhibits.

(a) (b) Not Applicable.

(c)Exhibits

 10.1    Stipulation and Agreement of Compromise, Settlement and
Release, dated July 2, 1998, by and among Las Vegas Entertainment
Network, Inc., CountryLand Properties, Inc., Casino-Co Corporation,
Las Vegas Communications Corporation, Frank A. Leo, Robert J.
Quigley, Francis W. Murray, Charles R. Dees, Jr., The Family
Investment Trust (Henry Brennan, Trustee), NPD, Inc., Nunzio P.
DeSantis, Anthony Coelho, Michael Abraham, Joseph Zappala, Joseph
A. Corazzi, Kenneth S. Scholl, International Thoroughbred Breeders,
Inc., D&C Gaming Corporation, James J. Murray, John Mariucci, Frank
Koenemund, Robert W. Green, Robert E. Brennan, and Orion Casino
Corporation.
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.

Dated:July 13, 1998                        LAS VEGAS ENTERTAINMENT NETWORK, INC.

                                                         By:/s/ Carl A. Sambus
                                                         Carl A. Sambus
                                                         Chief Financial Officer