SEC FORM 3

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Presley Lisa Marie

(Last)

(First)

(Middle)

C/O SPORTS ENTERTAINMENT ENTPRS., INC.

650 MADISON AVENUE

(Street)

NEW YORK

10022

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/07/2005

3. Issuer Name and Ticker or Trading Symbol
SPORTS ENTERTAINMENT ENTERPRISES INC [ SPEA ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Footnote (4)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, no par value per share	500,000	I	See Footnote⁽¹⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Series B Convertible Preferred Stock	02/07/2005	⁽⁵⁾	Common Stock	1,491,817	$15.3	I	See Footnote⁽²⁾
Series C Convertible Preferred Stock	02/07/2005	⁽⁵⁾	Common Stock	1	$1	I	See Footnote⁽³⁾⁽⁴⁾

Explanation of Responses:

1. On the date hereof, the Reporting Person may be deemed to have an indirect beneficial ownership interest in 500,000 shares of common stock, no par value per share, which are directly beneficially owned by The Promenade Trust, a fully revocable Tennessee grantor trust (the "Trust"), by virtue of the fact that the Reporting Person is the sole beneficiary of the Trust. The Reporting Person disclaims beneficial ownership with respect to these shares, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the shares for purposes of Section 16 or for any other purpose.

2. On the date hereof, the Reporting Person may be deemed to have an indirect beneficial ownership interest in 1,491,817 shares of Series B Convertible Preferred Stock, no par value per share, which are directly beneficially owned by the Trust, by virtue of the fact that the Reporting Person is the sole beneficiary of the Trust. The Reporting Person disclaims beneficial ownership with respect to these shares, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the shares for purposes of Section 16 or for any other purpose.

3. On the date hereof, the Reporting Person may be deemed to have an indirect beneficial ownership interest in 1 share of Series C Convertible Preferred Stock, no par value per share, which is directly beneficially owned by the Trust, by virtue of the fact that the Reporting Person is the sole beneficiary of the Trust. The Reporting Person disclaims beneficial ownership with respect to these shares, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the shares for purposes of Section 16 or for any other purpose.

4. The holder of the Series C Convertible Preferred Stock has the right to nominate a representative to serve on the board of directors of Sports Entertainment Enterprises, Inc. (the "Company"). Accordingly, the Reporting Person may be deemed a director by virtue of her indirect right to nominate a representative to serve on the Company's board of directors. Priscilla Presley currently serves as the Series C Convertible Preferred Stock's representative on the Company's board.

5. No expiration date.

	/s/Lisa Marie Presley	02/17/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.