Ownership Submission
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  LIPPARELLI MARK A
2. Date of Event Requiring Statement (Month/Day/Year)
01/18/2005
3. Issuer Name and Ticker or Trading Symbol
ALLIANCE GAMING CORP [AGI]
(Last)
(First)
(Middle)
ALLIANCE GAMING INC., 6601 S. BERMUDA ROAD
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

LAS VEGAS, NV 89119
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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)
Alliance Gaming Corporation, $0.10 par 2,500
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Options (right to buy)   (1) 01/18/2015 Common Stock $0.10 par value per share 75,000 $ 11.16 D  
Employee Stock Options (right to buy)   (2) 02/10/2013 Common Stock $0.10 par value per share 58,000 $ 13.93 D  
Employee Stock Options (right to buy)   (2) 08/12/2013 Common Stock $0.10 par value per share 30,000 $ 21.53 D  
Employee Stock Options (right to buy)   (2) 08/17/2014 Common Stock $0.10 par value per share 30,000 $ 13.86 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
LIPPARELLI MARK A
ALLIANCE GAMING INC.
6601 S. BERMUDA ROAD
LAS VEGAS, NV 89119
      Executive Vice President  

Signatures

Mark A Lipparelli 01/26/2005
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Options are exercisable in four installments, first installment vesting on the first anniversary of the grant date and with each successive installment vesting on successive anniversaries of grant date.
(2) Options are exercisable in three installments, first installment vesting on the first anniversary of the grant date and with each successive installment vesting on successive anniversaries of grant date.

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