The top-seeded St. Kilda Saints decided to forgo the NBL finals to compete in the 1981 FIBA Club World Cup.

This meant the Saints' finals spot went to the fifth-placed Brisbane Bullets, and Launceston entered the post-season as the competition's top seed.

They then met the Nunawading Spectres in the grand final at Apollo Stadium in Adelaide, where they won 75–54 to claim the NBL championship.

During the season, the club directors decided on a majority vote to replace Coleman with Max Pike, who helped Jim Ericksen coach the team previously.

[5] In 2009, a public plea was made by the Northern Tasmanian Basketball Association to help locate Launceston Casino City's lost premiership silverware including the championship cup and banner.