Equus Gaming Co.: Reports 1st Quarter Results Equus Gaming Company, L.P. Reports Results For First Quarter Ended March 31, 2000 SAN JUAN, Puerto Rico, (May 15, 2000) - Equus Gaming Company, L.P. (Nasdaq: EQUUS), ("The Company"), a publicly traded partnership with thoroughbred horse racing and entertainment interests in Latin America and the aribbean, reports its operating results for the three months ended March 31, 2000. Equus operating results are attributed to the following racetracks: El Comandante in Puerto Rico; V Centenario "Galapagos" in the Dominican Republic; Presidente Remon in Panama (the host of the XXXII International Caribbean Classic in December of 1999); Los Comuneros in Medellin, Colombia. Equus had a net loss of $ 607,000, or net loss per unit of $0.07, for the three months ended March 31, 2000 as compared to net income of $580,000, or net income per unit of $0.10, for the quarter ended March 31, 1999. The net loss for the quarter was primarily attributable to start-up of operations and costs associated with Los Comuneros in Colombia and to reduction in wagering commissions in the Dominican Republic and Puerto Rico due to temporary suspension of simulcast (broadcast) of live races during the first two months of the quarter from Puerto Rico to the Dominican Republic. Commissions on wagering decreased by $793,000, or 4.6%, for the three months ended March 31, 2000 to $16, 516,000 as compared to $17,309,000 for the three months ended March 31, 1999. Total expenses increased in the first quarter of 2000 by $205,000, or 1%, as compared to the same first quarter in 1999. The increase in expenses was primarily attributable to operating expenses and marketing/satellite expenses for the planning, engineering and startup expenses on the wagering system and leased satellite time. These start-up expenses are expected to be recovered during the year. In Colombia, the Company is in process of installing and equipping new agencies with new TV signal and data equipment to increase wagering commissions from simulcast of live races from Panama and other jurisdictions. During the coming quarters the Colombian operations, including Los Comuneros racetrack, are expected to start making a positive contribution in earnings and cash flow as the new agencies are brought on line. The Dominican Republic wagering commissions was adversely impacted during the first quarter due to suspension of simulcast of live races from Puerto Rico. The dispute with the horseowners has been resolved and simulcast of live races from Puerto Rico will continue. Additionally, the Racing Board in the Dominican Republic has approved full simulcast programs of live races from Panama, the United States, and other locations. The new simulcast program should increase wagering commissions as well as net earnings and cash flow during the remaining quarters. The Company has also completed recent negotiations in the Dominican Republic with the government, the Racing Board and horseowners on issues that will improve the racing program, extend the operating license for another ten- year period (thru 2012), lower the wagering taxes and redistribute those revenues for the benefit of the racetrack and horseowners to facilitate the development of new off-track betting agencies. The addition of the new VSAT communication system will allow aggressive expansion of agencies in the Dominican Republic during the rest of the year. The Company is moving ahead to establish the new VSAT system during the next 12 months throughout its extensive off-track agency betting network in all of its operations. The Company is in the process of completing the communication center (HUB) at El Comandante. It will be changing its telephone lines in its Puerto Rico agency network (700 agencies) to the new VSAT system. The Company's service provider subsidiaries, Satellite Services International, Inc. (SSI) and Agency Betting Network, Inc. (ABN) will carry out the development and installation of the high-technology satellite communication system throughout the Company's off track betting agencies in all jurisdictions. Equus Gaming Company, L.P. Financial Highlights (In Thousands, Except Per Unit Amounts) For the Quarter Ended March 31 2000 1999 Revenues: Commissions on wagering $16,516 $17,309 Net revenues from lottery 108 142 Income from insurance settlement - - Other revenues 999 1,534 17,623 18,985 Payments to horseowners 7,970 8,393 Salaries, wages and benefits 2,448 2,913 Operating expenses 2,383 2,163 General and administrative 1,002 778 Marketing, television and satellite costs 1,128 930 EBITDA 2,692 3,808 Financial expenses 2,446 2,074 Depreciation, amortization 955 876 Loss from operations (709) 858 Income tax (provision) benefit (156) (338) Minority interest in losses 258 60 Extraordinary item - - Cumulative effect - - Net income (loss) $ (607) $ 580 Allocation of net income (loss)- General partner $ (6) $ 6 Limited partner (601) 574 $ (607) $ 580 Weighted average Units 8,390 5,969 Net income (loss) per unit $ (0.07) $ 0.10 End.