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               Equus Gaming Co.: Earnings News Release
		
                             News Release

FOR IMMEDIATE RELEASE                        CONTACT
August, 16, 1999                             Gretchen Gronau
                                             (787) 753-0676


                       EQUUS GAMING COMPANY L.P.
            REPORTS RESULTS FOR SECOND QUARTER, SIX MONTHS

San Juan, Puerto Rico - Equus Gaming Company, L.P. (Nasdaq/SCM: EQUUS),
a publicly traded partnership with thoroughbred horse racing and
entertainment interests in Central America and the Caribbean, reports
its net income for the three and the six months ended June 30, 199p.
Equus operating results are primarily attributed to El Comandante race
track in Puerto Rico, V Centenario race track in Dominican Republic,
Presidente Remon race track in Panama and, effective January 1999, Los
Comuneros race track in Medellin, Colombia.

For the second quarter of 1999, Equus had a net loss of $490,000, or
$.06 per unit, on revenues of $16,691,000 compared with a net loss of
$942,000, or $.015 per unit, on revenues of $16,066,000 for the same
quarter in 1998.   For the six months ended June 30, 1999, Equus had a
net income of $90,000, or $.01 per unit, on revenues of $35,677,000
compared with a net loss of $1,192,000, or $.19 per unit, on revenues of
$33,503,000 for the same period in 1998.

For the second quarter of 1999, the EBIDTA of Equus was $2,029,000
compared with an EBIDTA of $2,101,000 for the same quarter in 1998.  For
the six months ended June 30, 1999, the EBIDTA of Equus was $5,837,000
compared with an EBIDTA of $5,072,000 for the same period in 1998.

The Company continues the expansion of the off-track betting agency
system in Colombia and is completing the improvements to Los Comuneros
race track.   During the six months ended June 30, 1999, the Company's
results of operations include net losses of approximately $300,000,
attributed to the Colombian operation during its start-up period.  Los
Comuneros race track is presently hosting one racing day per week and is
expecting to include in its racing program, commencing in September
1999, races from Presi dente Remon race track in Panama.

The Company has purchased equipment to provide to its subsidiaries
up-link services for the distribution of the signal of the races in a
satellite in connection with the simulcast of races, commencing with the
transmission of races from Panama to Colombia.  The Panama operation
continues expanding its OTB agency network and, commencing in August
1999, has added to its racing program one live race day every other
week. 

The El Comandante operations in Puerto Rico have been benefited from
changes to the racing program, mainly the conduction of live races
during Saturday instead of Thursdays since November 1998.  Improvements
at the main building of the race track, as a result of damage caused by
Hurricane Georges in September 1998, continue and are on schedule to
conclude by the end of September. 

There will be no cash distributions to unitholders related to Equus
results of operations for the three months ended June 30, 1999.



EQUUS GAMING COMPANY L.P.
Financial Highlights (Unaudited)
(in Thousands, except per unit amounts)


                              For the Three Months      For the Six Months
                                  Ended June 30        Months Ended June 30
                               1999         1998         1999         1998
Revenues:
 Commissions on wagering      $16,046     $14,797      $33,355      $31,173
 Net revenues from lottery        123         393          266          622
 Other revenues                   522         876        2,056        1,708
                               16,691      16,066       35,677       33,503
Payments to horseowners         8,033       7,236       16,426       15,214
Salaries, wages and benefits    2,561       2,822        5,474        5,599
Operating expenses              1,790       2,310        3,953        4,514
General and administrative        996         605        1,775        1,171
Marketing, television and
   satellite costs              1,282         992        2,212        1,933
EBDITA                          2,029       2,101        5,837        5,072
Financial expenses              2,074       2,245        4,148        4,450
Depreciation, amortization        846         907        1,722        1,823
Loss from operations            ( 891)     (1,051)         (33)      (1,201)
Income tax (provision) benefit      8         101         (330)          -
Minority interest in losses       370           9          430            9
Extraordinary item                 23          -            23           -
Net income (loss)              $ (490)     $ (941)      $   90     $ (1,192)

Allocation of net income (loss)-
  General partner              $   (5)     $   (9)      $    1     $    (12)
  Limited partner                (485)       (932)          89       (1,180)
                               $ (490)     $ (941)      $   90     $ (1,192)

Weighted average Units          8,401       6,334        7,142        6,334
Net income (loss) per Unit    $ (0.06)    $ (0.15)    $   0.01    $   (0.19)

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