Equus Gaming Co.: Reports Third Quarter 1999 Equus Gaming Company News Release FOR IMMEDIATE RELEASE CONTACT November 15, 1999 Hernan G Welch Executive VP-Finance or Gretchen Gronau CFO (787) 274-8811 (787) 753-0676 EQUUS GAMING COMPANY, L.P. REPORTS RESULTS FOR THIRD QUARTER AND NINE MONTHS THIRD QUARTER- EBITDA Rises 47%, Net Loss Reduced by 76% NINE MONTHS ENDED 9/30/99- EBITDA Rises 22%, Net Loss Reduced by 89% San Juan, Puerto Rico, (November 15, 1999)- Equus Gaming Company, L.P. (EQUUS: Nasdaq), a publicly traded partnership with thoroughbred horse racing and entertainment interests in Latin America and the Caribbean, reports its operating results for the three and the nine months ended September 30, 1999. Equus operating results are primarily 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); and Los Comuneros in Medellin, Colombia. Revenues for the third quarter ended September 30, 1999 rose by 18% to $17,258,000, compared to $14,626,000 for the same period in 1998. EBITDA (earnings before interest, taxes, depreciation and amortization) rose 47% to $2,159,000 from $1,469,000 in the third quarter of 1998. The net loss for the third quarter of 1999 was reduced by 76% to $428,000, or $0.05 per unit, compared with a net loss of $1,780,000, or $0.28 per unit, for the same quarter in 1998. For the nine months ended September 30, 1999, Equus net loss was reduced by 89% to $338,000, or $0.04 per unit, on revenues of $52,935,000, compared to a net loss of $2,971,000, or $0.47 per unit, on revenues of $48,130,000 for the nine month period in 1998. There was a 10% increase in revenues, or $4,805,000, to $52,935,000 for the nine months ended September 30, 1999 compared to $48,130,000 the same period for 1998. EBITDA for the nine months period in 1999 rose by 22% to $7,995,000 from $6,541,000 in the same period in 1998, despite extensive capital improvements at El Comandante during 1999 designed not only to repair the damage from Hurricane Georges in September of 1998 but to renovate the facilities and its communications center as a first class entertainment center with state of the art technology. In the Dominican Republic, we continue to restructure the operations of the business of our V Centenario "Galapagos" racetrack. So far this year we have reduced our operating costs by more than $200,000, and continue to succeed in improving the racing program, increasing the number of simulcast live races from Panama (and soon from the U.S.) to enhance common pool and commingle betting as has been done with simulcast races from Puerto Rico, and increasing the number of new off-track betting agencies to capitalize on higher wagering level which for the third quarter ended September 30, 1999 jumped by 12% from the comparable quarter in 1998. The Panama operation continues to expand its off-track pari-mutuel betting network into all areas of the countries, and is currently simulcasting races from the United States into Panama. Additionally, the Panamanian races are being transmitted to our operations in Colombia and Dominican Republic. As a result, our wagering revenues in Panama increased by more than 16% to $6.9 million for the nine months ended September 30, 1999 compared to $5.9 million for the same period in 1998. Our racetrack in Panama will be the host of the XXXII Caribbean Classic on December 5, 1999. The Company has purchased telecommunication equipment to provide its subsidiaries with satellite up-link services for distribution of the signal of the races in connection with simulcast of live races from the United States to Panama, from Panama to Colombia and Dominican Republic and from Puerto Rico to Dominican Republic. The Company is in the process of increasing the number of simulcast races per week to maximize the level of betting and increase wagering revenues in each jurisdiction where we have operations. EQUUS GAMING COMPANY L.P. Financial Highlights (Unaudited) (in Thousands, except per unit amounts) For the Three Months For the Nine Months Ended September 30 Ended September 30 1999 1998 1999 1998 Revenues: Commissions on wagering $16,239 $13,198 $49,594 $44,372 Net revenues from lottery 186 120 452 742 Other revenues 833 1,308 2,889 3,016 17,258 14,626 52,935 48,130 Payments to horseowners 7,940 6,647 24,366 21,861 Salaries, wages and benefits 2,934 2,861 8,408 8,460 Operating expenses 2,343 2,188 6,296 6,703 General and administrative 886 625 2,661 1,796 Marketing, television and satellite costs 996 836 3,209 2,769 EBITDA 2,159 1,469 7,995 6,541 Financial expenses 2,155 2,300 6,302 6,749 Depreciation, amortization 983 967 2,705 2,790 Loss from operations ( 979) (1,798) (1,012) (2,998) Income tax (provision) benefit 276 - (54) - Minority interest in losses 275 18 706 27 Extraordinary item - - 22 - Net income (loss) $ (428) $ (1,780) $ (338) $ (2,971) Allocation of net income (loss)- General partner $ (4) $ (18) $ ( 3) $ (30) Limited partner (424) (1,762) (335) (2,941) $ (428) $ (1,780) $ (338) $ (2,971) Weighted average Units 8,440 6,334 7,579 6,334 Net income (loss) per Unit $ (0.05) $ (0.28) $ (0.04) $ (0.47) ### End.