Equus Gaming Co.: News Release

EQUUS GAMING COMPANY L.P.
EXECUTIVE OFFICES
222 Smallwood Village Center, St. Charles, Maryland
(301) 843-8600  Fax (301) 870-5487

                              
                        News Release

FOR IMMEDIATE RELEASE                           CONTACT
January 14, 1998                                J. Michael Wilson
                                                (301) 843-8600

          EQUUS COMPLETES THE CONSOLIDATION OF THE
         OPERATIONS OF EL COMANDANTE IN PUERTO RICO
            AND THE START OF OPERATIONS IN PANAMA
                              
                              
     ST. CHARLES, Md._ Equus Gaming Company L.P. (Nasdaq:

EQUUS), a publicly traded partnership with horse racing and

gaming interests in the Caribbean today announced that it

has completed the first step in its planned restructuring to

a corporation.  Its subsidiary, Housing Development

Associates S.E. (HDA), which owns the assets of El

Comandante Race Track, has terminated the operating lease

agreement with El Comandante Operating Company, Inc., a non-

stock corporation.  Effective January 1, 1998, El Comandante

Management Company LLC (ECMC), a wholly-owned subsidiary of

HDA, is operating the El Comandante Race Track under an

interim resolution and order issued by the Puerto Rico

Racing Board until it completes the necessary hearings for a

final approval of ECMC as operator of the race track.  HDA

continues to hold a license to operate the El Comandante

Race Track.

     The elimination of the previous operating lease

agreement will simplify the financial reporting of the

racing operation and save costs by consolidating management

and streamlining the operations.

     Equus announced that its subsidiary, Equus Gaming

Panama S.A. (Equus Panama) also concluded the takeover of

the operation of the Presidente Remon Race Track in Panama

City, Panama, effective January 1, 1998.  Pursuant to agreements

with the horsemen and the Panamanian Government, the live

racing program is temporarily suspended while renovation

work is carried out at the track.  It is expected that live

racing will be resumed during the first week of February.

Equus Panama started operating 39 betting agencies as of

January 1 and is pleased with the excellent support of the

simulcasting programs which are operating five days a week.

     The addition of Panama racing gives Equus control of the

operations of thoroughbred racing in Puerto Rico, the

Dominican Republic and Panama with the rights of simulcasting

in these locations.

     Equus owns a 99 percent interest in HDA, a partnership

that owns the assets of El Comandante Race Track, the stock

of Equus Panama and a 55 percent interest in Galapagos, S.A.,

which operates V Centenario Race Track in the Dominican

Republic.



                          #   #  #



Ends.