Equus Gaming Co.: Other 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 22, 1997                             Gregory A. TenEyck
                                             (301) 843-8600


             EQUUS GAMING CLOSES $7 MILLION SALE
       OF REMAINING 50 PERCENT INTEREST IN TV NETWORK
                              
      ST. CHARLES, Md._ Equus Gaming Company L.P. (Nasdaq:
  EQUUS), a publicly traded partnership with horse racing
  and entertainment interests in the Caribbean, reports
  that a subsidiary has closed a $7 million sale of its
  remaining 50 percent interest in TELENET, a three-station
  television network in Puerto Rico, to a subsidiary of
  Paxson Communications Corporation (AMEX: PXN).  Equus'
  subsidiary sold a 50 percent interest in the network to
  the Paxson subsidiary in August 1996 for $4 million.
      The network was sold by Equus' 82 percent-owned
  subsidiary Housing Development Associates S. E. (HDA).
  HDA expects to use approximately $8 million of the
  proceeds from the two transactions to reduce its
  outstanding mortgage note indebtedness, although some
  portion may be reinvested in HDA's business.  HDA owns El
  Comandante Race Track in Puerto Rico and a 55 percent
  interest in Galapagos S.A.  Galapagos has the exclusive
  franchise to operate the government-owned race track and
  OTB agency system in the Dominican Republic.
      TELENET was acquired by HDA in late 1994 for the
  primary purpose of ensuring the availability of live
  television coverage of El Comandante races throughout
  Puerto Rico, where there are approximately 670 off-track
  betting (OTB) agencies. In its agreement to purchase
  TELENET, Paxson has agreed to provide broadcast time
  under a long-term contract for continued live racing
  telecasts from El Comandante.
                              
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