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 
February 26, 1997                                Gregory A. TenEyck
                                                 (301) 843-8600


         EL COMANDANTE CAPITAL CORP. ANNOUNCES OFFER
       TO PURCHASE $5 MILLION IN FIRST MORTGAGE NOTES
                              
     ST. CHARLES, Md._ Equus Gaming Company L.P. (Nasdaq:

EQUUS), a publicly traded partnership with horse racing

interests in the Caribbean, reports that El Comandante

Capital Corp. (ECCC) is offering to purchase $5 million

principal amount of its $68 million in outstanding 11 3/4%

first mortgage notes due December 15, 2003. The offer to

purchase notes at par, plus accrued and unpaid interest up

to the date of the purchase, will expire on March 25, 1997,

unless extended.  ECCC is a wholly-owned finance subsidiary

of Housing Development Associates S.E. (HDA), which is 82%

owned by Equus.

     In January 1997, HDA sold its remaining interest in

TELENET, a three-station television network in Puerto Rico,

to a subsidiary of Paxson Communications Corporation (AMEX:

PXN).  ECCC's purchase offer is in accordance with the terms

of its trust indenture dated December 15, 1993, which

requires that approximately $7.5 million of the proceeds

from the sale of HDA's interest in TELENET be used by

January 16, 1998 to purchase first mortgage notes and/or be

invested in HDA's gaming business.  Management will

determine the use of the remaining $2.5 million prior to

that date.

   This announcement is neither an offer to purchase nor a

solicitation of an offer to sell notes.  An Offer to

Purchase will be mailed to all noteholders who hold a

position in the notes through the Depository Trust Company

(DTC).  Noteholders may participate in the purchase offer

only though DTC's Automated Transfer Order Processing (ATOP)

system.  Noteholders also may obtain copies of the Offer to

Purchase by contacting the Depositary, Chase Manhattan Bank,

N.A., at 55 Water Street, Room 234, New York, NY  10041,

phone (212) 638-0454, fax (212) 638-7380.

   Equus owns 82% of Housing Development Associates S.E.

(HDA), which 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 off-track betting (OTB) agency system in the

Dominican Republic.  El Comandante Race Track hosts racing

five days a week, year round.  All races are telecast live

in Puerto Rico, where there are approximately 670 OTB

agencies.

                              

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