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
August 27, 1997                                   Gregory A. TenEyck
                                                  (301) 843-8600


         EL COMANDANTE CAPITAL CORP. ANNOUNCES OFFER
      TO PURCHASE $2.5 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 up to $2.5

million principal amount of its $67.2 million in outstanding

11 3/4% first mortgage notes due December 15, 2003. The

offer to purchase notes at 110% of par, plus accrued and

unpaid interest up to the date of the purchase, commences

today (August 27, 1997) and will expire on September 24,

1997, unless extended.  ECCC is a wholly-owned finance

subsidiary of Housing Development Associates S.E. (HDA),

which is 99% owned by Equus.

     The offer is a condition of ECCC noteholder approval on

August 22, 1997 to allow HDA to redeem the 17 percent

interest of a minority partner, which increased Equus'

interest in HDA to 99 percent.

     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 off-track betting (OTB) agency system in the

Dominican Republic.

   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.

                              

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