Equus Gaming Co.: News Release

                           
                                
                     
                                
                                
                          News Release

FOR IMMEDIATE RELEASE                             CONTACT
September 22, 1997                                Juan Manuel Rivera
                                                  (787) 753-0675


                  EQUUS SIGNS 20-YEAR AGREEMENT
                 TO MANAGE RACE TRACK 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 its subsidiary,
Equus Gaming Panama S.A. (Equus Panama), signed a twenty-year
contract with the Panamanian government for the administration of
the Presidente Remon Race Track in Panama City and for the
development of an off-track betting (OTB) agency network in
Panama.  The contract grants Equus Panama the exclusive rights to
simulcast horse races from and to the country and the right to
operate up to 500 slot machines at the race track.
     Upon execution of the contract, Equus Panama paid $2.2
million to the Panamanian government to provide the funds
necessary for payment of severance benefits to existing employees
before Equus Panama assumes management control of the race track
on January 1, 1998.  It is expected that the race track will be
closed in January for modernization and upgrading of the
facilities and betting equipment with racing to resume in
February.
     Juan Manuel Rivera, President of Equus Gaming Panama, who has
been involved in the development of the OTB network of El
Comandante Race Track in Puerto Rico and V Centenario Race Track
in the Dominican Republic, is looking forward to developing a
first class horse-racing operation in Panama.  He stated, "We are
very excited about this opportunity to enhance the racing program
at Presidente Remon.  The people of Panama have a long history of
thoroughbred racing, and we are certain that they will respond
positively to the technological changes and modernization of their
betting systems."
     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.
                                
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