Equus Gaming Co.: News Release

                             
                          News Release

FOR IMMEDIATE RELEASE                                  CONTACT
November 3, 1998                                       Juan Horta
                                                       (787) 754-6525
                                                       (787) 641-6060


              EQUUS GAMING ACQUIRES 50% INTEREST IN
                  MEDELLIN, COLOMBIA RACETRACK
                                


     SAN JUAN, PUERTO RICO -- Equus Gaming Company L.P. (Nasdaq:

EQUUS), a publicly traded partnership with horse racing and

gaming interests in the Caribbean, announced today that it has

acquired a 50% interest in Los Comuneros Racetrack in Medell¡n,

Columbia.

     Los Comuneros will be operated by Equus Comuneros, S.A.

(SECSA) as per the agreement between Equus and Hip¢dromo Los

Comuneros, S.A.  The seven-member Board of Directors of the new

company will be composed of four representatives from Equus and

three from Los Comuneros.

     "The acquisition of Los Comuneros provides Equus with an

exciting opportunity to develop Colombia's racing industry

consistent with our strategy of expanding our thoroughbred racing

interests in the region," explained Juan Manuel Rivera-Gonz lez,

Chief Operating Officer of Equus Gaming.

     Currently, Los Comuneros hosts one live meet per week with

an average handle of approximately $110,000.  The existing off-

track wagering system is limited both in terms of the number of

sites and the technology used to place and process bets.

     Plans for the expansion of the Colombian racing industry

call for the development of an extensive on-line off-track

wagering system in conjunction with the televising of all races

along the lines successfully established in Puerto Rico.

Wagering in Puerto Rico rose from $128 million in 1989 to a high

of $288 million in 1994 following the implementation of said

strategy.

     Objectives for the first year of operations include

establishing an on-line off-track betting system of 300 sites

throughout Medell¡n, Bogot  and Cali, with an increase to two

days of live racing per week.  Los Comuneros will also offer

simulcast wagering on cards from Equus' other tracks in the

region.

     "The thoroughbred racing market in Colombia is essentially

untapped," explained Rivera-Gonz lez.  "The level of enthusiasm

for racing in the country and the market's vast potential make

this an exciting venture."

     Colombia has a population of over 34 million inhabitants

with a GDP in excess of $45 billion.

     Equus' racing interests in the Caribbean region already

include tracks in Puerto Rico (El Comandante), Panama (Presidente

Rem¢n) and the Dominican Republic (V Centenario).



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