Equus Gaming Company, L.P. Reports That Its Subsidiary El Comandante Capital Corporation
             Will Not Make Interest Payment on $68 Million Mortgage Notes

SAN JUAN, Puerto Rico, Dec. 20 El Comandante Capital Corporation (ECCC), a wholly owned 
subsidiary of Housing Development Associates, which in turn is owned by Equus Gaming Company 
L.P. (Nasdaq: EQUUS), a Virginia limited partnership, announced that it would not make the 
interest payment due today on its mortgage notes in the principal amount of $68 million, 
secured by El Comandante Race Track. ECCC is exploring ways to cure the interest default 
during the 30-day cure period provided under the trust indenture securing the notes and is in
discussions with principal note holders in this regard.

Equus Gaming Company is a publicly traded partnership with thoroughbred horse racing and 
entertainment interests in Latin America and the Caribbean. 

End