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AREP Given Nevada Approval

15 July 2005

NEVADA -- Nevada gaming regulators have given preliminary approval to a holding company that will manage the Stratosphere and the two Arizona Charlie's casinos.

AREP Gaming was formed under American Casino & Entertainment Properties and its Mount Kisco, N.Y.-based parent, American Real Estate Partners, which businessman Carl Icahn controls. The company will manage the Las Vegas casinos and the Sands in Atlantic City.

On Wednesday, the State Gaming Control Board also approved Richard Brown as president and chief executive officer and Denise Barton as chief financial officer to be licensed for the new holding company.

The Nevada Gaming Commission will act on the matter July 28.

During the hearing, Brown said cash flow had improved by 60 percent in 2004 from 2003. He also said cash flow was up 22 percent so far in 2005 compared with 2004.

American Casino and Entertainment Properties reported net income of $10.1 million on revenue of $82.8 million for the quarter ended March 31. That compares with net income of $6.2 million on revenue of $75 million for the same period a year earlier.

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