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Alpha Hospitality Buys Rights to Monticello Raceway

4 February 2003

NORTHBROOK, Illinois – As reported by the Dow Jones: "Alpha Hospitality Corp. signed a letter of intent that, if completed, will make the company responsible for the ownership and operation of the Monticello Raceway in Monticello, N.Y.

"Under the letter with Catskill Development LLC, Alpha Hospitality will exchange 80.25% of the company's stock for a 48-year ground lease on the Monticello Raceway and contiguous properties, together with all of Catskill's development and management rights with respect to the site and related gaming activities.

"…In a press release Tuesday, Alpha Hospitality said Catskill will lease its 230-acre Raceway property to the company for 48 years for an annual base rent of $1.8 million.

"The lease will contain certain options for the company to acquire title to portions of the property. The company will have the right to purchase a 29-acre parcel for the purpose of placing it in trust for a Native American tribe or nation at the purchase price of $1. The exercise of such option will require obtaining necessary federal and state approvals.

"…Before it completes the transactions outlined in the letter of intent, Alpha Hospitality must take all steps necessary to cause major shareholder Bryanston Group Inc. and related parties to relinquish their ownership of Alpha's common shares under the companies' Dec. 10 recapitalization agreement…"

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