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American Racing and Entertainment names new president

3 March 2008

NICHOLS, New York -- (PRESS RELEASE) -- American Racing and Entertainment, LLC, owner of two New York State Racinos, Tioga Downs and Vernon Downs, today announced the appointment of Pete Savage to the position of President and General Manager of ARE.

Mr. Savage brings a wealth of experience in the gaming and hotel industries having served most recently as General Manager of Riviera Black Hawk Casino in Black Hawk, Colorado, from 2003 to 2007.

During his tenure at both of the Riviera's Black Hawk and Las Vegas properties, Mr. Savage held successive senior management and management positions including Assistant General Manager, Compliance Officer and Assistant Director of Financial Planning & Analysis. In addition, Mr. Savage has over 25 years of in-depth experience in finance, table games operations, casino cage operations and hotel operations gained at many of the premier Las Vegas casinos and resorts.

Mr. Savage is a graduate of the University of Nevada, Las Vegas and is a Certified Public Accountant in Nevada.

Jeffery Gural, Chairman of the Board and Managing Partner of American Racing and Entertainment, LLC, said, "I am delighted to welcome Pete Savage to American Racing and Entertainment. I'm confident that Pete's background in gaming, hotel and finance and his inherent leadership skills, combined with the anticipated passage of the pending tax-relief legislation in Albany, will allow him to drive increased profitability while creating an optimum guest experience at both Tioga Downs and Vernon Downs. Pete has impressed me with his vision and focus since assuming the position of President and General Manager on January 3, 2008."

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