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Equus Gaming Reports Results for Year Ended December 31, 1999

Equus operating results are attributed to the following racetracks: El Comandante in Puerto Rico; V Centenario "Galapagos" in the Dominican Republic; Presidente Remon in Panama (the host of the XXXII International Caribbean Classic held in December of 1999); and Los Comuneros in Medellin, Colombia.

Equus had a net loss of $3,090,000, or net loss per unit of $0.39, in 1999 as compared to a net loss of 1,760,000, or $0.28 net loss per unit, for 1998.

The increase in the loss was primarily attributable to the start-up of operations and costs associated with Los Comuneros, and a net increase in operating expenses of the racetracks.

Consolidated Revenues for the year ended December 31, 1999 rose by $2,352,000, or 3.4%, to $71,325,000 in 1999 from $68,973,000 in 1998.

Commissions on wagering increased by $14,215,000 (27.1%) in 1999 to $66,744,000 as compared to $52,529,000 in 1998. The increase in commissions was primarily attributed to El Comandante, Panama, and the start-up of operations in 1999 of Los Comuneros.

Wagering commissions at El Comandante increased by $10,996,000, or 26.8% in 1999 due to a full year of continuous operations after the 1998 hurricane.

Panama also posted an increase in wagering commissions in 1999 of $1,580,000, or 20.2%, due to more off-track agencies on line and additional live and simulcast race days during 1999.

El Comandante completed a major capital improvement program during 1999 to repair damage from Hurricane Georges in 1998, and also to renovate the facilities and communications center as a first class entertainment center with state of the art technology.

The Dominican Republic continues to show operating improvements through a strategy of cost reduction and organizational restructuring program, improved racing program with an increase in number of simulcast live races from Puerto Rico and Panama, and additional off-track betting agencies. As a result of these efforts, Galapagos reduced its net loss by more than 15% to $694,000 in 1999.

The Panama operations also continue to expand its off-track pari-mutual betting network into all areas of the countries, and has expanded its simulcast of live races from the United States into Panama.

Additionally, the Panamanian live races are being transmitted to our other operations in Colombia and the Dominican Republic. As a result, our wagering commissions in Panama increased by $1,580,000, or 20.2%, from $7,808,000 in 1998 to $9,388,000 in 1999.

The Company also established and funded its new service provider subsidiaries, Satellite Services International, Inc. (SSI) and Agency Betting Network, Inc. (ABN).

SSI will provide up-link satellite services, satellite time, and leasing of video and data telecommunication equipment (VSAT), to transmit (or simulcast) live races from and to the Company's racetracks and off-track betting agencies. This includes live races from outside the Company's operational territories to the agency distribution network in order to improve the racing program and increase the level of wagering revenues.

SSI is also in the process of installing during the year 2000 thru 2001 a high-technology satellite communication system throughout the Company's off-track betting agencies, in all of its operations, which is projected to increase the number of agencies from approximately 1,300 in 1999 to more than 2,200 by the end of 2001.

ABN is establishing and operating an extensive off-track betting agency system in Colombia in conjunction with Los Comuneros Racetrack. ABN made substantial capital investments in Colombia in 1999 to develop the agency distribution network.

Mr. Thomas Wilson, Co-Chairman and Chief Executive Officer of Equus, expressed it best when he recently stated, "Equus will bring together an extensive high-technology off-track betting network spanning more than four countries in Latin America and the Caribbean, with a satellite communications center located in Puerto Rico, to fully develop the international wagering potential of all of our operations. We will continue to carry out our strategic plans during 2000 to expand our market potential through investments in off-track distribution network, joint ventures with other racetrack operations in South America, and development of other entertainment and betting attractions in each of the operations to maximize shareholders' value."

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