(PAGE)                 SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-Q/A
(Mark One)

/X/          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
             SECURITIES EXCHANGE ACT OF 1934

             FOR  THE  QUARTERLY  PERIOD  ENDED  MARCH 31, 1998,  OR

/ /         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
             SECURITIES EXCHANGE ACT OF 1934

             FOR THE TRANSITION PERIOD FROM  __________TO___________

                        Commission file number 000-25306

                            EQUUS GAMING COMPANY L.P.
             _______________________________________________________
             (Exact name of registrant as specified in its charter)

                      Virginia                         54-1719877
          _______________________________          ___________________
          (State or other jurisdiction of          (I.R.S. Employer
          incorporation or organization)           Identification No.)

                             650 Munoz Rivera Avenue
                            Doral Building, 7th Floor
                               Hato Rey, PR  00918
              _____________________________________________________
              (Address of Principal Executive Offices and Zip Code)

                                 (787) 753-0676
              ____________________________________________________
              (Registrant's telephone number, including area code)

                                 Not Applicable
             _______________________________________________________
             (Former name, former address and former fiscal year, if
                           changed since last report)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such report(s), and (2) has been subject to
such filing requirements for the past 90 days.   Yes  X   No      

     Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.  6,333,617 Class A Units

AMENDMENT

     The primary purpose of this amendment is to correct a clerical error in
one page of the financial statements of the registrant.  Also, the I.R.S.
Employer Identification No. was incorrect.

Documents Incorporated by Reference:

The entire form 10-Q for the quarterly period ended March 31, 1998, except for
the one page enclosed herein.
(PAGE)
                            EQUUS GAMING COMPANY L.P.
                           CONSOLIDATED BALANCE SHEETS

                                    continued



                                                  March 31,   December 31,
                                                    1998         1997
                                                -----------   -----------
                                                (Unaudited)    (Audited)


LIABILITIES:
  CURRENT LIABILITIES:
    Notes payable                               $ 2,725,000  $ 1,010,000
    Current portion of capital lease
      obligations                                   731,286      260,706       

  Accrued interest                                2,258,169    1,484,973
    Accounts payable and accrued liabilities      6,186,728      335,670
    Outstanding winning tickets and refunds       1,233,726       68,857  
                                                -----------  -----------
                                                 13,134,909    3,160,206
                                                             
  CAPITAL LEASE OBLIGATIONS                       1,435,460      354,991
                                                             
  NOTES PAYABLE                                       -          250,000
                                                             
  FIRST MORTGAGE NOTES, net of note discount
    of $1,351,436 and $1,398,887, respectively   63,411,564   63,364,113
                                                             
  DEFERRED INCOME TAXES                           1,168,094    1,068,594
                                                             
  MINORITY INTEREST                                  52,655       82,631
                                                -----------  -----------
                                                 79,202,682   68,280,535
                                                -----------  -----------
PARTNERS' DEFICIT:
   General Partners                                (767,829)    (728,644)
   Limited Partners- 6,383,617 units                         
     authorized; 6,333,617 units issued                      
     and outstanding                            (15,243,882) (11,364,532)
                                                -----------  -----------
                                                (16,011,711) (12,093,176)
                                                -----------  -----------
                                                $63,190,971  $56,187,359
                                                ===========  ===========
     






                   The accompanying notes are an integral part
                              of these statements.



(PAGE)


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                   Equus Gaming Company L.P.
                                   -----------------------------------
                                            (Registrant)

                                   By:  Equus Management Company
                                        Managing General Partner



July 2, 1998                            By: /s/  Gretchen Gronau               

-----------------                       -----------------------------
Date                                    Gretchen Gronau
                                        Vice President and
                                        Chief Financial Officer