SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

                                   (Mark One)

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

          FOR  THE  QUARTERLY  PERIOD  ENDED  SEPTEMBER 30,  2000,  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 (July 31, 2000). 9,300,381
Class  A  Units


<PAGE>
                            EQUUS GAMING COMPANY L.P.
                                    FORM 10 Q
                                      INDEX

                                                          PAGE
                                                         NUMBER

PART  I  -  FINANCIAL  INFORMATION


Item 1. Consolidated  Financial  Statements

        Consolidated Statements of Operations for the Nine Months and Three
        Months  ended  September  30,  2000  and  1999 (Unaudited)             3

        Consolidated Statements of Comprehensive Income (Loss) for the
        Nine  months  and  Three  Months  Ended
        September  30,  2000  and  1999  (Unaudited)                           5

        Consolidated Balance Sheets at September 30, 2000 (Unaudited)
        and  December 31,  1999  (Audited)                                     6

        Consolidated Statement of Changes in Partners' Deficit for the
        Nine  Months  Ended  September  30,  2000  (Unaudited)                 8

        Consolidated  Statements  of  Cash  Flows  for  the  Nine
        Months  Ended  September  30,  2000  and  1999 (Unaudited)             9

        Notes  to  Consolidated  Financial  Statements                        11

Item 2. Management's Discussion and Analysis of Financial Condition
        and  Results of  Operations
        Results  of  Operations                                               20

        Liquidity  and  Capital  Resources                                    24


PART  II  -  OTHER  INFORMATION

Item  1.  Legal  Proceedings                                                  28
Item  2.  Material Modifications of Rights of Registrant's Securities         28
Item  3.  Default  upon  Senior  Securities                                   28
Item  4.  Submission  of  Matters  to  a  Vote  of  Security Holders          28
Item  5.  Other  Information                                                  28
Item  6.  Exhibits  and  Reports  on  Form  8-K                               28

Signatures                                                                    29


<PAGE>
<TABLE>
<CAPTION>
                            EQUUS GAMING COMPANY L.P.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                     FOR THE NINE MONTHS ENDED SEPTEMBER 30,

                                   (UNAUDITED)

                                                      2000          1999
                                                  ------------  ------------
<S>                                               <C>           <C>
 REVENUES:
   Commissions on wagering                        $47,905,671   $49,594,091
   Net revenues from lottery services                 170,348       451,529
   Other revenues                                   2,630,702     2,889,234
   Gain on sale of assets                             179,500             -
                                                  ------------  ------------
                                                   50,886,221    52,934,854
                                                  ------------  ------------
 EXPENSES:
   Payments to horseowners                         23,156,398    24,366,335
   Salaries, wages and employee benefits            7,865,441     8,407,488
   Operating expenses                               8,318,209     6,296,327
   General and administrative                       3,164,131     2,660,922
   Marketing, television and satellite costs        4,101,756     3,208,836
   Financial expenses                               7,407,210     6,302,269
   Depreciation and amortization                    2,819,239     2,705,121
                                                  ------------  ------------
                                                   56,832,384    53,947,298
                                                  ------------  ------------

 (LOSSES) EARNINGS BEFORE INCOME TAXES, MINORITY   (5,946,163)   (1,012,444)
 INTEREST AND EXTRAORDINARY ITEMS
 PROVISION FOR INCOME TAXES                           243,933        53,872
                                                  ------------  ------------


 (LOSSES) EARNINGS BEFORE MINORITY INTEREST AND    (6,190,096)   (1,066,316)
 EXTRAORDINARY ITEMS

 MINORITY INTEREST IN (LOSSES) EARNINGS              (377,142)     (705,701)
                                                  ------------  ------------


 (LOSSES) EARNINGS BEFORE EXTRAORDINARY ITEMS      (5,812,954)     (360,615)
 EXTRAORDINARY ITEM - DISCOUNT ON EARLY
   REDEMPTION OF FIRST MORTGAGE NOTES                       -        22,680
                                                  ------------  ------------

NET (LOSSES) EARNINGS                             $(5,812,954)  $  (337,935)
                                                  ============  ============

 ALLOCATION OF NET (LOSSES) EARNINGS:
   General partners                               $   (58,130)  $    (3,379)
   Limited partners                                (5,754,824)     (334,556)
                                                  ------------  ------------
                                                  $(5,812,954)  $  (337,935)
                                                  ------------  ------------
 BASIC AND DILUTED PER UNIT AMOUNTS:              $     (0.69)  $     (0.04)
                                                  ============  ============
 WEIGHTED AVERAGE UNITS OUTSTANDING                 8,364,824     7,579,290
                                                  ============  ============
</TABLE>

The accompanying notes are an integral part of these consolidated statements


<PAGE>
<TABLE>
<CAPTION>
                            EQUUS GAMING COMPANY L.P.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                    FOR THE THREE MONTHS ENDED SEPTEMBER 30,

                                   (UNAUDITED)

                                                      2000          1999
                                                  ------------  ------------
<S>                                               <C>           <C>
 REVENUES:
   Commissions on wagering                        $15,477,239   $16,239,090
   Net revenues from lottery services                       -       185,991
   Other revenues                                     971,273       832,970
                                                  ------------  ------------
                                                   16,448,512    17,258,051
                                                  ------------  ------------
 EXPENSES:
   Payments to horseowners                          7,524,048     7,940,482
   Salaries, wages and employee benefits            2,855,351     2,933,588
   Operating expenses                               3,183,685     2,342,932
   General and administrative                       1,013,022       886,263
   Marketing, television and satellite costs        1,601,652       996,338
   Financial expenses                               2,505,038     2,154,667
   Depreciation and amortization                      903,551       982,834
                                                  ------------  ------------
                                                   19,586,347    18,237,104
                                                  ------------  ------------

 (LOSSES) EARNINGS BEFORE INCOME TAXES, MINORITY   (3,137,835)     (979,053)
 INTEREST AND EXTRAORDINARY ITEMS
 PROVISION (BENEFIT) FOR INCOME TAXES                  45,862      (276,042)
                                                  ------------  ------------


 (LOSSES) EARNINGS BEFORE MINORITY INTEREST AND    (3,183,697)     (703,011)
 EXTRAORDINARY ITEMS

 MINORITY INTEREST IN (LOSSES) EARNINGS              (183,692)     (274,996)
                                                  ------------  ------------


NET (LOSSES) EARNINGS                             $(3,000,005)  $  (428,015)
                                                  ============  ============

 ALLOCATION OF NET (LOSSES) EARNINGS:
   General partners                               $   (30,000)  $    (4,280)
   Limited partners                                (2,970,005)     (423,735)
                                                  ------------  ------------
                                                  $(3,000,005)  $  (428,015)
                                                  ------------  ------------
 BASIC AND DILUTED PER UNIT AMOUNTS:              $     (0.36)  $     (0.05)
                                                  ============  ============
 WEIGHTED AVERAGE UNITS OUTSTANDING                 8,364,824     8,439,824
                                                  ============  ============
</TABLE>

The accompanying notes are an integral part of these consolidated statements


<PAGE>
<TABLE>
<CAPTION>
                            EQUUS GAMING COMPANY L.P.
              CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
                FOR THE NINE AND THREE MONTHS ENDED SEPTEMBER 30,

                                   (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30,

                                              2000          1999
                                          ------------  ------------
<S>                                       <C>           <C>
 NET (LOSSES) EARNINGS                    $(5,812,954)  $  (337,935)

 OTHER COMPREHENSIVE (LOSSES) INCOME:

  Currency translation adjustments            252,814      (736,253)
                                          ------------  ------------
COMPREHENSIVE (LOSSES) INCOME             $(5,560,140)  $(1,074,188)
                                          ------------  ------------


FOR THE THREE MONTHS ENDED SEPTEMBER 30,

                                                 2000          1999
                                          ------------  ------------

 NET (LOSSES) EARNINGS                    $(3,000,005)  $  (428,015)

 OTHER COMPREHENSIVE (LOSSES) INCOME:

  Currency translation adjustments             31,743      (867,014)
                                          ------------  ------------
COMPREHENSIVE (LOSSES) INCOME             $(2,968,262)  $(1,295,029)
                                          ------------  ------------
</TABLE>

The accompanying notes are an integral part of these consolidated statements


<PAGE>
<TABLE>
<CAPTION>
                    EQUUS GAMING COMPANY L.P.
                   CONSOLIDATED BALANCE SHEETS

                            ASSETS


                               SEPTEMBER 30,    DECEMBER  31,
                                   2000             1999
                              ---------------  ---------------
                                (UNAUDITED)        (AUDITED)
<S>                           <C>              <C>
CASH AND CASH EQUIVALENTS:
  Unrestricted                $      177,309   $    1,888,995
  Restricted                         414,575          418,938
                              ---------------  ---------------
                                     591,884        2,307,933
                              ---------------  ---------------

PROPERTY AND EQUIPMENT:
  Land                             7,686,417        7,786,980
  Building and improvements       57,067,422       56,512,072
  Equipment                       16,029,856       13,967,887
                              ---------------  ---------------
                                  80,783,695       78,266,939
  Accumulated depreciation       (21,019,088)     (18,409,886)
                              ---------------  ---------------
                                  59,764,607       59,857,053
                              ---------------  ---------------

DEFERRED COSTS, NET:
  Financing                        2,150,041        2,510,487
  Costs of Panama contract         1,897,500        1,980,000
  Other                              608,500          501,505
                              ---------------  ---------------
                                   4,656,041        4,991,992
                              ---------------  ---------------

OTHER ASSETS:
  Accounts receivable, net         2,555,796        1,577,634
  Notes receivable                 2,616,471        1,506,599
  Other assets                     1,499,365          701,362
                              ---------------  ---------------
                                   6,671,632        3,785,595
                              ---------------  ---------------

                              $   71,684,164   $   70,942,573
                              ===============  ===============
</TABLE>

The accompanying notes are an integral part of these consolidated statements


<PAGE>
<TABLE>
<CAPTION>
                                 EQUUS GAMING COMPANY L.P.
                                CONSOLIDATED BALANCE SHEETS

                                        (continued)

                             LIABILITIES AND PARTNERS' DEFICIT


                                                         SEPTEMBER 30    DECEMBER 31
                                                             2000           1999
                                                        --------------  -------------
                                                          (UNAUDITED)     (AUDITED)
<S>                                                     <C>             <C>
  FIRST MORTGAGE NOTES:
    Principal, net of note discount of
      $675,905 and $885,446                             $  53,778,095   $ 53,568,554
    Accrued interest                                        1,865,486        265,900
                                                        --------------  -------------
                                                           55,643,581     53,834,454
                                                        --------------  -------------

  OTHER LIABILITIES:
    Accounts payable and accrued liabilities               18,223,167     11,660,824
    Outstanding winning tickets and refunds                 1,064,882      1,130,389
    Notes payable                                           5,379,625      6,226,082
    Bonds payable                                           4,000,000      4,000,000
    Capital lease obligations                               2,458,872      3,235,507
                                                        --------------  -------------
                                                           31,126,546     26,252,802
                                                        --------------  -------------

  DEFERRED INCOME TAXES                                     3,608,943      3,165,800
                                                        --------------  -------------

  MINORITY INTEREST                                         1,650,526      2,474,810
                                                        --------------  -------------

  COMMITMENTS AND CONTINGENCIES, SEE NOTE 2

  PARTNERS' DEFICIT
    General Partner                                          (837,481)      (781,879)
    Limited Partners - 10,383,617 units authorized:
     (9,300,381 units issued and outstanding of which
      935,557 are in treasury stock in 2000 and 1999)     (19,507,952)   (14,003,414)
                                                        --------------  -------------
                                                          (20,345,433)   (14,785,293)
                                                        --------------  -------------

                                                        $  71,684,164   $ 70,942,573
                                                        ==============  =============
</TABLE>

The accompanying notes are an integral part of these consolidated statements


<PAGE>
<TABLE>
<CAPTION>
                              EQUUS GAMING COMPANY L.P.
                CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                     FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000

                                   (UNAUDITED)

                                       GENERAL      LIMITED
                                       PARTNERS     PARTNERS         TOTAL
                                      ----------  -------------  -------------
<S>                                   <C>         <C>            <C>
  BALANCES, DECEMBER 31, 1999         $(781,879)  $(14,003,414)  $(14,785,293)

    Net losses for the period           (58,130)    (5,754,824)    (5,812,954)

    Currency translation adjustments      2,528        250,286        252,814

                                      ----------  -------------  -------------
  BALANCES, SEPTEMBER 30, 2000        $(837,481)  $(19,507,952)  $(20,345,433)
                                      ==========  =============  =============
</TABLE>

The accompanying notes are an integral part of these consolidated statements


<PAGE>
<TABLE>
<CAPTION>
                         CONSOLIDATED STATEMENTS OF CASH FLOWS
                        FOR THE NINE MONTHS ENDED SEPTEMBER 30,
                                      (UNAUDITED)


                                                            2000          1999
                                                        ------------  ------------
<S>                                                     <C>           <C>
  CASH FLOWS FROM OPERATING ACTIVITIES:

    Net (losses) earnings                               $(5,812,954)  $  (337,935)
                                                        ------------  ------------
    Adjustments to reconcile net (losses) earnings to
      net cash provided by operating activities-
        Depreciation and amortization                     3,509,075     3,226,529
        Deferred income tax provision                       243,933        42,343
        Currency translation adjustments                   (194,328)      109,673
        Minority interest                                  (377,142)     (705,701)
        Extraordinary item                                        -        22,680
    Decrease (increase) in assets-
        Accounts receivable                                (978,163)      279,261
        Prepayments and other assets                       (798,003)      425,443
       Deferred costs                                      (324,054)     (378,082)
    Increase (decrease) in liabilities-
        Accrued interest on first mortgage notes          1,599,586     1,538,610
        Accounts payable and accrued liabilities          6,773,351      (822,891)
        Outstanding winning tickets and refunds             (65,507)    1,547,512

         Total adjustments                                9,388,749     5,285,377
                                                        ------------  ------------

  Net cash provided by operating activities               3,575,795     4,947,442
                                                        ------------  ------------

  CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures (net)                           (2,346,870)   (8,942,056)
    (Increase) decrease  in notes receivable, net        (1,109,872)      565,148
                                                        ------------  ------------
  Net cash used in investing activities                  (3,456,742)   (8,376,908)
                                                        ------------  ------------
</TABLE>

The accompanying notes are an integral part of these consolidated statements


<PAGE>
<TABLE>
<CAPTION>
                                 EQUUS GAMING COMPANY L.P.
                           CONSOLIDATED STATEMENTS OF CASH FLOWS
                          FOR THE NINE MONTHS ENDED SEPTEMBER 30,
                                     (UNAUDITED)
                                     (continued)


                                                               2000          1999
                                                           ------------  ------------
<S>                                                        <C>           <C>
  CASH FLOWS FROM FINANCING ACTIVITIES:
    Redemption of First Mortgage Notes                     $         -   $(3,048,320)
    Contribution by minority stockholders                            -        40,158
    Payments to affiliates                                           -      (200,000)
    Loan proceeds from financial institutions                  720,000       825,000
    Payments on notes payable and capital
      lease obligations                                     (2,423,454)   (1,352,206)
    Increase in defered costs                                 (119,848)       (7,500)
    Issuance of units                                                -     3,051,600
    Cash distributions to minority partners of HDA                   -       (20,368)
                                                           ------------  ------------
  Net cash used in  financing activities                    (1,823,302)     (711,636)
                                                           ------------  ------------

  NET (DECREASE) INCREASE IN CASH AND
   CASH EQUIVALENTS                                         (1,716,049)   (4,141,102)

  CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR               2,307,933     6,637,267
                                                           ------------  ------------
  CASH AND CASH EQUIVALENTS, END OF YEAR                   $   591,884   $ 2,496,165
                                                           ============  ============

  SUPPLEMENTAL INFORMATION:
    Interest paid                                          $ 4,589,673   $ 4,527,479
    Income taxes paid                                                -             -

  NON-CASH TRANSACTIONS:
    Equipment acquired through capital leases                   80,362     1,462,127
    Contribution of non-cash assets,  net of liabilities
      by Los Comuneros S.A. (see Note 1)                             -     1,959,842
</TABLE>

The accompanying notes are an integral part of these consolidated statements


<PAGE>
                            EQUUS GAMING COMPANY L.P.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.  BASIS  OF  PRESENTATION  AND  SIGNIFICANT  ACCOUNTING  POLICIES:

     Equus  Gaming Company L.P. (the "Company"), a Virginia limited partnership,
is  engaged  in thoroughbred racing, wagering and other gaming businesses in the
Caribbean,  Central  and  South  America.  Through its subsidiaries, the Company
operates  four  racetracks  and  manages  an extensive off-track betting ("OTB")
system  in  the  various  countries  where  the  Company  operates.

     The  Company  has  a  99%  interest  in Housing Development Associates S.E.
("HDA"),  the  owner  of  El  Comandante  Race Track ("El Comandante"), the only
licensed  thoroughbred  racing  facility  in Puerto Rico. El Comandante has been
operated  since  January  1,  1998  by  the  wholly  owned subsidiary of HDA, El
Comandante  Management  Company,  LLC  ("ECMC").  HDA has recently organized two
wholly-owned  subsidiaries:  Satellites Services International, Inc. ("SSI") and
Agency  Betting  Network,  Inc.  ("ABN").     SSI will provide up-link services,
satellite  time  (contracted  from a third party), and leasing of video and data
telecommunication  equipment  to  transmit (or simulcast) live races from and to
the Company's racetracks and OTB agencies, including live races from outside the
Company's  operational  territories to the Company's agency distribution network
in  order  to  increase  the level of wagering revenues through the OTB systems.
ABN  is  establishing  and  operating  an  OTB agency system in Colombia for Los
Comuneros  Race  Track  in  Medellin,  Colombia  ("Los  Comuneros").

     The  Company  has  a  55%  interest  in  Galapagos, S.A. ("Galapagos"), the
operator  since  April  1995  of  the  V  Centenario Race Track in the Dominican
Republic  ("V  Centenario") and a 51% interest in Equus Entertainment de Panama,
S.A.  ("Equus-Panama"),  the  operator  since  January 1, 1998 of the Presidente
Remon  Race  Track  in  the  Republic  of  Panama  ("Presidente  Remon").  Both
racetracks are government-owned and operated by the Company's subsidiaries under
long-term  contracts.

     The  Company  also  has  since  1999  a  controlling  50% interest in Equus
Comuneros  S.A. ("Equus-Comuneros"), the owner and operator of Los Comuneros for
approximately  $2.1  million.   In  1999  Equus-Comuneros  received as a capital
contribution  from  the minority stockholder, Los Comuneros S.A., all assets and
liabilities  that  were  employed  by  the prior operator of Los Comuneros.  The
assets  mainly consisted of land, buildings and equipment for approximately $4.7
million and liabilities of approximately $2.6 million.  The liabilities included
mainly  accounts  payable  to  vendors  and  horseowners  and  certain financial
obligations  with  various  maturities  through  2004.

     CONSOLIDATION  AND  PRESENTATION

     The  consolidated financial statements as of September 30, 2000 and for the
nine  months  ended  September  30,  2000 and 1999 are unaudited but include all
adjustments  (consisting  of  normal  recurring  adjustments)  which  management
considers  necessary for a fair presentation of the results of operations of the
interim  periods.  The operating results for the nine months ended September 30,
2000  are  not  necessary indicative of the results that may be expected for the
year.  Net  earnings  (losses) per unit are calculated based on weighted average
of  Units  outstanding.  Outstanding  warrants  to  purchase Units do not have a
material  dilutive  effect  on  the  calculation  of  earnings  per  Unit.

     The  preparation  of  financial  statements  in  conformity with accounting
principles  generally accepted in the United States ("GAAP") requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities  and disclosure of contingent assets and liabilities, if any, at the
date  of  the  financial  statements  and  the  reported amounts of revenues and
expenses  during  the  reporting  period. Actual results could differ from those
estimates.


<PAGE>
     These  unaudited  consolidated  financial  statements  have  been  prepared
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain  information  and  note  disclosures  normally  included  in  financial
statements  prepared  in  accordance  with  GAAP have been condensed or omitted.
While  management  believes  that the disclosures presented are adequate to make
the  information not misleading, it is suggested that these financial statements
be  read  in  conjunction  with  the  financial  statements and the notes of the
Company  included in the Company's Annual Report filed on Form 10-K for the year
ended  December  31,  1999.

     The  Company  consolidates  the  entities  in  which  it  has a controlling
interest.  The  accompanying  consolidated  financial  statements  include  the
accounts  of  the Company and its subsidiaries after eliminating all significant
inter-company  transactions.  All  of  the entities included in the consolidated
financial statements are hereinafter referred to collectively, when practicable,
as  the  "Company".

     The  Company  has  minority  partners  in  HDA, Galapagos, Equus-Panama and
Equus-Comuneros.  Therefore, the Company recorded minority interest based on the
earnings  (losses)  of  these consolidated subsidiaries that are attributable to
the  minority  partners,  as  follows:

<TABLE>
<CAPTION>
                         FOR THE NINE MONTHS    THE THREE MONTHS  FOR
                         ENDED SEPTEMBER 30,    ENDED SEPTEMBER 30,
                       ----------------------  ----------------------
                          2000        1999        2000        1999
                       ----------  ----------  ----------  ----------
<S>                    <C>         <C>         <C>         <C>
  SUBSIDIARY:
      HDA              $ (33,940)  $  21,710   $ (21,848)  $    (400)
      Galapagos                -           -           -           -
      Equus-Panama        40,292     (99,604)    (73,460)    (49,681)
      Equus-Comuneros   (383,494)   (627,807)    (88,383)   (224,915)
                       ----------  ----------  ----------  ----------
                       $(377,142)  $(705,701)  $(183,691)  $(274,996)
                       ----------  ----------  ----------  ----------
</TABLE>

     In  general,  the  minority  interest  is calculated based on the ownership
interest  of  the  minority  partners.  HDA  has  a minority partner owning a 1%
interest.   Galapagos'  minority  partners own a 45% interest.   However, during
the  nine months ended September 30, 2000 and 1999 the Company did not recognize
minority  interest  in  Galapagos'  losses  amounting to $309,058, and $275,758,
respectively,  because  the  minority  partners have no legal obligation to fund
such  losses  in  excess  of  their  investment.  As  of  September 30, 2000 the
accumulated losses not allocated to the minority partners amounts to $1,396,123.
Equus-Panama  minority  partners  own  a 49% interest.  Equus-Comuneros minority
partners  own  a  50%  interest.

CURRENCIES

     The  Company  consolidates  its accounts with Galapagos and Equus-Comuneros
whose  functional  currency  are  the  Dominican Republic peso and the Colombian
peso,  respectively.  The  United  States  dollars  ("US$") are also a recording
currency  in  these  countries.  US$ are exchanged into these foreign currencies
("FC$")  and vice versa through commercial banks and/or the central banks of the
respective  countries.  The  Company  remeasures  the  monetary  assets  and
liabilities  of  the foreign subsidiaries that were recorded in US$ into the FC$
using  the  exchange  rates  in  effect  at the balance sheet date (the "current
rate")  and  all  other
assets  and  liabilities  and  capital  accounts,  at the historical rates.  The
Company  then  translates  the  financial statements of the foreign subsidiaries
from  FC$  into US$ using the current rates, for all assets and liabilities, and
the  average  exchange  rates  prevailing  during  the  year,  for  revenues and
expenses.


<PAGE>
     For  the nine months ended September 30, 2000 and 1999, net exchange losses
resulting  from  re - measurement of accounts, together with losses from foreign
currency  transactions,  amounted  to  $150,915 and $50,011, respectively, which
amounts  are included as operating expenses.   Accumulated net loss from changes
in  exchange  rates  due  to  the  translation  of assets and liabilities of the
foreign subsidiaries are included in partners' deficit and at September 30, 2000
and  December  31,  1999  amounted  to  $404,687  and  $656,501,  respectively.

     The  current  exchange rates in Dominican Republic as of September 30, 2000
and  December  31,  1999  were  US$1.00  to  FC$16.40  and  US$1.00 to FC$16.00,
respectively.  The  average  exchange  rates  in  Dominican  Republic prevailing
during  the  nine  months  ended  September  30,  2000 and 1999, were US$1.00 to
FC$16.48,  US$1.00  to  FC$16.00,  respectively.  The  current  exchange rate in
Colombia  as of September 30, 2000 and 1999 were US$1.00 to FC$2,212 and $US1.00
to  FC$1,500.  The  average exchange rate in Colombia prevailing during the nine
months ended in September 30, 2000 and 1999 were US$1.00 to FC$2,060 and US$1.00
to FC$1,500.  The Company also consolidates its accounts with Equus-Panama whose
functional  currencies  are  the  Panama  Balboas  and  the  US$.  Because these
currencies  are  of  equivalent  value, there is no effect attributed to foreign
currency  transactions  of  Equus-Panama.


2.  COMMITMENTS  AND  CONTINGENCIES:

     HORSEOWNERS'  AGREEMENTS

     The  Company  has  separate  agreements with the horseowners association in
each  country.  The  agreements  establish  the amount payable to horseowners as
purses.  In  general,  payments  to  horseowners  are  based  on a percentage of
wagering.

     The  agreement with the horseowners in Panama expires in December 2007.  It
provided for minimum guaranteed payments to horseowners in 1999 and 1998 of $4.1
million  and $3.8 million, respectively (including loans of $200,000 each year).
The Dominican Republic contract expires in December 2005.  The Colombia contract
expires  on  December  31,  2009.  It  provides  for  certain minimum guaranteed
payments  to  horseowners  during  the  first three years ($1.2 million in 2000,
increased  in  2001  and  2002  in  accordance  with  an  inflation  factor).

     The  new  Puerto  Rico  10-year  contract  expires on December 31, 2010. It
provides  for : (1) distribution of "Take" or commissions on wagering on a 50/50
basis  between  Horseowners and El Comandante Management Company (no change from
prior  contract) ; (2) a one-time payment made on July 31, 2000 of $1 million to
Horseowners  for  Autotote  fees charged in prior years ; (3) and a cost sharing
agreement  (generally  on  a  50/50 basis) to defray operating expenses totaling
$2.7  million, of which El Comandante will be responsible for $1.4 million, over
the  next  10  years.  (copy  of  agreement  was  included  in  Part  II - Other
Information  filed  with  the  Amended  10Q  as  of  June  30,  2000)

     WAGERING  SERVICES  AGREEMENTS

     The  Company  has  separate  agreements  with  Autotote  Systems,  Inc.
("Autotote")  for  providing  wagering  services, software and equipment to each
racetrack,  necessary  for  the  operation  of the off-track betting system. The
agreements  for  El  Comandante and V Centenario have expired, refer to note 6 -
legal  proceedings.  Payments  under  these contracts are summarized as follows:

<TABLE>
<CAPTION>
                                                               PRESIDENTE
                          EL COMANDANTE    V CENTENARIO           REMON           LOS COMUNEROS
                         ---------------  --------------      --------------      --------------
<S>                      <C>              <C>                 <C>                 <C>
Expiration date          Expired          Expired             January 2008             (c)
Cost of services, as a
 percentage of wagering            0.65%           0.65% (a)          1.00%             1.20%
Minimum amount per year  $      800,800   $     200,000       $    330,000  (b)    $       -
</TABLE>

(a)     Galapagos  also  receives  services  for  the distribution system of the
electronic  lottery.  Fees to Autotote are 2% of gross sales at lottery agencies
and  1%  of  gross  sales  at  OTB  agencies.

(b)     Based  on  a minimum monthly payment of $27,500 for 2000, increased each
subsequent  year,  up  to $36,000 in 2007.  For the year 1999 the minimum annual
payment  was  $300,000.  During  2000,  management  expects to renegotiate for a
fixed  fee  over  the  handle  instead  of  a  guaranteed  minimum  payment.

 (c)     On  August  10,  2000,  Equus-  Comuneros notified Autotote that is was
canceling  the  existing  contract due to Autotote's failure to provide required
equipment  and  services.  Autotote  is  contesting  termination.

     OTHER  LONG-TERM  AGREEMENTS

     The  Company  has  also  entered  in  other  long-term  contracts  that are
essential  for  the  operation of its racetracks such as to guarantee television
coverage  in  Puerto  Rico.  ECMC has an agreement with S&E Network, Inc. (S&E")
that  requires the purchase of television time for a minimum of 910 hours at the
rate of $725 (effective February 1997) per hour, adjusted annually by CPI, or at
the  rate  of $900 per hour, also subject to CPI adjustments, if television time
after  7:00 PM is needed.  The contract is non-cancelable by either party during
the  initial  term,  which  expires on December 2006.  The term is automatically
extended  for  successive  5  years  periods  by  request  of ECMC.  During this
extended  term, the contract can be canceled by S&E, upon payment of liquidating
damages  of  $2  million  plus  CPI  after  January  1997.


3.  FIRST  MORTGAGE  NOTES:

     On  December  15,  1993,  pursuant to a private offering, (i) El Comandante
Capital  Corp. ("ECCC"), a single-purpose wholly owned subsidiary of HDA, issued
first  mortgage  notes  in  the  aggregate  principal amount of $68 million (the
"First  Mortgage  Notes") under an indenture (the "Indenture") between ECCC, HDA
and Banco Popular de Puerto Rico, as trustee  (the  "Trustee"), and (ii) Housing
Development  Associates Management Company ("HDAMC") issued Warrants to purchase
68,000  shares  of  Class  A Common Stock of HDAMC.  In March 1995, the Warrants
automatically  became exercisable to purchase an aggregate of 1,205,232 units of
the  Company  from  HDAMC.  Upon  issuance  of  the  Warrants, HDA recorded note
discount  of  $2,040,000  equal  to  the  fair value of the Warrants.  Such note
discount is being amortized using the interest method over the term of the First
Mortgage  Notes.

     The  First  Mortgage Notes mature on December 15, 2003 and bear interest at
11.75%  payable semiannually.  Payment of the First Mortgage Notes is guaranteed
by  HDA.  The  First  Mortgage  Notes  are  secured  by  a  first mortgage on El
Comandante  and  by  certain other collateral which together encompass a lien on
(i)  the fee interests of HDA in the land and fixtures comprising El Comandante,
(ii)  all related equipment, structures, machinery and other property, including
intangible  property,  ancillary  to  the operations of El Comandante, and (iii)
substantially all of the other assets and property of HDA, including the capital
stock  of  ECCC  owned  by  HDA.


<PAGE>
     During  the  past  three  years  HDA  has  made  early redemptions of First
Mortgage  Notes  in  connection with certain transactions.  The Company has also
purchased  in  the open market First Mortgage Notes which the Company intends to
hold  until maturity in cancellation of required partial redemptions in 2000 and
2001,  as  explained  below.  Following  is  a  summary  of  these transactions:

<TABLE>
<CAPTION>
                                                            HELD BY THE
                                                   FACE      COMPANY AT    (PREMIUM)
  TYPE OF TRANSACTION                DATE         VALUE     30-SEP-2000   DISCOUNT
--------------------------------  -----------  -----------  ------------  --------
<S>                               <C>          <C>          <C>          <C>          <C>
  Redemption                      Mar-1997     $   737,000  $        -   $        -
  Redemption                      Sep-1997       2,500,000           -     (250,000)
  Purchase in open market         Dec-1998       7,500,000   7,500,000    1,000,000
  Redemption, reduced by amount
    of notes held by the Company  Jan-1999       2,620,000    (380,000)    (262,000)  (a)
  Purchase in open market         May-1999         189,000     189,000       22,680
                                               -----------  -----------
                                               $13,546,000  $7,309,000
                                               -----------  -----------
<FN>
  (a)  Recorded  as  an  expense  by  the  Company  in  1998
</TABLE>

     In  connection  with these transactions, the Company wrote-off a portion of
the  note  discount  and  deferred  financing  costs.

     ECCC  is  required  to  partially redeem First Mortgage Notes commencing on
December  15,  2000.  The stated maturities of the First Mortgage Notes, reduced
by  prior  redemptions,  are  as  follows  (in  thousands):


<TABLE>
<CAPTION>
DUE DURING THE YEAR         GROSS           PURCHASED IN   NET
ENDING DECEMBER 31,        AMOUNT           OPEN MARKET   AMOUNT
------------------  --------------------  --------------  ------
<S>                  <C>                  <C>       <C>
2000                  $             563   $   563   $           -
2001                             10,200     6,746           3,454
2002                             10,200         -          10,200
2003                             40,800         -          40,800
                                 61,763     7,309          54,454
  Less - discount                  (766)      (90)           (676)
                                $60,997   $ 7,219         $53,778
                     -------------------  --------  --------------
</TABLE>

      HDA  may  also  redeem  First  Mortgage  Notes at the following redemption
prices  (expressed  as  percentages  of principal amount), in each case together
with  accrued  and  unpaid  interest:

     DURING  THE  12  MONTH  PERIOD
     BEGINNING  ON  DECEMBER  15,
     ----------------------------
                 2000                           101.50%
                 2001                           100.00%

     HDA  is  required  to  purchase First Mortgage Notes, at face value, to the
extent  that HDA has accumulated excess cash flow, asset sales with net proceeds
in  excess of $5 million (to the extent these proceeds are not invested in HDA's
racing  business  within a year), or a total taking or casualty, or in the event
of  a  change  of  control  of  HDA.


<PAGE>
     The Indenture contains certain covenants, one of which restricts the amount
of  distributions  by  HDA  to  its  partners, including the Company.  Permitted
distributions  are  limited  to  approximately  48%  of  HDA's  consolidated net
earnings.  In  connection  with  certain approval required from noteholders, HDA
agreed  to  temporarily  reduce these distributions by 17%.  HDA is permitted to
make additional cash distributions to partners and other Restricted Payments, as
defined  under  the Indenture, equal to 44.25% of the excess of HDA's cumulative
consolidated  net  income  after December 31, 1993 over the cumulative amount of
the  48%  Distributions, provided that HDA meets a certain minimum debt coverage
ratio.  HDA  has  not  met  this debt coverage ratio.  For the nine months ended
September  30, 2000 HDA advanced to the Company approximately $1,300,000 against
its  allowable  future  distributions  of  profits.  The Company returned to HDA
$650,000  in August of 2000.  Therefore, as of September 30, 2000 the net amount
of  distributions which technically were not in conformity with the terms of the
Indenture  was $750,000.  In October of 2000, the Company returned an additional
amount  of  $300,000  to  El  Comandante  Management  Company,  a  wholly-owned
subsidiary of HDA.  As of November 13, 2000 the net amount of distributions from
HDA  to the Company amounted to $450,000.  The trustee under the trust indenture
has  issued  a  notice requesting information regarding HDA's plans to cure this
default.  The  Company intends to cure this default with future distributions to
HDA.

4.  BONDS  AND  NOTES  PAYABLE  AND  CAPITAL  LEASES:

     The  Company's  outstanding  notes  payable  consist  of  the  following:

<TABLE>
<CAPTION>
                                                                          BALANCE AT
                                         MATURITY     INTEREST    SEPTEMBER 30,  DECEMBER 31,
  BORROWER          DESCRIPTION            DATE         RATE         2000          1999
-----------------  --------------       -----------  ----------  -------------  ----------
<S>                <C>             <C>               <C>         <C>            <C>
  HDA/ECMC         Note payable    (a)  15-Dec-2001  P+1.00%        $4,250,000  $5,500,000
  HDA              Line of credit  (b)  15-Dec-2001  P+1.00%           500,000           -
  Equus-Panama     Term loan       (c)  25-Apr-2000   10.75%                 -      56,364
  Equus-Panama     Line of credit  (d)  various       10.75%           268,655     204,955
  Equus-Comuneros  Term loans      (e)  various      variable          360,970     464,763
                                                                  ------------  ----------
                                                                    $5,379,625  $6,226,082
                                                                  ------------  ----------
</TABLE>

     At  September  30, 2000 and December 31, 1999, the prime rate (P) was 9.50%
and  8.50%,  respectively.

 (a)     Considered  Refinancing  Indebtedness under the terms of the Indenture.
Secured  by  First  Mortgage  Notes  purchased  in the open market (see Note 3).
Payable  in  quarterly  installments commencing on March 31, 2000. The principal
payment  due  on  September  30,  2000 of $625,000  was extended by the bank and
paid  on  October  13,  2000.  All interest payments have been paid on their due
dates.

(b)     Revolving  line  of credit secured by the First Mortgage Notes purchased
in  the  open market ( See Note 3).  HDA has a $500,000 revolving line of credit
available  until  December  15,  2001  for  its  operational needs.  Interest is
calculated  on balances outstanding at a rate equivalent to one point over prime
rate.  Principal  is  due  upon  maturity  on  December  15,  2001.

(c)     The  loan  was  paid  off  on  April  25,  2000.

(d)     Available  to finance loans to Panama horseowners for the acquisition of
horses.  Payable  in  equal  monthly  installments, principal and interest, with
various  maturity  dates  from  April  25,  2000  to  December  26,  2000.


<PAGE>
(e)     Secured  by  a certificate of deposit for $140,000, which is included in
the  accompanying  balance  sheet  as  of  December 31, 1999 as restricted cash.
Management  is  in  the  process  of  renegotiating the terms of these financial
obligations.  Interest  rates range from 7% to 14.01% over Colombia's Fixed Term
Deposit  (FTD)  rate.  FTD  at  September  30,  2000  was  7%.


     The Company has guaranteed a $250,000 loan to Equus-Panama by  the operator
of  the  restaurant  at Presidente Remon. The proceeds of this loan were used to
finance  improvements  to  the  restaurant.

     In October 1998, Equus-Panama issued $4 million in unsecured bonds pursuant
to  a public offering.  Interest is payable at 11% rate per annum on a quarterly
basis.  The  bonds  may  be redeemed by Equus-Panama prior to June 30, 2001 at a
redemption  price  of 102% of the principal amount and thereafter at par.  There
are  certain  restrictions  that  limit  the  capacity  of Equus-Panama to incur
indebtedness  and  pay  dividends  to  shareholders.

     The  following  table summarizes future minimum payments on capital leases,
notes  payable  and  bonds  of  the  Company  and its consolidated subsidiaries:


<TABLE>
<CAPTION>
DUE DURING THE TWELVE          CAPITAL       NOTES       BONDS
MONTHS ENDING SEPTEMBER 30,    LEASES       PAYABLE     PAYABLE
---------------------------  -----------  -----------  ----------
<S>                          <C>          <C>          <C>
          2001               $1,117,191   $2,103,129   $        -
          2002                  755,119    3,543,001      600,000
          2003                  585,230       36,915    1,000,000
          2004                  430,597       27,179    1,200,000
          2005                   16,846            -    1,200,000
                             -----------  -----------  -----------
                              2,904,983    5,710,224    4,000,000
  Imputed interest             (446,111)    (330,599)           -
                             -----------  -----------  -----------
                             $2,458,872   $5,379,625   $4,000,000
                             -----------  -----------  -----------
</TABLE>

5.  RELATED  PARTY  TRANSACTIONS:

     The  following  is a summary of amounts accrued for services rendered by or
from  certain  related parties, namely, EMC, American Community Properties Trust
("ACPT")  and  Interstate General Company L.P. ("IGC") during the nine and three
months  ended  September  30,  2000  and  1999:


<TABLE>
<CAPTION>
                                NINE MONTHS        THREE MONTHS
                             ENDED SEPTEMBER 30  ENDED SEPTEMBER 30
     NATURE OF SERVICE         2000      1999     2000     1999
---------------------------  --------  --------  -------  -------
<S>          <C>                          <C>       <C>       <C>
Support agreement            $ 24,300  $ 24,300  $ 8,100  $ 8,100
Rent office space              31,500    31,500   10,500   10,500
Directors' fees                82,150    64,250   38,650   20,750
Services of James J. Wilson   101,250   101,250   33,750   33,750
                             --------  --------  -------  -------
                             $239,200  $221,300  $91,000  $73,100
                             ========  ========  =======  =======
</TABLE>

On October 19, 2000 subsidiaries of the Company received loans totaling $400,000
from  Interstate  Business  Corporation  (IBC). El Comandante Management Company
(ECMC)  received  $300,000, and Equus Entertainmnet of Panama received $100,000.
The  loans carry interest at the corporate prime rate (presently at 9.50%), plus
1%.  The  interest  will  accrue  on  a  monthly  basis  on the principal amount
outstanding.  These  short  term  loans are expected to be repaid in less than a
year.


<PAGE>
6.  LEGAL  PROCEEDINGS:

     The  Company  recently filed suit in Federal District  Court in Puerto Rico
for  tort  action  against  Autotote  Inc.,  regarding  breach  of contract with
respect  to  its  wagering  system  and  equipment  contract  in  the  Dominican
Republic.   All  of the Autotote contracts with the Company's racetracks (Puerto
Rico,  Dominican  Republic, Panama, and Colombia) have an arbitration provision.
The  Company  has  agreed  to  arbitrate  any  dispute  with  respect to lack of
performance  and  required  services.  At  the  present time, the Company cannot
predict  the  outcome of the arbitration proceedings or the pending  tort action
in  Federal  Court.

     Certain  of the Company's subsidiaries are presently named as defendants in
various lawsuits and might be subject to certain other claims arising out of its
normal  business  operations.  Management,  based in part upon advice from legal
counsel,  believes  that  the  results  of such actions will not have a material
adverse  impact  on  the  Company's financial position or results of operations.


7.  FAIR  VALUE  OF  FINANCIAL  INSTRUMENTS:

     Based  on  the  quoted  market  price, the fair value of the First Mortgage
Notes  as of September 30, 200 was approximately $47,920,000   (as compared with
a  carrying value of $53,778,095 ). The carrying value of notes payable, capital
leases  and  notes receivable approximates fair value. These obligations provide
for  variable  rate  interest.  The  carrying  value  of accounts receivable and
accounts  payable  approximates  fair  value  due  to  their  short  maturities.


<PAGE>
8.  SEGMENT  INFORMATION:

     The  Company has identified four reportable segments, based on geographical
considerations:  Puerto  Rico,  Dominican  Republic,  Colombia  and Panama.  The
accounting  policies  of  the  segments  are  the same as those described in the
summary  of  accounting  policies.  The  Company  evaluates performance based on
profit  or loss before income taxes, not including nonrecurring gains and losses
and  foreign  exchange  gains  and  losses.  The  following presents the segment
information  for the nine and three months ended September 30, 2000 and 1999 (in
thousands).

<TABLE>
<CAPTION>
                                   PUERTO  DOMINICAN
2000 - NINE MONTHS                 RICO *   REPUBLIC COLOMBIA  PANAMA    TOTAL
                                  --------  -------  --------  -------  --------
<S>                               <C>       <C>      <C>       <C>      <C>
Commissions on wagering           $37,948   $2,445   $ 1,015   $6,497   $47,905
Total revenues                     39,717    3,083     1,179    6,908    50,887
Financial expenses                  6,687       22       236      463     7,408
Depreciation and amortization       1,935      262       155      466     2,818
Earnings (Loss) before income
  taxes and minority interest *    (3,501)    (687)   (1,840)      82    (5,946)
Capital improvements (net)          2,910      100      (886)     223     2,347
Total assets                       55,618    1,989     4,523    9,554    71,684

1999 - NINE MONTHS
Commissions on wagering           $38,796   $2,895   $ 1,048   $6,855   $49,594
Total revenues                     40,617    4,027     1,204    7,087    52,935
Financial expenses                  5,646       38       192      426     6,302
Depreciation and amortization       1,818      307       157      423     2,705
Earnings (Loss) before income
  taxes and minority interest       1,048     (613)   (1,244)    (203)   (1,012)
Capital improvements (net)          8,081       42       614      205     8,942
Total assets                       54,731    1,534     4,326    8,797    69,388

2000 - QUARTER
Commissions on wagering           $12,332   $  828   $   285   $2,033   $15,478
Total revenues                     12,958    1,042       340    2,109    16,449
Financial expenses                  2,265        7        76      157     2,505
Depreciation and amortization         609       91        46      157       903
Earnings (Loss) before income
  taxes and minority interest *    (2,207)    (269)     (512)    (150)   (3,138)
Capital improvements (net)          1,621       56      (139)      50     1,588

1999 - QUARTER
Commissions on wagering           $12,511   $  913   $   386   $2,429   $16,239
Total revenues                     13,068    1,349       329    2,513    17,259
Financial expenses                  1,913       10        87      145     2,155
Depreciation and amortization         664      142        31      146       983
Earnings (Loss) before income
  taxes and minority interest        (220)    (211)     (447)    (101)     (979)
Capital improvements (net)          3,170       26      (252)    (125)    2,819
<FN>
* NON-RECURRING EXPENSE ITEMS (REFER TO EXPLANATION OF EXPENSES ON PAGES 22 AND 23):
</TABLE>

$800,000  in expenses related to termination of financing negotiations; $400,000
to  Horseowners  under  the  new  contract.  The  total non-recurring charges to
expense  are  approximately  $1.2  million.


<PAGE>
          EEC, based in Puerto Rico, provides management services to its foreign
affiliates  in  connection  with the operation of their racetracks and off-track
betting  systems.  Fees for these services are included in intersegment revenue.
For  the nine months ended September 30, 2000 EEC recognized service fee revenue
of  approximately  $121,000  attributable  to  Dominican  Republic, and $224,500
attributable  to  Panama.


ITEM  2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL  CONDITION  AND
          RESULTS  OF  OPERATIONS

     The  Company's  operations  consist  principally  of  its  interests  in
thoroughbred  horse race tracks in four countries, each of which is owned and/or
operated  by  a  subsidiary:  (i) El Comandante in Puerto Rico, owned by Housing
Development  Associates  S.E.  ("HDA")  and operated since January 1, 1998 by El
Comandante  Management Company, LLC ("ECMC"), (ii) V Centenario in the Dominican
Republic, operated since April 1995 by Galapagos S.A., (iii) Presidente Remon in
Panama,  operated  since  January 1, 1998 by Equus Entertainment de Panama, S.A.
("Equus-Panama")  and  (iv)  Los  Comuneros  in  Medellin,  Colombia,  owned and
operated  since  early  1999  by  Equus  Comuneros,  S.A.  ("Equus-Comuneros").

     The  following discussion compares the results of operations of the Company
for  the  three months and nine months ended September 30, 2000 with the results
for  the  three  months  and  nine  months  ended  September  30,  1999.


                              RESULTS OF OPERATIONS

  QUARTER AND NINE MONTHS ENDED SEPTEMBER  30, 2000 COMPARED TO QUARTER AND NINE
  ------------------------------------------------------------------------------
                         MONTHS ENDED SEPTEMBER 30, 1999
                         -------------------------------

REVENUES

     Consolidated  Revenues  decreased  in the third quarter ended September 30,
2000  by  $809,000,  or  (4.7%), as compared to the same quarter in 1999. During
the nine months ended September 30, 2000, revenues decreased $2,048,000, (3.9%),
from  the  same  period  in  1999.  This  decrease was primarily attributable to
temporary interruptions in simulcast of live races from Puerto Rico to Dominican
Republic  and  agency  operations  during  the  first  quarter.

     COMMISSIONS  ON  WAGERING

     Commissions  on wagering decreased by  $761,000, (4.7%), to $15,478,000 for
the  third  quarter  ended  September 30, 2000 as compared to $16,239,000 in the
third  quarter  of  1999.  During  the  nine  months  ended  September 30, 2000,
commissions  on  wagering  decreased  $1,689,000,  (3.4%),  to  $47,906,000 from
$49,595,000  in  the  same  period  for  1999.  The  decrease in commissions was
attributable  to  the  following operations: El Comandante ($848,000), Galapagos
($450,000),  Panama  ($358,000)  and  Colombia  ($33,000).

     In January 2000, the Puerto Rico horseowners unilaterally decided to cancel
the  approval  of  simulcast  of  live  races  from Puerto Rico to the Dominican
Republic  in  order to put pressure on recent contract negotiations.  It was not
until  the middle of February that this action was reversed by the Racing Board.
This  suspension  had  an adverse economic impact on commissions on wagering for
the  Dominican  Republic  and  Puerto  Rico.  This  resulted  in  a reduction in
commissions  on  wagering  of approximately $300,000 in the first quarter of the
year.  However, in July of 2000 the Puerto Rico Horseowners' Association reached
an  agreement  with  El Comandante Management Company and a new 10-year contract
was  signed  by  both  parties.


<PAGE>
     PUERTO  RICO.  Commissions on wagering at El Comandante decreased $179,000,
(1.4%),  to  $12,332,000 in the third quarter of 2000 as compared to $12,511,000
in  the third quarter of 1999.  During the nine months ended September 30, 2000,
commissions  on  wagering decreased $848,000, (2.2%), to $37,948,000 as compared
to  $38,796,000  for  the nine months ended September 30, 1999.  The decrease in
commissions  was  attributable  to  interruptions  in  simulcast of races to the
Dominican Republic and agency operations, as well as to regulatory delays in the
new  simulcast  racing  program.

     PANAMA.  Commissions  on wagering at Presidente Remon decreased by $396,000
(16.3%)  to $2,033,000 in the third quarter of 2000 as compared to $2,429,000 in
the  third  quarter  of  1999.  During the nine months ended September 30, 2000,
commissions on wagering decreased $358,000, (5.2%), to $6,497,000 as compared to
$6,855,000  for  the  nine  months  ended  September  30, 1999. The decrease was
primarily  attributable to lower levels of betting due to recessionary trends in
the  general  economy  coupled with delays in the installations of new antennas.


     DOMINICAN  REPUBLIC.  Commissions on wagering at V Centenario ("Galapagos")
decreased  by  $85,000  (9.3%)  to  $828,000  in  the  third  quarter of 2000 as
compared to $913,000 in the third quarter of 1999.  During the nine months ended
September  30,  2000,  commissions  on  wagering decreased $450,000, (15.5%), to
$2,445,000  as  compared  to  $2,895,000 for the nine months ended September 30,
1999.  This  decrease  was primarily attributable to a temporary interruption of
the simulcast races from Puerto Rico and its impact on the racing program in the
Dominican  Republic,  as  well  as  lower number of agencies in operation due to
transmission  and  telecommunications  interruptions.


     NET  REVENUES  FROM  LOTTERY  SERVICES

     Net  revenues  from lottery services by Galapagos in the Dominican Republic
during  the  three  and  the  nine  months ended September 30, 2000 decreased by
$187,000  and  $281,000,  respectively, as compared to the same periods in 1999.
The  decrease  in  revenues  was  due to a reduction in the amount billed to the
lottery  operator  as  reimbursement  for  telephone  line costs, pursuant to an
amendment  to  the  contract.

     On  June  30,  2000  Autotote  breached Galapagos' service agreement to the
Lottery  Operations  [Dominican International Electronic Lottery, Inc. (LEIDSA)]
by  providing  directly  the  same services and refusing to pay to Galapagos its
service  fees  under the service contract. During the months of July, August and
September  2000,  Galapagos  did  not  receive any payments for the service fees
under  its  service  agreement.  In  late  August  2000, the Company started the
process  of  preparing  for  legal  action for breach of contract to recover its
service  fees under the service agreement.   The Company has recently filed suit
in Federal Court in Puerto Rico against Autotote for tort action. The Company is
also pursuing arbitration to settle the dispute  under breach of contract (refer
to  Legal  Proceedings  Note  6  above).

     OTHER  REVENUES

     Other  revenues  during  the  three and the nine months ended September 30,
2000  increased  by  $138,000,  and  decreased  by  $259,000,  respectively,  as
compared  to  the  same  period  in  1999.


     GAIN  ON  SALE  OF  ASSETS

 .
     The  gain of $179,500 is attributable to operations in Panama from the sale
of  television  license  for UHF channel no longer needed for agency operations.


<PAGE>
EXPENSES

     For  the  reasons  set forth below, total expenses during the three and the
nine  months  ended  September  30, 2000 increased by $1,350,000 and $2,885,000,
respectively,  as  compared  to the same periods in 1999. Some of these expenses
were  non-recurring  in  nature  and  are  reported  below under the appropriate
categories  such  as  payments  to  horseowners,  other  expenses, and financial
expenses.

     PAYMENTS  TO  HORSEOWNERS

     Payments  of  purses  to  horseowners  during the three and the nine months
ended  September  30,  2000  decreased by $416,000 (5.2%) and $1,210,000 (5.0%),
respectively,  as  compared  to  the  same  period  in  1999.

     El  Comandante  contract  with horseowners expired in April 1998.  However,
the  Puerto  Rico Racing Board extended the contract as an interim measure until
the  Company and the horseowners  reached  a new 10-year contract signed in July
of  2000  (see  Footnote  2,  page  13  for summary of provisions under this new
contract).

     This  new  contract  with horseowners provides for a non-recurring one-time
cash  payment  of  approximately  $1 million to reimburse them for Autotote fees
paid  by  the  horseowners  during  the  period 1998 through 1999. Approximately
$600,000  had  been  reserved in 1999. Therefore,  the difference of $400,000 of
this  non-recurring  payment was charged to operating  expenses in July  of 2000
and  reflected  during  the  nine  months  period  ended  September  30, 2000 in
operating  expenses  (see  table  below  under  Other  Expenses).


     OTHER  EXPENSES

     Other  expenses  during  the  three and the nine months ended September 30,
2000  increased  by  $1,495,000 and $2,876,000, respectively, as compared to the
same period in 1999.  This increase is primarily attributable to new operations,
including  additional  expenses  relating  to  the  SSI  and  the  VSAT  system,
satellite  related  expenses  which have not yet been recovered in revenues (see
tables  below).


<PAGE>
<TABLE>
<CAPTION>
                                       OTHER EXPENSES BY COUNTRY
          INCREASE (DECREASE) IN THIRD QUARTER ENDED SEPTEMBER 30, 2000 WHEN COMPARED WITH 1999


                    Salaries, wages    Operating      General and      Marketing , TV   Net (decrease)
Country              and benefits      expenses *    administrative    and satellite       increase
-----------------  -----------------  ------------  ----------------  ----------------  ---------------
<S>                <C>                <C>           <C>               <C>               <C>
Puerto Rico:
   El Comandante   $         55,000   $   340,000   $       152,000   $       100,000   $      647,000
   SSI and VSAT                   -       500,000                 -           500,000        1,000,000
                   -----------------  ------------  ----------------  ----------------  ---------------
Total Puerto Rico            55,000       840,000           152,000           600,000        1,647,000
Dominican Rep.             (118,000)     (108,000)          132,000           (50,000)        (144,000)
Panama                        2,000        27,000             3,000            19,000           51,000
Colombia                    (16,000)       81,000          (159,000)           36,000          (58,000)
                   -----------------  ------------  ----------------  ----------------  ---------------
                   $        (77,000)  $   840,000   $       128,000   $       605,000   $    1,496,000
                   =================  ============  ================  ================  ===============
</TABLE>
<TABLE>
<CAPTION>
                                       OTHER EXPENSES BY COUNTRY
          INCREASE (DECREASE) FOR NINE MONTHS ENDED SEPTEMBER 30, 2000 WHEN COMPARED WITH 1999


                    Salaries, wages    Operating      General and      Marketing , TV   Net (decrease)
Country              and benefits      expenses *    administrative    and satellite       increase
-----------------  -----------------  ------------  ----------------  ----------------  ---------------
<S>                <C>                <C>           <C>               <C>               <C>
Puerto Rico:
    El Comandante  $       (319,000)  $   512,000   $       448,000   $             -   $      641,000
    SSI and VSAT                  -     1,300,000                 -           939,000        2,239,000
                   -----------------  ------------  ----------------  ----------------  ---------------
Total Puerto Rico          (319,000)    1,812,000           448,000           939,000        2,880,000
Dominican Rep.             (298,000)     (200,000)          140,000          (189,000)        (547,000)
Panama                       62,000       266,000           (31,000)           25,000          322,000
Colombia                     12,000       144,000           (55,000)          119,000          220,000
-----------------  -----------------  ------------  ----------------  ----------------  ---------------
                   $       (543,000)  $ 2,022,000   $       502,000   $       894,000   $    2,875,000
                   =================  ============  ================  ================  ===============
<FN>
* El Comandante operating expenses also include a one-time, non-recurring charge
of  approximately  $400,000  for  expenses related to horseowners' contract (see
Payments  to  Horseowners  on  page  22).
</TABLE>

      SSI  AND  VSAT  EXPENSES

      The  increase  in  operating expenses and marketing/satellite expenses for
the  three  and  nine  months  ended September 30, 2000, as compared to the same
periods  in  1999, primarily relate to the additional expenses for the planning,
engineering  and  startup  expenses  on  the  wagering  system (VSAT) and leased
satellite  time.  Additionally,  the  Company has not been able to recover these
additional  operating expenses since the new equipment is not yet in service and
the  fixed  monthly  lease cost for the satellite time has not been utilized and
recovered  in  revenues.


<PAGE>
FINANCIAL  EXPENSES

     Financial expenses during the three and the nine months ended September 30,
2000  increased  by  $350,000  (16.2%)  and $1,105,000 (17.5%), respectively, as
compared to the same periods in 1999. This increase is primarily attributable to
use of line of credit facilities for development of agency operations, including
additional agencies and improvements in simulcast and transmission of races, and
a  non-recurring  charge  to expense due to recent negotiations with a financial
institution.

     The  Company was negotiating  with a financial institution  during the past
nine  months  for  the  financing  of  the VSAT equipment and the First Mortgage
Notes.  Recently,  the Board of Directors decided to terminate negotiations with
the  financial institution due to severe restrictions on certain  provisions and
financial  covenants.  As  a  result of these negotiations, the Company incurred
approximately  $800,000  in  non-recurring  expenses  relating  to due diligence
reviews,  as  well  as  legal and consulting fees, which were charged to expense
during  the  quarter  and  nine  months  ended  September  30,  2000.


DEPRECIATION  AND  AMORTIZATION

      Depreciation  and  Amortization during the three and the nine months ended
September 30, 2000 decreased by $79,000 (8.0%) and increased by $114,000 (4.2%),
respectively,  as compared to the same period in 1999 primarily due to additions
in  capital  improvements  to  the  facilities  at  El  Comandante  during 1999.


PROVISION  FOR  INCOME  TAXES

     The  provision  for income tax is primarily related to deferred Puerto Rico
income  taxes  on  the Company's income and losses related to its interest in El
Comandante,  without  taking  into  account  results of operations of Galapagos,
Equus-Panama  or  Equus-Comuneros.  Due  to  accumulated  losses,  none of these
foreign  subsidiaries  require  a  provision  for  income  taxes.


MINORITY  INTEREST

     The  Company's  minority  interest  is  attributed to the income and losses
allocable  to  the  minority  partners  of  HDA,  Galapagos,  Equus-Panama  and
Equus-Comuneros.  Since  the  accumulated  losses  of  Galapagos  allocable  to
minority  partners  had  exceeded  their  investment,  for the nine months ended
September  30, 2000 and 1999, the Company did not recognize minority interest in
losses  of  Galapagos of $309,058 and $275,758, respectively.  During 2000:  (i)
if  and  while  Galapagos  continues  generating losses, no minority interest in
Galapagos'  net  losses will be recognized by the Company, and (ii) if Galapagos
generates  profits,  no  minority  interest  in  Galapagos'  net  income will be
recognized  by  the  Company  up  to  $1,396,123.


<PAGE>
                         LIQUIDITY AND CAPITAL RESOURCES

     OVERVIEW

     The  Company  is  the  owner of HDA and its consolidated subsidiaries.  The
principal  source  of  cash of Equus Gaming Company L.P. (the "Company" or, when
referred to the individual entity, "Equus") is related to its ownership interest
in  Housing Development Associates S.E. ("HDA"), the owner and operator (through
its wholly owned subsidiary, El Comandante Management Company LLC, "ECMC") of El
Comandante  Race Track in Puerto Rico.   Due to certain restrictions under HDA's
indenture  for  the  issuance  of  its 11.75% First Mortgage Notes due 2003 (the
"Indenture"), cash held by HDA or its consolidated subsidiaries (including ECMC)
is  restricted  to  ensure  payment  of interest and certain obligations on such
First  Mortgage  Notes.

     The following is a discussion of the liquidity and capital resources of the
Company,  including  HDA and its consolidated subsidiaries, ECMC, Agency Betting
Network,  Inc.  ("ABN"),  and  Satellites  Services International, Inc. ("SSI").
The  net  cash  flows  from the other foreign subsidiaries of the Company (Equus
Comuneros, S.A., Equus Entertainment de Panama, S.A. and Galapagos, S.A) did not
materially  affect  the consolidated cash flows of the Company for the three and
nine  months  ended  September  30,  2000.

LIQUIDITY  AND  CAPITAL  RESOURCES  OF  THE  COMPANY  (AND  ITS  CONSOLIDATED
SUBSIDIARIES)

     Cash  and cash equivalents of the Company and its consolidated subsidiaries
decreased  by  APPROXIMATELY  $1,291,000  DURING the third quarter of 2000.  The
Company  has  historically  met its liquidity requirements principally from cash
flow  generated by (i) the operations of El Comandante Race Track in Puerto Rico
and  (ii)  short-term loans and capital leases for acquisition of new equipment.

      During  the  three  and nine months ended September 30, 2000 the principal
uses  of cash of the Company and its consolidated subsidiaries for its financing
and  investing  activities  were  as  follows:

(i)     Capital  improvements  and  acquisition  of  equipment  for  SSI  and El
Comandante  for approximately $2.8 million, for the Dominican Republic $100,000,
and  for  Panama  $223,000.

(ii)     Payments  on  capital  leases  for  equipment  used  in  El  Comandante
operations.

(iii)     The  Company  continues  to  invest  in  Colombia  through  ABN,  a
wholly-owned  subsidiary  of  HDA.  For the nine months ended September 30, 2000
the  Company  has  invested  $1.9  million.

In  addition  to  cash available to the Company at the beginning of the year and
cash  flows  from  operations during 2000, the Company obtained additional funds
for  its  financing  and investing transactions (as described above) principally
from  the  following  sources:

(i)         $500,000  in  advances  taken  under  a  line  of  credit.

(ii)     Capital  leases  to purchase equipment for El Comandante operations and
certain  equipment  for  the  operations  of SSI, consisting of an up-link earth
station  located  in Panama, necessary to carry races via satellite in simulcast
operations.


<PAGE>
For  the remainder of year 2000  projected uses of cash for Company's activities
are:

(i)     Interest  Payment  of  $3.6 million on  the First Mortgage Notes  due on
December  14,  2000

(ii)     Principal  payments  amounting  to  $1,250,000 on the $5.5 million term
loan.

(iii)     Additional  investments  in  ABN  for  its  Colombian  operations  and
reduction  of  certain  financial  obligations  assumed  from Equus-Comuneros of
approximately  $1  million.

(iv)     Additional  investments  in SSI, principally for the acquisition of the
VSAT  equipment  and system for the agencies within the Company's OTB system and
the  payment  of  satellite  time  contracted  from  a  third  party.

(v)     Redemption  of  First  Mortgage  Notes  of  $563,000.


COMPANY'S  ABILITY  TO  MAKE  INTEREST  PAYMENT  ON  FIRST  MORTGAGE  NOTES

     The  ability of the Company to make the interest payment of $3.6 million on
the  First  Mortgage  Notes  on  December 14, 2000 is dependent on obtaining the
required  cash  funds  through  a private placement offering and bank financing.
The  Company will not be able to generate all of the funds for  interest payment
on the First Mortgage Notes from its  operations. Therefore, a private placement
offering  and  bank  financing for additional capital is necessary, as described
below.


PRIVATE  PLACEMENT  OFFERING  FOR  EQUUS  GAMING  COMPANY  L.P.

     The  Board  of  Directors  of  the  Company  approved on November 1, 2000 a
private  placement offering to raise a minimum of $4 million and a maximum of $6
million.  This  would  be a private offering solely to "accredited investors" as
defined  in  Regulation D of the Securities Act.  A similar private offering was
made  in  December  of  1998.  The  Wilson  family  has indicated an interest in
purchasing  units.  Pursuant  to the Board of Directors' Resolution, the Company
will  make the same offer available to any interested "accredited investors". In
order to make this private placement offering, the Board of Directors approved a
resolution  on November 1, 2000 to increase the authorized units from 10,383,617
to  20,000,000.

El  Comandante  Racetrack  (  composed  of  El Comandante Management Company, El
Comandante  Capital  Corporation, and Housing Development Associates) has set up
SSI  and  ABN as wholly-owned subsidiaries and has so far advanced approximately
$4.5  million  to  these  subsidiaries  to  cover  their  operating expenses. El
Comandante  needs  those  funds for the interest payment of $3.6 million and for
working  capital  needs  during  the  next  quarter.

Therefore,  the Board of Directors approved a resolution for a private placement
offering  for  Equus  Gaming  so  that  SSI  and  ABN  could  be  transferred as
subsidiaries  under  Equus Gaming in consideration for the $4.5 million advanced
by  El  Comandante  Racetrack, so that 100% of all costs and expenses made by El
Comandante  Racetrack  on  behalf  of SSI and ABN would be recovered pursuant to
this  transfer.  In  effect,  new  capital  at  Equus  Gaming  from  the private
placement  offering  will  be the used to fund the capital used by El Comandante
Racetrack  for  SSI  and  ABN,  thus  providing  the  necessary  cash  funds and
liquidity to make the interest payment on the First Mortgage Notes and for other
working  capital  needs.

     Any  remaining  proceeds from the private placement offering  would be used
to  finance  development  of agencies and expansion in Colombia, Uruguay and St.
Thomas,  US  Virgins  Islands.


<PAGE>
BANK  FINANCING  FOR  EQUUS  GAMING,  SSI  AND  ABN,  AND  EL  COMANDANTE

     In  addition  to  cash flow from operating activities of El Comandante, the
Company  expects  to  obtain  funds  for  its  other  transactions  from  credit
facilities  with  a financial institution.   The Company is currently seeking  a
$14.2  million credit facility with a financial institution so that  the Company
can  fund:  (1)  $9.2 million for  the purchase of video and data communications
equipment  and  systems  (VSAT)  for  the  agencies,  (2)  $3  million  for  the
development  and  operations  of  the  off-track betting for ABN in Colombia  in
order  to meet the expected level of increased wagering from this operation, and
(3)  a line of credit for El Comandante Racetrack  so that it can be used by the
horseowners  to  discount  their promissory notes, collaterized by their purses,
for  the  purchase  of  new  horses.

     INVESTMENTS  IN  TELECOMMUNICATIONS  EQUIPMENT  AND  MARKET  EXPANSION

The  Company's  top  management has developed and recently implemented strategic
financial  plans  designed  to  improve capital resources, liquidity and capital
investments  in  the  Company's  distribution  network  and  core  assets.

As  a result, the Company is in the process of securing credit facilities with a
financial  institution  to  finance  the  acquisition  and  installation  of
high-technology  video and data transmission system (VSAT) with a communications
center  or  HUB  that  will  be  cheaper,  more  efficient  and  reliable  than
conventional  phone  lines and television air time in order to allow the Company
to  make  the  necessary  capital  investments to increase the level of wagering
through  a  combination of increase in the number of  off-track betting agencies
and  improved  racing  program,  including  simulcast  of  live  races from many
jurisdictions  to  our  network.

The Company's operational plans call for the installation over the next 12 to 18
months  of more than 2,000 VSAT (video and data communication) units for the OTB
agencies  in  all  of its operations, including Puerto Rico, Dominican Republic,
Panama and Colombia with a communications up-link satellite control center (HUB)
based  in  Puerto  Rico.  Satellite  Services  International,  Inc.  (SSI),  a
wholly-owned subsidiary of HDA and the Company, will be the service provider for
all  telecommunications  and  satellite  usage time, and will charge each of its
affiliated  companies  a  fee  for  the  equipment  and satellite time usage for
transmissions  (simulcast)  of  races  from  several  countries.

As  a  result  of  these  capital  investments  in high-technology and extensive
high-tech  distribution  network, improved cash flow from operations, and market
expansion  efforts,  the  Company  plans  to  increase  consolidated  wagering
commissions  during  2000  and  future  years.

     LONG-TERM  COMMITMENTS.  In  addition  to  capital  leases,  long-term cash
commitments  of  the Company (excluding foreign subsidiaries) are a $5.5 million
term  loan  and  the  First  Mortgage  Notes.

     In  December  1999  HDA  obtained  a  $5.5  million  term  loan, considered
Refinancing  Indebtedness under the terms of the indenture.  The loan is secured
by  the  First  Mortgage  Notes  purchased  by  the  Company in the open market.
Interest  is  payable monthly at a rate equivalent to one point over prime rate.
Principal  is  payable  in  quarterly  installments commencing on March 31, 2000
until  maturity  on December 15, 2001.   Three principal payments of $625,000 on
this  term  loan have been made as of the date of this 10Q filing. The remaining
maturity  dates  of  this  term  loan  are  as  follows  (in  thousands):

      YEAR ENDING
      DECEMBER  31,      AMOUNT
     --------------     ---------
          2000          $    625
          2001             3,000
                        ---------
                          $3,625
                        =========


<PAGE>
     HDA's First Mortgage Notes bear interest at 11.75%, payable semiannually on
June  15  and  December  15, and are secured by El Comandante assets.  The First
Mortgage  Notes  are  redeemable,  at  the  option  of HDA, at redemption prices
(expressed as percentages of principal amount):  if redeemed during the 12-month
period  beginning December 15 of years 1999 at 102.75%, 2000 at 101.5%, and 2001
and  thereafter  at 100% of principal amount, in each case together with accrued
and  unpaid  interest.  The  stated  maturity  dates of First Mortgage Notes, as
reduced  by  prior redemptions made by HDA and by the Notes purchased by ECMC in
the  open  market,  are  as  follows  (in  thousands):

      YEAR ENDING    NET AMOUNT
      DECEMBER 31,  (FACE VALUE)
     -------------   ----------
         2001          $  3,454
         2002            10,200
         2003            40,800
                     ----------
                        $54,454
                     ==========

     To  the  extent First Mortgage Notes are not acquired in the open market or
redeemed,  Management  expects  to  refinance  this  obligation  not  later than
December  2002.

     For  the  nine  months  ended  September  30,  2000,  HDA advanced to Equus
approximately  $1,300,000 against its allowable future distributions of profits.
The  Company  returned  to  HDA  $650,000  in  August  of 2000. Therefore, as of
September 30, 2000 the net amount of distribution, which technically were not in
conformity with the terms of the Indenture totaled $750,000. In October of 2000,
the  Company  returned an additional distribution amount of $300,000 to HDA.  As
of  November  13,  2000  the net amount of distributions from HDA to the Company
amounted  to  $450,000. The Company plans to remedy this situation prior to year
end.


     NEW  HORSEOWNERS'  CONTRACT  IN PUERTO RICO.  The new contract is effective
July  1,  2000  and  expires  on  December  31,  2010.  El  Comandante  and  the
Horseowners  settled  their  dispute  regarding  the Autotote fees allocated and
charged  to Horseowners from April 1998 to December 1999. El Comandante paid the
Horseowners  $1,037,403  on July 31, 2000   to settle the allocation of Autotote
fees  to  Horseowners.  In return, the Horseowners agreed to increase the racing
program  by  adding  three  imported  races  per live racing day, increasing the
number  of  races  per day from 7 to 8, and guaranteeing a minimum of at least 8
horses  in  each  race.  Additionally,  the Horseowners agreed to complement the
live racing program in Puerto Rico with simulcast of races from other racetracks
to  Puerto Rico. El Comandante Race Track will receive three simulcast races per
racing  day  from  tracks  located in the United States and other jurisdictions.


     NEW  INVESTMENTS  IN  URUGUAY  AND  U.  S.  VIRGIN  ISLANDS.

     URUGUAY-  The  Company  has  been  awarded by the Government of Uruguay the
exclusive  rights  to  operate the racetrack and off track betting agency system
Uruguay.  The  Company   is currently negotiating a contract with the government
which  is  expected  to  be  finalized  prior  to December 31, 2000. The Company
expects  to receive permission to run live races at least 3 days per week during
the  first three years,  so as to  reach 5 days of live racing a week during the
fourth  year  of the contract.  The live races will be complemented by simulcast
of  races  from other foreign jurisdictions. The estimated capital investment to
renovate  the  racetrack  and  develop  the  agency system is expected to be $12
million.  The  Company intends to bring in investors and form strategic alliance
with  a  slot machine company to cover this capital investment. There is no firm
commitment by the Company to undertake this venture until a definitive agreement
is  executed  with  the  government  of  Uruguay.


<PAGE>
     U.S.  VIRGIN  ISLANDS-  The  Company  was  recently  awarded  the rights to
operate the race track in St. Thomas and the off-track betting agency systems in
St. Thomas and St. John. The Company is  currently  negotiating a  contract with
the  Racing  Board  for the  exclusive rights to simulcast  unlimited live races
from  the  U.S.  to  the  Virgin  Islands.  The  total  investment in the Virgin
Islands  is  expected  to  be  approximately  $500,000.


     GOVERNMENT  MATTERS.  El Comandante's horse racing and pari-mutuel wagering
operations  are  subject  to substantial government regulation.  Pursuant to the
Puerto  Rico  Horse Racing Industry and Sport Act (the "Racing Act"), the Racing
Board  and  the  Puerto  Rico  Racing Administrator (the "Racing Administrator")
exercises  regulatory  control  over  El  Comandante's  racing  and  wagering
operations.  For example, the Racing Administrator determines the monthly racing
program  for El Comandante and approves the number of annual race days in excess
of  the  statutory  minimum  of 180.  The Racing Act also apportions payments of
monies  wagered that would be available as commissions to ECMC. The Racing Board
consists of three persons appointed to four-year terms by the Governor of Puerto
Rico.  The Governor also appoints the Racing Administrator for a four-year term.


FORWARD-LOOKING  STATEMENT

     Certain  matters  discussed  and  statements made within this Form 10-Q are
forward-looking  statements  within the meaning of the Private Litigation Reform
Act  of 1995 and as such may involve known and unknown risks, uncertainties, and
other  factors that may cause the actual results, performance or achievements of
the Company to be different from any future results, performance or achievements
expressed  or  implied by such forward-looking statements.  Although the Company
believes the expectations reflected in such forward-looking statements are based
on  reasonable  assumptions, it can give no assurance that its expectations will
be  attained. These risks are detailed from time to time in the Company's filing
within  the  Securities  and  Exchange  Commission  or  other public statements.



PART  II  -  OTHER  INFORMATION



ITEMS  2-  6  NONE



<PAGE>
                                   SIGNATURES


Pursuant  to  the  requirements  of  Section  13 or 15 (d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its  behalf  by  the  undersigned,  thereunto  duly  authorized.


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


                                    By:  Equus  Management  Company
                                         Managing  General  Partner





November 14, 2000                   /S/  Thomas  Wilson
-----------------                   ----------------------------------
                                    Co-Chairman,  President,
                                    Chief Executive Officer and Director



                                    /S/   Hernan  G.  Welch
                                    -----------------------------------
November 14, 2000                   Executive  Vice  President  and
-----------------                   Chief  Financial  Officer


<PAGE>