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  JUNE 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


                                        1
<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 Six Months and
          Three Months  ended  June  30,  2000  and  1999  (Unaudited)       3

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

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

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

          Consolidated  Statements  of  Cash  Flows  for  the  Six
          Months  Ended  June  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                                           21
          Liquidity  and  Capital  Resources                                23


PART II - OTHER  INFORMATION

Item  1.  Legal  Proceedings                                                26
Item  2.  Material Modifications of Rights of Registrant's Securities       26
Item  3.  Default  upon  Senior  Securities                                 26
Item  4.  Submission  of  Matters  to  a  Vote of Security Holders          26
Item  5.  Other  Information                                                26
Item  6.  Exhibits  and  Reports  on  Form  8-K                             26

Signatures                                                                  27


                                        2
<PAGE>
<TABLE>
<CAPTION>
                            EQUUS GAMING COMPANY L.P.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                        FOR THE SIX MONTHS ENDED JUNE 30,

                                   (UNAUDITED)

                                                      2000          1999
                                                  ------------  ------------
<S>                                               <C>           <C>
 REVENUES:
   Commissions on wagering                        $32,428,432   $33,355,001
   Net revenues from lottery services                 170,348       265,538
   Other revenues                                   2,103,768     2,056,264
   Gain on sales of assets                            179,500             -
                                                  ------------  ------------
                                                   34,882,048    35,676,803
                                                  ------------  ------------
 EXPENSES:
   Payments to horseowners                         15,632,350    16,425,853
   Salaries, wages and employee benefits            5,010,090     5,473,900
   Operating expenses                               5,134,524     3,953,395
   General and administrative                       1,983,008     1,774,659
   Marketing, television and satellite costs        2,500,104     2,212,498
   Financial expenses                               5,346,511     4,147,602
   Depreciation and amortization                    1,915,688     1,722,287
                                                  ------------  ------------
                                                   37,522,275    35,710,194
                                                  ------------  ------------

 (LOSSES) EARNINGS BEFORE INCOME TAXES, MINORITY   (2,640,227)      (33,391)
 INTERST AND EXTRAORDINARY ITEMS
 PROVISION FOR INCOME TAXES                           157,803       329,914
                                                  ------------  ------------


 (LOSSES) EARNINGS BEFORE MINORITY INTEREST AND    (2,798,030)     (363,305)
 EXTRAODINARY ITEMS

 MINORITY INTEREST IN (LOSSES) EARNINGS              (588,343)     (430,705)
                                                  ------------  ------------


 (LOSSES) EARNINGS BEFORE EXTRAORDINARY ITEMS      (2,209,688)       67,400
 EXTRAORDINARY ITEMS - DISCOUNT ON EARLY
   REDEMPTION OF FIRST MORTGAGE NOTES                       -        22,680
                                                  ------------  ------------

NET (LOSSES) EARNINGS                             $(2,209,688)  $    90,080
                                                  ============  ============

 ALLOCATION OF NET (LOSSES) EARNINGS:
   General partners                               $   (22,097)  $       901
   Limited partners                                (2,187,591)       89,179
                                                  ------------  ------------
                                                  $(2,209,688)  $    90,080
                                                  ------------  ------------
 BASIC AND DILUTED PER UNIT AMOUNTS:              $     (0.26)  $      0.01
                                                  ============  ============
 WEIGHTED AVERAGE UNITS OUTSTANDING                 8,389,824     7,141,891
                                                  ============  ============
</TABLE>

  The accompanying notes are an integral part of these consolidated statements.


                                        3
<PAGE>
<TABLE>
<CAPTION>
                            EQUUS GAMING COMPANY L.P.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                       FOR THE THREE MONTHS ENDED JUNE 30,

                                   (UNAUDITED)

                                                      2000          1999
                                                  ------------  ------------
<S>                                               <C>           <C>
 REVENUES:
   Commissions on wagering                        $15,912,221   $16,045,600
   Net revenues from lottery services                  62,461       123,045
   Other revenues                                   1,105,121       522,472
   Gain on sale of assets                             179,500             -
                                                  ------------  ------------
                                                   17,259,303    16,691,117
                                                  ------------  ------------
 EXPENSES:
   Payments to horseowners                          7,662,483     8,032,784
   Salaries, wages and employee benefits            2,561,563     2,561,110
   Operating expenses                               2,751,661     1,789,963
   General and administrative                         981,233       996,186
   Marketing, television and satellite costs        1,371,419     1,282,458
   Financial expenses                               2,900,677     2,073,647
   Depreciation and amortization                      960,605       846,343
                                                  ------------  ------------
                                                   19,189,641    17,582,491
                                                  ------------  ------------

 (LOSSES) EARNINGS BEFORE INCOME TAXES, MINORITY   (1,930,338)     (891,374)
 INTEREST AND EXTRAORDINARY ITEMS
 PROVISION FOR INCOME TAXES                             2,114        (8,573)
                                                  ------------  ------------


 (LOSSES) EARNINGS BEFORE MINORITY INTEREST AND    (1,932,452)     (882,801)
 EXTRAODINARY ITEMS

 MINORITY INTEREST IN (LOSSES) EARNINGS              (330,049)     (370,243)
                                                  ------------  ------------


 (LOSSES) EARNINGS BEFORE EXTRAORDINARY ITEMS      (1,602,404)     (512,558)
 EXTRAORDINARY ITEMS - DISCOUNT ON EARLY
    REDEMPTION OF FIRST MORTAGE NOTES                       -        22,680
                                                  ------------  ------------

NET (LOSSES) EARNINGS                             $(1,602,404)  $  (489,878)
                                                  ============  ============

 ALLOCATION OF NET (LOSSES) EARNINGS:
   General partners                               $   (16,024)  $    (4,899)
   Limited partners                                (1,586,379)     (484,979)
                                                  ------------  ------------
                                                  $(1,602,404)  $  (489,878)
                                                  ------------  ------------
 BASIC AND DILUTED PER UNIT AMOUNTS:              $     (0.19)  $      0.06
                                                  ============  ============
 WEIGHTED AVERAGE UNITS OUTSTANDING                 8,389,824     8,401,143
                                                  ------------  ------------
</TABLE>

  The accompanying notes are an integral part of these consolidated statements.


                                        4
<PAGE>
<TABLE>
<CAPTION>
                            EQUUS GAMING COMPANY L.P.
              CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
                   FOR THE SIX AND THREE MONTHS ENDED JUNE 30,

                                   (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30,

                                           2000         1999
                                       ------------  ----------
<S>                                    <C>           <C>
 NET (LOSSES) EARNINGS                 $(2,209,688)  $  90,080

 OTHER COMPREHENSIVE (LOSSES) INCOME:

  Currency translation adjustments       1,660,830     130,761
                                       ------------  ----------
COMPREHENSIVE (LOSSES) INCOME          $  (548,858)  $ 220,841
                                       ------------  ----------


FOR THE THREEE MONTHS ENDED JUNE 30,

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

 NET (LOSSES) EARNINGS                 $(1,602,404)  $(489,878)

 OTHER COMPREHENSIVE (LOSSES) INCOME:

  Currency translation adjustments       1,776,792      65,239
                                       ------------  ----------
COMPREHENSIVE (LOSSES) INCOME          $   174,388   $(424,639)
                                       ------------  ----------
</TABLE>


  The accompanying notes are an integral part of these consolidated statements.


                                        5
<PAGE>
<TABLE>
<CAPTION>
                            EQUUS GAMING COMPANY L.P.
                           CONSOLIDATED BALANCE SHEETS

                  ASSETS


                                   JUNE 30,      DECEMBER  31,
                                     2000            1999
                                 -------------  ---------------
                                  (UNAUDITED)      (AUDITED)
<S>                              <C>            <C>
CASH AND CASH EQUIVALENTS:
  Unrestricted                   $  1,725,446   $    1,888,995
  Restricted                          157,164          418,938
                                 -------------  ---------------
                                    1,882,610        2,307,933
                                 -------------  ---------------

PROPERTY AND EQUIPMENT:
  Land                              7,705,446        7,786,980
  Building and improvements        58,642,529       56,512,072
  Equipment                        14,701,793       13,967,887
                                 -------------  ---------------
                                   81,049,768       78,266,939
  Accumulated depreciation        (20,185,014)     (18,409,886)
                                 -------------  ---------------
                                   60,864,754       59,857,053
                                 -------------  ---------------

DEFERRED COSTS, NET:
  Financing                         2,356,054        2,510,487
  Costs of Panama contract          1,925,000        1,980,000
  Other                               856,254          501,505
                                 -------------  ---------------
                                    5,137,308        4,991,992
                                 -------------  ---------------

OTHER ASSETS:
  Accounts receivable, net          2,029,808        1,577,634
  Notes receivable                  2,109,931        1,506,599
  Prepayments and other assets      1,561,780          701,362
                                 -------------  ---------------
                                    5,701,519        3,785,595
                                 -------------  ---------------

                                 $ 73,586,191   $   70,942,573
                                 =============  ===============
</TABLE>


  The accompanying notes are an integral part of these consolidated statements.


                                        6
<PAGE>
<TABLE>
<CAPTION>
                               EQUUS GAMING COMPANY L.P.
                              CONSOLIDATED BALANCE SHEETS

                                      (continued)

                           LIABILITIES AND PARTNERS' DEFICIT


                                                         JUNE 30      DECEMBER 31
                                                          2000           1999
                                                      -------------  -------------
                                                       (UNAUDITED)     (AUDITED)
<S>                                                   <C>            <C>
  FIRST MORTGAGE NOTES:
    Principal, net of note discount of
      $736,611 and $885,446                           $ 53,717,389   $ 53,568,554
    Accrued interest                                       265,900        265,900
                                                      -------------  -------------
                                                        53,983,289     53,834,454
                                                      -------------  -------------

  OTHER LIABILITIES:
    Accounts payable and accrued liabilities            15,551,111     11,660,824
    Outstanding winning tickets and refunds                984,642      1,130,389
    Notes payable                                        6,032,781      6,226,082
    Bonds payable                                        4,000,000      4,000,000
    Capital lease obligations                            2,746,394      3,235,507
                                                      -------------  -------------
                                                        29,314,928     26,252,802
                                                      -------------  -------------

  DEFERRED INCOME TAXES                                  3,524,597      3,165,800
                                                      -------------  -------------

  MINORITY INTEREST                                      2,097,528      2,474,810
                                                      -------------  -------------

  COMMITMENTS AND CONTINGENCIES, SEE NOTE 2

  PARTNERS' DEFICIT
    General Partner                                       (787,368)      (781,879)
    Limited Partners - 10,383,617 units authorized:
      8,389,824 units issued and outstanding in
      2000 and 1999, respectively                      (14,546,783)   (14,003,414)
                                                      -------------  -------------
                                                       (15,334,151)   (14,785,293)
                                                      -------------  -------------

                                                      $ 73,586,191   $ 70,942,573
                                                      =============  =============
</TABLE>


  The accompanying notes are an integral part of these consolidated statements.


                                        7
<PAGE>
<TABLE>
<CAPTION>
                              EQUUS GAMING COMPANY L.P.
                CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                        FOR THE SIX MONTHS ENDED JUNE 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           (22,097)    (2,187,591)    (2,209,688)

    Currency translation adjustments     16,608      1,644,222      1,660,830

                                      ----------  -------------  -------------
  BALANCES, JUNE 30, 2000             $(787,368)  $(14,546,783)  $(15,334,151)
                                      ==========  =============  =============
</TABLE>


  The accompanying notes are an integral part of these consolidated statements.


                                        8
<PAGE>
<TABLE>
<CAPTION>
                               EQUUS GAMING COMPANY L.P.
                         CONSOLIDATED STATEMENTS OF CASH FLOWS
                           FOR THE SIX MONTHS ENDED JUNE 30,
                                      (UNAUDITED)


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

    Net (losses) earnings                              $(2,209,688)  $    90,080
                                                       ------------  ------------
    Adjustments to reconcile net (losses) earnings to
      net cash provided by operating activities-
        Depreciation and amortization                    2,373,958     2,064,747
        Deferred income tax provision                      157,803       277,772
        Currency translation adjustments                 1,660,830        66,243
        Minority interest                                 (377,282)       (6,961)
        Extraordinary item                                       -        22,680
    Decrease (increase) in assets-
        Accounts receivable                               (452,174)     (403,609)
        Prepayments and other assets                      (860,418)      478,482
       Deferred costs                                     (550,970)     (148,862)
    Increase (decrease) in liabilities-
        Accrued interest on first mortgage notes                 -       (51,106)
        Accounts payable and accrued liabilities         4,091,280    (1,876,911)
        Outstanding winning tickets and refunds           (145,747)      540,463
                                                       ------------  ------------
         Total adjustments                               5,897,280       962,938
                                                       ------------  ------------

  Net cash provided by operating activities              3,687,592     1,053,018
                                                       ------------  ------------

  CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures                                (2,591,806)   (6,123,358)
    Deferred costs                                               -             -
    (Increase) decrease  in notes receivable, net         (603,332)      386,042
                                                       ------------  ------------
  Net cash used in investing activities                 (3,195,138)   (5,737,316)
                                                       ------------  ------------
</TABLE>

  The accompanying notes are an integral part of these consolidated statements.


                                        9
<PAGE>
<TABLE>
<CAPTION>
                                EQUUS GAMING COMPANY L.P.
                          CONSOLIDATED STATEMENTS OF CASH FLOWS
                             FOR THE SIX MONTHS ENDED JUNE 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     1,075,000
    Payments on notes payable and capital
      lease obligations                                     (1,482,776)     (934,578)
   Increase in defered costs                                  (155,001)       (7,499)
    Issuance of units                                                -     3,051,600
    Cash distributions to minority partners of HDA                   -       (18,106)
                                                           ------------  ------------
  Net cash used in  financing activities                      (917,777)      (41,745)
                                                           ------------  ------------

  NET (DECREASE) INCREASE IN CASH AND
   CASH EQUIVALENTS                                           (425,323)   (4,726,043)

  CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR               2,307,933     6,637,267
                                                           ------------  ------------
  CASH AND CASH EQUIVALENTS, END OF YEAR                   $ 1,882,610   $ 1,911,224
                                                           ============  ============

  SUPPLEMENTAL INFORMATION:
    Interest paid                                          $ 4,378,620   $ 4,057,925
    Income taxes paid                                                -             -

  NON-CASH TRANSACTIONS:
    Equipment acquired through capital leases                   80,362       395,038
    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.


                                       10
<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 June 30, 2000 and for the six
months  ended  June  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 six months ended June 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
dilative  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.


                                       11
<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  and  (losses) of these consolidated subsidiaries that are attributable
to  the  minority  partners,  as  follows:

<TABLE>
<CAPTION>
                         FOR THE SIX MONTHS     FOR THE THREE MONTHS
                            ENDED JUNE 30,          ENDED JUNE 30,
                       ----------------------  ----------------------
                          2000        1999        2000        1999
                       ----------  ----------  ----------  ----------
<S>                    <C>         <C>         <C>         <C>
  SUBSIDIARY:
      HDA              $ (12,090)  $  22,110   $ (13,586)  $  11,760
      Galapagos                -           -           -           -
      Equus-Panama       113,750     (49,923)     88,003     (79,073)
      Equus-Comuneros   (690,003)   (402,892)   (404,467)   (302,930)
                       ----------  ----------  ----------  ----------
                       $(588,343)  $(430,705)  $(330,050)  $(370,243)
                       ----------  ----------  ----------  ----------
</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  six  months  ended  June  30,  2000  and 1999 the Company did not recognize
minority  interest  in  Galapagos'  losses  amounting  to  $188,054 and $181,094
respectively,  because  the  minority  partners have no legal obligation to fund
such  losses in excess of their investment.  As of June 30, 2000 the accumulated
losses not allocated to the minority partners amounts to $1,275124. 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.

     For  the  six  months  ended  June  30,  2000 and 1999, net exchange losses
resulting  from  re - measurement of accounts, together with losses from foreign
currency  transactions,  amounted  to  $67,745  and $91,126, respectively, which
amounts  are included as operating expenses.   Accumulated net gain from changes
in  exchange  rates  due  to  the  translation  of assets and liabilities of the
foreign  subsidiaries are included in partners' deficit and at June 30, 2000 and
December  31,  1999  amounted  to  $1,004,329  and  $27,406  respectively.


                                       12
<PAGE>
     The  current  exchange  rates in Dominican Republic as of June 30, 2000 and
December  31,  1999  were  US$1.00  to  FC$16.35  and  US$1.00  to  FC$16.00,
respectively.  The  average  exchange  rates  in  Dominican  Republic prevailing
during  the  six  months ended June 30, 2000 and 1999, were US$1.00 to FC$16.27,
US$1.00  to FC$16.00, respectively.  The current exchange rate in Colombia as of
June  30,  2000  and 1999 were US$1.00 to FC$2,139 and $US1.00 to FC$1,500.  The
average exchange rate in Colombia prevailing during the six months ended in June
30, 2000 and 1999 were US$1.00 to FC$2,016 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 of
each  country  that  establishes  the amount payable to horseowners as purses in
exchange  for  the  availability of thoroughbred horses for races.   Payments to
horseowners  are,  in  general,  based  on  a  percentage  of  wagering.

     The  Panama  contract  expires  in  December 2007.  It provides 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.


                                       13
<PAGE>
     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.
Payments  under  these  contracts  are  summarized  as  follows:

<TABLE>
<CAPTION>
                          EL COMANDANTE    V CENTENARIO           REMON         LOS COMUNEROS
                         ---------------  ------------------  ---------------   -------------
<S>                      <C>              <C>                 <C>               <C>
Expiration date              March 2005      March 2005       January 2008         (d)
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  (b)  $    330,000 (c)  $    -
</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)  During 2000,  management  expects to  renegotiate  for a fixed fee over the
     handle instead of a guarantee minimum payment.

(c)  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.

(d)  This contract is currently being renegotiated.

     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.


                                       14
<PAGE>
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.

     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-JUN-2000   DISCOUNT
--------------------------------  -----------  -----------  -----------  ---------------
<S>                               <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.


                                       15
<PAGE>
     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):

   DUE DURING THE YEAR       GROSS    PURCHASED IN     NET
    ENDING DECEMBER 31,     AMOUNT   OPEN MARKET     AMOUNT
--------------------------  -------  --------------  --------

         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          (827)          91        (736)
                            -------  --------------  --------
                            $60,936   $    7,400     $53,718
                            -------  --------------  --------

      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.

     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 six months ended June
30,  2000  HDA  advanced  to  the  Company  approximately  $750,000  against its
allowable  future  distributions  of  profits,  which,  technically,  is  not in
conformity  with  the  terms of the Indenture.  HDA intends to cure this default
with  the  declaration  of  future  permitted  distributions.


                                       16
<PAGE>
4.  BONDS  AND  NOTES  PAYABLE  AND  CAPITAL  LEASES:

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

<TABLE>
<CAPTION>
                                                                   BALANCE AT
                                        MATURITY   INTEREST   JUNE 30,    DECEMBER 31,
  BORROWER          DESCRIPTION           DATE       RATE       2000        1999
-----------------  --------------       ---------  --------  -----------  -----------
<S>                <C>             <C>             <C>       <C>          <C>
  HDA/ECMC         Note payable    (a)  15-Dec-01   P+1.00%   $4,875,000  $5,500,000
  HDA              Line of credit  (b)  15-Dec-01   P+1.00%      500,000           -
  Equus-Panama     Term loan       (c)  25-Apr-20    10.75%            -      56,364
  Equus-Panama     Line of credit  (d)  various      10.75%      293,725     204,955
  Equus-Comuneros  Term loans      (e)  various    variable      364,056     464,763
                                                             -----------  -----------
                                                              $6,032,781  $6,226,082
                                                             -----------  -----------
</TABLE>

     At June 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.

(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.

(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 June 30, 2000 was 10.98%.

     The  Company  also  guarantees  a  $250,000  loan  of  the  operator of the
restaurant  at  Presidente  Remon.  The  proceeds  of  this  loan  were  used by
Equus-Panama  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.


                                       17
<PAGE>
     The  following  table summarizes future minimum payments on capital leases,
notes  payable  and  bonds  of  the  Company  and its consolidated subsidiaries:

DUE DURING THE TWELVE      CAPITAL       NOTES       BONDS
MONTHS ENDING JUNE 30,     LEASES       PAYABLE     PAYABLE
-----------------------  -----------  -----------  ----------
         2001            $1,330,987   $2,626,683   $       -
         2002               801,240    3,554,947     600,000
         2003               617,903       42,096   1,000,000
         2004               484,150       34,454   1,200,000
         2005                95,703        3,648   1,200,000
                         -----------  -----------  ----------
                          3,329,983    6,261,828   4,000,000
Imputed interest           (583,589)    (229,047)          -
                         -----------  -----------  ----------
                          2,746,394   $6,032,781  $4,000,000
                         -----------  -----------  ----------

5.   RELATED  PARTY  TRANSACTIONS:

     SERVICES  AMONG  RELATED  PARTIES

     The following represents 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 six and
three  months  ended  June  30,  2000  and  1999:

                                  SIX  MONTHS       THREE MONTHS
                                 ENDED JUNE 30      ENDED JUNE 30
  NATURE OF SERVICE              2000      1999     2000     1999
-----------------------------  --------  --------  -------  -------

  Support agreement            $ 16,200  $ 16,200  $ 8,100  $ 8,100
  Rent office space              21,000    21,000   10,500   10,500
  Director fees                  43,500    43,500   18,000   20,750
  Services of James J. Wilson    67,500    67,500   33,750   33,750
                               --------  --------  -------  -------
                               $148,200  $148,200  $70,350  $73,100
                               ========  ========  =======  =======

6.  LEGAL  PROCEEDINGS:

     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.


                                       18
<PAGE>
7.  FAIR  VALUE  OF  FINANCIAL  INSTRUMENTS:

     As  of  June  30,  2000  the  fair  value  of  the First Mortgage Notes was
approximately  $47,920,000   (as compared with its carrying value of $53,717,389
)  based  on  the  market price quoted by a brokerage firm that trades the First
Mortgage  Notes.  The  carrying value of notes payable, capital leases and notes
receivable  approximates  fair  value because these obligations bear interest at
variable rates.   The carrying value of accounts receivable and accounts payable
approximates  fair  value  due  to  the  short-term  maturity  thereof.


                                       19
<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  six  and  three  months  ended June 30, 2000 and 1999 (in
thousands):

<TABLE>
<CAPTION>
                                      PUERTO    DOMINICAN
2000 - SIX MONTHS                      RICO     REPUBLIC     COLOMBIA    PANAMA    TOTAL
                                     --------  -----------  ----------  --------  --------
<S>                                  <C>       <C>          <C>         <C>       <C>
Commissions on wagering              $25,616   $    1,618   $     730   $ 4,464   $32,428
Total revenues                        27,203        2,042         839     4,799    34,883
Financial expenses                     4,866           15         160       306     5,347
Depreciation and amortization          1,326          172         109       309     1,916
Earnings (Loss) before income
  taxes and minority interest         (1,295)        (418)     (1,160)      232    (2,641)
Capital improvements                   1,289           45       1,086       173     2,593
Total assets                          55,198        1,865       6,957     9,566    73,586

1999 - SIX MONTHS
Commissions on wagering              $26,285   $    1,982   $     662   $ 4,426   $33,355
Total revenues                        27,549        2,678         875     4,574    35,676
Financial expenses                     3,733           28         105       281     4,147
Depreciation and amortization          1,154          165         126       277     1,722
Earnings (Loss) before income
  taxes and minority interest          1,268         (402)       (797)     (102)      (33)
Capital improvements                   4,911           16         866       330     6,123
Total assets                          51,243        1,569       6,195     8,864    67,871

2000 - QUARTER
Commissions on wagering              $12,487   $      833   $     365   $ 2,228   $15,913
Total revenues                        13,306        1,043         426     2,484    17,259
Financial expenses                     2,661            7          79       154     2,901
Depreciation and amortization            665           92          48       155       960
Earnings (Loss) before income
  taxes and minority interest         (1,395)        (119)       (596)      180    (1,930)
Capital improvements                     714           10       1,048       129     1,901

1999 - QUARTER
Commissions on wagering              $12,722   $      903   $     425   $ 1,996   $16,046
Total revenues                        13,336        1,127         166     2,061    16,690
Financial expenses                     1,876           12          42       143     2,073
Depreciation and amortization            582           64          60       140       846
Earnings (Loss) before income
   taxes and minority interest           208         (340)       (597)     (162)     (891)
Capital improvements                   3,216            6         243       199     3,664
</TABLE>


                                       20
<PAGE>
     Effective  January  1,  1998  EEC,  which is based in Puerto Rico, provides
management services to the foreign countries in connection with the operation of
the  racetracks  and  the  off-track  betting  system.  Fees  for these services
represent  intersegment  revenue.  For the six months ended June 30, 2000 Puerto
Rico  recognized  revenue  of  approximately  $80,000  attributable to Dominican
Republic,  and  $154,000  attributable  to  Panama.


                                       21
<PAGE>
ITEM  2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL  CONDITION  AND
          RESULTS  OF  OPERATIONS

     The  Company's  results  of  operations  are  principally attributed to 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 six months ended June 30, 2000 with the results
for  the  three  months  and  six  months  ended  June  30,  1999.

                       THE COMPANY'S RESULTS OF OPERATIONS

   QUARTER AND SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO QUARTER AND SIX MONTHS
   -----------------------------------------------------------------------------
                               ENDED JUNE 30, 1999
                               -------------------

REVENUES

     Consolidated  Revenues increased in the second quarter ended June 30,  2000
by  $568,000,  or 3.4%, as  compared to the same quarter in 1999. During the six
months  ended  June  30,  2000, revenues decreased $795,000 (2.2%) 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  $134,000, (0.8%), to $ 15,912,000 for
the  second quarter ended June 30, 2000 as compared to $16,046,000 in the second
quarter  of  1999During  the  six  months  ended  June 30, 2000, commissions on
wagering decreased $927,000, (2.8%), to $32,428,000 from $33,355,000 in the same
period  for  1999. The decrease in commissions was attributable to the following
operations:  El Comandante ($669,000) and Galapagos ($364,000).  However, Panama
and  Colombia  operations  reflect  an  increase  of  $38,000  and  $68,000,
respectively.

     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.


                                       22
<PAGE>
     PUERTO  RICO.  Commissions on wagering at El Comandante decreased $235,000,
(1.8%),  to $12,487,000 in the second quarter of 2000 as compared to $12,722,000
in  the  second  quarter  of  1999.  During  the six months ended June 30, 2000,
commissions  on  wagering decreased $669,000, (2.5%), to $25,616,000 as compared
to  $26,285,000  for  the  six  months  ended  June  30,  1999.  The decrease in
commissions was attributable to interruptions in simulcast of races to Dominican
Republic  and  agency  operations.

     PANAMA.  Commissions  on wagering at Presidente Remon increased by $232,000
(11.6%) to $2,228,000 in the second quarter of 2000 as compared to $1,996,000 in
the  second  quarter  of  1999.  During  the  six  months  ended  June 30, 2000,
commissions  on wagering increased $38,000, (0.9%), to $4,464,000 as compared to
$4,426,000  for the six months ended June 30, 1999. The increase is attributable
to  improved  racing programs and greater number of simulcast of live races from
the  United  States.

     DOMINICAN  REPUBLIC.  Commissions on wagering at V Centenario ("Galapagos")
decreased  by  $70,000  (7.8%)  to  $833,000  in  the  second quarter of 2000 as
compared to $903,000 in the second quarter of 1999.  During the six months ended
June  30,  2000,  commissions  on  wagering  decreased  $364,000,  (18.4%),  to
$1,618,000  as  compared  to  $1,982,000 for the six months ended June 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.


                                       23
<PAGE>
     NET  REVENUES  FROM  LOTTERY  SERVICES

     Net  revenues  from lottery services by Galapagos in the Dominican Republic
during the three and the six months ended June 30, 2000 decreased by $61,000 and
$95,000,  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.

     OTHER  REVENUES

     Other  revenues  during  the  three  and the six months ended June 30, 2000
increased  by  $583,000,  and  $48,000,  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.

EXPENSES

     Total  expenses  during  the  three  and the six months ended June 30, 2000
increased  by  $1,608,000  and $1,812,000, respectively, as compared to the same
periods  in  1999.

     PAYMENTS  TO  HORSEOWNERS

     Payments of purses to horseowners during the three and the six months ended
June  30,  2000 decreased by $371,000 (4.6%) and $794,000  (4.8%), 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 reach a new agreement.  In July of 2000, the
horseowners  reached  and  signed  a  new  10-year  contract  with El Comandante
Management  Company.

     FINANCIAL  EXPENSES

     Financial  expenses during the three and the six months ended June 30, 2000
increased  by  $827,000 (40%) and $1,199,000 (29%), 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.

     DEPRECIATION  AND  AMORTIZATION

      Depreciation  and  Amortization  during the three and the six months ended
June  30,  2000 increased by $115,000 (14%) and $193,000 (11%), respectively, as
compared  to  the  same  period  in  1999  primarily due to additions in capital
improvements  to  the  facilities  at  El  Comandante  during  1999.


                                       24
<PAGE>
     OTHER  EXPENSES

     Other  expenses  during  the  three  and the six months ended June 30, 2000
increased  by  $1,036,000  and $1,212,000, respectively, as compared to the same
period  in  1999.  This  increase  is  primarily attributable to new operations,
including  a  cost  reduction  and  restructuring plan implemented by management
during  the  first  quarter  of  2000.

<TABLE>
<CAPTION>
                                     OTHER EXPENSES BY COUNTRY
          INCREASE (DECREASE) IN SECOND QUARTER ENDED JUNE 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     $         26,000   $  603,000   $       125,000   $        80,000   $      834,000
Dominican Rep.          (111,000)     (71,000)          (37,000)          (67,000)        (286,000)
Panama                    22,000      320,000           (48,000)           35,000          329,000
Colombia                  64,000      110,000           (56,000)           41,000          159,000
                -----------------  -----------  ----------------  ----------------  ---------------
                $          1,000   $  962,000   $       (16,000)  $        89,000   $    1,036,000
                =================  ===========  ================  ================  ===============
</TABLE>
<TABLE>
<CAPTION>
                                     OTHER EXPENSES BY COUNTRY
           INCREASE (DECREASE) FOR SIX MONTHS ENDED JUNE 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     $       (373,000)  $  972,000   $       296,000   $       339,000   $    1,234,000
Dominican Rep.          (180,000)     (92,000)            8,000          (140,000)        (404,000)
Panama                    60,000      239,000           (32,000)            6,000          273,000
Colombia                  28,000       62,000           (64,000)           83,000          109,000
                -----------------  -----------  ----------------  ----------------  ---------------
                $       (465,000)  $1,181,000   $       208,000   $       288,000   $    1,212,000
                =================  ===========  ================  ================  ===============
</TABLE>


OPERATING  AND  SATELLITE  EXPENSES  -  The  increase  in operating expenses and
marketing/satellite  expenses  for the three and six months ended June 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  and  leased  satellite  time.  The Company was not 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.


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  requires  a  provision  for  income  taxes.


                                       25
<PAGE>
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 six months ended June
30,  2000 and 1999, the Company did not recognize minority interest in losses of
Galapagos  of  $188,054  and  $181,094,  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  $1,275,121.


                                       26
<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
six  months  ended  June  30,  2000

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

     Cash  and cash equivalents of the Company and its consolidated subsidiaries
increased  by  APPROXIMATELY  $600,000  DURING  the second 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 six months ended June 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 El Comandante for
     approximately  $1,289,000,  for the Dominican Republic $45,000,  for Panama
     and Colombia $173,000 and $1,086,000, respectively.

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

(iii)The Company  continues  to invest in  Colombia  through  ABN,  wholly-owned
     subsidiary  of HDA.  For the six months ended June 30, 2000 the Company has
     invested $1.6 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.

For  the  remainder of the year 2000 the projected principal uses of cash of the
Company's  activities,  other  than  operating activities of El Comandante, are:

(i)  Capital  improvements to El Comandante race track and principal payments on
     existing capital leases.

(ii) Principal payments amounting to $1,875,000 million on the $5.5 million term
     loan.


                                       27
<PAGE>
(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.

     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 certain financial institutions.  Also, the Company is currently
negotiating  a  $2  million credit facility with a financial institution so that
HDA  and the Company are able to properly fund the development and operations of
the  off-track  betting  for  ABN  in  Colombia  and  meet the expected level of
increased  wagering  from  this  operation.

     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 (1) 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,  and  (2) to finance the
purchase  of  outstanding notes (over $54 million) 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  based  in  Puerto  Rico. Satellite Services International, Inc. (SSI), a
wholly-owned  subsidiary  of  HDA  (HUB)  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 better financing, 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.   A principal payment of $625,000 on this
term loan was made on March 31, 2000.  The remaining maturity dates of this term
loan  are  as  follows  (in  thousands):

            YEAR  ENDING
            DECEMBER  31,       AMOUNT
           --------------     ---------
                2000            $1,875
                2001             3,000
                              ---------
                                $4,875
                              =========


                                       28
<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 six months ended June 30, 2000, HDA advanced to Equus approximately
$750,000  against  its  allowable  future  distributions  of  profits,  which
technically  is  not  in  conformity  with  the  terms  of  the  Indenture.

     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 million on July 31  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.


     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.


                                       29
<PAGE>
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  1  -  6  NONE


                                       30
<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





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




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


                                       31
<PAGE>