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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950123-04-005938.txt : 20040507
<SEC-HEADER>0000950123-04-005938.hdr.sgml : 20040507
<ACCEPTANCE-DATETIME>20040507130409
ACCESSION NUMBER:		0000950123-04-005938
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040507
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REAL ESTATE PARTNERS L P
		CENTRAL INDEX KEY:			0000813762
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				133398766
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09516
		FILM NUMBER:		04787994

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD ROAD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549
		BUSINESS PHONE:		9142427700
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y97204e8vk.txt
<DESCRIPTION>8-K
<TEXT>
<PAGE>



                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

       ------------------------------------------------------------------

                                    FORM 8-K

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

          Date of Report (Date of Earliest Event Reported): MAY 7, 2004

                       AMERICAN REAL ESTATE PARTNERS, L.P.
         ---------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)


      DELAWARE                              1-9516                  13-3398766
- --------------------------------------------------------------------------------
(State of Organization)         (Commission File Number)        (IRS Employer
                                                             Identification No.)

                         100 South Bedford Road, Mt. Kisco, NY     10549
- -------------------------------------------------------------------------------
                        (Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (914) 242-7700

                                       N/A
 -------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)


<PAGE>


ITEM 5.       OTHER EVENTS.

         On May 7, 2004, American Real Estate Partners, L.P ("AREP") issued a
press release, a copy of which is filed as Exhibit 99.1 and is incorporated by
reference herein.

ITEM 7.       FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
              EXHIBITS.

              (A) AND (B) NOT APPLICABLE.

              (C) EXHIBITS

              99.1    Press Release of AREP dated May 7, 2004.



      [remainder of page intentionally left blank; signature page follows]



<PAGE>





                                   SIGNATURES

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

                           AMERICAN REAL ESTATE PARTNERS, L.P.
                           (Registrant)

                           By:      American Property Investors, Inc.
                                    General Partner


                                    By:      /s/ John P. Saldarelli
                                             -----------------------------------
                                             John P. Saldarelli
                                             Chief Financial Officer,
                                             Secretary and Treasurer

Dated:   May 7, 2004




<PAGE>


         EXHIBIT INDEX

         99.1     Press Release of AREP dated May 7, 2004.






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y97204exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>


                                                                   Exhibit 99.1

CONTACT: JOHN P. SALDARELLI
         SECRETARY AND TREASURER
         (914) 242-7700

                              FOR IMMEDIATE RELEASE

            AMERICAN REAL ESTATE PARTNERS, L.P. PRICES DEBT OFFERING

MOUNT KISCO, N.Y., May 7, 2004--American Real Estate Partners, L.P. (NYSE:ACP)
announced today that it has priced its previously announced offering of senior
notes due 2012. The notes, in the aggregate principal amount of $353 million and
priced at 99.266%, will bear interest at a rate of 8.125% per annum. Closing of
the offering is expected to occur on or about May 12, 2004.

         The notes have not been registered under the Securities Act of 1933 or
applicable state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration
requirements of the Securities Act of 1933 and applicable state securities laws.

         American Real Estate Partners, L.P. is a master limited partnership.

         This release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, many of which
are beyond our ability to control or predict. Among these risks and
uncertainties are changes in general economic conditions, the extent, duration
and strength of any economic recovery, the extent of any tenant bankruptcies and
insolvencies, our ability to maintain tenant occupancy at current levels, our
ability to obtain, at reasonable costs, adequate insurance coverage, competition
for investment properties and other risks and uncertainties detailed from time
to time in our filings with the SEC, including our 2003 Form 10-K.



</TEXT>
</DOCUMENT>
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