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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950123-04-006114.txt : 20040511
<SEC-HEADER>0000950123-04-006114.hdr.sgml : 20040511
<ACCEPTANCE-DATETIME>20040510210434
ACCESSION NUMBER:		0000950123-04-006114
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040510
ITEM INFORMATION:		
FILED AS OF DATE:		20040511

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:		04794832

	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>y97041ke8vk.txt
<DESCRIPTION>AMERICAN REAL ESTATE PARTNERS, L.P.
<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 10, 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 12.      Results of Operations and Financial Condition.


     On May 10, 2004, American Real Estate Partners,  L.P ("AREP") announced its
results of  operations  for the three months ended March 31, 2004. A copy of the
related  press  release  for the three  months  ended  March  31,  2004 is being
furnished  as  Exhibit  99.1 to this  Form  8-K and is  incorporated  herein  by
reference in its entirety.




                                       2
<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 11, 2004


                                       3



<PAGE>



         Exhibit Index


         99.1     Press Release of AREP dated May 10, 2004.





                                       4

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y97041kexv99w1.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. Reports First Quarter Results


     MOUNT KISCO,  N.Y.,  May 10, 2004 -- American  Real Estate  Partners,  L.P.
(NYSE:ACP) today reported the following first quarter financial results.

     Earnings  increased  from  $13,252,000  in the  first  quarter  of  2003 to
$58,778,000  in the first quarter of 2004. Of this  increase  approximately  $29
million was the result of a one-time gain on the sale of certain marketable debt
securities  and $13 million  resulted  from gains on specific  real estate asset
sales.

     For the first  quarter,  diluted  earnings  per  weighted  average  limited
partnership unit outstanding were $1.12 in 2004 and $.18 in 2003.

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



                                       5
<PAGE>



                       AMERICAN REAL ESTATE PARTNERS, L.P.
                          REPORTS FIRST QUARTER RESULTS

                        CONSOLIDATED RESULTS OF EARNINGS
                        --------------------------------
                 (In thousands of dollars except per unit data)

First quarter ended March 31,                    2004               2003
- ---------------------------------------  -----------------  --------------------
                                                                (Restated)
                                                      (Unaudited)

Revenues                                         $   74,822          $   69,030
                                            ===============    ================
Operating income.........................        $   18,789          $   14,524
Provision for loss on real estate........                --                (200)
Write-down of equity securities
 available for sale......................                --                (961)
Gain on sales and disposition of real
 estate..................................             6,047               1,138
Gain on sales of marketable debt
 securities..............................            28,857                  --
Income tax expense.......................            (4,302)             (2,878)
                                            ---------------    ----------------
Income from continuing operations........            49,391              11,623
Income from discontinued operations......             9,387               1,629
                                            ---------------    ----------------
Net earnings.............................    $       58,778          $   13,252
                                            ===============    ================
   Net earnings per L.P. unit:

   Basic:
    Income from continuing operations....          $   1.05           $     .17
    Income from discontinued operations..               .20                 .03

   Basic earnings per L.P. unit..........          $   1.25           $     .20
                                            ===============    ================
Weighted average units outstanding.......        46,098,284          46,098,284
                                            ===============    ================
Diluted:
   Income from continuing operations.....          $    .94           $     .15
   Income from discontinued operations...               .18                 .03
                                            ---------------    ----------------
   Diluted earnings per L.P. unit........     $        1.12           $     .18
                                            ===============    ================
Weighted average units and equivalent
 units outstanding.......................        52,499,303          55,641,655
                                            ===============    ================







</TEXT>
</DOCUMENT>
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