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<SEC-DOCUMENT>0000950123-05-014347.txt : 20051202
<SEC-HEADER>0000950123-05-014347.hdr.sgml : 20051202
<ACCEPTANCE-DATETIME>20051202122710
ACCESSION NUMBER:		0000950123-05-014347
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051128
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051202
DATE AS OF CHANGE:		20051202

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:		051239781

	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>y15234e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of Earliest Event Reported): November&nbsp;28, 2005</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>American Real Estate Partners, L.P.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 4pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-9516</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>13-3398766</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">100 South Bedford Road, Mt. Kisco, NY
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10549</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registrant&#146;s telephone number, including area code: <B>(914)&nbsp;242-7700</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>N/A</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 4pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communication pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17
CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;5.02(c)&nbsp;&#150;&nbsp;Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;7.01 Regulation&nbsp;FD Disclosure.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;8.01 Other Events.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;9.01 &#150; Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="y15234exv99w1.htm">EX-99.1: PRESS RELEASE</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5 &#150; Corporate Governance and Management</B>
</DIV>

<!-- link2 "Item&nbsp;5.02(c)&nbsp;&#150;&nbsp;Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers." -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.02(c)&nbsp;&#150;&nbsp;Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective November&nbsp;30, 2005, Adrian Tannian,&nbsp;41, became the Chief Accounting Officer for our general partner, American Property Investors, Inc., or API. For purposes of Item 5.02(c) of Form&nbsp;8-K, API's Chief Accounting Officer serves as the principal accounting officer of API.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From July&nbsp;1, 2005 to the present, Mr.&nbsp;Tannian has assisted the Chief Financial Officer and Controller of API. Prior to that time,
from November&nbsp;1999 through June&nbsp;2005, Mr.&nbsp;Tannian was a Director of Public Reporting in the Controller's Department of the Interpublic Group of Companies, one of the world's largest advertising and marketing services conglomerates. Mr.&nbsp;Tannian began his career in 1986 with Arthur Andersen&nbsp;LLP.
He is a Certified Public Accountant and a Chartered Accountant.
</DIV>








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7&#150; Regulation&nbsp;FD</B>
</DIV>

<!-- link2 "Item&nbsp;7.01 Regulation&nbsp;FD Disclosure." -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01 Regulation&nbsp;FD Disclosure.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;29, 2005, we issued a press release, a copy of which is filed as Exhibit&nbsp;99.1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><B>Section&nbsp;8 &#150; Other Events</B>
</DIV>

<!-- link2 "Item&nbsp;8.01 Other Events." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01 Other Events.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;28, 2005, our indirect subsidiaries, AREP Boardwalk LLC and AREP Laughlin Corporation,
entered into an Asset Purchase Agreement by and among Harrah&#146;s Operating Company, Inc.,
Flamingo-Laughlin, Inc., Boardwalk Regency Corporation and Martial Development Corporation to
purchase the Flamingo Laughlin Hotel and Casino in Laughlin, Nevada and approximately 7.7 acres in
Atlantic City, New Jersey known as the Traymore site for an aggregate purchase price of $170
million in cash, subject to adjustment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Flamingo Laughlin is the largest hotel in Laughlin, Nevada with 1,907 rooms in two 18-story
towers and a 57,000 square-foot casino. Situated on 18 acres, amenities include seven restaurants,
35,000 square-feet of meeting space and a 3,000-seat amphitheater. The property also features an
outdoor pool, fitness center, lighted tennis courts and 2,420 parking spaces.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Traymore site was once home to the Traymore Hotel. The site is primarily vacant land and is
situated between The Sands Hotel and Casino and the Atlantic City Boardwalk. ACE Gaming LLC,
operator of the Sands, will have the option to purchase the site at cost plus interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Completion of the transaction is subject to all required regulatory approvals and is expected to
close sometime in mid-2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><B>Section&nbsp;9 &#150; Financial Statements and Exhibits</B>
</DIV>

<!-- link2 "Item&nbsp;9.01 &#150; Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 &#150; Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;Exhibits</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated November&nbsp;29, 2005</TD>
</TR>
<tr>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;remainder of page intentionally left blank; signature page follows&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">AMERICAN REAL ESTATE PARTNERS, L.P.<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">(Registrant)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">American Property Investors, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">General Partner</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
December&nbsp;2, 2005
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jon F. Weber</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jon F. Weber</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Financial</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y15234exv99w1.htm
<DESCRIPTION>EX-99.1: PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 99.1
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>FOR IMMEDIATE RELEASE</U>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 12pt"><B>American Real Estate Partners, L.P. Subsidiaries to Purchase Laughlin, Nevada Casino and
Boardwalk Property in Atlantic City</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mount Kisco, New York, November&nbsp;28, 2005</B>- <B>American Real Estate Partners, L.P. (&#147;AREP&#148;)
(NYSE:ACP</B>) announced today that certain of its indirect subsidiaries entered into an agreement with
Harrah&#146;s Entertainment and certain affiliated entities to purchase the Flamingo Laughlin Hotel and
Casino in Laughlin, Nevada and approximately 7.7 acres in Atlantic City, New Jersey known as the
Traymore site for an aggregate purchase price of $170&nbsp;million, subject to adjustment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;The Flamingo Laughlin and Traymore acquisitions represent an exciting extension to our portfolio
of gaming companies. It affords us the opportunity to expand our ability to provide our guests
with an unparalleled value-based gaming and entertainment experience,&#148; said Richard P. Brown, chief
executive officer for the AREP gaming operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Flamingo Laughlin is the largest hotel in Laughlin, Nevada with 1,907 rooms in two 18-story
towers and a 57,000 square-foot casino. Situated on 18 acres, amenities include seven restaurants,
35,000 square-feet of meeting space and a 3,000-seat amphitheater. The property also features an
outdoor pool, fitness center, lighted tennis courts and 2,420 parking spaces.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Traymore site was once home to the historic Traymore Hotel. The site is primarily vacant land
and is situated between AREP&#146;s Sands Hotel and Casino and the world famous Atlantic City Boardwalk.
ACE Gaming LLC, operator of the Sands, will have the option to purchase the site for at cost plus
interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Completion of the transaction is subject to all required regulatory approvals and is expected to
close sometime in mid-2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">American Real Estate Partners, L.P., a master limited partnership, is a diversified holding company
engaged in a variety of businesses including home fashion, gaming, oil and gas exploration and
production and real estate. Through subsidiaries, AREP&#146;s gaming holdings include the Stratosphere
Casino Hotel &#038; Tower, Arizona Charlie&#146;s Decatur and Arizona Charlie&#146;s Boulder, all in Las Vegas,
Nevada and the Sands Hotel and Casino in Atlantic City, New Jersey.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This release contains certain &#147;forward-looking statements&#148; within the meaning of the Private
Securities Litigation Reform Act of 1995, many of which are beyond AREP&#146;s ability to control or
predict. Forward-looking statements may be identified by words such as &#147;expects,&#148; &#147;anticipates,&#148;
&#147;intends,&#148; &#147;plans,&#148; &#147;believes,&#148; &#147;seeks,&#148; &#147;estimates,&#148; &#147;will,&#148; or words of similar meaning and
include, but are not limited to, statements about the expected future business and financial
performance of AREP and its subsidiaries. Among these risks and uncertainties are risks related to
AREP&#146;s home fashion operations, including changes in the availability and price of raw materials,
changes in customer preferences and changes in transportation costs and delivery
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">times; risks related to AREP&#146;s casino gaming and associated hotel, restaurant and entertainment
operations, including the effects of regulation, substantial competition, rising operating costs
and economic downturns; risks related to AREP&#146;s oil and gas exploration and production operations,
including costs of drilling, completing and operating wells and the effects of regulation; risks
related to AREP&#146;s real estate activities, including the extent of any tenant bankruptcies and
insolvencies, AREP&#146;s ability to maintain tenant occupancy at current levels, AREP&#146;s ability to
obtain, at reasonable costs, adequate insurance coverage, competition for investment properties,
and other risks and uncertainties detailed from time to time in AREP&#146;s filings with the Securities
and Exchange Commission. AREP undertakes no obligation to publicly update or review any
forward-looking information, whether as a result of new information, future developments or
otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt">###<BR>
For more information, contact:<BR>
Denise Barton<BR>
Chief Financial Officer<BR>
AREP gaming holdings<BR>
702-383-4881<BR>
denise.barton@stratospherehotel.com

</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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