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To: y2kfree_radical who wrote (54130)	7/11/2000 4:59:23 PM
From: Jim Bishop	Read Replies (1) \| Respond to of 150070

ALHY news is out....hmmm, someone on RB does know what they are talking about. Alpha Hospitality Corporation (NASDAQ - ALHY; BSE - ALH; WARRANTS: OTCBB - ALHYW; BSE - ALHW) (the "Company") announced today that it has completed a final settlement agreement regarding the respective rights and obligations of the members of the managing entity for the planned Native American Casino at the Monticello Raceway. The original agreement contemplated an arrangement specific to the St. Regis Mohawks whereby the revised understanding covers all prospective federally recognized Native American nations. Under the terms of the final agreement, Alpha will be entitled to receive 40 percent of Mohawk Management's basic management fee income and 75 percent of the service fee income accruing to the managing entity for professional services rendered. The net result of the settlement would entitle Alpha Monticello to receive approximately 47 percent of all management fee and service fee income derived from the underlying management contract. In a related earlier transaction, Bryanston Group, Inc. ("Bryanston'), Alpha's largest shareholder, agreed to transfer to Alpha Monticello five percentage points of its ownership interest in its real property holdings at Monticello Raceway. The holdings include the Raceway's building and equipment and approximately 200 acres of land. In addition, Bryanston has agreed to transfer its 25 percent ownership in the Raceway's pari-mutuel operations to Alpha Monticello. According to an Alpha spokesperson, "The transfer of Bryanston's interest in real estate and pari-mutuel operations is equally significant to the shareholders of Alpha, should the casino open. The transfer represents additional asset value and a potential source of cash flow benefits to the Company." The spokesperson added, "The finalization of these settlements is an important step for Alpha and the citizens of Sullivan County as it regards the Native American casino at Monticello Raceway. We believe these events will help to assure that the Monticello project moves forward to completion." To the extent the content of this press release includes forward-looking statements, they involve risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made. This release, and prior releases are available on the KCSA Public Relations Worldwide Website at www.kcsa.com. CONTACT: Alpha Hospitality Corp. Thomas W. Aro, Executive Vice President 212/750-3500 or KCSA Leslie A. Schupak / Joseph A. Mansi 212/896-1207 / 1205 URL: businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. Copyright (C) 2000 Business Wire. All rights reserved.