<ARTICLE> 5 <CIK> 0000813762 <NAME> AMERICAN REAL SSTATE PARTNERS, L.P. <MULTIPLIER> 1000 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1999 <PERIOD-END> JUN-30-1999 <CASH> 211,486 <SECURITIES> 417,727 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 453,940 <DEPRECIATION> 44,057 <TOTAL-ASSETS> 1,179,305 <CURRENT-LIABILITIES> 0 <BONDS> 175,325 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 927,630 <TOTAL-LIABILITY-AND-EQUITY> 1,179,305 <SALES> 0 <TOTAL-REVENUES> 46,543 <CGS> 0 <TOTAL-COSTS> 10,673 <OTHER-EXPENSES> 2,115 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 9,804 <INCOME-PRETAX> 57,222 <INCOME-TAX> 0 <INCOME-CONTINUING> 57,222 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 57,222 <EPS-BASIC> 1.17 <EPS-DILUTED> 1.01