Commission File Number 33-69716

                                  PRESS RELEASE


October 20,  2000.  The Sands Hotel & Casino  announced  today that GB Holdings,
Inc. (the "Company") the parent company of the Sands Hotel & Casino,  intends to
file a plan of reorganization and related disclosure statement in the bankruptcy
cases  involving the Claridge  Hotel and Casino  located in Atlantic  City,  New
Jersey.  Alfred J. Luciani,  the President and CEO of the Sands said, "We intend
to propose a transaction  that will be beneficial to the Sands  stockholders and
the Claridge  and would  permit the  combined  companies to go forward as strong
competitors.  The precise terms of our plan are currently  under  consideration,
but we are  committed  to making a proposal  before  the  November  13  deadline
established by the bankruptcy court."

Luciani stated that he anticipated that the regulatory  approvals  necessary for
the  acquisition  could  be  obtained  expeditiously.  "GB  Holdings,  which  is
currently  licensed to own the Sands Hotel & Casino,  would not face the type of
opposition  based  on  economic  concentration,  as  would  be  inherent  in  an
application by a large, multiple-licensed casino operator in Atlantic City."

Certain information  included in this press release contains statements that are
forward-looking,  such as statements relating to future performance and business
development  activities  and  competition.   Such  forward-looking   information
involves  important  risks and  uncertainties  that could  significantly  affect
anticipated results in the future and, accordingly, such results may differ from
those  expressed in any  forward-looking  statements made by or on behalf of the
Company.  These risks and uncertainties  include,  but are not limited to, those
relating to  development  and  construction  activities,  dependence on existing
management,  leverage and debt service (including sensitivity to fluctuations in
the interest  rates),  domestic or global  economic  conditions,  activities  of
competitors and the presence of new or additional competition,  fluctuations and
changes in customer  preferences and attitudes,  changes in federal or state tax
laws  of the  administration  of  such  laws  and  changes  in  gaming  laws  or
regulations (including the legalization of gaming in certain jurisdictions). For
more  information  regarding  the Company and risks  applicable to its business,
please review the filings of the Company and its affiliates, GB Property Funding
Corp.  and Greate Bay Hotel and Casino,  Inc. with the  Securities  and Exchange
Commission (the "Commission"), including the Company's reports on Forms 10-K and
10-Q.

IMPORTANT:  INVESTORS ARE URGED TO READ RELEVANT DOCUMENTS THAT MAY HEREAFTER BE
FILED WITH THE COMMISSION REGARDING THIS TRANSACTION BECAUSE THEY MAY CONTAIN
IMPORTANT INFORMATION.  NO SUCH DOCUMENTS REGARDING THIS TRANSACTION HAVE YET
BEEN FILED.  SUCH DOCUMENTS, IF FILED, WILL BE AVAILABLE WITHOUT CHARGE FROM THE
COMMISSION'S WEBSITE (HTTP://WWW.SEC.GOV).

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