COMMISSION FILE NUMBER 33-69716

                                  PRESS RELEASE

November 28, 2000.  The Sands Hotel & Casino  announced  today that GB Holdings,
Inc.  (the  "Company"),  the  parent  company of the Sands  Hotel & Casino  (the
"Company"), has filed a proposed Disclosure Statement and Plan of Reorganization
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 believe that we
have  proposed a transaction  that will be beneficial to the Sands  stockholders
and the Claridge and will permit the combined  companies to go forward as strong
competitors." Under the proposed plan, a total of 5,652,000 shares of the common
stock of the Company and certain  cash would be  distributed  for the benefit of
the holders of the  Claridge  First  Mortgage  Notes and trade  creditors  would
receive a cash distribution of a minimum of 75% of their allowed claim amount on
the  effective  date of the Plan or such higher amount as the  Bankruptcy  Court
permits.

Mr. 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."

Park Place  Entertainment  Corporation  ("Park  Place") has also filed a plan of
reorganization  in this case,  pursuant to which,  inter alia,  Park Place would
acquire the Claridge Hotel and Casino.  For the following  reasons,  the Company
believes that its plan is superior to Park Place's plan:

         (i) The Company believes that its Plan provides for a distribution of a
higher value to holders of First Mortgage Notes and other creditors;

         (ii) The  distribution  of common  stock of the Company  will allow the
holders of the First  Mortgage  Notes to participate in any increase in value of
the Company;

         (iii) While the Company  intends to  consolidate  some of the operating
departments  of the Sands and the  Claridge,  the  Company  intends  to keep the
casino at the Claridge  open and believes  that Park Place may plan to close the
casino; and

         (iv) The  Company  believes  that Park  Place,  self  described  as the
world's largest gaming company,  which already operates four casinos under three
casino licenses in New Jersey, wields significant  purchasing power and adding a
fifth casino to its realm in Atlantic  City would augment its  purchasing  power
and allow it to achieve cost savings at the expense of trade creditors.

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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 ARE FILED WITH
THE COMMISSION REGARDING THIS TRANSACTION BECAUSE THEY CONTAIN IMPORTANT
INFORMATION.  SUCH DOCUMENTS ARE AVAILABLE WITHOUT CHARGE FROM THE COMMISSION'S
WEBSITE (HTTP://WWW.SEC.GOV).


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