Exhibit 99.3 Contact: John P. Saldarelli Secretary and Treasurer (914) 242-7700 FOR IMMEDIATE RELEASE AMERICAN REAL ESTATE PARTNERS, L.P. REPORTS FIRST QUARTER RESULTS Mount Kisco, New York, May 15, 2003 - American Real Estate Partners, L.P. (NYSE:ACP) today reported the following first quarter financial results: For the first quarter of 2003, diluted earnings per weighted average limited partnership unit outstanding decreased from $.33 in 2002 to $.18 in 2003. Earnings decreased from $18,822,000 in the first quarter of 2002 to $10,483,000 in the first quarter of 2003 primarily due to decreased earnings from land, house and condominium operations, decreased equity in earnings of GB Holdings, Inc. and a write-down of equity securities. American Real Estate Partners, L.P. is a master limited partnership primarily engaged in acquiring and managing real estate investments with a primary focus on office, retail, industrial, hotel, gaming, and residential properties. 3 FOR IMMEDIATE RELEASE AMERICAN REAL ESTATE PARTNERS, L.P. REPORTS FIRST QUARTER RESULTS CONSOLIDATED RESULTS OF EARNINGS In thousands of dollars except per unit data First quarter ended March 31, 2003 2002 - ----------------------------- ---- ---- (unaudited) Revenues $ 64,255 $ 78,419 ============ ============ Operating income $ 10,506 $ 17,183 Provision for loss on real estate (200) -- Write-down of equity securities (961) -- Gain on sales and disposition of real estate 1,138 1,639 ------------ ------------ Net earnings $ 10,483 $ 18,822 ============ ============ Net earnings per L.P. unit: Basic: Net earnings $ .20 $ .38 ============ ============ Weighted average units outstanding 46,098,284 46,098,284 ============ ============ Diluted: Net earnings $ .18 $ .33 ============ ============ Weighted average units and equivalent units outstanding 55,641,655 56,377,391 ============ ============ 4