EXHIBIT 99.1

The Following press release was issued by GB Holdings, Inc.

July 7, 2004

CONTACT: Douglas S. Niethold, Vice President of Finance, Sands Hotel and Casino
         609-441-4432
         dniethold@sandsac.com

         GB Holdings Inc. SETS RECORD DATE FOR STOCKHOLDER DISTRIBUTION

ATLANTIC CITY, NEW JERSEY - GB Holdings, Inc. (Amex: GBH) (the "Company") which
through its wholly-owned subsidiary Greate Bay Hotel & Casino, Inc., owns and
operates The Sands Hotel and Casino in Atlantic City, today set a record date of
July 15, 2004 (the "Record Date") for the distribution (the "Distribution") to
the stockholders of record of the Company, on a pro rata basis, of either (a) an
aggregate of 2,750,000 shares of common stock of Atlantic Coast Entertainment
Holdings, Inc. ("Atlantic Holdings"), representing 27.5% of the outstanding
common stock of Atlantic Holdings on a fully diluted basis or (b) 10,000,000
warrants, which under certain conditions will allow the holders thereof to
purchase an aggregate of 2,750,000 shares of common stock of Atlantic Holdings,
at a purchase price of $.01 per share, representing 27.5% of the outstanding
common stock of Atlantic Holdings on a fully diluted basis. The Distribution to
the stockholders of the Company as of the Record Date is contingent upon the
consummation of (a) the Consent Solicitation and Offer to Exchange, in which
Atlantic Holdings is offering to exchange its 3% Notes due 2008 for the 11%
Notes due 2005, issued by GB Property Funding Corp. and (b) the transfer of The
Sands Hotel and Casino by Greate Bay Hotel & Casino, Inc. to Atlantic Holdings
and subsequently to a wholly-owned subsidiary of Atlantic Holdings. Both the
shares of common stock of Atlantic Holdings and the warrants to purchase shares
of common stock of Atlantic Holdings have been registered under the Securities
Act of 1933, as amended.

The completion of the Consent Solicitation and Offer to Exchange and the
transfer of The Sands Hotel and Casino is subject to the conditions described in
the Consent Solicitation and Offer to Exchange documents, which include, among
other conditions, the approval of the Company's stockholders, the consent of the
New Jersey Casino Control Commission, the exchange of notes by a majority of the
holders of the 11% Notes, and the effectiveness of the amendments to the
indenture governing the 11% Notes and of the indenture governing the 3% Notes.
As long as the conditions to the Consent Solicitation and Offer to Exchange and
transfer of The Sands Hotel and Casino are satisfied, we anticipate consummation
of such transactions to be on the Record Date, however, in the event that such
transactions are consummated on a date subsequent to July 15, 2004, the Record
Date will be changed to such later date.

On June 1, 2004, the Securities and Exchange Commission declared effective
registration statements on Form S-4 containing the Consent Solicitation and
Offer to Exchange and the proxy statement/prospectus relating to the special
meeting. The terms and conditions of the Consent Solicitation and Offer to
Exchange and related documents and the matters covered by the Proxy
Statement/Prospectus dated June 1, 2004, are included in the registration
statements filed with the SEC. The materials related to the Consent Solicitation
and Offer to Exchange and Proxy Statement/Prospectus contain important
information which should be read carefully before any decision is made with
respect to the consent solicitation and exchange offer and the special meeting.
The transfer agent of the Company is American Stock Transfer & Trust Company,
however copies of the Proxy Statement/Prospectus and Consent Solicitation and
Offer to Exchange documents may be obtained from Innisfree M&A Incorporated, the
solicitation agent



for the Consent Solicitation and Offer to Exchange and the Proxy
Statement/Prospectus (Banks and Brokers Call Collect: 212-750-5833; all others
Call Toll-Free: 1-888-750-5834), or on the Securities and Exchange Commission
web site at www.sec.gov.

Unless extended, the Consent Solicitation and Offer to Exchange will expire at
12:01 a.m., New York City time, on July 15, 2004. Atlantic Holdings will
announce any extensions by press release or other form of public announcement no
later than 9:00 a.m., New York City time, on the first business day after the
previously scheduled expiration date. Holders may withdraw any 11% Notes
tendered until the expiration of the Consent Solicitation and Offer to Exchange.

Certain information included in this press release contains statements that are
forward-looking. 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. 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 SEC, including the Company's
reports on Forms 10-K and 10-Q.