Exhibit 99.1

CONTACT:    George Toth, President
            The Sands Hotel and Casino
            Atlantic City, NJ
            609-441-4534

         Atlantic City, New Jersey, November 18, 2004 - Atlantic Coast
Entertainment Holdings, Inc. ("Atlantic") (a wholly-owned subsidiary of GB
Holdings, Inc.), and ACE Gaming, LLC ("ACE"), a wholly-owned subsidiary of
Atlantic, today announced that on November 12, 2004, Atlantic and ACE entered
into a Loan and Security Agreement (the "Loan Agreement"), by and among
Atlantic, as borrower, ACE, as guarantor, and Fortress Credit Corp.
("Fortress"), as lender, pursuant to which, Fortress agreed to make available to
Atlantic a senior secured revolving credit line providing for working capital
loans of up to $10 million, to be used for working capital purposes in the
operation of The Sands Hotel and Casino, located in Atlantic City, New Jersey.
The Loan Agreement and the loans thereunder have been designated by the Board of
Directors of Atlantic and the Manager of ACE, as Working Capital Indebtedness
(as that term is defined in the Indenture, dated as of July 22, 2004, among
Atlantic, as issuer, ACE, as guarantor, and Wells Fargo Bank, National
Association, as trustee).

         This joint press release is for informational purpose only. This joint
press release may contain statements that are forward-looking. Such forward
looking statements 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 Atlantic or ACE. For more information regarding Atlantic
or ACE and risks applicable to their business, please review the filings of
Atlantic or ACE with the Commission, including the reports on Forms 10-K and
10-Q.