EXHIBIT 12.1

American Real Estate Partners, L.P. and Subsidiaries
Ratio of Earnings to Fixed Charges
(Amounts in thousands)

	Nine Months
	Ended
	September 30,			Years Ended December 31,
	2005			2004		2003		2002		2001		2000
Income (loss) from continuing operations before income taxes, income or loss from equity investees and minority interest	$	(97,158	)	$	89,371	$	40,237	$	53,863	$	61,167	$	76,536
Fixed Charges:
Interest Expense		78,874			61,380		38,643		37,063		44,336		18,999
Amortized capitalized expenses related to indebtedness		2,582			2,400		320		191		178		222
Estimated interest within rental expense		423			486		552		585		557		437
Amortization of capitalized interest		—			559		559		494		475		600
Earnings as defined	$	(15,279	)	$	154,196	$	80,311	$	92,196	$	106,713	$	96,794
Fixed Charges (including capitalized items)
Interest Expense	$	78,874		$	61,380	$	38,643	$	37,063	$	44,336	$	18,999
Interest capitalized		—			86		300		766		3,064		458
Amortized capitalized expenses related to indebtedness		2,582			2,400		320		191		178		222
Estimated interest within rental expense		423			486		552		585		557		437
Fixed charges as defined	$	81,879		$	64,352	$	39,815	$	38,605	$	48,135	$	20,116
Ratio of earnings to fixed charges		N/A	(1)		2.4		2.0		2.4		2.2		4.8

(1)  For the nine months ended September 30, 2005, earnings were not sufficient to cover fixed charges by $97.2 million.