Exhibit 12.1

AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN THOUSANDS)

	Years Ended December 31,
	2005			2004		2003		2002		2001
Income from continuing operations before income taxes, income or loss from equity investees and minority interest	$	(41,918)		$	89,182	$	40,047	$	53,863	$	61,167
Fixed Charges:
Interest expense		98,931			59,783		38,545		37,063		44,336
Amortized capitalized expenses related to indebtedness		5,083			2,400		320		191		178
Estimated interest within rental expense		1,287			486		552		585		557
Amortization of capitalized interest		255			559		559		494		475
Earnings as defined	$	63,638		$	152,410	$	80,023	$	92,196	$	106,713
Fixed Charges (including capitalized items):
Interest expense	$	98,931		$	59,783	$	38,545	$	37,063	$	44,336
Interest capitalized		—			86		300		766		3,064
Amortized capitalized expenses related to indebtedness		5,083			2,400		320		191		178
Estimated interest within rental expense		1,287			486		552		585		557
Fixed charges as defined	$	105,301		$	62,755	$	39,717	$	38,605	$	48,135
Ratio of earnings to fixed charges		—	(1)		2.4		2.0		2.4		2.2

(1) Fixed changes exceeded earnings by $41.7 million for 2005.