QuickLinks -- Click here to rapidly navigate through this document

EXHIBIT 99.1

SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA

        The following table summarizes certain selected historical consolidated financial data of AREP, which you should read in conjunction with its financial statements and the related notes contained in this Form 8-K and "Management's Discussion and Analysis of Financial Condition and Results of Operations." The selected historical consolidated financial data as of December 31, 2004 and 2003, and for the years ended December 31, 2004, 2003 and 2002, have each been derived from our audited consolidated financial statements at those dates and for those periods, contained elsewhere in this report. The selected historical consolidated financial data as of December 31, 2002 and 2001 and for the year ended December 31, 2001 have each been derived from our audited consolidated financial statements at that date and for that period, not contained in this report. The selected historical consolidated financial data as of and for the year ended December 31, 2000 has been derived from our consolidated financial statements (unaudited) at that date and for that period. In addition, certain amounts have been reclassified as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144.

		Year Ended December 31,
		2004			2003			2002			2001			2000
		(in $000's, except per unit amounts)
Total revenues		$	452,012		$	368,946		$	434,652		$	414,545		$	378,179
Operating income		$	88,837		$	68,979		$	79,387		$	63,938		$	66,356
Other gains (losses):
	Gain on sale of marketable equity and debt securities		40,159			2,607			—			6,749			—
	Unrealized gains (losses) on securities sold short		(23,619	)		—			—			—			—
	Impairment loss on equity interest in GB Holdings, Inc.		(15,600	)		—			—			—			—
	(Loss) gain on sale of other assets		—			(1,503	)		(353	)		27			—
	Gain on sales and disposition of real estate		5,262			7,121			8,990			1,737			6,763
	Write-down of marketable equity and debt securities and other investments		—			(19,759	)		(8,476	)		—			—
	(Loss) gain on limited partnership interests		—			—			(3,750	)		—			3,461
	Minority interest		—			—			(1,943	)		(450	)		(2,747	)
Income from continuing operations before income taxes			95,039			57,445			73,855			72,001			73,833
Income tax (expense) benefit			(16,763	)		1,573			(10,096	)		25,664			379
Income from continuing operations			78,276			59,018			63,759			97,665			74,212
Discontinued operations:
	Income from discontinued operations		7,500			7,653			6,937			7,944			6,260
	Gain on sales and disposition of real estate		75,197			3,353			—			—			—
Total income from discontinued operations			82,697			11,006			6,937			7,944			6,260
Net earnings		$	160,973		$	70,024		$	70,696		$	105,609		$	80,472
Net Earnings Attributable to:
	Limited partners	$	152,507		$	59,360		$	63,168		$	66,190		$	72,225
	General partner		8,466			10,664			7,528			39,419			8,247
Net earnings		$	160,973		$	70,024		$	70,696		$	105,609		$	80,472

1

			Year Ended December 31,
			2004		2003		2002(1)		2001(1)		2000(1)
			(in $000's except per unit amounts)
Net earnings per limited partnership unit:
	Basic earnings:
		Income from continuing operations	$	1.55	$	1.00	$	1.12	$	1.17	$	1.35
		Income from discontinued operations		1.76		0.24		0.15		0.17		0.13
	Basic earnings per LP Unit		$	3.31	$	1.24	$	1.27	$	1.34	$	1.48
Weighted average limited partnership units outstanding				46,098,284		46,098,284		46,098,284		46,098,284		46,098,284
	Diluted earnings:
		Income from continuing operations	$	1.48	$	0.94	$	1.00	$	1.05	$	1.18
		Income from discontinued operations		1.57		0.19		0.12		0.14		0.11
	Diluted earnings per LP Unit		$	3.05	$	1.13	$	1.12	$	1.19	$	1.29
Weighted average limited partnership units and equivalent partnership units outstanding				51,542,312		54,489,943		56,466,698		55,599,112		56,157,079
Other financial data:
Capital expenditures (excluding property acquisitions)			$	16,221	$	33,324	$	21,896	$	68,199	$	52,598

	At December 31,
	2004		2003		2002(1)		2001(1)		2000(1)
	(in $000's)
Balance Sheet Data:
Cash and cash equivalents	$	762,708	$	487,498	$	79,540	$	83,975	$	172,621
Hotel, casino and resort operating properties		339,492		340,229		335,121		339,201		264,566
Investment in U.S. Government and Agency obligations		102,331		61,573		336,051		313,641		475,267
Other investments		245,948		50,328		54,216		10,529		4,289
Total assets		2,263,057		1,646,606		1,706,031		1,721,100		1,566,597
Mortgages payable		91,896		180,989		171,848		166,808		182,049
Senior secured notes payable—7.85%		215,000		—		—		—		—
Senior unsecured notes payable—81/8%		350,598		—		—		—		—
Liability for preferred limited partnership units(1)		106,731		101,649		—		—		—
Partners' equity	$	1,303,126	$	1,270,214	$	1,245,437	$	1,136,452	$	1,154,400

(1)

On July 1, 2003, we adopted Statement of Financial Accounting Standards No. 150 (SFAS 150), Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. SFAS 150 requires that a financial instrument, which is an unconditional obligation, be classified as a liability. Previous guidance required an entity to include in equity financial instruments that the entity could redeem in either cash or stock. Pursuant to SFAS 150, our preferred units, which are an unconditional obligation, have been reclassified from "Partners' equity" to a liability account in the consolidated balance sheets and the preferred pay-in-kind distribution for the period from July 1, 2003 to December 31, 2003 of $2.4 million and all future distributions have been and will be recorded as "Interest expense" in the consolidated statements of earnings.

2

QuickLinks

EXHIBIT 99.1