Alpha Hospitality Conducts Annual Meeting.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 14, 2001

Alpha Hospitality Corporation (NASDAQ:ALHY; BSE:ALH, ALHW; OTCBB:ALHYW) (the "Company") announced that at the Company's annual meeting held yesterday on its recently launched ship, the Ella Star Casino in Miami Beach, Florida, the shareholders overwhelmingly approved the following proposals: a) to elect the Board of Directors; b) to amend the Certificate of Designations for the Company's Series B and C Preferred Stock to provide for issuance of shares of common stock in payment of accrued dividends; c) to authorize issuance of shares of common stock in payment of dividends accrued on the Company's Series C Preferred Stock for 1998, 1999 and 2000; d) to authorize an amendment to the Company's Certificate of Incorporation to provide for a reverse 1-for-10 split of the Company's common stock; and e) to ratify the appointment of the Company's independent certified public accountants, Stanley S. Tollman, Thomas W. Aro, James A. Cutler, Herbert F. Kozlov, Brett G. Tollman and Matthew B. Walker were reelected to serve as Directors of the Company.

The Company and its partner, Catskill Development, aggressively continue their efforts to pursue the proposed Native American Casino to be built at Monticello Raceway in Monticello, New York, as well as their $2.1 billion lawsuit against Park Place Entertainment (NYSE:PPE) for Tortious Interference with a Business Relationship.

To the extent the content of this press release includes forward-looking statements, they involve risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made.