Rule 424(b)(3)
Registration Statement 333-33204
PROSPECTUS SUPPLEMENT
DATED MARCH 4, 2003
TO
PROSPECTUS DATED SEPTEMBER 12, 2000
_______________________________________
ALPHA HOSPITALITY CORPORATION
_______________________________________
This Prospectus Supplement, dated March 4, 2003 (the
"Supplement"), supplements that certain Prospectus dated
September 12, 2000 (the "Prospectus") and should be read in
conjunction with such Prospectus.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or passed upon the adequacy of this prospectus
supplement. Any representation to the contrary is a criminal
offense.
REDUCTION OF EXERCISE PRICE
On July 31, 2000, we issued non-transferable warrants to
purchase shares of our common stock, $.01 par value per share, to
Societe Generale. Each warrant entitles Societe Generale to
purchase one share of our common stock at an exercise price of
$24.00 per share (as adjusted to reflect the reverse 1-for-10
stock split effected by us on June 27, 2001).
On March 4, 2003, our Board of Directors agreed to reduce
the exercise price of the warrants from $24.00 to $.01 per share,
effective as of February 28, 2003. All other terms regarding the
warrants, including the expiration date of the warrants, remain
the same. The Board of Directors makes no recommendation whether
to exercise the warrants.
All provisions of the Prospectus not specifically amended by
this Supplement remain in full force and effect.
Please insert this Supplement into your Prospectus and
retain both this Supplement and the Prospectus for future
reference. If you would like to receive a copy of the Prospectus
please write to Alpha Hospitality Corporation's Corporate
Secretary at 707 Skokie Boulevard, Suite 600, Northbrook, IL
60062 or call (847) 418-3804.