GB PROPERTY FUNDING CORP
T-3/A, 2000-07-17
HOTELS & MOTELS
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                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                 AMENDMENT No.1
                                       TO

                                    FORM T-3


                   APPLICATION FOR QUALIFICATION OF INDENTURE
                      UNDER THE TRUST INDENTURE ACT OF 1939


                            GB PROPERTY FUNDING CORP.
                           --------------------------
                               (Name of Applicant)

                            c/o Sands Hotel & Casino
                         Indiana Avenue & Brighton Park
                         Atlantic City, New Jersey 08401
                 ----------------------------------------------
                    (Address of principal executive offices)

SECURITIES TO BE ISSUED UNDER INDENTURE TO BE QUALIFIED:


         Title of Class                                             Amount
         --------------                                             ------

11% First Mortgage Notes due 2005                                  $110,000,000


                            -------------------------

Approximate Date of Proposed Public Offering:   As soon as practicable after the
                                                effective date of this
                                                application.

                                                 --------------------------

                                 Frederick Kraus
                            c/o Sands Hotel & Casino
                         Indiana Avenue & Brighton Park
                         Atlantic City, New Jersey 08401
                     (Name and Address of Agent for Service)

                                 With a copy to:

                               Marc Weitzen, Esq.
                             Icahn Associates Corp.
                                767 Fifth Avenue
                            New York, New York 10153

                              ---------------------

The applicant hereby amends this  application for  qualification on such date or
dates as may be necessary  to delay its  effectiveness  until:  (i) the 20th day
after the filing of a further amendment which specifically  states that it shall
supersede this amendment,  or (ii) such date as the Commission,  acting pursuant
to Section  307(c) of the Trust  Indenture  Act of 1939, as amended (the "TIA"),
may determine upon the written request of the applicant.

                                     Page 1
<PAGE>




                        CONTENTS OF APPLICATION FOR QUALIFICATION

                  This Application for Qualification comprises:

                  (a)  Pages numbered 1 to 2, consecutively.

                  (b) The following  exhibits in addition to those filed as part
                  of the  statement  of  eligibility  and  qualification  of the
                  trustee:

Exhibit    T3E    Fifth  Amended   Supplement  to  the  Master   Disclosure
                  Statement Pursuant to Section 1125 of the Bankruptcy Code with
                  Regard to the Fifth Amended Joint Plan of Reorganization Filed
                  by the Official Committee of the Unsecured  Creditors and High
                  River.

                                    SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the
Applicant,  GB Property Funding Corp., a Delaware  corporation,  has duly caused
this Application on Amendment No.1 to Form T-3 to be signed on its behalf by the
undersigned,  thereunto duly authorized, and its seal to be hereunto affixed and
attested, all in the City of Atlantic City, and State of New Jersey, on the 17th
day of July, 2000.

                                       GB PROPERTY FUNDING CORP.
         (Seal)



                                       By: /s/ Timothy A. Ebling
                                           -------------------------------
                                       Name:  Timothy A. Ebling
                                       Title: Executive Vice President and

                                                Chief Financial Officer

         Attest:


         By:  /s/ Frederick H. Kraus
              -------------------------------
         Name:  Frederick H. Kraus
         Title: Executive Vice President,
                  General Counsel and Secretary

                                  EXHIBIT INDEX




Exhibit No.       Exhibit

T3E               Fifth Amended  Supplement to the Master  Disclosure  Statement
                  Pursuant to Section 1125 of the Bankruptcy Code with Regard to
                  the Fifth  Amended Joint Plan of  Reorganization  Filed by the
                  Official Committee of the Unsecured Creditors and High River.


                                     Page 2


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