The Sands Regent Announces Update on Rail City Expansion Plans
21 Março 2006 - 10:00AM
PR Newswire (US)
RENO, Nev., March 21 /PRNewswire-FirstCall/ -- The Sands Regent
(NASDAQ:SNDS) today announced today an update on expansion plans
for its Rail City Casino property in Sparks, NV. Initially, the
property's current 650 slot machines will be increased to 850, with
ultimate plans for a total of 1,000 games. Pending completion of
the permit process with the city of Sparks, management plans to
begin a six-month, phased construction process in mid-calendar year
2006. Included in the scope of the expansion will be an additional
restaurant and bar venue. Effective March 20, 2006, Plantation
Investments, Inc., a subsidiary of the Company, has contracted to
purchase a half-acre site that is adjacent to the casino, for $1.3
million. Occupying the site currently is a 27-unit motel. The
Company plans to demolish substantially all of the motel units to
provide for additional customer parking during construction and
continuing once the expansion is completed. Closing of the
transaction is scheduled to occur on or before April 3, 2006. The
scope of the expansion has been increased and the budgeted project
costs have been revised to approximately $13.8 million versus the
previous estimate of $8.5 million. Increased construction costs,
refinement of the project scope, careful sequencing of construction
activity to minimize customer inconvenience and the acquisition of
additional land for customer parking are the primary drivers of the
increased cost estimates. About The Sands Regent The Sands Regent
owns and operates Rail City Casino in Sparks, Nevada, Sands Regency
Casino and Hotel in downtown Reno, Nevada, Gold Ranch Casino and RV
Resort in Verdi, Nevada, and the Depot Casino and Red Hawk Sports
Bar in Dayton, Nevada. Rail City Casino, located in Sparks, Nevada,
currently has approximately 16,600 square feet of gaming space
housing slot machines, table games, keno, a sports book, and the
City Cafe family-style restaurant, with plans to expand to expand
by 23,500 square feet in 2006 to house additional slot machines and
add a brew pub restaurant and bar. Located near Victorian Square at
2121 Victorian Avenue in Sparks, it is the first casino a motorist
encounters when exiting Interstate 80 at the Rock Boulevard exit
(Exit 16). Web site: http://www.railcity.com/. The Sands Regency is
an 833-room hotel and casino with 29,000 square feet of gaming
space offering table games, a sports book, poker room, keno, bingo
and slot machines. In addition to the amenities and on-site brand
name restaurants, the Company's property also includes a 12,000
square foot convention and meeting center which seats close to
1,000 people. For further information, visit
http://www.sandsregency.com/. The Gold Ranch Casino and RV Resort
is located in Verdi, Nevada, twelve miles west of Reno. Gold Ranch
offers slot machines in an 8,000 square foot casino, a sports book,
two restaurants, a 105-space RV park, a California lottery station,
an ARCO gas station and a convenience store. Web site:
http://www.goldranchrvcasino.com/. The Depot Casino and the Red
Hawk Sports Bar, acquired on September 1, 2005, are located in
Dayton, Nevada. The Depot Casino has approximately 16,000 square
feet of restaurant and casino space with 250 slots, a restaurant
and two bars. The Red Hawk Sports Bar, across the street from Depot
Casino, has 33 slots, a convenience store and a bar. This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The
forward-looking statements contained in this release are based on
current expectations and entail various risks and uncertainties
that could cause actual results to differ materially from those
suggested in the forward-looking statements. Such risks and
uncertainties include, among others, the future performance of the
Company's management team, general economic financial and business
conditions, overall conditions in the gaming and entertainment
industries, our ability to successfully integrate the operations of
casinos that we acquire and realize the expected benefits of these
acquisitions, the risk that the land purchase and Rail City
expansion discussed in this press release may not occur in a timely
manner or at all, our ability to carry out our development plans
(including the development plans discussed in this press release)
in a timely manner and on budget, and other factors discussed in
our Annual Report on Form 10-K for the year ended June 30, 2005, as
well as Forms 10-Q and other filings with the Securities and
Exchange Commission. The Sands is providing this information as of
the date of this release and does not undertake any obligation to
update any forward-looking statements contained in this document as
a result of new information, future events or otherwise. Contact:
Ferenc B. Szony, President and Chief Executive Officer The Sands
Regent (775) 348-2210 or Sean Collins, Partner CCG Investor
Relations (310) 477-9800 DATASOURCE: The Sands Regent CONTACT:
Ferenc B. Szony, President and Chief Executive Officer of The Sands
Regent, +1-775-348-2210, or fax, +1-775-348-6241; or Sean Collins,
Partner of CCG Investor Relations, +1-310-477-9800, or fax,
+1-310-231-8663, for The Sands Regent Web site:
http://www.sandsregency.com/
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