Nevada Gaming Commission Approves Herbst Acquisition of The Sands Regent
22 Dezembro 2006 - 11:30AM
PR Newswire (US)
RENO, Nev., Dec. 22 /PRNewswire-FirstCall/ -- The Sands Regent
(NASDAQ:SNDS) announced today that the Nevada Gaming Commission
unanimously approved the proposed acquisition of The Sands Regent
by privately held Herbst Gaming Inc. The transaction is subject to
customary closing conditions and satisfaction of regulatory
requirements. The Sands Regent and Herbst anticipate the closing of
the acquisition by January, 2007. "We are pleased to become part of
a larger, more diversified gaming company and believe this approval
provides excellent value to our shareholders and customers and
expanded opportunities for our employees," said Ferenc B. Szony,
President and CEO of The Sands Regent. Las Vegas-based Herbst
Gaming is one of Nevada's largest slot machine operators, with more
than 8,400 machines in non-casino locations such as bars,
restaurants, grocery, drug and convenience stores. Currently, it
also operates eight casinos in southern Nevada, Missouri and Iowa.
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, 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. 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). 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. 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. 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 and a bar. This
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
You can identify these statements by the fact that they do not
relate strictly to historical or current facts. These statements
contain words such as "may", "will", "project", "might", "expect",
"believe", "anticipate", "intend", "could", "would", "estimate",
"continue", or "pursue", or the negative or other variations
thereof or comparable terminology. In particular, they include
statements relating to, among other things, future actions,
strategies, future performance and future financial results of the
Company. 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, and other factors discussed in our
Annual Report on Form 10-K for the year ended June 30, 2006,
subsequent 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 other wise. Contact:
Ferenc B. Szony, President and Chief Executive Officer The Sands
Regent (775) 348-2210 or Sean Collins, Senior Partner CCG Investor
Relations (310) 477-9800 For Further Information: The Sands Regent
CCG Investor Relations 345 North Arlington Avenue 10960 Wilshire
Boulevard, Suite 2050 Reno, NV 89501 Los Angeles, CA 90024 (775)
348-2210 (310) 477-9800 (775) 348-6241 Fax (310) 231-8663 Fax
Contact: Ferenc Szony, Contact: Sean Collins, President and CEO
Senior Partner DATASOURCE: The Sands Regent CONTACT: Ferenc B.
Szony, President and Chief Executive Officer, The Sands Regent,
+1-775-348-2210; Sean Collins, Senior Partner, CCG Investor
Relations, +1-310-477-9800 Web site: http://www.sandsregency.com/
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