The Sands Regent Receives Notice of Potential Delisting Due to Delayed Quarterly Filing, Plans to Request Hearing
February 17 2006 - 5:43PM
PR Newswire (US)
RENO, Nev., Feb. 17 /PRNewswire-FirstCall/ -- The Sands Regent
(NASDAQ:SNDS) announced that, on February 15, 2006, the Company
received notice from The NASDAQ Stock Market, Inc. Listing
Qualifications Staff that the Company's securities are subject to
potential delisting as of February 24, 2006 from The NASDAQ Stock
Market due to the Company's failure to file its quarterly report on
Form 10-Q for the three months ended December 31, 2005 on a timely
basis. On February 14, 2006, the Company announced a delay in the
filing of its Form 10-Q pending completion of an internal review in
response to receipt of allegations made by a former employee of the
Company relating to the recording of the acquisition of the Dayton
Casino, which was completed on September 1, 2005, and the recording
of costs and expenses for the first two quarters of fiscal 2006.
The Company currently cannot estimate when it may file its Form
10-Q for the three months ended December 31, 2005, but will do so
as soon as practicable following completion of the investigation.
Because of this delay, the Company is not in compliance with NASDAQ
Marketplace Rule 4310(c)(14), which requires the timely filing with
NASDAQ of all reports and other documents filed or required to be
filed with the Securities and Exchange Commission. The Company
expects to make a timely request for hearing before a NASDAQ
Listing Qualifications Panel to request continued listing on The
NASDAQ SmallCap Market until the Company files its Form 10-Q for
the three months ended December 31, 2005. In its notification
letter, the NASDAQ Listing Qualifications Staff informed the
Company that this request will result in a postponement of the
delisting pending the Panel's decision. However, the Company can
provide no assurance that the Panel will grant its request for
continued listing. About The Sands Regent The Sands Regent owns and
operates the Sands Regency Casino and Hotel in downtown Reno,
Nevada, Gold Ranch Casino and RV Resort in Verdi, Nevada, Rail City
Casino in Sparks, Nevada and the Depot Casino and the Red Hawk
Sports Bar in Dayton, Nevada. 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/. 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 Caf� 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). Web site: http://www.railcity.com/. On
September 1, 2005, The Sands Regent completed the acquisition of
two privately held casino properties in Dayton, NV, the Depot
Casino and the Red Hawk Sports Bar. The Depot Casino has
approximately 16,000 square feet of restaurant and casino space
with 250 slots, two restaurants 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, and other factors discussed in our Annual Report on
Form 10-K for the year ended June 30, 2005, 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 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 Sean Collins, Partner of CCG Investor
Relations, +1-310-477-9800, for The Sands Regent Web site:
http://www.railcity.com/ Web site:
http://www.goldranchrvcasino.com/ Web site:
http://www.sandsregency.com/
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