The Sands Regent Announces Purchase of Land for Rail City Expansion
November 30 2005 - 4:28PM
PR Newswire (US)
RENO, Nev., Nov. 30 /PRNewswire-FirstCall/ -- The Sands Regent
(NASDAQ:SNDS) announced today the purchase of 2.58 acres of land
adjacent to its Rail City Casino property in Sparks, Nevada, which
it had been leasing from the State of Nevada. Plantation
Investments, Inc., a subsidiary of The Sands Regent, signed a
contract to acquire the land for $901,000. The Company expects to
close escrow by the end of December. The land will be utilized in
the expansion of the casino and food and beverage operations at
Rail City, with plans to expand floor space by 23,500 square feet
under a preliminary budget of $8.5 million. 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 early 2006 which
is expected to take six months. Upon close of escrow, the Company
expects to record a $421,000 non-cash charge to income for the
unamortized value of the intangible asset relating to the lease
from the State of Nevada. "We are excited about increasing capacity
at Rail City, the most profitable and consistent performer in our
portfolio of properties," commented Ferenc Szony, The Sands
Regent's President and CEO. "We expect the new restaurant and bar
that we plan to add, featuring a brew pub concept, will be very
well received and will further enhance Rail City's performance."
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 Caf�
family-style restaurant, with plans to expand to expand to 23,000
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 Sean Collins, Partner of CCG Investor
Relations, +1-310-477-9800, for The Sands Regent Web site:
http://www.sandsregency.com/ http://www.goldranchrvcasino.com/
http://www.railcity.com/
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