The Sands Regent Shareholders Approve Acquisition by Herbst
02 September 2006 - 8:22AM
PR Newswire (US)
RENO, Nev., Sept. 1 /PRNewswire-FirstCall/ -- The Sands Regent
(NASDAQ:SNDS) announced today that its shareholders approved the
proposed acquisition by Herbst Gaming Inc., at a special
shareholders' meeting held today. Votes to approve the proposed
acquisition represented approximately 67% of the Company's shares
outstanding. The Sands Regent and Herbst anticipate the closing of
the acquisition, pending the receipt of gaming approvals and other
applicable conditions, by the end of calendar 2006. Under the
merger agreement, each outstanding share of the Company's common
stock will be converted into the right to receive $15.00 in cash,
without interest. The proposed acquisition was first announced on
May 16, 2006, and is described in more detail in the definitive
proxy statement filed by The Sands Regent with the Securities and
Exchange Commission on July 26, 2006. 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, 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 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 DATASOURCE: The Sands Regent CONTACT:
Ferenc B. Szony, President and Chief Executive Officer of The Sands
Regent, +1-775-348-2210; or Sean Collins, Senior Partner of CCG
Investor Relations, +1-310-477-9800, for The Sands Regent Web site:
http://www.ckcooper.com/
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