Sands Regent Takes Depot Casino
RENO, NV, September 2, 2005. The Sands Regent, parent company to the Sands Regency Casino/Hotel in downtown Reno, Nevada, Gold Ranch Casino and RV Resort in Verdi, Nevada and Rail City Casino in Sparks, Nevada, announced today the completion of an agreement to purchase the Depot Casino and the Red Hawk Sports Bar in Dayton, Nevada. The Sands Regent became the owner and operator of the two properties today, September 1, 2005.
Under terms of the sales agreement announced in February, 2005, The Sands Regent has paid the previous owners of the two properties $10,700,000, consisting of $10,000,000 in cash and approximately $700,000 in shares of The Sands Regent common stock. The final purchase price will be based on the twelve-month financial performance of the Dayton properties prior to closing of the sale.
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. The combined footprint of the two properties covers approximately 5 acres.
Dayton is one of the fastest growing communities in the United States. Located approximately 10 miles east of Carson City, Dayton is the largest town in Lyon County, Nevada's fastest-growing county, which recorded 16.3% growth between 2000 and 2003. Approximately 16,000 new homes are planned for the area over the next eight years.
Ferenc Szony, President and CEO of The Sands Regent, commented, "The Depot Casino and the Red Hawk Sports Bar make great additions to our portfolio of properties. As with our 2004 acquisition of Rail City in Sparks, we expect these properties to further enhance our customer base of local residents of Northern Nevada and provide additional balance to our revenue picture on a seasonal basis. We have enjoyed working with the top-notch management of these two very strategically located properties as we prepared to close the acquisition, and we see tremendous potential for expansion and cross-marketing between these properties and our other properties as the Dayton area continues to grow."
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