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RENO, NV-Locally based Sands Regent has received a desliting warning from the Nasdaq Stock Market Inc. The publicly held owner of the 833-room Sands Regency Casino and Hotel here said Monday it is subject to delisting from the Nasdaq due to its failure to file its annual report (Form 10-K) for the year ended June 30 in a timely manner.

The news follow’s last week’s 8-K filing by the company, which described certain accounting errors from fiscal 2004 and 2005 and committed to restating the results in its upcoming annual report, which will be past due as of this Wednesday. The restatement involves correcting errors in Sands Regent’s accounting for deferred taxes, tax liabilities and tax provisions for the years ended June 30, 2004 and 2005, as well as errors in the classification of cash versus short-term debt balances for the year ended June 30, 2005.

“The company currently cannot estimate when it may file [the 10-K] but will do so as soon as practicable following completion of the restatement of previously issued financial statements,” the company stated in its 8-K filing.

Sand Regent says it expects to make a timely request for hearing before a Nasdaq Listing Qualifications Panel to request continued listing until it files the 10-K. Listing Qualifications staff has said such a request would lead to a postponement of the delisting pending the Panel’s decision.

In addition to the Sands Regency Casino and Hotel in downtown Reno, Sands Regent owns the Gold Ranch Casino and RV Resort in Verdi, NV; Rail City Casino in Sparks, NV, and Depot Casino and the Red Hawk Sports Bar in Dayton, NV.

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