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The Sands Regent Announces Improved Q3 Results

For the third quarter ended March 31, 2000, revenues increased 17%, to $8.6 million, as compared to revenues of $7.4 million for the third quarter of the previous year. Net income for the Company increased to $143,000, or $0.03 per share, versus a net loss of $378,000, or $(0.08), for the comparable quarter in the prior year. EBITDA also increased by over 150% from $471,000 to over $1.2 million.

For the nine months ended March 31, 2000, the Company reported net income of $436,000, or $.10 per share, as compared to a net loss of $1.5 million, or $(.33), for the nine months ended March 31, 1999. The Company also reported EBITDA of $3.5 million on its flagship Sands Regency Reno property, in the nine-month period ended March 2000, as compared with $1.4 million for the nine-month period ended March 1999, a 150% increase.

The Company's income from operations for the nine months ended March 31, 2000 was $1.0 million on revenues of $26 million, versus a loss from operations of $915,000 on revenues of $34.7 million in last year's comparable nine-month period. Accounting for the decline in revenues was the elimination of operating results from the Copa Casino in Gulfport, Mississippi, which was sold in December 1998.

Ferenc B. Szony, President and CEO of the Sands Regent, commented, ``We are pleased with the continued improvement in our Company's financial performance and the strong 17% increase in third quarter revenue. This is the third quarter in a row in which we see improved revenues enhancing our bottom line. Coupled with the continued positive impact of operating efficiencies, these improved revenues have significantly impacted our overall profitability.

``As we have successfully done in the last several years, we will continue to make additions and changes to the entertainment product that we offer our guests. Our latest addition was a Bingo Parlor in February, which has been successful in attracting new guests to our facility and in adding a new gaming venue for our existing guests.

``Our future prospects are exciting. Our property has been remodel and we continue to improve it. Further, the city-wide Women's International Bowling Congress is in Reno through July 2000. We expect this to also contribute to the positive growth of our earnings, especially in the fourth quarter.''

The Sands Regent owns and operates the Sands Regency Casino and Hotel in downtown Reno, Nevada. The Sands Regency is an 850-room hotel and casino with 27,000 square feet of gaming space offering table games, keno and slot machines. In addition to complete 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.

Statements contained in this release, which are not historical facts, are ``forward-looking'' statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied in the forward-looking statements.

The Sands Regent Financial Highlights (In Thousands except per share data)

Three Months Nine Months

Ended March 31, Ended March 31,

2000 1999 2000 1999

Consolidated Financial Report

Revenues $8,623 $7,368 $25,573 $34,718

Income (Loss) from

Operations 397 (296) 1,039 (915)

Net Income (Loss) 143 (378) 436 (1,480)

Net Income (Loss)

per share:

Basic .03 (.08) .10 (.33)

Diluted .03 (.08) .10 (.33)

Weighted Number of Shares Outstanding

Basic 4,497,381 4,498,361 4,496,424 4,497,622

Diluted 4,564,962 4,498,361 4,538,897 4,497,622

Comparative Financial Highlights

Revenues

The Sands Regency

(Reno) $8,623 $7,368 $25,573 $ 23,264

Copa Casino

(Gulfport) -- -- -- 11,454

Income (Loss) from Operations

The Sands Regency 397 (296) 1,039 (928)

Copa Casino -- -- -- 13

Net Income (Loss)

The Sands Regency 143 (378) 436 (1,186)

Copa Casino -- -- -- (294)

Operating Cash Flow

(EBITDA) (A)

The Sands Regency 1,217 471 3,451 1,386

Copa Casino -- -- -- 657

(A) Earnings before depreciation, interest, gain (loss) and taxes

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