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The Sands Regent Reports Filing Delay

RENO, Nevada – (PRESS RELEASE) -- The Sands Regent (Nasdaq: SNDS) announced today that the filing of its quarterly report on Form 10-Q for the three months ending December 31, 2005 and the release of its financial results for the same period will be delayed pending the conclusion of an internal review being conducted under the direction of the Audit Committee of its Board of Directors.

On February 6, 2006, the Audit Committee initiated an internal review in response to receipt of allegations made by a former employee of the Company relating to the recording of the acquisition of the Dayton Casino, which was completed on September 1, 2005, and the recording of costs and expenses for the first two quarters of fiscal 2006.

The Audit Committee has retained an independent accountant and outside legal counsel to assist with the review. The Company is endeavoring to have the review completed as soon as possible. However, the Company cannot estimate at this time when the review will conclude. Until the review is complete and the findings are assessed, the Company will be unable to complete its financial statements for the fiscal 2006 second quarter and six-month period ended December 31, 2005. No determination has been made as to whether any restatement may be required in the Company's financial statements for the quarter ending September 30, 2005 or any previous period. The Company anticipates that it will next report on this matter when the investigation is complete.

The Company has notified the Securities and Exchange Commission and The NASDAQ Stock Market that the Company's Form 10-Q filing for the three months ended December 31, 2005 will be delayed while the investigation is being completed. The Company does not believe at this time that it will be able to file its Form 10-Q within the five-day extension of the filing deadline permitted under Rule 12b-25. The Company anticipates that it will request and participate in a hearing before a NASDAQ panel regarding its compliance with the listing standards related to the timely filing of financial reports.

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