Herbst to acquire
Reno-area casinos

Sep 5, 2006 8:20 AM

The Sands Regent based in Reno announced that its shareholders have approved a proposed acquisition by Herbst Gaming Inc., at a special shareholders’ meeting held last Friday. Pending the receipt of gaming approvals, the deal should close by the end of the year.

Under the merger agreement, each outstanding share of the company’s common stock will be converted into the right to receive $15 in cash, without interest.

The Sands Regent owns and operates Rail City Casino in Sparks, Sands Regency Casino and Hotel in downtown Reno, Gold Ranch Casino and RV Resort in Verdi, and the Depot Casino and Red Hawk Sports Bar in Dayton.

Rail City Casino has about 16,600 square feet of gaming space with slot machines, table games, keno, a sports book, and the City Cafe family-style restaurant.

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, 12 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. 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.