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 RENO, Nev., Nov. 12 /PRNewswire/ -- The Sands Regent (NASDAQ: SNDS) announced today that it has achieved record revenues and operating income for the quarter ended Sept. 30, 1993. Revenues increased from $12.3 million in the first quarter of fiscal 1993 to $12.5 million in the current year first quarter. Likewise, income from operations increased from $3.1 million to $3.3 million. Such increases are primarily a result of increased revenues per occupied room and improved operational efficiency.
 For the same comparable quarters, net income decreased from $2 million to $1.5 million and net income per share decreased from $.46 to $.35. Such decrease is principally due to the write-off of pre- opening costs by Gulfside Casino Partnership dba Copa Casino, a 40 percent-owned affiliate of the company. Such pre-opening costs, which amounted to over $2 million for the partnership, were accumulated and capitalized until the mid-September 1993 opening. The conservative accounting approach is to recognize such costs as an immediate one-time expense instead of amortizing them over an extended period of time.
 Pete Cladianos Jr., president of The Sands Regent, said, "We are very pleased about the continued success of our Reno operation. The Sands Regency is a mainstay in the community and our marketing and management efforts continue to be rewarded.
 "We were disappointed that the opening of the Copa Casino missed the busy summer season. The combination of a less than desirable temporary location and the slower winter season has caused the Copa Casino results to be less than we expected.
 "We anticipate moving our facility, which is a 500-foot cruise ship, from the present location to a new permanent location within the next several months. Presently under construction, this new location will be closer to Highway 90 and will allow for improved access to the Copa. The new location will also provide improved parking facilities and will allow for future expansion.
 "The Copa is in its infancy and we look forward to its development and maturity. Our immediate objective, through aggressive marketing efforts, is to attract and retain customers during an ebb in the tourism season. We feel our past experience and expertise should be helpful and that the Copa will grow and prosper."
 The Sands Regent owns and operates a 1,000-room hotel/casino located in Reno and is a 40 percent partner and manager of the Copa Casino in Gulfport, Miss.
 Financial Highlights
 (In Thousands, except per share data)
 Three Months
 Ended Sept. 30,
 1993 1992
 Revenues $12,499 $12,284
 Income from operations 3,299 3,101
 Net income 1,502 1,996
 Net income per share .35 .46
 Weighted number of shares
 outstanding 4,335,722 4,321,722
 -0- 11/12/93
 /CONTACT: David R. Wood of The Sands Regent, 702-348-2298/

CO: The Sands Regent ST: Nevada IN: CNO SU: ERN

JB-MF -- LA024 -- 3846 11/12/93 16:09 EST
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Publication:PR Newswire
Date:Nov 12, 1993

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