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Sands Regent, owner/operator of the Sands Regency Casino and Hotel in Reno, Nev., believes it will complete the acquisition of the Gold Ranch Casino and RV Resort this spring.
Completing the acquisition of Gold Ranch, located in Verdi, Nev., between Reno and the California state line, is subject to “certain contingencies including completion of financing and approval by the Nevada Gaming Authorities.”
Gold Ranch includes a 105-space RV park, an 8,000-square-foot casino with around 300 slot machines, a video arcade, coffee shop, a fast food restaurant, two bars, a convenience store, an ARCO gas station and a State of California lottery outlet.
Specific terms of the proposed transaction were not revealed.
The Gold Ranch property opened last July.
Meanwhile, Sands revealed Tuesday (Feb. 19) that it lost $252,000 during the three months ended Dec. 31, although it reported a net profit of $216,000 for the six months ended Dec. 31.
The company’s sales declined 6% during the October-through-December period to $7.5 million and its revenue was 9% lower during the six months ended Dec. 31 to $16.5 million.
Despite the sales declines and net loss for the final three months of 2001, Sands President and CEO Ferenc Szony said he is pleased with the results considering the negative impact on tourism of the Sept. 11 terrorist attacks and the weakening of the Silicon Valley, California economy.