753899--10/26/2006--SANDS

related topics

{operation, natural, condition}

{regulation, change, law}

{acquisition, growth, future}

{competitive, industry, competition}

{control, financial, internal}

{personnel, key, retain}

{condition, economic, financial}

Our business may be adversely impacted if the Reno economy declines. The gaming industry is highly competitive and increased competition could have a material adverse effect on our future operations. Our business may be adversely impacted by expanded Native American gaming operations in California and the Pacific Northwest. Adverse winter weather conditions in the Sierra Nevada Mountains and Reno-Lake Tahoe area could have a material adverse effect on our results of operations and financial condition. There are material risks related to the potential delay or failure to consummate the proposed merger with Herbst. Terrorist attacks may seriously harm our business. If we lose our key personnel, our business could be materially adversely affected. Our business is subject to restrictions and limitations imposed by regulatory authorities that could adversely affect us. If the State of Nevada or local municipalities increase gaming taxes and fees, our results of operations could be adversely affected. Recently issued standards, rules and regulations of governing agencies and bodies could result in material increases in our corporate expense which could adversely affect our financial results. Our substantial indebtedness after recent acquisitions could adversely affect our operations and financial results. We may be unable to successfully integrate the operations of our recent and future acquisitions and/or experience significant charges to earnings as a result of the acquisition that may adversely affect our stock price and financial condition. We have experienced material weaknesses in our internal controls. If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results and our management may not be able to provide its report on the effectiveness of our internal controls as required by the Sarbanes-Oxley Act of 2002.

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753899--10/26/2006--SANDS_REGENT