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The Sands Regent ran into trouble recently when
accounting errors caused the NASDAQ Stock Market’s Listing Qualifications
Staff to send a letter stating the company may undergo a delisting if the
errors are not promptly fixed. The Sands Regent is the parent company of
many slot machine and gambling casinos. Between their casinos the Sands
Regent is a major player in the slot machine and gambling industry—they own
and operate thousands of gaming tables, and slot machines in addition to
hotels, restaurants, resorts, bars, and many other common amenities found at
casinos.
Last month the Sands Regent was notified that they did not file their 10-K
in a timely manner, and as a result they could face delisting by the NASDAQ
Staff. According to the Staff, “the Company’s securities are subject to
potential delisting from The NASDAQ Stock Market as of October 26, 2006.”
But this is just the beginning of the problems facing the slot machine
operating Sands Regent. The Sands filed with the Securities and Exchange
Commission a Form 8-K—this form indicated that the accounting errors go
beyond the last fiscal year, and into the two previous years. Though the
Sands intends to file their Form 10-K, they also indicated that they will be
redoing their June 2004 and June 2005 financial statements.
So basically it comes down to the fact that the NASDAQ Staff are not
impressed with the slot machine operating Sands Regent—in order to remain in
good standing with NASDAQ Marketplace Rule 4310(c)(14) the slot machine
operators will have to first request a hearing that will determine if they
can continue their listing with the NASDAQ.
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