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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549



FORM 10-Q/A



|x | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ---------------------------------------------------------------------------------------



For the quarterly period ended December 31, 2003



or



| ̈ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ----------------------------------------------------------------------------------------



For the transition period from
 to



Commission file number 0-14050



THE SANDS REGENT

(exact name of
registrant as specified in charter)



|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Nevada                                                         |  | 88-0201135                          
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
|                                                               | 
|345 North Arlington Avenue, Reno, Nevada                       |  | 89501                               
|(Address of principal executive offices)                       |  | (Zip code)                          



Registrants
telephone number, including area code (775) 348-2200



Indicate by check
mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ̈



Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Exchange Act. Yes ̈No x



On February 13, 2004, the registrant had outstanding 5,106,555 shares of its common stock, $.10 par value.



Explanatory Note: The purpose of filing this Quarterly Report on Form 10-Q/A is to
correct the period covered by Exhibit 32, which should have been the quarter ended December 31, 2003 not the quarter ended September 30, 2003 as originally presented.



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THE SANDS REGENT AND SUBSIDIARIES

SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



|                     |  |  |  |                               |  |                        |  |                                                       
|-------------------- |  |  |  | ----------------------------- |  | ---------------------- |  | ------------------------------------------------------
|                     |  |  |  | THE SANDS REGENT (Registrant)
|                     |  |  | 
|Date: March 15, 2004 |  |  |  | By:                           |  | /S/    FERENC B. SZONY
|                     |  |  |  |                               |  |                        | 
|                     |  |  |  |                               |  |                        |  | Ferenc B. Szony, President and Chief Executive Officer



|                     |  |  |  |     |  |                           |  |                                                                     
|-------------------- |  |  |  | --- |  | ------------------------- |  | --------------------------------------------------------------------
|                     |  |  | 
|Date: March 15, 2004 |  |  |  | By: |  | /S/    ROBERT J. MEDEIROS
|                     |  |  |  |     |  |                           | 
|                     |  |  |  |     |  |                           |  | Robert J. Medeiros, Chief Financial and Principal Accounting Officer



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