<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                    FORM 10-Q




[X]    Quarterly report pursuant to Section 13 or 15(d) of the Securities
       Exchange Act of 1934

              For the quarterly period ended September 30, 2000 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)


<TABLE>
<S>                                                <C>
                 Nevada                                88-0201135
     (State or other jurisdiction of                (I.R.S. Employer
     incorporation or organization)                Identification No.)


   345 North Arlington Avenue, Reno, Nevada              89501
   (Address of principal executive offices)            (zip code)
</TABLE>


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 [ ]

On November 13, 2000, the registrant had outstanding 4,498,722 shares of its
common stock, $.10 par value.



<PAGE>   2

                         THE SANDS REGENT AND SUBSIDIARY


                                    FORM 10-Q


                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                  Page No.
                                                                  --------

<S>                                                               <C>
          PART I FINANCIAL INFORMATION

          Item 1.  Financial Statements (Unaudited).               1 - 7

               Consolidated Statements of Operations               1 - 2

               Consolidated Balance Sheets                         3 - 4

               Consolidated Statements of Cash Flows               5 - 6

               Notes to Interim Consolidated Financial
                   Statements                                        7

          Item 2.  Management's Discussion and Analysis
                   of Financial Condition and Results of
                   Operations.                                     8 - 9


          PART II OTHER INFORMATION

          Item 1.  Legal Proceedings.                                10

          Item 2.  Changes in Securities.                            10

          Item 3.  Defaults Upon Senior Securities.                  10

          Item 4.  Submission of Matters to a Vote of
                   Security Holders.                                 10

          Item 5.  Other Information.                                10

          Item 6.  Exhibits and Reports on Form 8-K.                 10


          SIGNATURES                                                 11
</TABLE>



<PAGE>   3

                          PART I FINANCIAL INFORMATION

Item 1. Financial Statements.

                         THE SANDS REGENT AND SUBSIDIARY

                CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

<TABLE>
<CAPTION>
     (Dollars in thousands,                  THREE MONTHS
     except per share amounts)            ENDED SEPTEMBER 30,
                                        -----------------------
                                          1999           2000
                                        --------       --------
<S>                                     <C>            <C>
Operating revenues:                           --             --
  Gaming                                $  4,860       $  5,491
  Lodging                                  2,702          3,041
  Food and beverage                        1,834          1,834
  Other                                      323            362
                                        --------       --------
                                           9,719         10,728
  Less complimentary lodging, food
    and beverage included above              535            592
                                        --------       --------
                                           9,184         10,136
Operating costs and expenses:                 --             --
  Gaming                                   2,328          2,632
  Lodging                                  1,114          1,182
  Food and beverage                        1,542          1,606
  Other                                      139            145
  Maintenance and utilities                  755            839
  General and administrative               1,640          1,616
  Depreciation and amortization              719            724
                                        --------       --------
                                           8,237          8,744
                                        --------       --------
Income from operations                       947          1,392

Other income (deductions):
  Interest and other income                   76            129
  Interest and other expense                (323)          (325)
  Gain (loss) on disposition of
    property and equipment                   152            (60)
                                        --------       --------
                                             (95)          (256)
                                        --------       --------
Income before income taxes                   852          1,136
Income tax provision                         241            379
                                        --------       --------
Net income                              $    611       $    757
                                        ========       ========
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.



                                     -1-
<PAGE>   4

                         THE SANDS REGENT AND SUBSIDIARY

               CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

<TABLE>
<CAPTION>
     (Dollars in thousands,                               THREE MONTHS
     except per share amounts)                         ENDED SEPTEMBER 30,
                                              ------------------------------------
       (continued)                                1999                    2000
                                              -------------          -------------
<S>                                           <C>                    <C>
Net income per share:
  Basic                                       $         .14          $         .17
                                              =============          =============
  Diluted                                     $         .13          $         .16
                                              =============          =============
Weighted average shares outstanding:
  Basic                                           4,495,722              4,497,744
                                              =============          =============
  Diluted                                         4,567,809              4,740,641
                                              =============          =============
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.



                                     -2-
<PAGE>   5

                         THE SANDS REGENT AND SUBSIDIARY

                     CONSOLIDATED BALANCE SHEETS (Unaudited)

<TABLE>
<CAPTION>
     (Dollars in thousands)                           JUNE 30,      SEPTEMBER 30,
                                                       2000             2000
                                                      -------       -------------
<S>                                                   <C>           <C>
                                    ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                           $ 9,186          $10,052
  Short-term investments                                  753              110
  Accounts receivable less allowance
    for possible losses of $21 and $39                    507              500
  Note receivable, sale of subsidiaries                   180              180
  Inventories                                             631              597
  Prepaid expenses and other assets                     1,042              927
                                                      -------          -------
      Total current assets                             12,299           12,366
                                                      -------          -------
PROPERTY AND EQUIPMENT:
  Land                                                  8,487            8,487
  Buildings and improvements                           37,307           37,288
  Equipment, furniture and fixtures                    18,150           18,113
  Construction in progress                                214              697
                                                      -------          -------
                                                       64,158           64,585
  Less accumulated depreciation
    and amortization                                   31,027           31,520
                                                      -------          -------
      Property and equipment, net                      33,131           33,065
                                                      -------          -------
OTHER ASSETS:
  Note receivable, sale of subsidiaries, net            1,208            1,072
  Other                                                   454              480
                                                      -------          -------
      Total other assets                                1,662            1,552
                                                      -------          -------

      Total assets                                    $47,092          $46,983
                                                      =======          =======
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.



                                       -3-
<PAGE>   6

                         THE SANDS REGENT AND SUBSIDIARY

                     CONSOLIDATED BALANCE SHEETS (Unaudited)

<TABLE>
<CAPTION>
     (Dollars in thousands)                           JUNE 30,         SEPTEMBER 30,
                                                        2000               2000
                                                      --------         -------------

                       LIABILITIES AND STOCKHOLDERS' EQUITY


<S>                                                   <C>              <C>
CURRENT LIABILITIES:
  Accounts payable                                    $  2,430           $  1,983
  Accrued salaries, wages and benefits                   1,392              1,027
  Other accrued expenses                                   191                213
  Federal income tax payable                               234                 95
  Deferred federal income tax liability                    131                113
  Current maturities of long-term debt                     263                270
                                                      --------           --------
      Total current liabilities                          4,641              3,701
                                                      --------           --------

LONG-TERM DEBT                                          10,205             10,129
                                                      --------           --------
DEFERRED FEDERAL INCOME TAX LIABILITY                      909              1,058
                                                      --------           --------
      Total liabilities                                 15,755             14,888
                                                      --------           --------
STOCKHOLDERS' EQUITY:
  Preferred stock, $.10 par value, 5,000,000
    shares authorized, none issued                          --                 --
  Common stock, $.10 par value, 20,000,000
    shares authorized, 6,900,722 and
    6,901,722 shares issued                                690                690
  Additional paid-in capital                            12,730             12,731
  Retained earnings                                     40,275             41,032
                                                      --------           --------
                                                        53,695             54,453
  Treasury stock, at cost; 2,403,000 shares            (22,358)           (22,358)
                                                      --------           --------
      Total stockholders' equity                        31,337             32,095
                                                      --------           --------
      Total liabilities and stockholders'
        equity                                        $ 47,092           $ 46,983
                                                      ========           ========
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.



                                     -4-
<PAGE>   7

                         THE SANDS REGENT AND SUBSIDIARY

                CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

<TABLE>
<CAPTION>
                                                              THREE MONTHS ENDED
     (Dollars in thousands)                                      SEPTEMBER 30,
                                                          -------------------------
                                                            1999              2000
                                                          -------           -------
<S>                                                       <C>               <C>
OPERATING ACTIVITIES:
  Net income                                              $   611           $   757
  Adjustments to reconcile net income
   to net cash provided by
   operating activities:
    Depreciation and amortization                             719               724
    (Gain) loss on disposal of property
      and equipment                                          (152)               60
    (Increase) decrease in accounts
      receivable                                             (215)                7
    (Increase) decrease in inventories                        (33)               34
    Decrease in prepaid expenses
      and other current assets                                237               115
    (Increase) decrease in other assets                         2               (26)
    Increase (decrease) in accounts payable                   882              (179)
    Increase (decrease) in accrued expenses                   222              (343)
    Change in federal income taxes
      payable/receivable                                       --              (139)
    Change in deferred federal income taxes                   241               131
                                                          -------           -------
NET CASH PROVIDED BY OPERATING ACTIVITIES                   2,514             1,141
                                                          -------           -------
INVESTING ACTIVITIES:
  Purchase of short-term investments                       (1,941)             (100)
  Sale and maturity of short-term investments                  --               743
  Receipt of funds previously held in escrow and
    included in accounts receivable relative
    to the sale of subsidiaries                               653                --
  Payments received on note receivable                        132               136
  Additions to property and equipment                        (650)             (730)
  Proceeds from sale of property and
    equipment                                                 272                12
                                                          -------           -------
NET CASH PROVIDED BY (USED IN)
  INVESTING ACTIVITIES                                     (1,534)               61
                                                          -------           -------
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.



                                     -5-
<PAGE>   8

                         THE SANDS REGENT AND SUBSIDIARY

                CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

<TABLE>
<CAPTION>
                                                            THREE MONTHS ENDED
     (Dollars in thousands)                                    SEPTEMBER 30,
                                                        ---------------------------
                                                          1999               2000
                                                        --------           --------
<S>                                                     <C>                <C>
FINANCING ACTIVITIES:
  Payment of accounts payable for prior period
    purchases of property and equipment                       --               (268)
  Payments on long-term debt                                (275)               (69)
  Issuance of Company common stock                            --                  1
                                                        --------           --------
NET CASH USED IN FINANCING ACTIVITIES                       (275)              (336)
                                                        --------           --------
INCREASE IN CASH AND CASH EQUIVALENTS                        705                866
CASH AND CASH EQUIVALENTS, BEGINNING OF
  PERIOD                                                   5,540              9,186
                                                        --------           --------
CASH AND CASH EQUIVALENTS, END OF PERIOD                $  6,245           $ 10,052
                                                        ========           ========
SUPPLEMENTAL CASH FLOW INFORMATION:

  Property and Equipment acquired by
    accounts payable                                    $    533                 --
                                                        ========           ========


  Interest paid, net of amount capitalized              $    220           $    312
                                                        ========           ========
  Federal income taxes paid                             $     --           $    388
                                                        ========           ========
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.



                                     -6-
<PAGE>   9


                         THE SANDS REGENT AND SUBSIDIARY

         NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

                 THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999

NOTE 1 - BASIS OF PREPARATION

       These statements should be read in connection with the 2000 Annual Report
heretofore filed with the Securities and Exchange Commission as Exhibit 13 to
the Registrant's Form 10-K for the year ended June 30, 2000. The accounting
policies utilized in the preparation of the financial information herein are the
same as set forth in such annual report except as modified for interim
accounting policies which are within the guidelines set forth in Accounting
Principles Board Opinion No. 28.

       The Consolidated Balance Sheet at June 30, 2000 has been taken from the
audited financial statements at that date. The interim consolidated financial
information is unaudited. In the opinion of management, all adjustments,
consisting only of normal recurring accruals, necessary to present fairly the
financial condition as of September 30, 2000 and the results of operations and
cash flows for the three months ended September 30, 2000 and 1999 have been
included. Interim results of operations are not necessarily indicative of the
results of operations for the full year.

       The accompanying Consolidated Financial Statements include the accounts
of the Company and its wholly owned subsidiary Zante, Inc. ("Zante") (together
the Company). Zante owns and operates the Sands Regency Casino/Hotel in Reno,
Nevada.

NOTE 2 - STOCKHOLDERS' EQUITY

       The par value of the Company's common stock has been restated to $.10 per
share in the first quarter of fiscal 2001 which resulted in common stock being
increased by $345,000 and additional paid-in capital being decreased by the same
amount. All periods presented have been restated.

NOTE 3 - EARNINGS PER SHARE

       The weighted average number of shares outstanding for the calculation of
diluted earnings per share, for the three months ended September 30, 1999 and
2000, respectively, include the dilutive effect of Company stock options to
purchase common stock. For the three months ended September 30, 1999, options to
purchase 386,000 shares of the Company's common stock were not included because
the exercise price exceeded the average market price.

NOTE 4 - RECENT PRONOUNCEMENTS OF THE FINANCIAL ACCOUNTING STANDARDS BOARD
         ("FASB")

       On June 30, 1998, the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 133 entitled "Accounting for Derivative Instruments and
Hedging Activities". This statement establishes accounting and reporting
standards for derivative instruments and hedging activities. The Company adopted
SFAS No. 133 on July 1, 2000. Adoption of SFAS No. 133 did not have a material
impact on the financial statements of the Company because the Company does not
have significant derivative or hedging activities.



                                      -7-
<PAGE>   10


ITEM 2.  Management's Discussion and Analysis of

       Financial Condition and Results of Operations.


Results of operations - First Quarter 2001 Compared to First Quarter 2000

       In the three months ended September 30, 2000, compared to the same three
months ended September 30, 1999, revenues increased to $10.1 million from $9.2
million, a 10 percent increase. For the same comparable quarters, income from
operations improved by 47 percent from $947,000 in the first quarter of fiscal
2000 to $1.4 million in the first quarter of fiscal 2001.

       Net income and net income per share also improved from $611,000, or $.13
per share (diluted), in the three months ended September 30, 1999 to $757,000,
or $.16 per share (diluted), in the three months ended September 30, 2000.
Earnings before depreciation, interest expense, gain/(loss) and income taxes
(EBITDA) also improved from $1.7 million to $2.2 million, an increase of 29
percent.

       The improvements in revenue, income from operations, net income and
EBITDA are primarily a result of improved gaming revenue and the continued
positive effect of improved methods of operations and increased efficiencies
implemented in prior periods.

       The increase in lodging revenue to $3.0 million in the first quarter of
fiscal 2001, from $2.7 million in the first quarter of fiscal 2000, is due to an
improvement in the average room rate. The average room rate increased from
approximately $39 in the quarter ended September 30, 1999 to $44 in the quarter
ended September 30, 2000. Hotel occupancy for the comparable quarters was
approximately the same at 89.5%.

       Gaming revenue improved by 13% to $5.5 million in the September 30, 2000
quarter versus $4.9 million in the September 1999 quarter. This increase
includes approximately $150,000 in revenue from the Bingo operation which was
commenced in February 2000. Such increase represents improved casino revenue per
occupied room which increased from approximately $69 per occupied room to $78.
This reflects, in part, increased gaming from non-hotel guests, primarily local
residents. In order to attract non-hotel guests, the Company has added new
games, including Bingo, and has liberalized rules and payouts. The Company also
utilizes various promotions to reward guest gaming activity.

       The slight increase in complimentary lodging, food and beverage of
$57,000 is due to increased complimentary rewards based on patron gaming
activity and to various promotional programs directed at attracting out-of-town
customers.

       Gaming costs and expenses increased from $2.3 million in the three months
ended September 30, 1999 to $2.6 million in the three months ended September 30,
2000. Such increase includes costs and expenses associated with the operation of
Bingo of approximately $129,000. Otherwise, such increase is primarily related
to the associated increase in gaming revenue.



                                     -8-
<PAGE>   11

Results of operations - First Quarter 2001 Compared to First Quarter 2000
(continued)

       The increase in lodging costs and expenses of $68,000, in the first
quarter of fiscal 2001 compared to the same quarter in fiscal 2000, is in
various costs to attract hotel patrons. The increase in food and beverage costs
and expense of $64,000, in the first quarter of fiscal 2001 compared to the
first quarter of fiscal 2000, is due to a slight increase in the cost of
beverage products.

       The increase in maintenance and utilities costs and expenses of $84,000
is primarily salaries, wages and benefit costs and is due, in part, to increased
efforts to maintain and improve the Company's facilities.

       The increase in interest and other income of $53,000, in the three months
ended September 30, 2000 versus the three months ended September 30, 1999, is
due to additional earnings on increased invested excess cash and cash
equivalents.

       The Gain on disposition of property and equipment in fiscal 2000 is
primarily the result of insurance coverage on certain property and equipment
items destroyed in a fire at a non-hotel/casino site. The loss on disposition of
property and equipment in fiscal 2001 is primarily the result of writing-off the
undepreciated basis of certain property and equipment items disposed of or
abandoned.

Capital resources and liquidity

       There were no material changes in The Sands Regent's financial condition
nor were there any substantive changes relative to matters discussed in the
Capital Resources and Liquidity section of Management's Discussion and Analysis
of Financial Condition and Results of Operations as presented in the 2000 Annual
Report appearing as Exhibit 13 to the Company's Form 10-K for the year ended
June 30, 2000.

Cautionary statement for purposes of the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995

       The foregoing Management's Discussion and Analysis of Financial Condition
and Results of Operations contains various "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which represent
the Company's expectations or beliefs concerning future events. Such statements
are identified by the words "anticipates", "believes", "expects", "intends",
"future", or words of similiar import. Various important factors that could
cause actual results to differ materially from those in the forward-looking
statements include, without limitation, the following: increased competition in
existing markets or the opening of new gaming jurisdictions; a decline in the
public acceptance of gaming; the limitation, conditioning or suspension of any
of the Company's gaming licenses; increases in or new taxes imposed on gaming
revenues or gaming devices; a finding of unsuitability by regulatory authorities
with respect to the Company's officers, directors or key employees; loss or
retirement of key executives; significant increases in fuel or transportation
prices; adverse economic conditions in the Company's key markets; severe and
unusual weather in the Company's key markets and adverse results of significant
litigation matters.



                                       -9-
<PAGE>   12

                           PART II OTHER INFORMATION




Item 1.  Legal Proceedings.

       NONE


Item 2.  Changes in Securities.

       NONE


Item 3.  Defaults Upon Senior Securities.

       NONE


Item 4.  Submission of Matters to a Vote of Security Holders.

       NONE


Item 5.  Other Information.

       NONE


Item 6.  Exhibits and Reports on Form 8-K.

       (a) Exhibits:

          3(a)   Certificate of Correction Pursuant to NRS 78.0295
                 of the Company, dated August 18, 2000

          27     Financial Data Schedule

       (b) Reports on Form 8-K:

       NONE



                                     -10-
<PAGE>   13

                                   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: November 13, 2000          By        /s/ David R. Wood
                                   ---------------------------------------------
                                   David R. Wood, Executive Vice President
                                   Principal Accounting and Financial Officer



                                     -11-
<PAGE>   14

                                INDEX TO EXHIBITS



<TABLE>
<CAPTION>
                                                            Sequentially
    Exhibit                                                   Numbered
     Number                                                     Page
    -------                                                 ------------
<S>                                                         <C>
      3(a)   Certificate of Correction Pursuant to
             NRS 78.0295 of the Company, dated
             August 18, 2000.................................

      27     Financial Data Schedule.........................
</TABLE>