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                                                                 EXHIBIT 10(b)


                                AMENDMENT TO THE
                        AMENDED AND RESTATED STOCK OPTION
                      PLAN FOR EXECUTIVE AND KEY EMPLOYEES
                                       OF
                                THE SANDS REGENT


         This Amendment to the Amended and Restated Stock Option Plan for
Executive and Key Employees of The Sands Regent (the "Amendment") is adopted by
The Sands Regent, a Nevada corporation (the "Company"), effective as of December
12, 1997.

                                    RECITALS
                                    --------

         A. The Amended and Restated Stock Option Stock Plan for Executive and
Key Employees of The Sands Regent (the "Restated Plan") was adopted by the Board
of Directors of the Company (the "Board") on September 16, 1992 and approved by
the shareholders of the Company on November 2, 1992.

         B. On December 12, 1997, the Restated Plan was amended by the Board, to
provide that the Stock Option Committee's right to condition a grant of an
Option to an executive or Employee on the surrender by such executive or
Employee some or all of the unexercised Options previously granted by the
Committee shall apply to both unexercised Incentive Stock Options and
Non-Qualified Options.

                                    AMENDMENT
                                    ---------

         The Restated Plan is hereby amended as follows:

         1. Section 3.3(b) of the Restated Plan is hereby amended to read in its
entirety as follows:



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        Section 3.3(b)
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                  Upon the selection of an executive or key Employee to be
         granted an Option, the Committee shall instruct the Secretary to issue
         such Option and may impose such conditions on the grant of such Option
         as it deems appropriate. Without limiting the generality of the
         preceding sentence, the Committee may, in its discretion and on such
         terms as it deems appropriate, require as a condition on the grant of
         an Option to an Employee that the Employee surrender for cancellation
         some or all of the unexercised Options which have been previously
         granted to him. A Option the grant of which is conditioned upon such
         surrender may have an option price lower (or higher) than the option
         price of the surrendered Option, may cover the same (or lesser or
         greater) number of shares as the surrendered Option, may contain such
         other terms as the Committee deems appropriate and shall be exercisable
         in accordance with its terms, without regard to the number of shares,
         price, option period or any other term or condition of the surrendered
         Option.



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         I hereby certify that the foregoing Amendment to the Amended and
Restated Stock Option Plan for Executive and Key Employees of The Sands Regent
was duly adopted by the Board of Directors of the Company as of December 12,
1997.

         Executed this 12th day of December 1997.



                                         /s/ PETE CLADIANOS III
                                         --------------------------------------
                                         Pete Cladianos III
                                         Executive Vice President and Secretary


Corporate Seal






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