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Dunes Hotels and Casinos Inc. was incorporated in New York in 1956. In this report the term the "Company" refers to Dunes Hotels and Casinos Inc., individually, or with its wholly-owned subsidiaries, Continental California Corporation ("Continental"), M & R Corporation ("MRC") and MRC's subsidiary M & R Investment Company, Inc. ("MRI") and MRI's subsidiaries SHF Acquisition Corporation ("SHF") and South Lake Acquisition Corporation ("SAC").

The Company, through its subsidiaries, operates in three principal business segments: real estate (development and sale of residential lots and rental of...