Preheat oven to 325° F. Line baking sheets with parchment paper.
In large bowl, break almond paste into piece. Add sugar and beat with electric mixer on low speed until the mixture is sandy. Add egg white; beat until mixture is very smooth.
Drop dough by rounded teaspoons onto lined baking sheets, about 1" apart. With index finger, make a slight indentation in the center of each dough round. If desired, press a cherry half into each indentation. Press slivered almonds into the dough around the edges.
Bake 22-25 minutes or until lightly browned. Cool completely on baking sheets on wire racks. Peel cookies off parchment paper when completely cool. Store in airtight containers.