Attached files
| file | filename |
|---|---|
| 8-K/A - NEVADA GOLD & CASINOS INC | v181944_8ka.htm |
| EX-10.1 - NEVADA GOLD & CASINOS INC | v181944_ex10-1.htm |
| EX-10.2 - NEVADA GOLD & CASINOS INC | v181944_ex10-2.htm |
Nevada
Gold to Acquire Seven Mini-Casinos in Washington for $11.1 million
HOUSTON,
April 23, 2010 – Nevada Gold & Casinos, Inc. (NYSE Amex: UWN) announced
today that the Company has reached an agreement to acquire seven mini-casinos in
the state of Washington for $11.1 million. The casinos are currently
owned by subsidiaries of Evergreen Gaming Corporation (“Evergreen”), a British
Columbia corporation, which is under bankruptcy court protection. The
transaction will be financed by cash on hand as well as a $5.1 million note
issued to Evergreen’s current senior lender.
“This is
an attractive acquisition opportunity that includes many of the attributes we
are currently looking for in deals, including an attractive purchase price and
financing from the seller’s current senior lender. Upon closing, Nevada Gold
will be the largest operator of mini-casinos in the state of Washington. As we
stated during our recent earnings call, recent trends at our Washington casinos
have been strong. We believe this acquisition will integrate seamlessly into our
existing management infrastructure and the additional mini-casinos will benefit
from many of the changes we have implemented at our current facilities,” said
Robert Sturges, CEO of Nevada Gold.
The seven
casinos are The Silver Dollar Seatac, The Silver Dollar Renton, The Silver
Dollar Mill Creek, The Silver Dollar Tukwila, Club Hollywood, located in
Shoreline, the Royal Casino located in Everett and The Golden Nugget Casino
located in Tukwila. All of the casinos are located in western
Washington. Combined, the facilities have a total of 138 table games
including blackjack, Spanish 21 and other popular banked table
games.
Closing
of the acquisition is subject to the bankruptcy court process which commenced
April 22, 2010. In addition, the acquisition is subject to other customary
closing conditions, including licensing, necessary lease transfers and final
bankruptcy court approval, among other conditions. Details of the transaction
are available in the Form 8-K/A filed today.
About
Nevada Gold
Nevada
Gold & Casinos, Inc. (NYSE Amex: UWN) of Houston, Texas is a developer,
owner and operator of gaming facilities in Colorado and Washington. The Colorado
Grande Casino in Cripple Creek, Colorado, the Crazy Moose Casino in Pasco,
Washington, the Coyote Bob’s Roadhouse Casino in Kennewick, Washington and the
Crazy Moose Casino in Mountlake Terrace, Washington are wholly owned and
operated by Nevada Gold. The Company has an interest in Buena Vista Development
Company, LLC which is working with the Buena Vista Rancheria of Me-Wuk Indians
on a Native American casino project to be developed in the city of Ione,
California. For more information, visit www.nevadagold.com.
Forward-Looking
Statements
This
release contains forward-looking statements, which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. We
use words such as “anticipate,” “believe,” “expect,” “future,” “intend,” “plan,”
and similar expressions to identify forward-looking statements. Forward-looking
statements include, without limitation, our ability to increase income streams,
to grow revenue and earnings, and to obtain additional Indian gaming and other
projects. These statements are only predictions and are subject to certain
risks, uncertainties and assumptions, which are identified and described in the
Company's public filings with the Securities and Exchange
Commission.
CONTACTS:
Nevada
Gold & Casinos, Inc.
Robert B.
Sturges, CEO or Jim Kohn, CFO
(713)
621-2245
or
ICR
Don
Duffy
(203)
682-8200