Nevada Gold Announces New Management and Technical Services Agreements Development of a Hotel and Casino Adjacent to Las Vegas Motor Speedway HOUSTON, March 4, 2010 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) today announced that it has signed management and technical services contracts for the development and management of a hotel and casino adjacent to the Las Vegas Motor Speedway in North Las Vegas. The project will be owned by various limited liability companies of which Nevada Gold will hold a minority interest. Nevada Gold will assist in the development and manage the operation of the property. The development is expected to be completed in three phases. The first phase, which will include 250 hotel rooms, restaurants, meeting rooms and a casino with up to 500 gaming positions, is expected to be completed during 2012. The development remains subject to numerous conditions, including obtaining financing to repay the outstanding obligations related to the land and securing financing for the development. "We are very pleased that we were chosen to manage this exciting new property in Las Vegas. The Las Vegas Motor Speedway is a quality destination that handles more than 1,400 events a year, which we believe will be a significant traffic generator to the property. We look forward to working with the entire team to provide a first class hotel and casino," said Robert Sturges, CEO of Nevada Gold & Casinos, Inc. "We recently opened a small office in Las Vegas and see other potential opportunities for management contracts and acquisitions in this market." "We are very excited about this project and about having the Nevada Gold team on board. We have the utmost confidence in Bob Sturges, Jim Kohn and the senior management team at the Company and their ability to work with us to develop and operate this property," said Thomas Jurbala, developer of the property. "We are also pleased that the Gaming Market Advisors recently announced their support of this project through a feasibility study." Nevada Gold's contracts are for various services including: assisting in the development, management of the operations and assisting in the raising of debt or equity. Nevada Gold could earn in excess of $1.0 million of management fees per year.The management contract will remain in place as long as Nevada Gold is an equity holder. Nevada Gold will fund a maximum of $300,000 prior to financing being obtained.Nevada Gold may increase its ownership through performance awards and through the exercise of option rights. 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. 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. The Nevada Gold & Casinos, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1552 CONTACT: Nevada Gold & Casinos, Inc. Robert B. Sturges, CEO Jim Kohn, CFO (713) 621-2245 ICR Don Duffy (203) 682-8200 company logo
Nevada Gold Announces New Management and Technical Services Agreements
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