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
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.
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
CONTACT: Nevada Gold & Casinos, Inc.
Robert B. Sturges, CEO
Jim Kohn, CFO
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