HOUSTON, March 22, 2006 (PRIMEZONE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN), today announced that the Third Modified Amended Joint Plan of Reorganization proposed by the debtors of Mid-State Raceway, Inc. and Mid-State Development Corporation and Vernon Downs Acquisition, LLC ("VDA") dated September 13, 2005, was confirmed by the United States Bankruptcy Court, Northern District of New York, on March 15, 2006.
VDA is a special purpose Delaware limited liability company owned by American Racing and Entertainment, LLC, a limited liability company in which Nevada Gold NY, Inc. (a wholly owned subsidiary of Nevada Gold & Casinos) is a 40% member. The other members of American Racing are Southern Tier Acquisitions II, LLC, TrackPower, Inc. and Oneida Entertainment, LLC, each of which has a membership interest of 20%. American Racing was formed to develop Tioga Downs Raceway, located in Nichols, New York and to pursue the acquisition of Vernon Downs Raceway from Chapter 11 bankruptcy.
H. Thomas Winn, Chairman & CEO of Nevada Gold & Casinos, Inc., commented, "We are thrilled to be able to move forward with the redevelopment and expansion of Vernon Downs' facilities. Our intention is to accelerate the planned renovations so that racing can commence as soon as this summer, with the gaming facility slated to open in late June. We are pleased that the Court confirmed our plan, and look forward to working with our partners to bring an exciting and greatly improved entertainment facility to the region."
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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 & Casinos
Nevada Gold and Casinos, Inc. (AMEX:UWN) of Houston, Texas, is a developer, owner and operator of gaming facilities and lodging and entertainment facilities in Colorado, California, Oklahoma, and New York. The Company owns a 43% interest in the Isle of Capri-Black Hawk LLC, which owns Isle of Capri-Black Hawk and Colorado Central Station, both of which are in Black Hawk, Colorado. Colorado Grande Casino in Cripple Creek, Colorado is wholly owned and operated by Nevada Gold. The Company owns a 40% interest in the Tioga Downs Raceway in New York State and has a management contract for the facility. The Company also works with Native American tribes in a variety of capacities from the right to lease gaming equipment to development and management of their gaming properties. Native American projects consist of River Rock Casino in Sonoma County, California, a casino to be built in Tulsa, Oklahoma for the Muscogee (Creek) Nation, a casino to be built in Pauma Valley, California for the La Jolla Band of Luiseno Indians and a casino to be developed by Buena Vista Development Company, LLC in the city of Ione, California for Buena Vista Rancheria of Me-Wuk Indians. For more information, visit www.nevadagold.com.