HOUSTON, May 31, 2006 (PRIMEZONE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that Tioga Downs has received its provisional licenses and will begin racing in mid-June. Nevada Gold & Casinos, Inc., through its subsidiary Nevada Gold NY, Inc., owns a 40% membership interest in American Racing and Entertainment, LLC. American Racing owns 100% of Tioga Downs Racetrack, LLC, which owns the Tioga Downs Racetrack in Nichols, New York.
John Arnesen, President and Chief Operating Officer of Nevada Gold & Casinos, Inc., commented, "We continue to make excellent progress in getting the full facility up and running. The launch of racing is just the start -- we are also opening the restaurants and other amenities in mid-June. Shortly thereafter we expect to open the VLT machine facility, all of which are installed and waiting for final approvals. We are very pleased with all aspects of the development which will provide our customers with racing, entertainment, great dining, and gaming in a country fair theme with a calendar of continuous entertainment and special events throughout the year."
Tioga Downs expects to provide the ultimate in racing as a true horseman's race track. Recent press reports regarding the qualifying races that were held at Tioga Downs indicate that trainers and jockeys are impressed:
-- "I've been to every track in the country and this is the nicest facility I have ever seen," said jockey Jimmy Cruise, Jr.
-- "The track is excellent. You can't ask for a better racetrack," said trainer Robert Becal.
Mr. Arnesen added, "We are also making great progress on our development and repositioning of the historic Vernon Downs Racing Facility. We expect to open this facility as we complete our renovation this summer. Vernon Downs will offer a variety of food and beverage facilities, a hotel directly with views of the race track from many of the guestrooms, gaming, entertainment, racing, simulcasts and an outstanding calendar of events to inaugurate the rebirth of Vernon Downs."
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 http://www.nevadagold.com.
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