HOUSTON, June 7, 2006 (PRIMEZONE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that on June 5, 2006, the New York State Racing and Wagering Board granted a temporary conditional track license to Nevada Gold - Vernon Downs, Inc. on behalf of Vernon Downs Racetrack, LLC. Vernon Downs is currently under development and the renovation plan is being implemented to enable the facility to open in the summer of 2006.
Vernon Downs Racetrack, LLC is solely owned by American Racing and Entertainment, LLC ("American Racing"), an entity in which Nevada Gold NY, Inc. (a wholly owned subsidiary of Nevada Gold & Casinos, Inc.) has a 40% membership interest and is the manager. The other members of American Racing are Southern Tier Acquisitions II, LLC, TrackPower, Inc. and Oneida Entertainment, LLC, each holding 20% membership.
"This license will allow us to continue the significant progress we are making to reposition the historic Vernon Downs Racing Facility as a preeminent racing venue. Vernon Downs will offer a variety of food and beverage facilities, a hotel with views of the racetrack, gaming, racing, simulcasts and an outstanding calendar of entertainment events to inaugurate the rebirth of Vernon Downs," states John Arnesen, President & COO of Nevada Gold & Casinos, Inc.
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 comply with the various conditions required by the State of New York Racing and Wagering Board, 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 and the Vernon Downs Raceway in New York state and has a management contract for both facilities. 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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