HOUSTON, Aug. 29, 2006 (PRIMEZONE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN), today announced that The New York State Racing and Wagering Board approved a request for racing to return to the Vernon Downs facility.
John Arnesen, President and Chief Operating Officer of Nevada Gold & Casinos, Inc., commented, "After a considerable amount of time and effort by Jeff Gural in finalizing the horsemen's contract with the Harness Horse Association of Central New York, as well as the efforts of the Vernon Downs staff in getting the property ready, we are very pleased to announce the return of racing at Vernon Downs. We are looking forward to completing this facility, including the addition of VGM's (video gaming machines), which will bring new levels of racing, gaming and entertainment options to the Syracuse area. This approval is another important milestone in our New York gaming expansion efforts."
In addition to approving a temporary conditional simulcast license, the New York State Racing and Wagering Board also allowed Nevada Gold to continue its day-to-day operations under a temporary conditional track license, which was initially issued on June 5, 2006. This action enables Nevada Gold to go forward with its VGM project and conduct live pari-mutuel racing.
Nevada Gold & Casinos, Inc., through its subsidiary, owns a 40% interest in American Racing and Entertainment, LLC. American Racing owns 90% of Vernon Downs Acquisition, LLC, which owns the Vernon Downs Racetrack in Vernon, New York. The other members of American Racing are Southern Tier Acquisitions II, LLC, TrackPower, Inc. and Oneida Entertainment LLC, each holding 20% membership.
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 & 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 Racetrack & Vernon Downs Racetrack 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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