HOUSTON, June 6, 2007 (PRIME NEWSWIRE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that Sheldon Good & Company, one of the country's leading real estate auction firms, will conduct an auction for approximately 260 acres of land owned by Nevada Gold in Gilpin County near Black Hawk, Colorado.
The auction will be conducted in a sealed bid event on August 2, 2007. Sealed bids shall be delivered to Sheldon Good & Company, 333 West Wacker Drive, Suite 400, Chicago IL. The property will be sold subject to the seller's disclosed reserve price of $4,000,000. A certified or cashier's check in the amount of 5% of the gross purchase price is required to bid.
The property will be available for inspection, by appointment only, at 10 a.m. on Wednesday, June 20th and Thursdays, June 28th, July 12th and July 19th.
This development acreage has the potential for any number of alternative uses that could include: resort, residential, recreational, and commercial retail and office uses. The property is situated just south of the city limits of Black Hawk and just north of the Central City Parkway. The property's topography varies from gentle rolling hillsides to dramatic high points offering panoramic views of the continental divide. The eastern portion of the property features dense tree cover and steeper slopes providing for a scenic backdrop for the flat and easily accessible portions in the middle.
The auction provides an excellent development opportunity for both a resort destination as well as commercial and residential development to support the Black Hawk and Central City gaming industry. Nearly 20,000 visitors come to Black Hawk each day.
Robert Sturges, Chief Executive Officer of Nevada Gold, stated, "This auction represents a key step in our ongoing efforts to dispose of the company's non-core assets. We believe Sheldon Good's significant expertise will serve us well throughout the auction process, and we look forward to streamlining our portfolio of projects and focusing on Nevada Gold's most compelling growth opportunities."
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 entertainment facilities in Colorado and California. 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 also works with Native American tribes in a variety of capacities. Native American projects consist of a casino to be built in Pauma Valley, California for the La Jolla Band of Luisenyo 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.
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