HOUSTON, Oct. 27, 2008 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE Alternext US:UWN) today announced the official launch of its Creditor Consulting Services (CCS) business. CCS is designed to assist management teams, boards, creditors and Native American Tribes by consulting on business plan initiatives, operational improvements and financial restructurings in the current business environment.
Robert Sturges, CEO of Nevada Gold & Casinos, Inc., commented, "The gaming industry today is fraught with risks that are unique to this downturn. We recognize that many management teams, boards, creditors and Native American Tribes may find themselves in positions they never expected based on the severe fall-off in many gaming markets. Our CCS business is designed to step in to provide these groups expert management advice, hands-on experience in revenue growth, cost cutting and experience dealing with creditors should financial restructuring become a necessity."
"We likewise recognize that many creditors may end up playing a much greater role in operating casino assets than they ever expected. We also realize that there's a growing asset class of distressed debt investors that purchase gaming debt in an effort to gain control of the operating asset. Our 100 plus years of gaming and hospitality experience plus prior licenses in several U.S and foreign jurisdictions can assist creditor groups with a seamless transition to operating control when they have to step in and assume management control."
Sturges also emphasized, "The pursuit of these opportunities will in no way lessen our efforts and our determination to acquire operating assets with the deployment of the substantial cash on our balance sheet."
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. 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. Current Native American projects consist of a casino to be developed by Buena Vista Development Company, LLC in the city of Ione, California for the Buena Vista Rancheria of Me-Wuk Indians. For more information, visit www.nevadagold.com.
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