Bidding Process Completed For Nevada Gold's Acquisition Of Washington Mini-Casinos
HOUSTON, May 24, 2010 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) announced today that the bankruptcy court bidding process for the acquisition of up to seven mini-casinos in Washington was completed on May 21 st. No other qualified bidders filed proposals with the Court. The sale hearing has been scheduled for May 28, 2010.
"We are very pleased that the bidding process is complete and we are looking forward to the sale hearing date this Friday. We are currently in the process of acquiring the gaming and liquor board licenses for these properties and hope to close the deal on most of the casinos within 30-60 days," said Robert Sturges, CEO of Nevada Gold.
"We expect that we will be acquiring these mini-casinos at an effective EBITDA multiple of between three and four times and believe that we will be able to significantly leverage our existing Washington infrastructure to seamlessly integrate these new acquisitions. The recent trends for our existing three mini-casinos in Washington have performed above our expectations for calendar year 2010 to date. We expect to put the know-how and experience we have gained so far in Washington to good use in the operation of the Evergreen mini-casinos," Mr. Sturges concluded.The casinos are currently owned by subsidiaries of Evergreen Gaming Corporation ("Evergreen"), a British Columbia corporation, which is under bankruptcy court protection due to a burdensome debt structure. The transaction will be financed by cash on hand as well as a $5.1 million note issued to Evergreen's current senior lender. The seven casinos are The Silver Dollar Seatac, The Silver Dollar Renton, The Silver Dollar Mill Creek, The Silver Dollar Tukwila, Club Hollywood, located in Shoreline, the Royal Casino located in Everett and The Golden Nugget Casino located in Tukwila. All of the casinos are located in western Washington. Combined, the seven facilities have a total of approximately 100 table games including blackjack, Spanish 21 and other popular banked table games.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV