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Nevada Gold Announces Fourth Quarter And Fiscal Year 2010 Financial Results

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

Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) of Houston, Texas is a developer, owner and operator of gaming facilities in Colorado and Washington. The following properties are wholly owned and operated by Nevada Gold: Colorado Grande Casino in Cripple Creek, Colorado, the Crazy Moose Casinos in Pasco and Mountlake Terrace, Washington, Coyote Bob's Roadhouse Casino in Kennewick, Washington, the Silver Dollar Casinos in Seatac, Mill Creek and Renton, Washington, the Club Hollywood located in Shoreline, Washington, the Royal Casino located in Everett, Washington and the Golden Nugget Casino located in Tukwila, Washington. The Company has an interest in Buena Vista Development Company, LLC which is working with the Buena Vista Rancheria of Me-Wuk Indians on a Native American casino project to be developed in the city of Ione, California. The Company has a signed management agreement including equity participation for development of a casino and hotel immediately adjacent to the Las Vegas Motor Speedway. For more information, visit www.nevadagold.com .

The Nevada Gold & Casinos, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1552

     
Nevada Gold & Casinos, Inc.
Balance Sheet
(unaudited) 
     
  April 30, April 30,
  2010 2009
     
ASSETS
Current assets:    
Cash and cash equivalents $3,155,736 $13,834,544
Restricted cash  5,266,938  6,000,000
Accounts receivable  66,822  12,342
Prepaid expenses  475,262  235,847
Income tax receivable  1,750,374  1,872,369
Notes receivable, current portion  --   1,100,000
Other current assets  155,796  46,444
Total current assets  10,870,928  23,101,546
     
Investments in development projects  1,418,789  746,024
Investments in development projects held for sale  3,437,932  3,437,932
Notes receivable - development projects, net of allowances  1,700,000  1,700,000
Goodwill  10,243,362  5,462,918
Identifiable intangible assets , net of accumulated amortization of $729,000 and $0 at April 30, 2010 and April 30, 2009, respectively  5,101,800  -- 
Property and equipment, net of accumulated depreciation of $2,978,679 and $2,408,595 at April 30, 2010 and April 30, 2009, respectively  3,473,051  1,091,549
Deferred tax asset  1,848,419  599,797
BVO receivable  4,000,000  4,000,000
Other assets, net of allowances  376,938  1,915,220
Total assets $42,471,219 $42,054,986
     
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:    
Accounts payable and accrued liabilities $1,060,017 $846,062
Accrued interest payable  70,000  -- 
Other accrued liabilities  687,819  197,833
Total current liabilities 1,817,836 1,043,895
     
Long-term debt, net of current portion 10,000,000 6,000,000
Other liabilities 30,944 44,487
Total liabilities 11,848,780 7,088,382
     
Commitments and contingencies -- --
     
Stockholders' equity:    
Common stock, $0.12 par value per share; 50,000,000 shares authorized; 13,935,330 shares issued and 12,764,130 and 12,939,130 shares outstanding at April 30, 2010, and April 30, 2009, respectively 1,672,240 1,672,240
Additional paid-in capital 19,859,966 19,297,560
Retained earnings 19,464,972 24,213,754
Treasury stock, 1,171,200 and 996,200 shares at April 30, 2010 and April 30, 2009, respectively, at cost  (10,369,200)  (10,216,950)
Accumulated other comprehensive loss  (5,539) --
Total stockholders' equity 30,622,439 34,966,604
Total liabilities and stockholders' equity $42,471,219 $42,054,986
     
Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
(unaudited) 
     
  Fiscal Years Ended 
  April 30, April 30,
  2010 2009
Revenues:    
Casino $18,822,900 $5,356,885
Food and beverage  4,534,744  1,395,130
Other 865,264 49,366
Management fees 620,968 493,382
Gross revenues 24,843,876 7,294,763
Less promotional allowances  (2,817,888)  (1,426,511)
Net revenues 22,025,988 5,868,252
     
Operating expenses:    
Casino  8,562,284  1,750,014
Food and beverage  2,851,635  614,779
Marketing and administrative  5,564,288  2,485,881
Facility  1,070,933  362,009
Corporate expense  4,216,475  4,366,670
Legal expenses  241,468  403,694
Depreciation and amortization  1,344,323  627,618
Impairment of assets  4,347,183  -- 
Write-off of project development cost  50,486  1,215,383
Other  476,395  145,018
Total operating expenses  28,725,470  11,971,066
Operating loss  (6,699,482)  (6,102,814)
Non-operating income (expenses):    
Loss from unconsolidated affiliates  --   (7,863)
Gain on sale of equity investees  16,511  403,388
Interest income  192,708  975,490
Interest expense  (866,034)  (1,307,296)
Amortization of loan issue costs  (58,972)  (128,266)
Loss on extinguishment of debt  (128,834)  -- 
Loss before income tax expense (benefit)  (7,544,103)  (6,167,361)
Income tax benefit    
Current  (1,546,698)  (2,265,155)
Deferred and change in valuation allowance  (1,248,623)  285,930
Total income tax benefit  (2,795,321)  (1,979,225)
Net loss $(4,748,782) $(4,188,136)
     
Per share information:    
Net loss per common share - basic $(0.37)  $(0.32)
Net loss per common share - diluted $ (0.37) $(0.32)
     
Basic weighted average number of shares outstanding 12,878,240 12,939,130
Diluted weighted average number of shares outstanding 12,878,240 12,939,130
CONTACT: Nevada Gold & Casinos, Inc.
         Robert B. Sturges, CEO
         Jim Kohn, CFO
         (713) 621-2245
         
         ICR
         Don Duffy
         (203) 682-8200

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