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Nevada Gold Announces First Quarter 2011 Financial Results

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    
  July 31, 2010 April 30, 2010
  (unaudited)  
ASSETS    
Current assets:    
Cash and cash equivalents  $3,452,635  $3,155,736
Restricted cash  441,101  5,266,938
Accounts receivable  462,150  66,822
Prepaid expenses  876,092  475,262
Income tax receivable  1,750,374  1,750,374
Other current assets  268,491  155,796
Total current assets  7,250,843  10,870,928
     
Investments in development projects  174,764  1,418,789
Investments in development projects held for sale  3,373,966  3,437,932
Note receivable - development projects, net of current  1,700,000  1,700,000
 portion and allowances    
Goodwill  15,953,660  10,243,362
Identifiable intangible assets, net of accumulated amortization of $919,426 and $729,000 at July 31, 2010 and April 20, 2010  8,294,425  5,101,800
Property and equipment, net of accumulated depreciation    
 of $3,081,291 and $2,978,679 at July 31, 2010 and    
 April 30, 2010, respectively  5,416,866  3,473,051
Deferred tax asset  2,087,943  1,848,419
BVO receivable  4,000,000  4,000,000
Other assets, net of allowances  478,538  376,938
Total assets  $48,731,005  $42,471,219
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable and accrued liabilities 2,388,296 1,060,017
Accrued interest payable  70,000  70,000
Other accrued liabilities  678,443  687,819
Long-term debt, current portion  69,263  -- 
Total current liabilities 3,206,002 1,817,836
     
Long-term debt, net of current portion 15,118,166 10,000,000
Other liabilities 177,310 30,944
Total liabilities 18,501,478 11,848,780
     
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 shares outstanding at July 31, 2010    
  and April 30, 2010, respectively 1,672,240 1,672,240
Additional paid-in capital 19,976,126 19,859,966
Retained earnings 18,955,900 19,464,972
Treasury stock, 1,171,200 shares at July 31, 2010 and    
 April 30, 2010, respectively, at cost  (10,369,200)  (10,369,200)
Accumulated other comprehensive income  (5,539)  (5,539)
Total stockholders' equity 30,229,527 30,622,439
Total liabilities and stockholders' equity $48,731,005 $42,471,219
   
Nevada Gold & Casinos, Inc. Consolidated Statements of Operations (unaudited)  
  Three Months Ended
  July 31, July 31,
  2010 2009
Revenues:    
Casino $5,759,854 $4,185,063
Food and beverage 1,341,621 1,113,766
Management fees  --   250,000
Other 225,509 184,034
Gross revenues 7,326,984 5,732,863
Less promotional allowances  (800,484)  (675,644)
Net revenues 6,526,500 5,057,219
     
Expenses:    
Casino 2,635,552 1,910,945
Food and beverage 674,769 833,582
Casino marketing and administrative 1,772,255 1,240,779
Facility 347,674 260,848
Corporate expense 1,169,179 1,431,698
Legal expense 396,156 64,293
Depreciation and amortization  313,839  145,167
Other  155,973  83,220
Total operating expenses  7,465,397  5,970,532
Operating loss  (938,897)  (913,313)
Non-operating income (expenses):    
Gain on sale of assets  384,414  -- 
Interest income  44,925  58,509
Interest expense  (227,788)  (152,981)
Amortization of loan issue costs  (11,250)  (32,209)
Loss before income tax benefit  (748,596)  (1,039,994)
Income tax benefit  239,524  339,285
Net loss $ (509,072) $ (700,709)
     
Per share information:    
Net loss per common share - basic  $(0.04)  $(0.05)
     
Net loss per common share - diluted  $(0.04)  $(0.05)
     
     
Basic weighted average number of shares outstanding 12,764,130 12,939,130
     
Diluted weighted average number of shares outstanding 12,764,130  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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