Nevada Gold Announces Second Quarter 2011 Financial Results

Adjusted EBITDA ⁽²⁾ of $517,000

Company Receives $1.3 Million Income Tax Refund in the Third Quarter of 2011

HOUSTON, Dec. 14, 2010 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) today announced financial results for the second quarter ended October 31, 2010.

Financial Highlights second quarter included:

• Net revenues increased 141% to $13.8 million, compared to $5.7 million in the second quarter ended October 31, 2009;
• Net loss of $0.4 million compared to a net loss of $0.4 million a year ago; excluding certain significant items from the comparisons, net loss would have been $0.2 million compared to a net loss of $0.4 million a year ago;
• Net loss per basic and diluted common share of $0.03, compared to a net loss per basic and diluted common share of $0.03 in the year ago period; excluding certain significant items from the comparisons, net loss per basic and diluted common share would have been $0.02 compared to a net loss per basic and diluted common share of $0.03 a year ago;
• EBITDA ⁽¹⁾ of $285,000 compared to $17,000 in the second quarter of fiscal 2010;
• Adjusted EBITDA ⁽²⁾ of $517,000.

"The synergies amongst our Washington properties have allowed us to operate with greater efficiency, provide a high level guest service and streamline promotional incentives. We continue to be on track to hit our goal of generating approximately $55 to $60 million in pro-forma run-rate revenue subsequent to the addition of the six recently acquired Washington mini-casinos. We also continue to expect that our property level pro-forma EBITDA, adjusted for the normalization of the additional six mini-casinos, will be approximately $7.5 million to $8 million on an annualized basis," said Robert Sturges, CEO of Nevada Gold.

"We also received a $1.3 million tax refund subsequent to the quarter ending. The added cash will provide us additional financial flexibility," concluded Mr. Sturges.

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