HOUSTON, Feb. 24, 2011 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) announced today it has met with the Nevada Gaming Control Board and is in the process of applying for a gaming license in the state of Nevada. The application is related to an agreement the Company has signed to acquire a 1% interest in an entity that holds a nonrestricted Nevada gaming license.
"As we have previously stated, we intend to acquire regional casino properties on an opportunistic basis in Nevada. We believe applying for a license now will allow us to expedite future transactions by removing a potentially lengthy process as an impediment to closing," said Robert Sturges, Chief Executive Officer of Nevada Gold. "In 2010 we opened a business development office in Nevada. We continue to actively review potential acquisition opportunities in the state in addition to awaiting the financing efforts to develop a hotel/casino that we would operate at the Las Vegas Motor Speedway."
Terms of the agreement have not been disclosed.About Nevada Gold Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) of Houston, Texas is a developer, owner and operator of 10 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
CONTACT: Nevada Gold & Casinos, Inc. Robert B. Sturges, CEO or Jim Kohn, CFO (713) 621-2245 ICR Don Duffy (203) 682-8200