Nevada Gold Announces Third Quarter 2011 Financial Results

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

Nevada Gold & Casinos, Inc.
Balance Sheet
	January 31, 2011	April 30, 2010
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$ 4,222,240	$ 3,155,736
Restricted cash	1,254,917	5,266,938
Accounts receivable	871,810	66,822
Prepaid expenses	946,280	475,262
Income tax receivable	176,750	1,750,374
Other current assets	282,348	155,796
Total current assets	7,754,345	10,870,928
Investments in development projects	208,543	1,418,789
Investment in land held for sale	3,373,966	3,437,932
Note receivable - development projects, net of current portion and allowances	1,700,000	1,700,000
Goodwill	16,477,184	10,243,362
Identifiable intangible assets, net of accumulated amortization of $1,541,511 and $729,000 at January 31, 2011 and April 30, 2010	7,672,340	5,101,800
Property and equipment, net of accumulated depreciation of $3,464,418 and $2,978,679 at January 31, 2011 and April 30, 2010, respectively	5,111,234	3,473,051
Deferred tax asset	2,393,453	1,848,419
BVO receivable	4,000,000	4,000,000
Other assets, net of allowances	541,736	376,938
Total assets	$ 49,232,801	$ 42,471,219
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$ 2,153,097	$ 1,060,017
Accrued interest payable	121,123	70,000
Other accrued liabilities	1,774,206	687,819
Long-term debt, current portion	67,530	--
Total current liabilities	4,115,956	1,817,836
Long-term debt, net of current portion	15,082,152	10,000,000
Other liabilities	19,671	30,944
Total liabilities	19,217,779	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 January 31, 2011 and April 30, 2010, respectively	1,672,240	1,672,240
Additional paid-in capital	20,020,697	19,859,966
Retained earnings	18,696,824	19,464,972
Treasury stock, 1,171,200 shares at January 31, 2011 and April 30, 2010, respectively, at cost	(10,369,200)	(10,369,200)
Accumulated other comprehensive loss	(5,539)	(5,539)
Total stockholders' equity	30,015,022	30,622,439
Total liabilities and stockholders' equity	$ 49,232,801	$ 42,471,219

Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
(unaudited)
	Three Months Ended		Nine Months Ended
	January 31,	January 31,	January 31,	January 31,
	2011	2010	2011	2010
Revenues:
Casino	$ 11,507,643	$ 4,469,523	$ 29,275,626	$ 13,443,121
Food and beverage	2,795,998	1,074,962	7,074,052	3,423,638
Other	531,786	223,777	1,299,808	626,648
Management and consulting fees	--	120,968	--	620,968
Gross revenues	14,835,427	5,889,230	37,649,486	18,114,375
Less promotional allowances	(1,573,524)	(683,406)	(4,048,045)	(2,110,972)
Net revenues	13,261,903	5,205,824	33,601,441	16,003,403
Expenses:
Casino	5,799,412	2,224,130	14,818,844	6,176,833
Food and beverage	1,140,626	613,408	3,037,018	2,337,762
Marketing and administrative	3,694,711	1,413,210	8,922,162	4,089,432
Facility	940,904	292,427	2,425,883	784,458
Corporate expense	779,429	865,978	2,895,495	3,243,043
Legal expense	--	202	445,038	103,205
Depreciation and amortization	470,593	333,527	1,319,051	996,680
Excise taxes	307,757	79,932	691,836	232,650
Other	85,380	32,109	191,138	102,850
Total operating expenses	13,218,812	5,854,923	34,746,465	18,066,913
Operating income (loss)	43,091	(649,099)	(1,145,024)	(2,063,510)
Non-operating income (expenses):
Gain on sale/settlement of assets	--	--	384,414	--
Interest income	42,865	44,944	131,980	150,012
Interest expense	(387,143)	(246,940)	(1,011,001)	(625,411)
Amortization of loan issue costs	(11,250)	(25,552)	(33,750)	(85,531)
Loss before income tax benefit	(312,437)	(876,647)	(1,673,381)	(2,624,440)
Income tax benefit	449,968	330,925	905,233	933,895
Net income (loss)	$ 137,531	$ (545,722)	$ (768,148)	$ (1,690,545)
Per share information:
Net income (loss) per common share - basic	$ 0.01	$ (0.04)	$ (0.06)	$ (0.13)
Net income (loss) per common share - diluted	$ 0.01	$ (0.04)	$ (0.06)	$ (0.13)
Basic weighted average number of common shares outstanding	12,764,130	12,866,847	12,764,130	12,915,036
Diluted weighted average number of common shares outstanding	12,789,130	12,866,847	12,764,130	12,915,036

CONTACT: Nevada Gold & Casinos, Inc.
         Robert B. Sturges, CEO or Jim Kohn, CFO
         [phone]
         
         ICR
         Don Duffy
         [phone]

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