This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Nevada Gold Announces Cost Reduction Initiatives

Corporate Headquarters to be Relocated to Las Vegas

Social Gaming Site under Development

Victor Mena Promoted to Corporate Vice President

HOUSTON, Oct. 16, 2012 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced the implementation of a cost reduction program, and other organizational changes and initiatives.  

Ernest East, Nevada Gold's interim president, stated, "We have conducted an in-depth review of the company's cost structure and have implemented a program to reduce costs by more than $750,000 annually. As part of that program, we will close our corporate office in Houston and move most of the functions located there to our regional office in Seattle. In addition, we will expand Nevada Gold's current office in Las Vegas and, beginning in the first quarter of 2013, that office will serve as our corporate headquarters. With Las Vegas as our new home, we will improve our access to acquisition opportunities and our participation in industry developments. Also, the move permits us to more fully leverage opportunities arising from our recent approval for a gaming license in the State of Nevada." 

Mr. East added, "To take advantage of one of our industry's leading technology innovations, we have also signed an agreement with NYX Gaming Group to develop a social gaming site. The IGaming site, which will be launched in a Facebook social media platform , will enable players to play the most popular selections of poker, slots and table games for fun, while incentivizing them to visit Nevada Gold's bricks and mortar properties. We expect the site to launch in the first quarter of 2013.

"We have also conducted a review of Nevada Gold's existing development projects. Given the challenges of securing financing for the Las Vegas Speedway Project, we have decided to not make any further investments in that project. Instead, we will focus on activities that offer more immediate rewards for Nevada Gold and will write off the $215,000 the company had invested to date."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs