Corporate Headquarters to be Relocated to Las Vegas
Social Gaming Site under Development
Victor Mena Promoted to Corporate Vice PresidentHOUSTON, 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."