This Day On The Street
Continue to site
ADVERTISEMENT
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 & Casinos Pays Annual Device Fee With Loan From Wells Fargo

LAS VEGAS, June 28, 2013 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) ("the Company") today announced the Company's wholly-owned subsidiary, A.G. Trucano, Son & Grandsons, Inc. ("AG Trucano"), which operates a slot route in Deadwood, South Dakota, entered into a $1.5 million revolving loan with Wells Fargo Gaming Capital, LLC, an affiliate of Wells Fargo Bank, N.A. The proceeds from the loan were used for an annual device registration fee due by AG Trucano to the South Dakota Commission on Gaming ("SDCG"), in the amount of $2,000 per slot machine. Since the SDCG requires the entire fee to be paid in advance, AG Trucano has historically financed this obligation with a short-term loan. The loan from Wells Fargo represents a continuation of that practice.

The annual device fee expense is shared by the Company and the route location owners in proportion to their respective revenue share agreements. The Company traditionally pays the full licensing fee and then is reimbursed by the location owners. Approximately 40% of the expense is borne by the Company and the balance is reimbursed.

Nevada Gold also announced that, effective July 1, 2013 the Company's slot route will operate a total of 811 games. "We are excited to be moving into the strong summer season in Deadwood with a strongly positioned and efficient operation," commented Michael Shaunnessy, President and CEO. "We are also pleased with the support that the Company continues to receive from a lending institution with the stature of Wells Fargo Gaming Capital."

On June 30, 2013, the Green Door location closed and our agreement terminated according to its terms. In the year ended April 30, 2013 this location contributed approximately $109,000 of revenue and $101,000 in expenses. Also on June 30, 2013, the Company closed the Bourbon Street location which it leased and operated. In the year ended April 30, 2013, this location generated approximately $463,000 in revenue and $629,000 in expenses. The incurred expenses for both locations will be totally eliminated as a result of the closures. The Company anticipates that a portion of the revenues from these closed locations will be captured by our other locations in the immediate vicinity.

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,609.15 +12.80 0.07%
S&P 500 2,058.17 +0.53 0.03%
NASDAQ 4,971.5940 +13.1260 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs