Nevada Gold Spikes as Loss Narrows

HOUSTON ( TheStreet) -- Nevada Gold & Casinos ( UWN) narrowed its loss in its second quarter and saw revenue nearly quadruple, sending shares spiking in morning trading.

During the quarter, the casino operator recorded a loss of $444,115, or 3 cents a share, compared with a loss of $1.6 million, or 13 cents, in the year-ago period.

Revenue soared to $5.7 million from $1.5 million last year.

Nevada Gold attributed the better-than-expected results to the first full quarter of increased bet limits and extended gaming hours in Cripple Creek, as well as the first full quarter of ownership of the Washington Casinos.

Shares are surging 14% to 98 cents in morning trading.

-- Reported by Jeanine Poggi in New York.

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