Nevada Gold Announces Grand Opening of Vernon Downs Gaming Facility
HOUSTON, Oct. 26, 2006 -- Nevada Gold & Casinos, Inc. (AMEX:UWN), today announced the grand opening of the new 33,000 square foot gaming facility at Vernon Downs and the completion of the $4,000,000 renovation.
Visitors are enjoying all the amenities including the 777 video gaming machines. The facility's other entertainment offerings opened in August with a newly renovated grandstand, restaurants, lounges, arcades, entertainment, retail, live racing and simulcasting. Vernon Downs is located in Vernon, New York, near Syracuse.
Mr. Robert B. Sturges, Chief Executive Officer of Nevada Gold, commented, "I am extremely proud that our operating team was able to successfully open two major race track based gaming operations in less than four months. We are also very appreciative of the cooperation we received from the New York State Lottery in making these openings possible."
Mr. John Arnesen, President and Chief Operating Officer, stated, "I want to thank the 8,000 plus visitors we expect today, some of whom began lining up at seven o'clock this morning, three hours before our scheduled opening. We look forward to serving them well and making them loyal long-term guests at our facility."
Nevada Gold & Casinos, Inc., through its subsidiary Nevada Gold NY, Inc., owns a 40% interest in American Racing and Entertainment, LLC. American Racing owns 90% of Vernon Downs Acquisition, LLC, which owns the Vernon Downs Racetrack in Vernon, New York. The other members of American Racing are Southern Tier Acquisitions II, LLC, TrackPower, Inc. and Oneida Entertainment LLC, each holding 20% membership.
Forward-Looking Statements
This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect," "future," "intend," "plan," and similar expressions to identify forward-looking statements. Forward-looking statements include, without limitation, our ability to increase income streams, to grow revenue and earnings, and to obtain additional Indian gaming and other projects. These statements are only predictions and are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's public filings with the Securities and Exchange Commission.
About Nevada Gold & Casinos
Nevada Gold & Casinos, Inc. (AMEX:UWN) of Houston, Texas is a developer, owner and operator of gaming facilities and lodging entertainment facilities in Colorado, California, and New York. The Company owns a 43% interest in the Isle of Capri-Black Hawk LLC, which owns Isle of Capri-Black Hawk and Colorado Central Station, both of which are in Black Hawk, Colorado. Colorado Grande Casino in Cripple Creek, Colorado is wholly owned and operated by Nevada Gold. The Company owns a 40% interest in the Tioga Downs Racetrack & Vernon Downs Racetrack in New York State and has a management contract for both facilities. The Company also works with Native American tribes in a variety of capacities. Native American projects consist of River Rock Casino in Sonoma County, California, a casino to be built in Tulsa, Oklahoma for the Muscogee (Creek) Nation, a casino to be built in Pauma Valley, California for the La Jolla Band of Luiseno Indians and a casino to be developed by Buena Vista Development Company, LLC in the city of Ione, California for Buena Vista Rancheria of Me-Wuk Indians. For more information, visit www.nevadagold.com.
