Nevada Gold Announces Important Step in Buena Vista Development Process
HOUSTON, June 23, 2008 -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that, as noted in a press release issued by the Buena Vista Rancheria of Me-Wuk Indians, the Tribe has announced a binding arbitration decision that establishes the terms of a final Intergovernmental Services Agreement (ISA) for off-reservation mitigation of its Tribal gaming facility.
Mr. Robert B. Sturges, Chief Executive Officer of Nevada Gold, commented, "We are pleased that the Tribe has taken this important step designed to ensure that this planned gaming facility becomes a reality. We believe the binding arbitration decision was in the best interests of all parties and look forward to moving ahead with this project."
Under rules established by a Tribal-State Gaming Compact signed by Governor Arnold Schwarzenegger, the Tribe said that its final Intergovernmental Services Agreement with Amador County will provide for off-reservation mitigation measures related to the Tribal gaming facility to be built on its Rancheria land. The final ISA process concluded through arbitration as outlined in the Compact and administered by the American Arbitration Association.
The Buena Vista Tribe and Amador County negotiated an ISA in January 2008. But that agreement failed to get the required majority vote of the Amador County Supervisors, which then led to the Tribe seeking binding arbitration. Before arbitration, and during negotiations with Amador County leaders, the Buena Vista Tribe proposed a scaled-down version of the proposed gaming project. Completion of the ISA process now allows the Tribe to move forward with plans to initially operate 950 slot machines and 20 table games. During construction, an estimated $150 million in labor, building material and supplies will contribute to the region's economy. The Tribe hopes to open the facility in early 2010.
Nevada Gold & Casinos, Inc. (AMEX:UWN) of Houston, Texas is a developer, owner and operator of gaming facilities and lodging entertainment facilities in Colorado and California. Colorado Grande Casino in Cripple Creek, Colorado is wholly owned and operated by Nevada Gold. The Company recently reached an agreement to acquire the Horizon Casino Hotel in Vicksburg, Mississippi. The Company also works with Native American tribes in a variety of capacities. Native American projects consist of 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 the Buena Vista Rancheria of Me-Wuk Indians. For more information, visit www.nevadagold.com
