HOUSTON, July 8, 2009 -- Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) today announced that on July 7, 2009, the Company entered into an Amended and Restated Security Agreement with its principal lender.
The Company extended the due date of its long term debt in the principal amount of $6.0 million to June 30, 2013. Interest payments on the principal amount owed will continue to be made monthly at an annual rate of 10% through June 30, 2010, and from July 1, 2010 until maturity on June 30, 2013, at a rate of 11% per year.
"Over the past twenty months we have paid down our corporate debt from $54.6 million, which was due in September of 2008, to $6.0 million, which is now due June 30, 2013. Additionally, the new credit facility allows us to use the $6.0 million for future acquisitions without our lender's prior approval. We appreciate the cooperation of our lender and the confidence shown in our management team by extending our due date for the loan and providing us with greater financial flexibility," said Robert Sturges, CEO of Nevada Gold.
About Nevada Gold
Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) of Houston, Texas is a developer, owner and operator of gaming facilities in Colorado, Washington and the southeastern United States. The Colorado Grande Casino in Cripple Creek, Colorado, the Crazy Moose Casino in Pasco, Washington, the Coyote Bob's Roadhouse Casino in Kennewick, Washington and the Crazy Moose Casino in Mountlake Terrace, Washington are wholly owned and operated by Nevada Gold. The Company has an interest in Buena Vista Development Company, LLC which is working with the Buena Vista Rancheria of Me-Wuk Indians on a Native American casino project to be developed in the city of Ione, California. The Company also has a management contract with Oceans Casino Cruises, Inc., owner of SunCruz Casinos, the largest day cruise casino company in the United States. For more information, visit www.nevadagold.com.
