HOUSTON, Jan. 7, 2010 -- Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) announced today that it continues to pursue the acquisition of selected SunCruz assets despite the Chapter 7 bankruptcy filing by SunCruz's parent, Oceans Casino Cruises, Inc. As previously disclosed, SunCruz Casinos ceased operations of its casino cruises effective December 15, 2009 and SunCruz owner Oceans Casino Cruises, Inc. filed a Chapter 7 bankruptcy petition on December 28, 2009.
In November of 2008, Nevada Gold was engaged by Oceans Casino Cruises, Inc. to provide management services to SunCruz Casinos. Although its management contract is currently in effect, the Company is no longer involved in the daily operations of Oceans Casino Cruises, Inc., and the receipt of any further compensation by Nevada Gold is uncertain as a result of the bankruptcy filing.
Robert Sturges, CEO of Nevada Gold, stated, "While we understand that bankruptcies are often a necessary process in a situation like this, we remain interested in selected assets of Oceans Casino Cruises, Inc. if an acquisition can be accomplished in a reasonable time frame."
Any asset purchases are subject to numerous conditions, including the approval of the bankruptcy court, and there can be no assurance that the Company will be able to purchase any assets.
About Nevada Gold
Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) of Houston, Texas is a developer, owner and operator of gaming facilities in Colorado and Washington. 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. For more information, visit www.nevadagold.com.
