Nevada Gold Announces Stock Buyback Program and Change of Fiscal Year End
HOUSTON, June 8, 2005 -- Nevada Gold & Casinos, Inc. (AMEX:UWN) announced that its Board of Directors has approved a stock buyback program, through which the Company may repurchase up to 900,000 shares of its common stock. The shares are expected to be acquired from time to time at prevailing prices through open market transactions. The Board's authorization does not obligate the Company to acquire any shares and may be terminated by the Board at any time.
The Company also announced that its Board approved the change of its fiscal year-end from March 31 to the last Sunday in April, effective April 25, 2005. The Board is implementing this change in order to coordinate more closely with the reporting schedule of the Company's joint venture, Isle of Capri-Black Hawk, LLC. The Company's report on Form 10-Q for the first fiscal quarter of 2005 will include the transition period from April 1, 2005 through April 24, 2005. The Company's fiscal quarters will end on the last Sunday of July, October, January, and April each year.
About Nevada Gold & Casinos
Nevada Gold and Casinos, Inc. (AMEX:UWN) of Houston, Texas is a developer, owner and operator of gaming facilities and lodging and entertainment facilities in Colorado, California, Oklahoma and New Mexico. 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 also works with Native American tribes in a variety of capacities from the right to lease gaming equipment to development and management of their gaming properties. Native American projects consist of River Rock Casino in Sonoma County, California, Route 66 Casino west of Albuquerque, New Mexico, 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 near Buena Vista, California for the Buena Vista Rancheria of Me-Wuk Indians. Additional information is available at www.nevadagold.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Nevada Gold & Casinos Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
Contacts: Nevada Gold & Casinos, Inc., Houston
H. Thomas Winn
Christopher Domijan, 713-621-2245
or
Integrated Corporate Relations
Don Duffy, 203-682-8200
