Nevada Gold Announces Memorandum of Agreement With the Timbisha
Shoshone Tribe
HOUSTON, Oct. 20 /PRNewswire-FirstCall/ -- Nevada Gold & Casinos, Inc. (AMEX:UWN) has announced that it has entered into a memorandum of agreement
("MOA") with the Timbisha Shoshone Tribe for the management of a proposed
casino resort in the City of Hesperia, California. The MOA provides that
Nevada Gold will receive a management fee of 23% of net revenues over a seven
year period.
The Timbisha Shoshone MOA represents one of the Company's previously disclosed
MOA's for tribal casino projects. The Company cannot predict when a final
management agreement will be signed and approved by the Tribe.
"We are very excited about Nevada Gold managing this resort and we look forward
to the economic benefits it will bring to our Tribe, the City of Hesperia, and
the entire San Bernardino region," said Erick Mason, Chairman of the Timbisha
Shoshone Gaming Commission.
"We look forward to working with the Timbisha Shoshone Tribe to manage their
world class casino resort catering to the greater Southern California
marketplace," said Chairman, President and CEO of Nevada Gold, H. Thomas Winn.
The Company has also been notified by a party who had signed a development
agreement with the Tribe that it has commenced legal action against Nevada
Gold, and certain other parties, related to the Company's relationship with the
Timbisha Shoshone Tribe. The Company believes this legal action is without
merit and it intends to vigorously defend itself.
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. of Houston, is a developer of gaming properties,
and has real estate interests in Colorado, California, and Nevada. UWN owns a
43% interest in The Isle of Capri-Black Hawk LLC, which owns Isle of Capri
Casino, a 237-room hotel/casino and Colorado Central Station Casino (both
located in Black Hawk, Colorado, about 35 miles west of Denver) and Colorado
Grande Casino, located in Cripple Creek, Colorado. The LLC is a joint venture
with Isle of Capri Casinos, Inc. (NASDAQ:ISLE). UWN has 69% ownership of Dry
Creek Casino, LLC, which is assisting the Dry Creek Rancheria Band of Pomo
Indians with their River Rock Casino, Alexander Valley, Sonoma County,
California (about 75 miles north of San Francisco in the California wine
country). UWN has 51% ownership of Route 66 Casinos, LLC, which has the right
to lease gaming equipment to the Pueblo of Laguna in their Route 66 Casino 11
miles west of Albuquerque, N.M., which opened in September 2003. Nevada Gold
Tulsa, Inc., a wholly-owned subsidiary, has entered into a contract to develop
and manage a casino for the Muscogee (Creek) Nation in Tulsa, Oklahoma. Also,
Gold River, LLC, a wholly-owned subsidiary of UWN, has entered into a
development agreement for a gaming resort in Pauma Valley, California for the
La Jolla Band of Luiseno Indians. The management agreement for La Jolla is
currently being finalized and is expected to be completed in the near future.
For more information, visit http://www.nevadagold.com/ .
CONTACT: Nevada Gold & Casinos, Inc., Houston
H. Thomas Winn or Christopher Domijan, 713-621-2245
or
Integrated Corporate Relations
Don Duffy 203-222-9013
DATASOURCE: Nevada Gold & Casinos, Inc.
CONTACT: H. Thomas Winn or Christopher Domijan, both of Nevada Gold & Casinos, Inc., +1-713-621-2245; or Don Duffy of Integrated Corporate Relations, +1-203-222-9013 Web site: http://www.nevadagold.com/
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