Nevada Gold Signs Contract With the La Jolla Band of Luiseno
Indians
HOUSTON, Aug. 11 /PRNewswire-FirstCall/ -- Nevada Gold & Casinos, Inc. (AMEX:UWN) and the La Jolla Band of Luiseno Indians announced today that they
have signed a development agreement for a gaming resort development in Pauma
Valley, California. Nevada Gold will be the developer and manager of the
casino. The management agreement is currently being finalized and is expected
to be completed in the near future. The Company also will assist the tribe in
obtaining project financing.
The multi-phase project will be developed on the 9,998 acre La Jolla Indian
Reservation in Pauma Valley, California. The first phase will include the
construction of a casino with approximately 349 slots and 12 table games, a
75-room hotel, dining facilities and parking. The total investment for the
first phase will be approximately $25 million. Subsequent phases may include
an expanded casino, RV-park, additional restaurants and other entertainment
venues.
Nevada Gold will receive a management fee of 23% of pretax net revenues over a
five-year period, with a 2-year renewal period, for the first phase, and a new
5-year term for any subsequent phase. The Company will also receive a 2%
development fee on the total project costs of each phase.
Chairman, President and CEO of Nevada Gold, H. Thomas Winn said, "We are
pleased to have reached contractual agreements with the La Jolla Band of
Luiseno Indians. This gaming resort will create economic benefits for the
tribe and allow for future expansion opportunities." Chairman of the La Jolla Band of Luiseno Indians, Tracy Lee Nelson, added, "We
are extremely excited with the signing of this Development Agreement and
sincerely thank Nevada Gold for their confidence and look forward to working in
partnership with Nevada Gold and assisting the Tribe in fulfilling the Tribe's
vision for economic development." Construction on the project is currently anticipated to begin in 2004. The new
facility is expected to open before the end of 2005, pending necessary
regulatory, construction and environmental approvals.
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, Colo., about 35 miles west of Denver) and Colorado
Grande Casino, located in Cripple Creek, Colo. 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. UWN has entered into a
contract to develop and manage a casino for the Muscogee (Creek) Nation in
Tulsa, Okla. 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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