| Nevada Gold Provides Update on Indiana Casino Bid |
Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that the Indiana Gaming Commission has re-opened the bidding process to build and operate a riverboat casino in Orange County, Indiana. The Commission has announced an accelerated timeline for this process.
The Request For Proposals will be posted April 6, proposals will be due May 4, and the Indiana Gaming Commission is expected to choose a winning bidder by June 22, although the Commission has the right to extend this timeline. Barry Morris, Project Manager, commented that 'Orange County Development is committed to meeting or exceeding the timeline established by the Indiana Gaming Commission. We look forward to discussing the specifics of our proposal with the Historic Hotel Preservation Commission and the Indiana Gaming Commission. We believe that our proposal will help the local community achieve its dream of significant job creation and having a destination resort which will include two operating historic hotels.'
As previously announced, Nevada Gold has entered into a joint venture with Orange County Development, LLC, a limited liability company, to pursue this project. If the joint venture is successful in its bid, Nevada Gold will be the developer and manager of the proposed casino, and upon completion, will retain 75% ownership of the joint venture.
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, the timeline announced by the Indiana Gaming Commission. 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 Orange County Development, LLC
Orange County Development is an Indiana LLC organized to pursue a gaming operation in Orange County, Indiana. Its members include, in addition to Nevada Gold, Larry Bird, House Financial, LLC, former Nevada Governor Robert F. List and Indiana businessmen Lucien H. Meis and William T. Kelsey.
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 www.nevadagold.com.
Source: dBusinessNews
Monday, 28 March 2005
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