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Nevada Gold Provides Update Regarding SunCruz Casinos

CNNMoney.com, Thursday, January 7, 2010 at 5:17:54 PM

Nevada Gold & Casinos, Inc. 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."

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