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Nevada Gold to acquire Washington casinos
Friday, March 13, 2009 at 12:51:54 PM
Nevada Gold & Casinos, Inc. today announced that the Company has reached an agreement to acquire three casinos in the state of Washington, for $15.75 million. The casinos are currently owned by three local investors and the transaction will be funded by cash on the Company's balance sheet as well as a $4.0 million note issued by the Company.
"We are very excited about this acquisition and the potential market opportunity. Importantly, we anticipate that management is staying intact and we are looking forward to working with each facility to make improvements to drive future growth and profitability," said Robert Sturges, CEO of Nevada Gold.
The three casinos are The Crazy Moose Casino, located in Pasco, Coyote Bob's Roadhouse Casino, located in Kennewick, and the Crazy Moose Casino, located in Mountlake Terrace in close proximity to Seattle. Combined, the facilities have a total of 40 table games including blackjack, Spanish 21 and other popular banked table games. Additional banked table games are permitted along with poker and pull tabs. As of January 1, 2009, the maximum bet for each facility was increased from $200 to $300 and the law was changed to allow casinos to be open 24 rather than 18 hours per day.
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