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Sale of interest in Isle of Capri-Black Hawk approved


CNNMoney.com,  Tuesday, January 22, 2008 at 7:47:24 PM

Nevada Gold & Casinos, Inc. (AMEX:UWN) announced that at a special meeting of shareholders held today, shareholders approved the sale of the Company's 43% membership interest in the Isle of Capri-Black Hawk LLC to Isle of Capri Casinos, which currently owns the remaining 57% interest. Under the terms of the agreement, Isle of Capri will pay Nevada Gold $64.6 million. Isle of Capri-Black Hawk, LLC owns Isle of Capri-Black Hawk and Colorado Central Station, both of which are in Black Hawk, Colorado. The transaction is expected to close within five days.

Robert Sturges, Chief Executive Officer of Nevada Gold, stated, "We are very pleased that shareholders agreed with our Board of Directors that this transaction was in their best interest. The sale of our interest in Isle of Capri-Black Hawk to our partner will enable us to reduce our outstanding long-term debt by approximately $39 million, provide our equity investment in the Horizon Casino Hotel acquisition announced on November 13, 2007, and potentially redeploy cash into future acquisitions."


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