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Black Hawk Reports Strong January Gaming Results

21 February 2002

HOUSTON, Texas –(Press Release) -- Nevada Gold & Casinos, Inc. (Amex: UWN) announced the Black Hawk gaming market grew 20% in January 2002, to $43.2 million, compared to $35.9 million in January 2001, and rose 3% from last month's numbers as reported by the Colorado Division of Gaming.

Black Hawk's casinos generated 74% of gaming revenue in the State. Colorado's January gaming revenue reached $58 million, an increase of 13% from January 2001.

President and CEO, H. Thomas Winn, said, ``With January's numbers up 20%, it is safe to say the Black Hawk, CO market continues to rise and move forward as a significant venue in the gaming market.''

Nevada Gold & Casinos, Inc. of Houston, TX is primarily a developer of gaming properties, and has real estate interests in Colorado, California, Nevada, and New York. UWN owns a 43% interest in The Isle of Capri-Black Hawk, a 237-room hotel/casino about 35 miles west of Denver, through a joint venture with Isle of Capri Casinos, Inc. (Nasdaq: ISLE - news). Also, UWN has 51% ownership of Dry Creek Casino LLC, which assists the Dry Creek Band of Pomo Indians in developing their casino -- planned for opening in Summer 2002 in Sonoma County (about 70 miles north of San Francisco in the California wine country). UWN's other assets include over 850 acres on Wellesley Island, New York, and 240 acres contiguous to the City of Black Hawk, Colorado, which UWN plans to develop. UWN also owns approximately 30% of Restaurant Connections International, which owns Pizza Hut restaurants in Sao Paulo, Brazil.

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