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Nevada Gold Reorganization Plan Confirmed

HOUSTON, Texas – (PRESS RELEASE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN), today announced that the Third Modified Amended Joint Plan of Reorganization proposed by the debtors of Mid-State Raceway, Inc. and Mid-State Development Corporation and Vernon Downs Acquisition, LLC (``VDA') dated September 13, 2005, was confirmed by the United States Bankruptcy Court, Northern District of New York, on March 15, 2006.

VDA is a special purpose Delaware limited liability company owned by American Racing and Entertainment, LLC, a limited liability company in which Nevada Gold NY, Inc. (a wholly owned subsidiary of Nevada Gold & Casinos) is a 40% member. The other members of American Racing are Southern Tier Acquisitions II, LLC, TrackPower, Inc. and Oneida Entertainment, LLC, each of which has a membership interest of 20%. American Racing was formed to develop Tioga Downs Raceway, located in Nichols, New York and to pursue the acquisition of Vernon Downs Raceway from Chapter 11 bankruptcy.

H. Thomas Winn, Chairman & CEO of Nevada Gold & Casinos, Inc., commented, ``We are thrilled to be able to move forward with the redevelopment and expansion of Vernon Downs' facilities. Our intention is to accelerate the planned renovations so that racing can commence as soon as this summer, with the gaming facility slated to open in late June. We are pleased that the Court confirmed our plan, and look forward to working with our partners to bring an exciting and greatly improved entertainment facility to the region.'

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