SEARCH NEWS:

 

Nevada Gold to sell Isle of Capri interest

HOUSTON, Texas -- (PRESS RELEASE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that the Company will sell its 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 has agreed to 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.

Robert Sturges, Chief Executive Officer of Nevada Gold, stated, ``We are delighted to have agreed to sell our interest in Isle of Capri-Black Hawk to our partner. We believe this makes sense for Nevada Gold from a strategic perspective with respect to aligning our portfolio of projects with our growth strategy going forward. We intend to utilize the proceeds from the transaction to pay down our corporate debt by approximately $39 million, to provide our equity investment in the Horizon Casino Hotel acquisition announced today, and to potentially redeploy cash into future acquisitions.'

The transaction is subject to approval from Nevada Gold's shareholders as well as customary closing conditions.

< Gaming News