Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that it has signed a definitive agreement to provide consulting support services to the La Jolla Band of Luiseno Indians. Under the terms of the agreement, Nevada Gold will advise and assist the Tribe with Phase I of the resort planned for its 10,000-acre reservation in Pauma Valley, California, which includes a 30,000-square-foot gaming facility, housing 350 -- 500 slot machines and eight table games.
Robert Sturges, Chief Development Officer, Nevada Gold & Casinos, Inc., commented, "This multi-million dollar agreement represents the first major consulting contract signed as part of our efforts to offer a new level of collaboration to Native American tribes. We hope that this agreement will be the first of many similar agreements, since we have received strong indications that there is a demand in Native American communities for this type of consulting service. By providing a full range of consulting capabilities, we enable tribes to leverage our development, marketing and management expertise to meet their operational objectives. The Company has always thought the Pauma Valley project represents a fantastic multi-phase development opportunity for the La Jolla Band of Luiseno Indians, and we are delighted to be moving forward with them on this exciting resort."
Tracy Nelson, Chairman of the La Jolla Band of Luiseno Indians, stated, "We believe this agreement provides us with a superior degree of flexibility and support, and are confident it will give the Tribe the tools we need to successfully manage the resort and gaming facilities autonomously over the long term. We are pleased to have finalized our agreement and look forward to working with Nevada Gold."
This consulting services agreement replaces the previous development and management agreement between the Tribe and Nevada Gold, as both partners agreed that the new arrangement would better facilitate development efforts and accelerate progress on the project. Phase I is slated to be complete fall 2007. Subsequent phases of development are expected to include a hotel, RV Park, golf course, additional restaurants and other entertainment venues. The consulting support services agreement will be sent to the National Indian Gaming Commission (NIGC) for review.
Nevada Gold's Consulting Support Services program was developed in 2006. Importantly, the program differs from a typical agreement in that it is designed to empower tribal members in all areas. The major emphasis is on the significant training component and the executive tribal development program designed to develop tribal abilities so they can assume responsibilities in all levels of management, to include senior executive committee positions, including General Administration of the entire enterprise.
More information regarding consulting support services is available on the company's website, www.nevadagold.com.
About Nevada Gold & Casinos
Nevada Gold & Casinos, Inc. (AMEX:UWN) of Houston, Texas is a developer, owner and operator of gaming facilities and lodging entertainment facilities in Colorado, California, and New York. The Company owns a 43% interest in the Isle of Capri-Black Hawk LLC, which owns Isle of Capri-Black Hawk and Colorado Central Station, both of which are in Black Hawk, Colorado. Colorado Grande Casino in Cripple Creek, Colorado is wholly owned and operated by Nevada Gold. The Company owns a 40% interest in the Tioga Downs Racetrack & Vernon Downs Racetrack in New York State and has a management contract for both facilities. The Company also works with Native American tribes in a variety of capacities. Native American projects consist of River Rock Casino in Sonoma County, California, a casino to be built in Tulsa, Oklahoma for the Muscogee (Creek) Nation, a casino to be built in Pauma Valley, California for the La Jolla Band of Luiseno Indians and a casino to be developed by Buena Vista Development Company, LLC in the city of Ione, California for Buena Vista Rancheria of Me-Wuk Indians. For more information, visit www.nevadagold.com.
The Nevada Gold & Casinos, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1552
CONTACT: Nevada Gold & Casinos, Inc.
H. Thomas Winn
Alan Greenstein
(713) 621-2245
Integrated Corporate Relations
Don Duffy
(203) 682-8200
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