Nevada Gold & Casinos (UWN) Sells Colorado Grande Casino for $3.2 Million

Nevada Gold & Casinos, Inc. (NYSE: UWN) today announced the sale of the Colorado Grande Casino in Cripple Creek, Colorado to G Investments, LLC ("Buyer"). Under the terms of the agreement, the Buyer has agreed to pay the Company $3.2 million of which $800,000 will be paid in cash and $2.4 million will be paid in the form of a promissory note. The proceeds will be used to pay down the Company's debt.

"We believe the sale of the Colorado Grande Casino makes good sense from a strategic perspective. Owning a single, small property in the Cripple Creek market is no longer attractive for us as we are focused on properties with greater earnings potential going forward," said Robert Sturges, CEO of Nevada Gold. "Additionally, we were able to sell the property at an attractive EBITDA multiple due to the fact that the principal purchaser owns a property in close proximity to the Colorado Grande Casino. This will enable the Buyer to create synergies and efficiencies not available to Nevada Gold."

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