UWN: Sure would like an opinion or two.
Though TPWR (a Pink and the way I ran into UWN) also owns an interest in American Racing, the Jeff Gural conceived operational owner of Tioga Downs and Vernon Downs race tracks, I'm betting the UWN pps will be the ultimate beneficiary of the two tracks successes.
UWN is down from a high of over $15 in early 2005 to a current pps of $5.18.
As of September 1, 2006, the registrant had 12,940,430 shares of common stock outstanding.
Here's some DD.
Executives tout Tioga Downs positive response
By My-Ly Nguyen
Houston-based Nevada Gold & Casinos Inc. said Thursday that Tioga Downs is expected to generate positive cash flow around October or November.
The racino has performed “very well” since video gaming was launched there July 4, company executives said during a first-quarter earnings conference call.
The “positive initial response” to Tioga Downs “reflects the success of our operational focus,” said Nevada Gold, which through a subsidiary, is a principal of Tioga Downs.
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.
Nevada Gold & Casinos, Inc. Awarded First Support Services Contract
HOUSTON, Sept. 18, 2006 (PRIMEZONE) -- 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."
Nevada Gold & Casinos, Inc. Announces First Quarter Results
HOUSTON, Sept. 7, 2006 (PRIMEZONE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced financial results for the first quarter ended July 30, 2006.
For the first quarter of fiscal 2007, net revenues decreased to $3.5 million compared to $3.7 million in the first quarter of fiscal 2006. The net loss for the first quarter of fiscal 2007 was $1.8 million compared to net income of $1.8 million in the first quarter of fiscal 2006. The net loss per diluted common share was $0.14, compared to net income per diluted common share of $0.13 in the prior year period. Financial results for the first quarter of fiscal 2007 include a $0.09 per diluted share loss due to $1.9 million in pre-opening costs at Tioga Downs and Vernon Downs. No gaming revenues are reflected in this number due to the fact that American Racing's quarter ended June 30, 2006.
Tioga Downs' racing facilities were opened on June 9, 2006 and the gaming area opened on July 4, 2006. Vernon Downs was in a pre-opening phase throughout the first quarter of fiscal 2007 and celebrated the grand opening of its racetrack on August 31, 2006.
H. Thomas Winn, Chairman and CEO of Nevada Gold & Casinos, Inc., commented, "We are very excited to have celebrated the grand opening of the Vernon Downs racetrack this past weekend, and believe the racing, lodging and entertainment facilities bring a new level of excitement to the Syracuse region. Tioga Downs has performed very well since it opened in July. We think the positive initial response to both of these projects reflects the success of our operational focus. Despite our short-term earnings challenges, we continue to feel confident that as we implement our growth and operating initiatives, both our existing projects and those in the pipeline leave the company well positioned to generate solid returns over the long term."
Financial Results
For the first quarter of fiscal 2007, net revenues decreased to $3.5 million compared to $3.7 million in the first quarter of fiscal 2006. The revenue decrease was primarily due to a $0.3 million decrease in net revenues from the Colorado Grande Casino-Cripple Creek during the first quarter.
Operating expenses increased to $4.2 million from $3.1 million primarily due to higher corporate expenses reflecting legal fees related to our successful litigation concerning Route 66 Casinos, LLC, as well as increased expenses related to expanded casino operations and the pursuit of additional gaming opportunities. Operating expenses before depreciation and amortization for Colorado Grande Casino decreased $0.2 million due to improved cost control which offset most of the revenue decrease.
The Company's equity in earnings from Isle of Capri-Black Hawk (IC-BH), the Company's joint venture with Isle of Capri Casinos, was $1.1 million for the first quarter ended July 30, 2006, compared to $2.3 million a year ago. The $1.2 million decrease in earnings year over year resulted in a $0.06 decrease in diluted earnings per share. IC-BH's first quarter adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA"), was $11.2 million in fiscal 2007 compared to $12.3 million in the prior year period. A reconciliation of EBITDA to operating income is provided in the attached financial statements.
The net loss for the first quarter of fiscal 2007 was $1.8 million compared to net income of $1.8 million in the first quarter of fiscal 2006. The net loss per diluted common share was $0.14, compared to net income per diluted common share of $0.13 in the prior year period. Diluted weighted average common shares outstanding in the first quarter were 12.9 million compared to 14.0 million in the prior year period.
During the first quarter of fiscal 2007, the Company repurchased 40,800 shares of common stock in the open market at an average price of $8.90 per share.
