Nevada Gold Reports Vernon Downs Racing Approval

Nevada Gold & Casinos, Inc. (AMEX:UWN), today announced that The New York State Racing and Wagering Board approved a request for racing to return to the Vernon Downs facility.

John Arnesen, President and Chief Operating Officer of Nevada Gold & Casinos, Inc., commented, ``After a considerable amount of time and effort by Jeff Gural in finalizing the horsemen's contract with the Harness Horse Association of Central New York, as well as the efforts of the Vernon Downs staff in getting the property ready, we are very pleased to announce the return of racing at Vernon Downs. We are looking forward to completing this facility, including the addition of VGM's (video gaming machines), which will bring new levels of racing, gaming and entertainment options to the Syracuse area. This approval is another important milestone in our New York gaming expansion efforts.'

In addition to approving a temporary conditional simulcast license, the New York State Racing and Wagering Board also allowed Nevada Gold to continue its day-to-day operations under a temporary conditional track license, which was initially issued on June 5, 2006. This action enables Nevada Gold to go forward with its VGM project and conduct live pari-mutuel racing.

Nevada Gold & Casinos, Inc., through its subsidiary, owns a 40% interest in American Racing and Entertainment, LLC. American Racing owns 90% of Vernon Downs Acquisition, LLC, which owns the Vernon Downs Racetrack in Vernon, New York. The other members of American Racing are Southern Tier Acquisitions II, LLC, TrackPower, Inc. and Oneida Entertainment LL

2006-08-29