Vernon Downs Receives Temporary New York License

Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that on June 5, 2006, the New York State Racing and Wagering Board granted a temporary conditional track license to Nevada Gold - Vernon Downs, Inc. on behalf of Vernon Downs Racetrack, LLC. Vernon Downs is currently under development and the renovation plan is being implemented to enable the facility to open in the summer of 2006.

Vernon Downs Racetrack, LLC is solely owned by American Racing and Entertainment, LLC (``American Racing'), an entity in which Nevada Gold NY, Inc. (a wholly owned subsidiary of Nevada Gold & Casinos, Inc.) has a 40% membership interest and is the manager. The other members of American Racing are Southern Tier Acquisitions II, LLC, TrackPower, Inc. and Oneida Entertainment, LLC, each holding 20% membership.

``This license will allow us to continue the significant progress we are making to reposition the historic Vernon Downs Racing Facility as a preeminent racing venue. Vernon Downs will offer a variety of food and beverage facilities, a hotel with views of the racetrack, gaming, racing, simulcasts and an outstanding calendar of entertainment events to inaugurate the rebirth of Vernon Downs,' states John Arnesen, President & COO of Nevada Gold & Casinos, Inc.

2006-06-07