The development of an insignificant business venture in a Reno casino has been stopped by Nevada Gold & Casinos Inc. due to the hunt for a new chief executive officer and its extension of slot route processing in South Dakota. The extension of Nevada operations was reconfirmed by the interim president of company- Ernest East on Wednesday. Citing about the importance of Nevada State, he stated at present he can’t declare anything specifically.
Nevada Gold which is located in Houston got its gaming license in Nevada in January upon endorsement of its possession of a 1% share in The Nugget in Reno. Nevada Gold Speedway LLC, an associate of the company also got its license in the start of the year. An outpost office is controlled by Nevada Gold in Las Vegas.
When the inquiry for grant of license took place, Nevada Gold was involved in discussions for a minor equity location and an executive agreement on a prospective hotel and casino adjoining the Las Vegas Motor Speedway. There will be a hotel with 200 rooms and a casino expanded on 30,000 sq. ft. of land in the project costing $60 million that will be built on a land segment subsequent to the Petro Truck Stop, adjoining to the speedway. The initial possessor of the location lost it to Lennar Corp. and a number of banks as per the gaming company.
On Wednesday, a meeting with analysts was held in which East stated that all the projects of the company will be assessed by the board of the company. He further informed that the company has a share in The Nugget in Reno till date; however there are no significant profit returns from it to the company. The deal with Reno was made just to get authorization for the application purpose of license.
A total income worth $168,125 or 1% share was recorded on Wednesday for Nevada Gold for the first part of financial year. The company witnessed a loss of $191,859 or downward 1% share during the same span of time the previous year. Total profit returns rose from $12.7 million in the first part of 2011 to $16.8 million in 2012.
Subsequent to leaving up of job from the post of CEO by Robert Sturges, East was nominated as the interim president of Nevada Gold on Friday. Earlier, he served as the senior vice president and general council with the company. He is hopeful to get a new CEO for the company very soon.
A declaration regarding expansion of already present slot machine route processing in South Dakota were also made by Nevada Gold. This has been done by signing a profit sharing contract for five years to operate the slots at a casino and restaurant and The Midnight Star in Deadwood. The contract will allow Nevada Gold to control 50 slot machines. There are 950 slot machines in South Dakota operational under the company.
As informed by East, the operations in South Dakota produced $2.9 million as profits for the first part of the fiscal year. At the same time, the games produced $13.8 million in the State of Washington where 10 casinos are possessed and controlled by the company.
In May, the dealings of the Colorado Grand Casino in Cripple Creek, Columbus of the company reached $3.125 million out of which $800,000 were used to pay back the loan of company. The total loan to be paid by the company by the end of first part of fiscal year was $14 million.
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