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Nevada Gold Backing Out of Gulf Coast Casino Deal
VICKSBURG, MISSISSIPPI --
According to a company-wide press release, Nevada Gold & Casinos, Inc. (AMEX:UWN) said they are "cancelling any and all deals concerning the Horizon Casino and Hotel in Vicksburg, Mississippi". Horizon Casino is located on the central-west-side of the state, near Louisiana.
As you know, in the beginning of the month, Nevada Gold announced they are no longer expected to purchase the Horizon Casino, despite previous reports of an agreement between the gaming firms.
Nevada Gold and Tropicana Entertainment have been in discussions regarding a possible alternative transaction but have determined that no alternatives exist that are suitable to both parties.
In the news release, Nevada Gold made clear they intend to redeem their $2 million dollar deposit, which is being held by a 3rd party arbitrator. They said the money will be reinvested in other growth areas or acquisition opportunities in the casino and gaming industry.
"Nevada Gold is in a strong financial position, they would like desperately to invest the money in areas that could provide synergies, both hotel and casino related", says one reporter on the Gulf Coast.
"The growth opportunities simply do not exist over at Horizon, maybe 10 years ago this would have worked", he added.
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