August 31, 2006 at 18:21 PM EDT
Nevada Gold Again in the Running With Opening of Vernon Downs

HOUSTON, Aug. 31, 2006 (PRIMEZONE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN) announced today the re-opening of racing at the historic Vernon Downs Racetrack. The grand opening today nearly completes a $4,000,000 renovation, which will be complete with the addition of video gaming machines scheduled for late October.

John Arnesen, President and Chief Operating Officer of Nevada Gold & Casinos, Inc., commented, "It is with pleasure that we open our second property in New York, bringing another excellent entertainment choice to the state. In late October we will add the gaming facility, thereby completing our renovation of Vernon Downs. We hope patrons who have visited this historic property in the past will come back to see that while we have added additional amenities, we have maintained the charm and nostalgia of a name synonymous with great entertainment for the past 50 years."

Nevada Gold & Casinos, Inc., through its subsidiary Nevada Gold NY, Inc., 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 LLC, each holding 20% membership.

Forward-Looking Statements

This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect," "future," "intend," "plan," and similar expressions to identify forward-looking statements. Forward-looking statements include, without limitation, our ability to increase income streams, to grow revenue and earnings, and to obtain additional Indian gaming and other projects. These statements are only predictions and are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's public filings with the Securities and Exchange Commission.

About Nevada Gold & Casinos

Nevada Gold & Casinos, Inc. (AMEX:UWN) of Houston, Texas is a developer, owner and operator of gaming facilities and lodging and entertainment facilities in Colorado, California, Oklahoma, 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 http://www.nevadagold.com.

The Nevada Gold & Casinos, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1552

CONTACT:  Nevada Gold & Casinos, Inc.
          H. Thomas Winn
          713-621-2245

          Integrated Corporate Relations
          Don Duffy
          203-682-8200
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