Truckee acquires Nevada Gold & Casinos LV

The deal, which was announced back in June 2018, came into effect as of last December 31.

US.- Nevada Gold & Casinos Inc announced that Nevada Gold & Casinos LV LLC, a wholly-owned subsidiary of the Company, completed the sale of substantially all of their assets related to Club Fortune Casino located in Henderson, Nevada to Truckee Gaming LLC. The sale had been previously announced on June 26.

The purchase price was worth approximately US$14.65 million, subject to certain post-closing purchase price adjustments, including a post-closing working capital true-up. A portion of the purchase price was used by the Company to pay in full the outstanding principal and other amounts due under the Company’s credit agreement with Mutual of Omaha Bank.

The Nevada casino was purchased by Nevada Gold in December 2015 for a total consideration of US$14.1 million cash and US$1.2 million in common shares. Club Fortune Casino includes in its 35,000-square-foot building a total of seven table games, 541 slot machines, a poker room, and a sports book. It also features leisure facilities such as a restaurant, two bars, an entertainment lounge, snack bar and gift shop.