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| UWN > SEC Filings for UWN > Form 8-K on 13-Mar-2009 | All Recent SEC Filings |
13-Mar-2009
Entry into a Material Definitive Agreement, Financial Statements and Ex
On March 12, 2009, Nevada Gold & Casinos, Inc. (the "Company"), through its subsidiary, NG Washington, LLC, entered into an agreement to acquire three casinos in the state of Washington for $15.75 million. The casinos are currently owned by three local investors and the transaction will be funded by cash on the Company's balance sheet as well as a $4.0 million note issued by the Company.
The three casinos are the Crazy Moose Casino, located in Pasco, Washington, Coyote Bob's Roadhouse Casino, located in Kennewick, Washington, and the Crazy Moose Casino, located in Mt. Lake Terrace, Washington, in close proximity to Seattle, Washington. Combined, the facilities have a total of 40 table games including blackjack and mini-baccarat. As of January 1, 2009, the maximum bet for each facility was increased from $200 to $300 and the law was changed to allow casinos to be open 24 rather than 18 hours per day.
The casinos are currently generating in excess of $3.0 million in cash flow annually.
Closing of the transaction is subject to customary closing conditions, including licensing and necessary lease transfers, among other conditions.
The Asset Purchase Agreement and Press Release dated March 12, 2009 are filed herewith.
(c) Exhibits. The following exhibits are furnished as part of this
current Report on Form 8-K:
10.1 Asset Purchase Agreement and Exhibits dated March 12, 2009 among
Crazy Moose Casino, Inc., Crazy Moose Casino II, Inc., Coyote
Bob's, Inc. and Gullwing III, LLC, as sellers, and NG Washington,
LLC, as purchaser.
99.1 Press Release dated March 12, 2009.
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