Nevada Gold & Casinos, Inc. has announced that it has acquired, through its subsidiary, Nevada Gold Indiana, LLC, a 75% interest in Orange County Development, LLC, to pursue the operating agent contract to be awarded by the Indiana Gaming Commission for a riverboat gaming operation in Orange County, Indiana. Orange County Development, LLC, includes among its current members basketball great Larry Bird, a native of French Lick, Indiana.
If successful, the joint venture will begin development of the project immediately following an award of the operating agent contract. In its commitment to the community, Nevada Gold will fast track the project with construction time estimated at 14-18 months. Nevada Gold Indiana will be the manager of the venture and will be responsible for developing and managing the operation.
Larry Bird, Orange County Development, LLC Member, stated, "We are very pleased to be associating with Nevada Gold & Casinos, Inc., a growth company listed on the American Stock Exchange with an outstanding business and experience background. I am glad to have the opportunity once again to bring new jobs to my hometown area and to assist in revitalizing the tourism economy for our beautiful region."
The proposed project will reunite Tom Brosig and Barry Morris again in Indiana. Both worked on the development team for Park Place Entertainment's Caesars Indiana project located in Elizabeth, Indiana.
Mr. Brosig is a consultant for Nevada Gold. He was co-founder of Grand Casinos and held a variety of positions, including CEO, until Grand was merged with Hilton Gaming to form Park Place Entertainment, where Mr. Brosig served as President, Mid South Region.
Barry Morris has been retained to oversee the development and management of the proposed riverboat casino. Mr. Morris was formerly President of Caesars Indiana and has over 25 years experience in the gaming industry. In the past five years, Barry helped Caesars Indiana develop and consolidate its position in the Ohio River market. Mr. Morris and his family have been residents of Indiana for five years and he looks forward to contributing to yet another successful Indiana gaming project.
H. Thomas Winn, Chairman, President & CEO of Nevada Gold & Casinos, Inc., commented, "This joint venture represents a very attractive opportunity for Nevada Gold and Orange County Development. We are very excited about the potential of the market and will work to meet or exceed all of the expectations of the citizens of Orange County in making this an outstanding destination resort."
