Nevada Gold & Casinos terminates discussions regarding Horizon Casino Hotel

HOUSTON, Texas -- (PRESS RELEASE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that it is no longer pursuing any form of transaction or agreement related to the Horizon Casino Hotel in Vicksburg, Mississippi. On September 9, 2008, the Company indicated it no longer expected to acquire the Horizon Casino Hotel under the previously negotiated terms and conditions. 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.

The Company stated it intends to seek the return of its $2 million deposit, and that it looks forward to using its strong cash position to actively pursue other attractive management agreements and acquisition opportunities.