Nevada Gold & Casinos, Inc. announced a refinancing of all its outstanding long term debt with a new five year, $12.75 million Reducing Revolving credit facility with Mutual of Omaha Bank.

"Today we closed on a new credit facility with Mutual of Omaha that substantially lowers our interest rate, and provides greater financial flexibility with a revolver feature," said President and CEO Michael Shaunnessy. "Along with the closing of this facility we used available cash to reduce our total outstanding long term debt by $1.2 million. The current expected all-in effective rate of the financing is approximately 6.5% compared to our current rate of 12.0%. The lower interest rate, coupled with less debt outstanding will reduce our annual interest expense by approximately $0.7 million, which will increase our annual earnings per share by $.03.

"We are thrilled to have Mutual of Omaha as our new lending partner. The new facility, with a five year term, provides greater financial stability for Nevada Gold as well as significantly improving our cash flow. We look forward to working with Mutual of Omaha as we seek to expand our operations and build value for our shareholders."

Nevada Gold & Casinos, Inc. of Las Vegas, Nevada is a developer, owner and operator of 10 gaming operations in Washington (wagoldcasinos.com) and a slot route operation in Deadwood, South Dakota.