Nevada Gold & Casinos, Inc. announced today that it has signed an agreement to purchase the Red Dragon mini-casino in Mountlake Terrace, Washington for $1.25 million. The transaction will be financed by cash on hand, stock and seller paper. Upon closing of this transaction Nevada Gold will own and operate the only two mini-casinos currently operating in Mountlake Terrace, the other being the Crazy Moose Casino. Last week we reported that it is likely that a new casino will be opening at the former Silver Dollar Casino location.
“This is an attractive acquisition opportunity that includes many of the attributes found in our previous Washington mini-casino purchases. This acquisition will build on the success of our existing Mountlake Terrace mini-casino and will be integrated seamlessly, with no significant additional overhead expense, into our excellent management infrastructure in Washington. We expect to reenergize the operation of this facility and apply some of the same management techniques and strategies that are driving very positive results at the other mini-casinos we acquired,” said Robert Sturges, CEO of Nevada Gold.