Nevada Gold & Casinos Pays Annual Device Fee With Loan From Wells Fargo

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7/3/2012 3:16 PM ET

Nevada Gold & Casinos Inc. (UWN: Quote) announced the Company's wholly-owned subsidiary, A.G. Trucano, Son & Grandsons, Inc. entered into a $1.7 million revolving loan with Wells Fargo Gaming Capital, LLC, an affiliate of Wells Fargo Bank, N.A.

The company said that the proceeds from the loan were used for an annual device registration fee due by AG Trucano each year to the South Dakota Commission on Gaming or "SDCG", in the amount of $2,000 per slot machine. Since the SDCG requires the entire fee to be paid in advance, AG Trucano has historically been required to finance this obligation with a short term loan. The loan from Wells Fargo represents a continuation of that practice.

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