Nevada Gold & Casinos Inc. (UWN) Wednesday announced the sale of the Colorado Grande Casino to G Investments LLC for $3.2 million, which includes $800,000 in cash and $2.4 million in the form of promissory note.
Nevada Gold said the sales proceeds will be used to pay debts.
"We believe the sale of the Colorado Grande Casino makes good sense from a strategic perspective. Owning a single, small property in the Cripple Creek market is no longer attractive for us as we are focused on properties with greater earnings potential going forward," said Robert Sturges, CEO of Nevada Gold.
The Colorado Grande Casino in Cripple Creek, Colorado is a 7,500 square foot facility which consists of approximately 200 slot machines, seven guest rooms, 44 parking spaces and one restaurant.
Closing of the deal is expected to take place before the end of the Nevada Gold's 2012 fiscal year and is subject to regulatory approval.
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