Nevada Gold & Casinos, Inc. Celebrates RecordFourth Quarter Earnings with Net Income of $1,...

Business Editors

HOUSTON--(BUSINESS WIRE)--June 22, 2000

Nevada Gold & Casinos, Inc. (OTC BB:UWIN)(BSE:UWN), a resorts and entertainment company, announced this last Friday that it has posted its first ever quarterly earnings report, which was for the quarter ending March

"We are now reporting solid earnings," says H. Thomas Winn, President and CEO of Nevada Gold & Casinos, Inc. "While we have shown great promise in the past, this is the first quarter that we've been able to report actual profit. We have now accounted for our initial pre-opening expenses associated with Isle of Capri Black Hawk and are showing earnings per share of twelve cents for this quarter. As a profitable enterprise, we should be able to continue our growth strategy. We are close to having the feasibility study completed for our proposed project in Wellesley Island, New York and our ongoing real estate development projects in Black Hawk, Colorado."

UWIN currently owns 43 percent of the Isle of Capri Casino - Black Hawk, the largest casino in Colorado, through a joint venture with Isle of Capri Casinos Inc. (Nasdaq:ISLE). The venture's new 237-room hotel, which is above the existing casino, is expected to open in early August 2000. The company owns approximately 240 acres of undeveloped real estate contiguous to Black Hawk, Colo., which it intends to develop into a master-planned resort community. In addition, UWIN has purchased over 800 acres of New York's Wellesley Island to develop a resort site with a potential Indian-based casino. UWIN also controls approximately 30 percent of Restaurant Connections International Inc. (RCI), which owns and operates 19 Pizza Hut restaurants in Sao Paulo, Brazil.

UWIN's stock is traded on the Over-the-Counter Bulletin Board under the symbol UWIN. It also began trading on the Boston Stock Exchange (BSE) on December 10, 1999, under the symbol UWN. For more information about UWIN, Isle of Capri - Black Hawk and RCI, please visit UWIN's Web site at www.nevadagold.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Nevada Gold and Casinos Inc. (the Company) to differ materially from those expressed or implied by such forward-looking statements. (Such factors include, among others, the risk factors contained in the company's Annual Reports and other filings with the Securities and Exchange Commission.) In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. The Company will remain dependent upon future financing for its growth and development, and for it to successfully implement its business plan. No statement contained herein should be construed as indicating that such financing is or will be available, and if available, will be on terms favorable to the Company. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof. Merger Communications (Merger) is a media relations firm employed by the Company. Merger and the Company believe that all information in this release has been obtained from sources considered reliable, but cannot guarantee that the statements presented herein are accurate or complete. According to the long-term agreement between Merger and the Company, Merger's compensation for its financial media relations services, which includes the preparation and distribution of press releases, consists of 5,667 shares of the Company's free trading stock and 7,999 shares of the Company's restricted stock for the 3-month period ending 6/15/01. Merger typically has a long position in the securities of the companies in which it publishes information, and Merger may be buying or selling securities in the course of its regular business. For more information on Merger's services, visit www.mergerusa.com.