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BLACK HAWK, CO-Publicly traded gaming operator Nevada Gold & Casinos Inc. of Houston has retained an auctioneer to sell off approximately 260 acres located just south of this city, one of the few places in Colorado where gambling is legal. Located 40 miles west of Denver, the city attracts some 20,000 visitors daily.

The property is being marketed as a potential resort destination that could also incorporate commercial and residential development in support of the local casino industry, in which Nevada Gold has a stake. Nevada Gold CEO Robert Sturges says the auction is a “key step” in the company’s efforts to dispose of non-core assets.

The sealed-bid auction by Sheldon Good & Co. will take place on Aug. 2. The reserve price is $4 million.

Nevada Gold & Casinos Inc. owns a 43% interest in the entity that owns and operates Isle of Capri-Black Hawk and Colorado Central Station casinos in Black Hawk. The company also owns and operates the Colorado Grande Casino in Cripple Creek.

Outside of Denver, Nevada Gold owns a gaming facility at Vernon Downs in Vernon, NY, and a 40% interest in the owner of the Tioga Downs Racetrack in Nichols, NY. It also finances, develops and manages Native American-owned gaming projects and holds mining claims of approximately 9,000 acres in Nevada through its Goldfield Resources Inc. subsidiary.

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