Nevada Gold announces $4.6m lawsuit settlement

2008-04-16 15:14:54

Nevada Gold & Casinos will receive $4.6 million over the next two years following the settlement of a lawsuit, the firm has announced.

The company had sued Frederick C Gillman and American Heritage, who had been Nevada Gold's joint-venture partner in gambling firm Route 66 Casinos.

Chief executive Robert Sturges said: "We are pleased to have reached this settlement agreement with American Heritage and Frederick Gillmann.

"With our lawsuit against these parties behind us, we look forward to focusing on the growth initiatives that we have been implementing to position Nevada Gold for the future."

Nevada Gold owns the Colorado Grand Casino in Cripple Creek, which now allows gamblers to drink alcohol in its smoking area.

Half of the money will be paid to Nevada Gold in two installments on May 1st and May 31st, while the rest must be received by May 15th 2010 in accordance with the agreement.