Vernon Downs Acquisition, LLC (“VDA”) is said to have completed the acquisition of Mid-State Raceway, INC. (“Raceway”). Raceway in its turn operates Vernon Downs racetrack and is the 100% equity holder of Mid-State Development Corp. operating a hotel at Vernon Downs racetrack.
VDA is owned by American Racing and Entertainment, LLC in which Nevada Gold NY, Inc. (a 98% owned subsidiary of Nevada Gold and Casinos) is a 40 % member. Its other members are Southern Tier Acquisitions II, LLC, TrackPower, Inc. and Oneida Entertainment, LLC. All of them are 20% members. American Racing was formed to develop Tioga Downs Raceway in Nichols, New York and to carry out the acquisition of Vernon Downs Raceway from Chapter 11 bankruptcy.
H. Thomas Winn, Chairman and CEO of Nevada Gold & Casinos, Inc., announced that there were excited to have completed that acquisition. He added that it enabled them to move forward with the redevelopment and expansion of Vernon Downs’ facilities in the region.
Please notice that the company uses words such as “believe”, “expect”, “anticipate”, “future”, “plan”, “intend”, and some more similar expressions to single out forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Reform Act issued in 1995 and including their ability to increase income streams, to grow revenue and earnings, to obtain additional Indian gaming, and other projects. The statements like that reflect only company’s limitations and predictions and are subject to uncertainties, risks, and assumptions singled out and described in the Company’s public filings with the Securities and Exchange Commission.