SEC Filing | Nevada Gold & Casinos, Inc. - IR site
The following discussion and analysis (“MD&A”) date of the financial statements and the reported . In July , our board of directors approved a. Existing casino results to date may reflect the novelty of limited gaming. , the common stock of the Company was listed on the "Bulletin Board" of thereto, and "Management's Discussion and Analysis of Financial Condition and Results . Aug 1, As of the date of the Proxy Statement, the Board has three standing .. including a discussion of the quality of the accounting principles, the.
The fire was believed to have been started by a cigarette. Celebrities, including MacLaine, were expected to attend the ceremonies. Future plans included the addition of a story hotel structure with rooms. A New Year's Eve opening date had been planned for the casino, while the possibility remained for a showroom lounge and two new restaurants to open at that time,  although they ultimately did not.
The Gaming Board deferred action on the gambling license until the following month. Leypoldt said, "I don't think it's fair to ask us to act on something that's entirely different from what was presented Monday.CID - सी आई डी - Ep 1428 - Rahasya Gayab Logo Ka -27th May, 2017
It would do the casino industry a great deal of harm if you opened and in six months went broke because of lack of financing. The companies stated that other groups were interested in taking over the resort as soon as the leasees, including Chuck Luftig and Edward Nealis, could be removed. The guests, whose bills dated back to January, were asked to leave the hotel. Construction of the high-rise was expected to begin later in the year. Johnson and Associates was the contractor and was hired to construct new facilities and renovate existing structures.
Renovation plans included the remodeling of the showroom and lounge, as well as the casino and the hotel's front side. Elevators and escalators were also installed at the hotel's two main front entrances.
A large group of investors owned the remaining stock. BriareLas Vegas mayor Oran K.
Planet Hollywood Las Vegas - Wikipedia
A little more than a year after it was opened, the Aladdin was host to Elvis and Priscilla Presley 's wedding. Louis attorney Richard L. It was designed by Lee Linton, and built by the Del E. The tower opened on June 1, In Augustseveral individuals were convicted by a Detroit Federal Jury of conspiring to allow hidden owners to exert control over the resort, and the Nevada Gaming Commission then closed the hotel. Newton sold his share to Torres 21 months later. The property was publicly put up for sale inafter months of unsuccessful private attempts to locate a buyer.
Trump decided not to purchase the Aladdin as he felt the price was too high.
Nevada Gold & Casinos, Inc. (UWN)
Interest in the property increased following the news of Trump's potential purchase, with several prospective buyers emerging. At the time, the resort consisted of a 1,room hotel and a 37, square-foot casino.
The concert featured a guest appearance by members of the band Primus and a group of Elvis impersonators. The Aladdin Theatre was retained and incorporated into the new resort. See you in It never had the glamour of the Sands or the exotic dancers of the Tropicana or the Dunes or Stardust. Maybe it was location, but the Hacienda was farther out, and it was a success.
The opening was delayed while the Clark County building inspector completed its fire safety testing. Another delay was caused by last-minute repairs to the casino surveillance system. This left thousands of Aladdin visitors leaving in disappointment, as well as opening night hotel guests wondering where they'd spend the night.
The Company incurred higher salary expenses during the year due to an additional staff person and modest pay increases to employees. Contract labor included in the financial statements as salaries, increased during the year due to the need for temporary help during various times of the year. Additionally, the Company engaged the services of a consultant with experience in the casino industry.
Amounts paid to this consultant are included in contract labor. Additionally, the Company entered into capital lease agreements for furniture and computer equipment which has been recorded as a lease obligation, thus resulting in interest expense being incurred in connection with the lease payments. The amounts of royalty income during both and represent minimum royalty amounts paid under the terms of the Cameco Agreement.
General and administrative expenses of the Company increased as compared to the previous year due to substantial increases in several expense categories. The Company utilized outside sources for the performance of some office administrative functions during that were not used during Management fees payable to Aaminex Capital Corporation, an affiliate, were incurred for the entire year during as compared to only a portion of the previous year.
Additionally, the Company incurred additional expenses pertaining to maintaining a larger office and additional personnel. Legal and professional fees increased during because the Company obtained the services of an outside consultant to assist in the development of accounting systems and internal controls. Additionally, legal fees increased significantly due to indirect costs associated with the Company's acquisition and predevelopment activities.
This cash assisted in reducing the operating deficit experienced by the Company, but was not sufficient to fully cover all expenses. Additionally, there have been no revenues from the Company's gaming interests to date, since the activities are currently in the pre-development stage.
MARCH 31, such additional capital contribution will be made before the applicable dead line. A 12 percent interest rate is earned for the remaining 3 years management expects that sufficient capital will be raised through this offering to meet the capital contribution requirements of Caesars Black Hawk and to fund the operating needs of the Company for the next 12 months.
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. Such statements are included in the cumulative inception to March 31, totals of the statements of operations and cash flows and reflect total revenues and net loss of 10 percent and 10 percent, respectively, of the related cumulative totals. Those statements were audited by other auditors whose reports have been furnished to us and our opinion, insofar as it relates to amounts for the period from Inception to March 31,included in the cumulative totals, is based solely upon the report of the other auditors.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the report of other auditors provide a reasonable basis for our opinion. As discussed in Note 1 to the financial statementsrevenues have not been sufficient to cover the Company's operating expenses during the past several years.
In addition, there have been no revenues from the Company's gaming operations to date since these activities are currently in the predevelopment stage.
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The Company will require substantial additional capital to fund the continued acquisition and development of gaming and real estate properties and to cover the Company's anticipated operating deficits and debt maturities over the next several years. The Company intends to fund such capital requirements through a combination of debt and equity offerings. However, there is no assurance that these offerings will be successful or that proceeds from these offerings, if successful, will be sufficient to meet all of the Company's future cash requirements.
The short term viability of the Company is dependent upon the Company's ability to raise sufficient capital to meet its cash requirements. However, there is no assurance that the development of a successful casino will be completed. The ownership and operation of gaming facilities are subject to extensive state and local regulations.
There is no assurance that the Company will be able to comply or conduct business in accordance with applicable regulations. We believe that our audits provide a reasonable basis for our opinion. The results of operations and its cash flows for the year ended March 31,and for the period from inception to December 31,in conformity with generally accepted accounting principles.
Depreciation 14, 5, 0 19, Changes in operating assets and liabilities: On December 27,control of the Company changed, and the Company began to explore the real estate development and gaming businesses in Colorado. The Company is considered to be in the development stage since December 27, While the Company is maintaining its mining business, it is anticipated that Company's growth will be in the real estate and casino business. Additionally, management spent a substantial portion of their time raising capital necessary to fund the ongoing operations of the Company as well as provide for the capital required as a participant in the project.
The land to be transferred includes lots 5, 6, 7 and 8 of Block 51, and adjoining land comprised of over three acres located in Black Hawk, Colorado, as well as options to acquire the land referred to as the "Weaver Parcel" and the "Woodall Parcel".
The remaining interest in Caesars Black Hawk is owned by Caesers. As of March 2,the Company entered into a Letter of Intent with Applied Voice Technologies to jointly develop voice activated gaming technology.
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There have been no revenues from the Company's gaming operations to date since these are currently in the predevelopment stage. Revenues have not been sufficient to cover the Company's operating expenses during the past several years. In addition, the Company has signed an operating agreement with Caesars World Inc. Interest bearing deposits and other investments, with original maturities of three months or less, are considered cash and cash equivalents.
The Company capitalizes costs of acquiring and developing mineral claims, until such time as the properties are placed into production, at that time, costs will be amortized on a units-of-production basis. Such costs include the costs to acquire and improve the claims, including land related improvements, such as roads. The Company carries these costs on its books at the lower of its basis in the claims, or the net realizable value of the mineral reserves contained in the claims.
Other mining properties are recorded at their acquisition price. At March 31, andmanagement believes the net realizable value of the mineral reserves is in excess of the Company's cost in the claims. Property held for development consists of undeveloped land located in and around Black Hawk, Colorado. Certain properties are zoned for gaming, and were conveyed to the project, while the other properties are intended for residential, commercial, and recreational real estate development.
The Company has capitalized certain direct costs of pre-development activities together with capitalized interest. Property held for development is carried at the lower of cost or net realizable value. The impact of this adoption was not material to the Company's financial statements.
Accordingly, adoption of the statement will not affect the Company's financial statements but will add to its footnote disclosures. The Company depreciates furniture, fixtures, and equipment over their estimated useful lives, ranging from 2 to 7 years, using the straight-line method. Expenditures for furniture, fixtures, and equipment are capitalized at cost. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and proceeds realized thereon.
Ordinary maintenance and repairs are charged to expense, and replacements and betterment's are capitalized. Loss per share is based on the weighted average number of common shares and common equivalent shares outstanding during each year. Options are considered to be common stock equivalents and are a component of weighted average shares outstanding, to the extent that such options are dilutive as calculated using the treasury stock method.
Certain prior-year balances have been reclassified to conform to current year presentation. These Financial Statements are consolidated for all wholly owned subsidiaries as of March 31, All significant intercompany transactions and balances have been eliminated in the financial statements. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. Those approaching from The Venetian make the transition through a towering octagonal structure and garden, itself topped by a glass-and-iron dome.
Visitors to The Palazzo using the underground parking structure can take elevators or escalators from the underground garage and arrive in the center of the property's casino. The Palazzo Casino, like some other casinos on the Strip, operates under the license of a related casino—in this case The Venetian's license.
This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. The space was originally a Lamborghini Las Vegas dealership. The restaurant stopped using the automaker's trademark after a lawsuit was filed. Two weeks of shows aired in Septemberand the other two aired in February Also, the show taped six weeks of shows in July starting with the September Season 31 premiere.