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Houston-based Nevada Gold & Casinos Inc. said Thursday that Tioga Downs is expected to generate positive cash flow around October or November.
The racino has performed "very well" since video gaming was launched there July 4, company executives said during a first-quarter earnings conference call.
The "positive initial response" to Tioga Downs "reflects the success of our operational focus," said Nevada Gold, which through a subsidiary, is a principal of Tioga Downs.
"Despite our short-term earnings challenges, we continue to feel confident that as we implement our growth and operating initiatives, both our existing projects and those in the pipeline leave the company well positioned to generate solid returns over the long term," the company said.
Nevada Gold reported a $1.8 million net loss for the first quarter, ended July 30, compared to net income of $1.8 million the same time a year ago. Financial results include $1.9 million in pre-opening costs at Tioga Downs and Vernon Downs. No gaming revenues are reflected in this figure because American Racing's quarter ended June 30.
Nevada Gold stock closed at $5.42 Thursday on the American Stock Exchange, up 7 cents on the day.
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