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Change at Tioga, Vernon

April 23, 2007
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Reports Monday state Nevada Gold & Casinos will terminate its management agreement with Tioga Downs and Vernon Downs after selling its 22.8 percent ownership interest in American Racing and Entertainment to partners Southern Tier Acquisition II and Onedia Entertainment. Nevada Gold will reportedly receive $4.3 million for its interest and approximately $110,000 in management fees due, with the transaction subject to New York Racing and Wagering Board and New York State Lottery approval.

 

\"Current management does not believe it makes economic sense to attempt to compete and operate profitably while burdened with the highest gaming tax in the country,\" Nevada Gold chief executive Robert Sturges was quoted as saying.

 

Vernon Downs co-owner Jeff Gural has been stating that unless the New York tax law changes soon, he will be forced to close Vernon Downs. Gural said Vernon and Tioga are at a disadvantage trying to compete with nearby Indian-run casinos, which operate tax free.

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