Nevada Gaming Commission approves sale of Nugget Casino to Colorado-based company
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The Nevada Gaming Commission recently approved the sale of the Nugget Casino and Resort to Century Casinos.
The Colorado-based company made the agreement to buy the Nugget back in February of 2022 for a total of $195 million.
The Gaming Commission approved the sale during its meeting on March 23.
According to Century Casinos, $100 million will go to casino operations, while the other $95 million will go for 50% of land ownership.
Original story from February 23, 2022:
Century Casinos says it entered into a definitive agreement to acquire Nugget Casino Resort in Sparks from Marnell Gaming, LLC for a total of $195 million.
$100 million will go to casino operations, while the other $95 million will go for 50% of land ownership. The Colorado-based company will also have a five-year option to purchase the remaining 50% for $105 million plus 2% per annum.
“We have been looking at entering the Reno market for a long time, and we believe the Nugget is a perfect fit for our portfolio. We look forward to welcoming the great team at the Nugget to Century Casinos,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “We believe there is a lot of upside to this transaction and that we identified some areas of improvement to continue the Nugget’s growth. We expect the Nugget to seamlessly integrate and provide added synergies for Century Casinos’ US portfolio,” they concluded.
The full-service resort includes a large gaming floor, two hotel towers, 110,000 square feet of convention space, a 8,555 seat outdoor amphitheater and a 5-story 1,200 space parking garage and additional 1,272 parking spaces. The property consists of 50,200 square feet of casino space, 859 slot machines, 29 table games, 1,382 hotel rooms and seven dining venues. The Nugget Casino Resort had net operating revenue of $100.4 million.
Once approved by the Nevada Gaming Commission, Century Casinos will own 10 properties across North America.
