Century Casinos Buys Nugget Resort Casino in Sparks, Nevada, for $100M
National casino owners Century Casinos has expanded into Nevada this week, finalizing the purchase of the Nugget Casino Resort in Sparks, near Reno.
The Colorado-based operator completed the $100 million acquisition of the Nugget from current operator Marnell Gaming LLC on April 3. The deal was the culmination of a yearlong process that started in April 2022.
At that time, Century bought 50% ownership in Smooth Bourbon LLC. This was the company that owned the casino building and land, leasing it to Martell to operate its casino for $15 million a year.
After this new deal done with Martell, Century will take over complete operation and ownership of the Nugget Resort, and Smooth Bourbon will become its subsidiary.
It is fully licensed to operate a casino in Nevada by the state’s Gaming Control Board last month.
The Nugget Casino and Resort will be Century’s 18th casino on its books, including sites in the US and Poland. It employs more than 3000 full-time staff throughout its properties.
Additions and Portfolios
The Nugget itself is situated just off Interstate 80 in Nevada, not far from Reno-Tahoe International Airport. It is a full resort and casino complex, including some 72,000 square feet of casino floor space and 900 slot machines. Its two towers hold 1382 hotel rooms, as well as various casual and fine dining venues, plus convention space.
“The Nugget is a great addition to our portfolio. We have plans to update the façade, signage, slot floor and food and beverage venues of the Nugget. We look forward to working with the staff and community to continue the current success at this property,” said a statement from Erwin Haitzmann and Peter Hoetzinger, Chief Executive Officers of Century Casino.
Financing the Deal
Century’s bid for the Nugget was partly financed by a $300 million line of credit negotiated with New York-based investment bank Goldman Sachs.
This funding also allowed Century to purchase Rocky Gap Casino Resort in Flintstone, Maryland back in August 2022. That time, it stumped up $56 million to Golden Entertainment for the rights to run the property, which is owned by VICI Properties.
In March of this year, Century posted a yearly revenue figure of $430 million from 2022. Stock prices did fall in early March, from $9 to a low of $7.01. But they have since stabilized.
In other Nevada casino news this week, four of the Las Vegas strip’s biggest casino and resort operators moved to dismiss a class action lawsuit that accuses them of colluding to price fix hotel rooms.