Century Gaming is significantly expanding its presence in the Reno gaming market with the acquisition of the Nugget Casino Resort. The transaction, valued at $195 million, grants them operational control and a strategic position in this prominent Nevada gaming destination.
Colorado-based Century Gaming reached an agreement with Marnell Gaming to acquire a 50% ownership in Smooth Bourbon LLC, the entity that holds the resort’s land and structures, for $95 million. Additionally, they are paying $100 million for Nugget Sparks LLC, the operator of the casino, which will now lease the property for an annual fee of $15 million. Century Gaming has secured the option to purchase the remaining 50% of Smooth Bourbon LLC within the next five years for $105 million plus accrued interest.
Goldman Sachs is facilitating this acquisition by providing a $330 million loan. This financing will cover the refinancing of Century Gaming’s existing debt obligations and provide supplementary capital.
Situated just outside of Reno in Sparks, Nevada, the Nugget Casino Resort boasts a 50,200 square foot casino floor featuring more than 850 slot machines and 29 table games. The resort also encompasses 1,382 hotel rooms and seven dining establishments.
“Entering the Reno market has been a long-standing goal, and we view the Nugget Casino Resort as an ideal addition to our holdings,” remarked Erwin Haitzmann and Peter Hoetzinger, Co-CEOs of Century Gaming. “We are thrilled to welcome the Nugget’s skilled team to the Century Gaming family.”
We were truly enthusiastic about this agreement and its inherent possibilities. We’ve identified a few key areas for enhancement to elevate “Nugget” to new heights.
We firmly believe “Nugget” will seamlessly integrate with Century Casinos’ existing portfolio of US properties, and we anticipate impressive outcomes from this collaboration.
