Century Casinos Inc. announced that it completed the acquisition of the operations of the Nugget Casino Resort from Marnell Gaming LLC for approximately $100 million on 3 April 2023.
Prior to the Acquisition, in April 2022, the Company purchased from Marnell 50% of the membership interests in Smooth Bourbon LLC. Smooth Bourbon owns the land and building on which the Nugget is located. The Nugget and Smooth Bourbon have a lease agreement for the land and building for an annual rent of $15 million. Following the Acquisition, Smooth Bourbon will be a consolidated subsidiary of Century.
The Company financed the Acquisition with funds previously borrowed from its existing credit agreement with Goldman Sachs USA. The funds were borrowed on April 1, 2022 and deposited into an escrow account until the Acquisition closed.
Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said: “We are very excited to be expanding into Nevada. 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 into the future.”
Nugget Casino Resort is located in Sparks, Nevada, conveniently located on Interstate 80 with easy access from Reno-Tahoe International Airport (approximately three miles). The full-service resort includes a large gaming floor, two hotel towers, 114,500 square feet of convention space, an 8555 seat outdoor amphitheater, a wide variety of casual and fine dining options in addition to several on-site bars and lounges, and a five-story 1200 space parking garage and additional 1272 parking spaces. The property consists of 71,200 square feet of casino space, 892 slot machines, 29 table games, 1382 hotel rooms and five dining venues.
With this transaction, Century Casinos’ portfolio increased to 18 casinos world-wide that include 6955 gaming machines, 249 table games and over 3100 full-time equivalent employees.