On March 8, the Nevada Gaming Control Board (NGCB) voted unanimously to recommend approval of Century Casinos’ $195 million acquisition of the Nugget Casino Resort in Sparks. The matter will now proceed to the Nevada Gaming Commission (NGC) for final consideration on March 23.
Over the course of the two-hour hearing, the company, which has never operated in Nevada, indicated that the 1,382-room resort would become its flagship property moving forward.
Aside from its pending purchase of the Nugget, Century currently operates casinos in Colorado, West Virginia and Missouri, in addition to international holdings in Alberta, Canada and Poland.
The Nugget, however, with 75,000 square feet of gaming space and over 100,000 square feet of meeting space, would easily become Century’s biggest property.
During the meeting, Century Executive Vice President Andreas Terler told regulators that the company plans to “introduce a referral program for our customers at our U.S. properties that will entice them to come” to the Nugget, per the Nevada Independent.
Century representatives opted to decline further public comment on the matter until after the conclusion of the NGC later this month.
As far as the financing is concerned, the $195 million acquisition is separated into two purchases—Century acquired the operations of the casino for $100 million and half of the real estate assets for the remaining $95 million. The company also has a five-year option in place to acquire the other half of the assets.
NGCB Chairman Kirk Hendrick said during the hearing that he “didn’t have any questions about the balance sheet and leverage so I have no concerns about the financing,” according to the Independent.
The Nugget is currently owned by Marnell Gaming, which is based in Las Vegas. Marnell has operated the property since 2016.
According to Terler, existing Nugget General Manager Mark Sterbens will retain his position through the transition, in addition to most other executives and staff currently in place.
