The Nevada Gaming Commission gave its approval for Marnell Gaming to by the Nugget Casino in Sparks, Nevada.
The commission announced its approval two weeks following the Nevada Gaming Control Board giving its regulatory approval, and the deal likely will be completed in May.
Marnell Gaming CEO Anthony Marnell III told gaming regulators the casino would abide by federal laws, particularly money laundering laws, for which the casino faces a $1 million federal fine for improper reporting of large transactions by its prior owner.
Marnell said the casino’s current owners have corrected prior improprieties and worked closely with state and federal regulators to ensure to prevent further violations of federal anti-money laundering laws. Marnell appointed former Gaming Control Board Chairman Dennis Neilander to lead the company’s committee on regulatory compliance.
The Gaming Commission expressed concern that one investor did not submit the necessary information needed to approve the gaming application. Because it did not receive the investor’s information, the commission ordered any revenue intended for the investor be placed in escrow and not released until the commission says so.
Marnell said he plans spend $25 million to improve the casino’s technology systems and upgrade its two hotel towers and the convention center over the next two years.
Marnell Gaming and partner MG Investors on May 6 are scheduled to close the deal to buy the casino and its 1,382-room hotel for an undisclosed price.
Marnell Gaming owns the Colorado Belle and Edgewater casinos in Laughlin, and announced the deal to buy the Sparks Nugget in February. The deal gives Marnell Gaming a foothold in the northern Nevada gaming market, while also diversifying its holdings.
