Colorado-based Century Casinos will be expanding into the state of Nevada. The company announced a deal worth nearly $200 million that will allow Century to purchase the Nugget Casino Resort. The casino property is located just outside of Reno. As part of the deal, Century will also acquire 50% of the real estate company Smooth Bourbon.
The move into the Reno market has been in the works for a long time. Century Casinos will now have 10 different casino operations in North America, including one in Canada. The Nuggets Sparks Casino features a convention space, hotel, and multiple dining options. The casino floor has over 800 slot machines and nearly 30 table games.
Marnell Gaming Sells Casino and Part of Real Estate Company
John Ascuaga owned and operated the Nugget for decades. After acquiring the casino in the 1960s, he built the brand into one of the premier operations in Reno. Ascuaga sold the casino resort to Marnell Gaming, who took over the property in 2016. The details of the sale were not discussed at the time, but Marnell Gaming reportedly planned to invest $25 million to renovate the property. Now, Marnell Gaming is selling the casino resort to Century Casino.
The second part of the deal centers on Century Casinos acquiring partial ownership of the real estate company Smooth Bourbon. Century will pay $95 million for 50% of the company. There is also a provision in the deal that gives Century a five-year option to purchase the remaining half. To so do, Century would have to pay $105 million for the second half of Smooth Bourbon.
Smooth Bourbon owns the land the Nugget Casino Resort is built on. For the time being, the company will lease the property to Century. The Colorado-based company will acquire its 50% stake in Smooth Bourbon in the second quarter of this year. Pending approval from the Nevada Gaming Commission, the sale of the Nugget Casino Resort will close in the second quarter of 2023.
Century Casinos Expands into Nevada
Officials from Century Casinos have planned to expand to Nevada for years. The purchasing of the Nugget Casino Resort adds a valuable piece to Century’s portfolio. It will be the 10th casino owned by Century in North America.
The Reno market is not as fruitful as nearby Las Vegas, but it should provide Century with a foothold in the state. It is located near the Reno-Tahoe International Airport. Reno itself is becoming a popular destination for many of the top US companies, including Amazon and Tesla. The city has an unemployment rate far below the national average.
Features of the Nugget Casino Resort
The Nugget Casino Resort has undergone more than just ownership changes in the last decade. After purchasing the property, Marnell Gaming began spending millions on renovations and expansions. As part of the construction projects, Marnell gaming added a more than 8,000 seat amphitheater that opened in June 2019.
The casino itself has over 50,000 square feet of gaming space. On the casino floor, bettors can choose from a selection of 859 slot machines. There are also 29 table games available. With the addition of the Nugget, Century Casinos will now operate nearly 7,000 gaming machines and almost 150 table games across North America.
A popular Sparks casino could soon have new ownership. Century Casinos announced that it has reached an agreement to buy the Nugget Casino Resort from Marnell Gaming. The sale is pending approval from the Nevada Gaming Commission. As part of the deal, Century will also receive a 50% ownership stake in Smooth Bourbon, a Reno real estate company.
Nugget Casino Resort has been part of the Reno gaming scene for decades. Marnell Gaming has spent millions in renovations since buying the property less than a decade ago. Included in the recent expansion was the addition of a new amphitheater that opened in the summer of 2019. The casino has more than 50,000 square feet of gaming space. Meanwhile, the hotel portion of the resort offers almost 1,400 guest rooms across its two towers.