Century Casinos Arrives in Nevada! Buys Reno’s Nugget Sparks for $195M

Century Casinos Arrives in Nevada! Buys Reno’s Nugget Sparks for $195M

Reno-based Nugget Sparks is Colorado-based Century Casino’s latest acquisition valued at $195 million. The new real-estate and gambling hot-spot acquisition deal will change the dynamics of Reno’s dwarfed gambling market, considering Las Vegas is in the same vicinity.

Century Arrives in Nevada

Casino Century’s foray into Nevada with the acquisition of Nugget Sparks will further seal the value this casino operator leverages from the markets it operates. Century currently has a significant footprint in 10 gaming venues across North America.

But Reno continues to be impacted by Las Vegas as far as the gaming market is considered in Nevada; Century’s appearance will pave better value for Nugget Sparks.

Nugget Sparks

Nugget Sparks is located near the Reno-Tahoe International Airport and has two hotel towers across 110,000 square feet.

NASDAQ-listed Century reports that “the property consists of 50,200 square feet of casino space, 859 slot machines, 29 table games, 1,382 hotel rooms, and seven dining venues.”

Growth and Expansion

Century’s co-CEOs Erwin Haitzmann and Peter Hoetzinger state,

We have been looking at entering the Reno market for a long time, and we believe the Nugget is a perfect fit for our portfolio…We believe there is much upside to this transaction.”

Century’s investments will include $100 million to Marnell Gaming to purchase Nugget Sparks. An additional $95 million shall be paid to own a 50% share of Smooth Bourbon, the real estate entity. Smooth Bourbon also offers a 5-year option to purchase a 50% share, priced at $105 million and 2% per annum.

Nugget Casino as a Bonus           

As Stantial recommends,

“the property is well-maintained, though should benefit from CNTY’s operational prowess, given Marnell Gaming’s core competencies lie more on the development side. We also expect cost synergies to prove more material this time around, given Nugget Casino Resort has been operated as a standalone property.”

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.