Century Casinos will enter the Reno, Nevada gaming sector through the acquisition of Nugget Casino Resort.

Century Casinos moves into Reno, Nevada

Century Casinos announced on Wednesday that it has entered into a formal deal with Marnell Gaming to buy 100 percent of Nugget Sparks LLC, the entity that operates the Nugget Casino Resort. Additionally, the corporation agreed to acquire a 50% stake in Smooth Bourbon LLC, the company responsible for the resort’s real estate.

The transaction is valued at $195 million. Century Casinos agreed to pay $95 million for Smooth Bourbon, according to the pricing breakdown. This equates to a 7.9 percent capitalization rate. On the other side, the corporation will buy Nugget Sparks LLC for $100 million. Century Casinos will get the opportunity to purchase the remaining 50% of Smooth Bourbon for $105 million-plus 2% every year over the next five years. The century will engage in a lease deal with Smooth Bourbon, paying a $15 million annual rent, as the firm controls the property beneath the casino complex. It is critical to note that the total acquisition of Smooth Bourbon is subject to certain Nevada Gaming Commission clearances.

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The Nugget Casino Resort Is an Investable Property

The Nugget Casino Resort in Sparks, Nevada, is a lucrative investment opportunity due to its proximity to the Reno-Tahoe International Airport. The resort’s casino is a massive 50,200 square feet, with 859 slot machines and 29 table games.

The resort is comprised of two hotel towers totaling 1,382 hotel rooms. Visitors can choose from seven different dining establishments, as well as 110,000 square feet of convention space and an 8,555-seat outdoor amphitheater. The resort also features bars and lounges, as well as a big parking lot with 1,200 parking places.

Erwin Heitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, stated that the company has been eyeing the Reno market for some time. They emphasized how well-suited the Nugget Resort Casino is to Century Casinos. While Hoetzinger and Heitzmann acknowledged that there are places for improvement to aid the Nugget’s growth, they emphasized the transaction’s numerous positives.