Nevada: Century Casinos Gets Approval to Take Over Nugget Casino

Nevada: Century Casinos Gets Approval to Take Over Nugget Casino

Century Casino

The Nevada Gaming Control Board unanimously approved Century Casinos’ request for a license to acquire the Nugget Casino Resort in Sparks. 

The board approved the application for registration and the conclusions of eligibility for a number of firm executives. 

The Nevada Gaming Commission is expected to make a final decision on the deal on March 23. The deal is expected to close in the middle of 2023.

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A little over a year ago, Century announced plans to purchase the Nugget from Marnell Gaming for $195 million. The Nugget is a twin-tower, nearly 68-year-old, 1,600-room resort on Interstate 80, just east of Reno. Marnell is part of a group of Las Vegas-based companies that have planned and built a number of properties in Southern Nevada, such as the M Resort.

According to the Las Vegas Review-Journal, board members questioned Peter Hoetzinger and Erwin Haitzmann, who are co-CEOs of Century Casinos, as well as many other executives at the hearing. The board members were happy with the qualifications of all applicants.

The Nugget offers a 50,200-square-foot casino with 859 slot machines, 29 table games, and an 8,555-seat outdoor amphitheater with a five-story, 1,200-space parking garage and an additional 1,272 parking spaces.

In addition, there are a number of casual and upscale dining establishments and 110,000 square feet of convention space. According to the above news sources, one of the main goals of Century Casino is to add 100 new slot machines to the gaming floor and update the central bar.

In addition to acquiring the Nugget, Century announced in August that it would acquire the Rocky Gap Casino Resorts in Maryland from Golden Entertainment for $56.1 million in a $260 million transaction involving Vici Properties as the real estate owner.

Century Casinos Focusing on North America as Main Revenue Generator

A $350 million financial commitment from Goldman Sachs and a $30 million line of credit are what are funding the deals. Century thinks that once the transactions are done, 94% of its cash flow will come from properties in North America.

Century has 17 casinos, some of which are connected to horse tracks. It has properties in Cripple Creek and Central City, Colorado; Cape Girardeau and Caruthersville, Missouri; New Cumberland, West Virginia; four more in Alberta, Canada; and operates eight of Poland’s 52 government-approved casinos. Century was founded in 1992.

According to Hoetzinger, 75% of the company’s revenue comes from properties in the United States, 14% from Canada, and 11% from Poland. It will publish its fourth-quarter and full-year earnings on Friday, but it recorded $388.5 million in net operating revenue in 2021, a 28% rise from the previous year. Executives at Century stated that the Nugget would be the company’s large.

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.