The Nugget Casino Resorts in Sparks, Nevada, is set to move into the ownership of casino operator Century Casinos, with the state’s gaming regulators having given initial approval to the acquisition.
Executives representing Century Casinos spent a great deal of a 90-minute hearing with regulators, outlining their plans while reiterating their plans to make the Nugget their flagship property.
The control board gave a unanimous recommendation on the deal, and now it moves to the Nevada Gaming Commission to consider, a process that takes place on March 23rd.
Century Casinos operates five casinos, two based in Colorado, two in Missouri, and one in West Virginia. They are also looking to complete a deal to acquire a casino resort in Maryland as part of ongoing expansion plans.
They also operate gaming venues in Alberta and are attempting to sell off their stake in a number of casinos based in Poland. Currently, around 70% of their revenue originates from their U.S. operations, which will clearly increase following this deal.
Century went public in 1994, and their purchase of the Mountaineer Casino and Racetrack in West Virginia, along with deals to buy two riverboat casinos in Missouri, are considered critical points in the company’s history.
The deal will see Century Casinos pay $195 million for the Nugget, $95 covering the real estate related to the endeavor, and $100 million for the operations.
The Nugget is a massive establishment that includes a 1382-room hotel and a 75,000 square feet gaming floor. As well as this, it boasts over 100,000 square feet of meeting space, a 700-seat showroom, and nine restaurants.
In making his judgment, Nevada Control Board Chairman Kirk Hendrick commented favorably, stating;
“I didn’t have any questions about the balance sheet and leverage, so I have no concerns about the financing.”