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Century Casino, Inc. announced on April 3, 2023, that it had completed the acquisition of the operation of Nugget Casino Resort from Marnell Gaming LLC for approximately $100 million.
Prior to the acquisition, in April 2022, the Company purchased a 50% stake in Smooth Bourbon LLC from Marnell. Smooth Bourbon owns the land and buildings where the nuggets are located. Nugget and Smooth Bourbon have signed a lease on land and buildings for $15 million in annual rent. After the acquisition, Smooth Bourbon becomes a consolidated subsidiary of Century.
The company financed the acquisition with funds previously borrowed from an existing credit agreement with Goldman Sachs in the United States. The funds were borrowed on April 1, 2022 and deposited into the escrow account until the acquisition was terminated.
"We're very excited to expand into Nevada," said Erwin Heitzman and Peter Höchinger, co-CEOs of Century Casino. "Nuggets are a big addition to our portfolio. We plan to update the exterior, signage, slot floor, and food and beverage locations of the nuggets. We look forward to continuing our current success on this property with our employees and communities," Heitzman and Höchinger said.
Nugget Casino Resort is located in Sparks, Nevada, conveniently located on Interstate 80, easily accessible from Reno - Tahoe International Airport (approximately 3 miles). In addition to a large gaming floor, two hotel towers, 114,500 square feet of convention space, an outdoor amphitheater with 8,555 seats, several on-site bars and lounges, the full-service resort has a range of casual and upscale dining options, with 1,200 car parks and an additional 1,272 car parks in five stories. The property comprises 71,200 square feet of casino space, 892 slot machines, 29 table games, 1,382 hotel rooms and five dining areas.
The Reno-Sparks area is known for its casinos but is also known as an outdoor recreational destination due to its proximity to Lake Tahoe and several ski resorts, attracting leading technology and manufacturing companies. The economy is diversifying on a broad basis across healthcare, entrepreneurial start-ups, and technology-based industries.
The deal increased the company's portfolio to 18 casinos worldwide, including 6,955 game consoles, 249 table games and over 3,100 full-time employees. Officially, the Company's net operating income and adjusted EBITDA for the year ended December 31, 2022 with Nuggets, as the acquisition effect occurred on January 1, 2022. See the adjustment of official results for 2022 in the supplementary information below.
Tuesday, November 7, 2023