The Nevada Gaming Fee on Thursday unanimously accepted the licensing of Century Casinos Inc. for its not too long ago acquired Nugget On line casino Resort in Sparks.
Commissioners additionally accepted the suitability of seven Century executives and board administrators within the 75-minute listening to.
Simply over a 12 months in the past, the Colorado Springs, Colorado-based firm introduced plans to buy the operations of the Nugget and a 50 p.c possession stake within the twin-towered, almost 68-year-old, 1,600-room resort from Marnell Gaming LLC for $195 million.
Underneath phrases of the transaction, Century has the precise to purchase out Marnell’s holdings inside 4 years for an extra $105 million, plus 2 p.c accrued curiosity on that quantity. After 4 years, Marnell can require Century to purchase out the remaining curiosity.
The whole worth of the deal, anticipated to shut in mid-2023, is estimated at $300 million.
The Nugget, three miles from Reno-Tahoe Worldwide Airport, has a 50,200-square-foot on line casino with 859 slot machines, 29 desk video games and an 8,555-seat outside amphitheater with a five-story, 1,200-space parking storage and an extra 1,272 parking areas. It additionally has a number of informal and nice eating eating places and 110,000 sq. toes of conference area.
Executives stated one in all their priorities will probably be to increase the gaming ground with 100 new slot machines and to improve a central bar within the on line casino.
Co-CEOs Peter Hoetzinger and Erwin Haitzmann informed the Nevada Gaming Management Board when it really helpful approval of licensing on March 8 that the corporate receives 75 p.c of its income from properties in the USA, 14 p.c from Canada and 11 p.c from Poland.
It operates 17 casinos in three international locations and it reported income of $430.5 million in 2022, an 11 p.c enhance over the earlier 12 months.
This story has been up to date with particulars of the Nugget transaction.
Contact Richard N. Velotta at email@example.com or 702-477-3893. Comply with @RickVelotta on Twitter.