In the latest casino news, Century Casinos will be acquiring the Nugget Casino Resort in Nevada. They will also gain a 50% in the business that owns the property. Century Casinos will also get 50% of Smooth Bourbon LLC which owns the property. They will be getting 100% of Nugget Sparks LLC from Marnell Gaming, totaling $195 million.
This deal also gives Century Casinos the option to, within 5 years, purchase the remaining 50% stake for the company that owns the property for $105 million plus 2% per annum. Currently, the deal has Century paying $95 million to get the first 50% stake. And, to lease the property itself for $15 a year. Those who play online casino games know how popular casino games are, so this is truly a worthwhile investment for Century Casinos in Nevada.
Century Casinos Buying Nugget Casino Resort
The deal is still subject to approval from the Nevada Gaming Commission. Specifically the 100% purchase of the stake in Nugget Sparks LLC. The $100 million acquisition will allow them to enhance their free cash flow, and allow them to easily earn more revenue. If you run an online casino business, using an online casino software will not be as costly, and be even easier to manage.
Meanwhile, Goldman Sachs Bank USA has given a commitment letter worth $350 million. This is a senior secured term load that will finance the acquisition. It will also allow them to refinance existing debt, and a few other expenses. Century Casinos has long wanted to enter the Reno market and the Nugget is the perfect venture for them to do so. Nugget Casino Resort is located in Sparks, Nevada. It is a full-service resort with over 50,000 sq ft of casino space, over 800 slot machines, and 29 table games.
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