Century Casinos completes acquisition of Nugget Casino Resort operations
Century Casinos expands into Nevada.
US.- Century Casinos has announced that it has completed its acquisition of the operations of the Nugget Casino Resort from Marnell Gaming for approximately $100m. It had already purchased 50 per cent of the membership interests in Smooth Bourbon, which owns the land and building on which the Nugget is located, a year ago.
The Nugget and Smooth Bourbon have a lease agreement for the land and building for an annual rent of $15m. Following the acquisition, Smooth Bourbon will become a consolidated subsidiary of Century.
The company financed the acquisition with funds previously borrowed from its existing credit agreement with Goldman Sachs USA.
Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, said: “We are very excited to be expanding into Nevada. The Nugget is a great addition to our portfolio. We have plans to update the façade, signage, slot floor and food and beverage venues of the Nugget. We look forward to working with the staff and community to continue the current success at this property into the future,” Haitzmann and Hoetzinger concluded.
Last week, the Nevada Gaming Control Board approved Century Casinos’ licensing as the new owner of Nugget Casino Resort which is located in Sparks, on Interstate 80.
The full-service resort includes 71,200 square feet of casino space with 892 slot machines and 29 table games, two hotel towers with 1,382 rooms, 114,500 square feet of convention space, an 8,555-seat outdoor amphitheatre and five dining venues.
the transaction takes Century Casinos’ portfolio to 18 casinos with 6,955 gaming machines, 249 table games and over 3,100 full-time equivalent employees. On a pro forma basis giving effect to the acquisition as if it occurred on January 1, 2022, the Company’s net operating revenue and adjusted EBITDA for the year ended December 31, 2022 would have been $529.6m and $129.9m, respectively.
Goldman Sachs & Co. LLC served as sole financial advisor to Century Casinos in connection with the Acquisition. Faegre Drinker Biddle & Reath LLP acted as legal advisor on the transaction.
