Business
Century Casinos, Inc. Completes Acquisition of Nugget Casino Resort Operations; Expands into Nevada
COLORADO SPRINGS, Colo., April 4, 2023 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) ("Century Casinos" or the "Company"), announced
About this update from Century Casinos, Inc.
[{"type":"text","content":"COLORADO SPRINGS, Colo., April 4, 2023 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) (\"Century Casinos\" or the \"Company\"), announced that it completed the acquisition of the operations of the Nugget Casino Resort (\"Nugget\") from Marnell Gaming, LLC (\"Marnell\") for approximately $100 million (the \"Acquisition\") on April 3, 2023.\n\n \n \n \n \n \n \n\n \nPrior to the Acquisition, in April 2022, the Company purchased from Marnell 50% of the membership interests in Smooth Bourbon LLC (\"Smooth Bourbon\"). Smooth Bourbon owns the land and building on which the Nugget is located. The Nugget and Smooth Bourbon have a lease agreement for the land and building for an annual rent of $15 million. Following the Acquisition, Smooth Bourbon will be a consolidated subsidiary of Century.\nThe Company financed the Acquisition with funds previously borrowed from its existing credit agreement with Goldman Sachs USA. The funds were borrowed on April 1, 2022 and deposited into an escrow account until the Acquisition closed.\n\"We are very excited to be expanding into Nevada,\" Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked. \"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.\nNugget Casino Resort is located in Sparks, Nevada, conveniently located on Interstate 80 with easy access from Reno-Tahoe International Airport (approximately three miles). The full-service resort includes a large gaming floor, two hotel towers, 114,500 square feet of convention space, an 8,555 seat outdoor amphitheater, a wide variety of casual and fine dining options in addition to several on-site bars and lounges, and a five-story 1,200 space parking garage and additional 1,272 parking spaces. The property consists of 71,200 square feet of casino space, 892 slot machines, 29 table games, 1,382 hotel rooms and five dining venues.\nThe Reno-Sparks area is famous for its casinos but is also known as a destination for outdoor recreation with proximity to Lake Tahoe and several ski resorts. It has attracted leading technology and manufacturing c...