Land-based operator Century Casinos has purchased the remaining 50% stake in Nugget Casino Resort in Nevada from Marnell Gaming for approximately $100.0m.
Last April, Century acquired an initial 50% membership interests in Smooth Bourbon, which operates the casino and owns the land and building on which the property is located, for $95.0m.
The Nugget and Smooth Bourbon also have in place a lease agreement for the land and building for an annual rent of $15.0m.
Following the acquisition, which Century financed with funds previously borrowed from its existing credit agreement with Goldman Sachs USA, Smooth Bourbon will now become a consolidated subsidiary of Century.
The deal represents Century’s first expansion into the Nevada market.
“The Nugget is a great addition to our portfolio,” Century’s co-chief executives Erwin Haitzmann and Peter Hoetzinger, said. “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.”
Located in Sparks, Nevada, the Nugget Casino Resort includes a gaming floor with 892 slot machines and 29 table games, as well as two hotel towers with 1,382 rooms, convention space, an outdoor amphitheatre, casual and fine dining options, bars and lounge.
Century’s portfolio now features 18 casinos around the world that include 6,955 gaming machines, 249 table games and over 3,100 full-time equivalent employees.
The purchase comes after Century last month reported operating revenue of $430.5m for the 12 months ended 31 December 2022, a record high for the operator.