Marnell Gaming has reached an agreement to acquire the Nugget Casino Resort in Sparks.
Marnell Gaming, LLC, a Nevada-based operator, announced today (Feb. 10) that it has entered into a “definitive agreement” to acquire the Nugget Casino Resort in Sparks. The transaction is expected to close in the second quarter of 2016, following regulatory review and approval by the Nevada Gaming Commission. Terms of the transaction were not disclosed.
“We see this as a remarkable opportunity to join forces with an iconic Nevada brand and one of Northern Nevada’s premier casino resorts,” Anthony Marnell III, chairman and CEO of Marnell Gaming, said in a written statement. “We are entering the Reno-Sparks market during an exciting period of economic expansion and continue to prudently invest to broaden our portfolio with properties that will enhance our guest experiences. As we work to complete the transaction, we are excited to welcome all the great team members at the Nugget, and look forward to achieving continued success and growth together.”
Marnell’s portfolio includes the Colorado Belle and Edgewater casino resorts, two prominent casino-hotels on the Colorado River in Laughlin. These properties offer a variety of retail, entertainment, gaming and dining options, onsite casinos with 1,464 slot machines, 40 table games, 10 live poker tables and more than 2,000 newly-renovated hotel rooms.
The Nugget, one of Northern Nevada’s largest casinos, features 1,382 rooms, a 75,000 square foot casino, eight restaurants and a 110,000 square foot convention center. The Nugget, which opened in 1955, also hosts premier special events, such as the annual “Best in the West Nugget Rib Cook Off” and “Star Spangled Sparks.”
“The Marnell family has a rich history in the gaming industry and shares our vision of a revitalized Nugget,” Nugget CEP Carlton L. Geer said. “The resources and capital Marnell plans to deploy will be critical in improving the Nugget facilities and overall guest experience. As part of a larger organization, the Nugget looks forward to accelerating property improvements that will enhance its operations and offerings. We are confident that today’s announcement will be a positive step for the Nugget, our employees, and all of our valued guests.”
Geer and his partners in Sheltie OpCo and Husky Finance purchased John Ascuaga’s Nugget from the Ascuaga family in 2013.
Upon completion of the Nugget transaction, Marnell will invest in significant capital improvements for the property, including new slot machines, a complete renovation of the Nugget’s 800 West Tower hotel rooms and a complete renovation of the convention area, casino floor, restaurants and showroom. In addition, members of the Nugget Advantage Rewards program will receive all of the benefits offered in Marnell’s planned corporate-wide players club and will not lose points, comps or privileges from their Nugget rewards accounts.
Marnell Gaming, LLC, is a limited liability company, which develops, expands and acquires gaming-related properties and is focused on providing a unique portfolio of gaming offerings to its guests.
