Sparks Nugget operator says quarterly performance was a ‘disappointment’

Century Casinos officials said renovations to the gaming floor of the Nugget Casino and Resort in Sparks led to a 23 percent revenue dip during the second quarter.

Century said it recently added 120 new slot machines and a high-limit room to the casino, repainted the building’s exterior and improved indoor and outdoor signage.

The 1,382-room Nugget became Century’s flagship property when it was acquired last year by the Colorado Springs-based casino operator in a $195 million deal.

“The hold on slots and tables was significantly lower compared to last year, but that would only explain a small portion of that decline,” Century co-CEO Peter Hoetzinger said on a conference call last week. “The market was the disappointment of the quarter. There's no way around it.”

Co-CEO Erwin Haitzmann added that Century is learning about Northern Nevada’s “highly competitive market,” which includes “very experienced operators.” Northern Nevada casinos have faced renewed competition from California’s tribal casino community, which saw the opening of three new gaming properties in the Sacramento area in the last two years.

In addition to Sparks, Century operates casinos in Colorado, Missouri, West Virginia, Maryland and Canada. Companywide, operating revenue was $146.4 million in the quarter that ended June 30. The Nugget accounted for $20.8 million of the total.

This story was published August 14 by The Nevada Independent and is republished with permission.