Exec: Optimism follows Sparks Nugget’s quarterly results

More than a year since taking over the Nugget Casino Resort, Century Casinos’ effort to modernize and renovate much of Sparks’ largest gaming property may be paying off.

Officials from the Colorado-based company said improvements made on the casino floor and an increased effort to attract Northern Nevada customers helped increase third-quarter revenue by 40 percent from the previous three months.

Century, which has 11 casinos in the U.S. but doesn’t break out financial results by property, said its overall revenue was $155.7 million, a decrease of 3 percent.

New Nugget General Manager Eric Rose, who has been on the job since August, said in an interview last month that Century upgraded the resort’s restaurants and casino floor, adding 120 slot machines and establishing a high-limit room.

“We’re working hard on our marketing database and adding more promotions so we can touch both audiences because they are equally important,” Rose said.

In a research note, Stifel Financial analyst Jeffrey Stantial wrote that gaming revenue from Washoe County locals was up 20 percent from a year ago.

Co-CEO Peter Hoetzinger said on the Century’s quarterly conference call last week that a decline in convention business that began before the company took over the casino was a primary reason revenue and cash flow continue to lag behind 2023 totals. Disruption from construction throughout the Sparks property also contributed to the decline.

“I’m happy to say that it's looking much better going forward,” Hoetzinger said. “New top management successfully focused on cost control (and) total expenses went down by 9 percent.”

This story was published Nov. 13 by The Nevada Independent and is republished with permission.