The company that provides entertainment for casinos Century Casinos, Inc. (Nasdaq Capital Market(r): CNTY) is to purchase Nugget Sparks LLC, known as Nugget Casino Resort, in Nevada as well as a 50 percent part of Smooth Bourbon, LLC, the company that owns the property.
The Nugget Casino Resort is located in Sparks, Nevada. It has an extensive gaming floor that includes two hotel towers, 1,10,000 square feet of conference space, an outdoor amphitheater seating 8,555, and many lounges and bars. There’s also a five-story garage with 1,200 parking spaces and 1,272 additional parking spaces. It comprises fifty,200 square feet of gaming floor with 859 slot machines 29 table 1 382 hotel rooms and seven dining options.
The resort generated net operating income of $100.4m and EBITDA (32.8m) based on preliminary results for December 31, 2021.
Online casinos are expected to outnumber physical casinos. According to most recent data, the global online gambling market is projected to exceed 92.9 billion U.S. dollar in 2023. The current market size is approximately 59-billion U.S. dollar, which could easily double over the next few years.
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Reno-Sparks is well-known for its gambling activities and for being close to Lake Tahoe. There are many well-known tech and manufacturing companies in the region, including Apple, Google, Amazon Switch, Amazon, and Amazon. The region has experienced an increase in start-ups and other tech-related industries.
Century acquired the two businesses through Marnell Gaming, LLC, which was $195 million. In detail,
- The company will acquire Nugget Casino Resort in its entirety for $100,000,000 after it has received all necessary approvals.
- The 50% stake in Smooth Bourbon (which owns the land and building that underpins the Nugget) will be purchased for $95million. For $15 million per year, the company will also lease it to Nugget Casino Resort. The company will also be allowed to buy the remaining 50% of PropCo for $105 million over five years, plus 2% each year.
Goldman Sachs Bank USA, a subsidiary of Goldman Sachs Bank USA, has agreed to $350m in senior secured credit for the loan to finance the loan to Century Casinos’ existing debt. It also committed $30m to fund a revolving senior secured credit facility.
Smooth Bourbon and financing will close during the 2nd Quarter of 2022. Subject to approvals by Nevada Gaming Commission, it is expected that Nugget Casino Resort will be acquired within one-year of the closing of Smooth Bourbon. Both transactions will close subject to the normal closing conditions.
Erwin Heitzmann and Peter Hoetzinger are the Co-Chief Executive officers of the company. Century Casinos is a casino entertainment corporation, which is the owner and operator of Century Casino & Hotels located in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada as well as the Century Casino located in Cape Girardeau and Caruthersville, Missouri and St. Albert, Alberta, Canada; Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia as well as the Century Mile Racetrack and Casino located in Edmonton, Alberta, Canada.
Century Resorts Management GmbH is the Austrian affiliate of Century Resorts Management GmbH. This company holds 66.6 percent of Casinos Poland Ltd., which operates eight casinos in Poland. It also owns 75% stakes in Century Downs Racetrack in Calgary, Alberta and Century Downs Casino in Calgary. Two casinos that are built on ships have been managed by the company.
After the acquisition closes, the North American portfolio will be increased to 10 casinos. This includes 6,700 gaming equipment, and 140 table games.
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