August 22, 2014
Alliance Gaming Corp. has agreed to sell its Rail City Casino in Sparks to Sands Regent for about $38 million.
In a press release Monday, the slot-machine and gaming technology company said the sale is part of its plan to divest non-core assets.
The deal consists of $35 million in cash and $3 million of subordinated debt provided by Alliance.
Rail City Casino, just outside of Reno, has been profitable for the last six years despite growing competition from tribal casinos in California, Alliance said in a press release.
Sands Regent owns the 800-room Sands Regency hotel-casino in downtown Reno and the Gold Ranch Casino and RV Resort in Verdi. It said it wants to expand in the Reno area.
Las Vegas-based Alliance sold its Bally Wulff unit in July and plans early next year to complete the sale of gaming route operations including Las Vegas-based United Coin Machine Co. and New Orleans-based Video Services Inc.
On the Net:
Alliance Gaming Corp.: http://www.alliancegaming.com
Sands Regent: http://www.sandsregency.com