Nugget being sold to Nevada-based Marnell Gaming
Marnell Gaming, LLC, a Nevada-based operator, and the Nugget Casino Resort in Sparks have announced that Marnell has entered into a definitive agreement to acquire the Nugget. Terms of the transaction have not been disclosed.
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.
Upon completion of the transaction, Marnell will initiate a significant capital improvement plan for the property, which will include new slot machines, a complete renovation of the Nugget’s 800 West Tower hotel rooms and a complete renovation of the Nugget’s convention area, casino floor, restaurants and showroom. In addition, members of the Nugget Advantage Rewards program will receive all the benefits offered in Marnell’s planned corporate-wide players club and will not lose points, comps or privileges from their Nugget Advantage Rewards player club accounts. The transaction is expected to close in the second quarter of 2016 following customary regulatory review and approval by the Nevada Gaming Commission.
“We see this as a remarkable opportunity to join forces with an iconic Nevada brand and one of Northern Nevada’s premier casino resorts,” said Anthony Marnell III, Chairman & CEO of Marnell Gaming. “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.”
“The Marnell family has a rich history in the gaming industry and shares our vision of a revitalized Nugget,” said Carlton L. Geer, CEO of the Nugget. “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.”
Dick Graves' Nugget opened in 1955 and was bought by John Ascuaga in 1960; it was then bought by Global Gaming and Hospitality in 2013.
Nugget officials plan no further comments until February 11, 2016.