Century recently completed a deal to purchase a 50% stake in the Nugget Casino Resort, located in Sparks, Nevada. The purchase involved both the property and the operating company, and Century paid $95.0m for this stake.
The Nugget Casino Resort is a full-service resort with a variety of amenities. The gaming floor spans 50,200sq ft and includes 859 slot machines and 29 table games. The resort also features two hotel towers, 110,000sq ft of convention space, an 8,555-seat amphitheatre, several dining options, on-site bars and lounges, and a five-story parking garage with 1,200 spaces.
With this acquisition, Century’s North American casino portfolio now includes 10 casinos, boasting a total of 6,700 gaming machines and 140 table games.
In addition to the property acquisition, Century plans to purchase the membership interests of the operating company, OpCo, within one year for $100.0m. This transaction is subject to approval by the Nevada Gaming Commission. Furthermore, Century will have the option to acquire the remaining 50% of PropCo’s membership interests for $105.0m plus 2% per annum.
To finance the purchase of PropCo, Century obtained a new credit facility from Goldman Sachs Bank USA.
