“This acquisition represents a significant opportunity for us to expand our footprint into the Northern Nevada marketplace.” “We are thrilled to be welcoming the Lake Tahoe property to the Golden Nugget family,” said Tilman Fertitta, CEO and owner of Fertitta Entertainment. In addition, Century would have a five-year option to acquire the remaining 50% of the membership interests in PropCo for $105.0m plus 2% per annum.Ĭentury financed the PropCo acquisition with a new credit facility issued by Goldman Sachs Bank USA.Shortly after the close of the transaction, Fertitta Entertainment will transform the Hard Rock Lake Tahoe property into a Golden Nugget Hotel and Casino with a remodeling of the property planned. This, Century said, is expected to occur within one year, subject to approval by the Nevada Gaming Commission.įollowing this acquisition, Century would own the operating assets of the Nugget Casino Resort and 50% of the membership interests in PropCo. The acquisition expands Century’s North American portfolio to 10 casinos with 6,700 gaming machines and 140 table games.Īlongside the acquisition of PropCo, Century last month also entered into a membership interest purchase agreement to purchase PropCo’s membership interests and 100% of the membership interests in OpCo for an additional $100.0m. The resort also includes two hotel towers, 110,000sq ft of convention space, an 8,555-seat amphitheatre, a number of casual and fine dining options, on-site bars and lounges and a five-storey 1,200-space parking garage. Located in Sparks, Nevada, Nugget Casino Resort is full-service resort with a gaming floor featuring 50,200sq ft of casino space, 859 slot machines and 29 table games. Century said it would receive $1.9m per quarter, before any expenses, for its share of the rent from OpCo.
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