Nevada-based gaming operator, Marnell Gaming, LLC, and the Nugget Casino Resort , located in Sparks, Nevada, announced on Wednesday that the Las Vegas company owned by Anthony Marnell III is in agreement to buy the Sparks Nugget, one of Northern Nevada’s largest casinos.
The casino was purchased in 2013 by Carlton Geer, who said he never intended to sell so quickly, but that the CEO of Marnell Gaming, made an unsolicited offer he couldn’t refuse, according to the Reno Gazette-Journal. Once the ink is dry, as part owner, Geer won’t be a part of The Nugget any longer. While the price and terms of the sale weren’t disclosed, the parties expect the sale to be approved by the Nevada Gaming Commission in the second quarter of 2016.
The Colorado Belle and Edgewater casino resorts on the Colorado River in Laughlin are part of Marnell Gaming’s portfolio. The Rio All-Suites Hotel and Casino and The M Resort Spa Casino in Las Vegas were also built by the company.
Geer’s original plan was to continue with upgrades and in 2017 or 2018 take The Nugget public. At that time, he would’ve considered selling anyway. The Nugget was losing money before Global Gaming & Hospitality bought it in 2013, according to The Nugget’s financial reports. It was purchased as a distressed property by Global Gaming and it was immediately turned around with capital investment and new ideas, said Geer.
According to Marnell, a significant capital improvement plan will be initiated for the Nugget, including updated slot machines, the Nugget’s 800 west tower hotel rooms being completely renovated along with the Nugget’s convention area, restaurants, casino floor, and showroom. But for now Marnell wants to take the purchase slow, learn for the community and determine what the casino needs outside of future upgrades.
Geer said all events will continue as planned, with the exception of Star Spangled Sparks, the Nugget’s Independence Day celebration, changed from Monday, July 4 to Sunday, July 3 because more Sunday’s attract more customers. The Nugget features a 75,000-square-foot casino, 1,382 rooms, a 110,000-square-foot convention center and eight restaurants.