Nugget Casino Resort sale finalized
May 12, 2016
Marnell Gaming is officially the new owner of the Nugget Casino Resort in Sparks, Nevada. The sale closed on Friday. Terms of the transaction were not disclosed.
Marnell Gaming has big plans for the casino-resort property that consists of 1,400 guest rooms, a 75,000-square-foot casino, 110,000 square feet of meeting space, eight restaurants, an indoor atrium pool, entertainment venues and more.
"We are ready to quickly invest the capital needed to take the Nugget Casino Resort to the top of its game," said Anthony Marnell III, Chairman and CEO of Marnell Gaming in a press release. "I couldn't be more excited to be a part of the northern Nevada community."
Marnell said he plans to spend $25 million dollars to renovate and improve the Nugget Casino Resort over the next 18-24 months. He is planning renovations for the property's two hotel towers and its convention center. Many of the casino's 1,000 slot machines will also be replaced.
The Nugget Casino Resort joins the Marnell Gaming portfolio, which includes the Colorado Belle and Edgewater casino resorts in Laughlin, Nevada.
"This is a long-term investment opportunity for us," said Marnell. "The Nugget is an iconic property in a great location and we hope to be here for many years."
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Members of the Nugget's players club will receive all of the benefits offered in Marnell's planned corporate-wide players club that will launch in late 2016. Current Nugget Advantage Rewards members will retain their current benefits and status in the interim and continue to earn towards maintaining or building to the next level of player rewards.
The property's name, Nugget Casino Resort, will remain.