Century Casinos completes deal for 50% ownership of Nugget Casino Resort
The company also has the option to purchase the remaining half for $105m.
Century Casinos, Inc. has completed its deal for 50% of membership interests in Smooth Bourbon, LLC (PropCo) from Marnell Gaming, LLC for a total of $95m.
PropCo owns the land and building underlying the Nugget Casino Resort. The company entered into a lease agreement with Nugget Sparks, LLC (OpCo). The Nugget Casino Resorts is operated by OpCo.
As part of the lease agreement, PropCo will pay $15m per year in rent. Century Casinos will receive $1.9m per quarter from OpCo for its share.
Century Casinos also entered into another purchase agreement with PropCo in February of this year to acquire additional interest. The company intends to purchase 100% of the membership interests in OpCo for another $100m. The sale is expected to conclude within a year, subject to approval by the Nevada Gaming Commission.
Once complete, Century Casinos will own half of PropCo’s membership assets and will own the operating assets of its casino.
Century Casinos will also have the five-year option to buy the remaining 50% of PropCo’s membership interests for $105m, plus 2% per year.
Century Casinos runs casino hotels in Colorado, Missouri and West Virginia. It also owns and operates facilities in the Canadian province of Alberta.
The company also holds a 66.6% ownership interest in Casinos Poland, as well as 75% ownership interest in Century Downs Racetrack and Casino in Canada and 50% ownership interest in PropCo in Nevada through its Australian subsidiary, Century Resorts Management GmbH.
Century Casinos is listed for trading on the Nasdaq Capital Market under the symbol CNTY.
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