Iconic John Ascuaga's Nugget Casino-Resort SoldNew Owner To Invest $50 Million Into Upgrading The Property |
|
John Ascuaga’s Nugget Casino-Resort in Sparks, Nevada has reportedly been sold for an undisclosed amount. The deal will end more than five decades of family ownership and see $50 million worth of new investments made into the classic carpet joint.
“John Ascuaga’s Nugget is an iconic property with a rich history in Nevada,” the casino’s new CEO said, according to the Las Vegas-Review Journal. “Access to critical investment capital will be an important new competitive advantage for the Nugget.”
The buyer is Husky Finance, and Global Gaming & Hospitality will serve as the casino’s operator.
The sale is pending approval from state regulators, which meet publicly twice a month. The sale is expected to close by the end of the year. The five-member Nevada Gaming Control Board already found the new operators suitable for business.
The 1,600-room casino-hotel employs around 1,300 people.
Members of the Ascuaga family will remain involved with the property in advisory roles.
According to the Review-Journal, 88-year-old John Ascuaga acquired the casino in 1960 for $3,775,000. Before that, it was just a coffee shop with slot machines. Today it stands as one of the largest gaming spaces in the state with around 85,000 square feet of gaming floor space.
The property is located between Interstate 80 and the Union Pacific rail yard.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
