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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Gaming Control Board gives preliminary OK to sale of John Ascuaga's Nugget

7 November 2013

LAS VEGAS -- State gaming regulators granted preliminary approval Wednesday for the sale of John Ascuaga’s Nugget in Sparks to a private investment group.

The Gaming Control Board didn’t have any issues with Global Gaming & Hospitality, which will operate the resort. Michael Kim and Carlton Geer, partners in Global Gaming, were given a pre­liminary finding of suitability by the Nevada Gaming Commission last month.

A sales price for the transaction, which will end more than 50 years of family ownership in the Northern Nevada hotel-casino, was not disclosed.

The new ownership said previously it plans to invest $50 million on improvements to the 1,600-room hotel-casino. Initially, the company stated it would spend $20 million over the next two years on new gaming equipment, restaurant renovations and other upgrades to the property’s public area.

The Nevada Gaming Commission will make a final ruling on the ownership change on Nov. 21.