Sale of John Ascuaga's Nugget Casino Finalized
Affiliates of Global Gaming & Hospitality (GGH) and Husky Finance are officially the new owners of John Ascuaga's Nugget Casino Resort in Sparks, Nevada. The sale closed early Monday morning, December 16, 2013.
The new owners have big plans for the property, which consists of more than 1,500 guest rooms, 110,000 square feet of meeting space, nine restaurants, an Olympic-sized swimming pool and many other guest amenities. Plans include investing up to $50 million dollars into the property in the coming months to update and renovate the Nugget's casino floor, hotel rooms, restaurants, convention space, exterior and signage, as well as adding new restaurant concepts and entertainment venues, all intended to enhance the Nugget's general customer appeal.
The Nugget will operate under the leadership of new President and CEO, Carlton Geer. Geer is also co-owner and managing partner of GGH, an experienced private casino management and merchant advisory firm with offices in Las Vegas, New York City and Atlantic City.
The Nugget was formerly family-owned and operated by John Ascuaga, his daughter Michonne Ascuaga, and son, Stephen Ascuaga.
"We appreciate the Ascuaga family's support and assistance during this transition," said Geer. "They have been a major contributor to the community in all respects.
Over a period of 58 years, they built a significant gaming resort that will be enduring."
Geer says he sees tremendous potential for the Nugget in the Reno/Sparks market.
"The combination of its great access, superb physical structure, a strong legacy and appropriate repositioning capital will enable the Nugget to compete more effectively in Northern Nevada in the future," said Geer.
The property's name, John Ascuaga's Nugget, will remain in the near term. No lay-offs are planned as a result of the sale, and management positions vacant due to historical attrition are expected to be filled and announced soon.
The Nugget's long-standing community programs, such as providing Thanksgiving and Christmas dinners at St. Vincent's Dining Room and annual Nugget scholarship awards will continue. The Nugget's premier special events like the Best in the West Nugget Rib Cook-Off and Star Spangled Sparks will also carry on.
The property's former owner and namesake, John Ascuaga, has been named Chairman Emeritus.
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