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Marnell acquires Nugget resort in Sparks for undisclosed price

The Sparks Nugget, one of Northern Nevada’s largest casinos, has been sold to Las Vegas company owned by Anthony Marnell III.

Marnell Gaming, which operates two Laughlin casinos, said Wednesday it acquired the resort, which was built by Northern Nevada gaming pioneer John Ascuaga, for an undisclosed price. The Ascuaga family sold the 1,382-room hotel-casino in 2013 to a private investment group. Global Gaming & Hospitality has been operating the Nugget, which has a 75,000-square-foot casino, eight restaurants and a 110,000 square foot convention center.

“We are entering the Reno-Sparks market during an exciting period of economic expansion,” Marnell said in a statement. “We see this as a remarkable opportunity to join forces with an iconic Nevada brand.”

In Laughlin, Marnell owns the Colorado Belle and Edgewater resorts. Marnell built the M Resort in Henderson for $1 billion. The stylish property opened in 2009 in the middle of the recession.

Regional casino operator Penn National Gaming acquired the debt covering the resort and eventually took ownership of the property in 2011. Marnell remained as president of the property until last year.

Nevada gaming regulators will have to sign off on the transaction, which is expected to close this spring.

Marnell said in a statement that he plans to “initiate a significant capital improvement plan” for the Nugget, which includes new slot machines and a renovation of 800 hotel rooms. Marnell said the casino, convention area, restaurants and showroom will also be remodeled.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find @howardstutz on Twitter.

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