The Nevada Gaming Commission Thursday approved the sale of John Ascuaga’s Nugget in Sparks to a private investment group.
Commissioner had no issues with Global Gaming & Hospitality, which will operate the resort. Michael Kim and Carlton Geer, partners in Global Gaming, had previously been given a preliminary finding of suitability.
A sales price for the transaction was not disclosed. The will end more than 50 years of family ownership in the Northern Nevada hotel-casino. The transaction is expected to close in the middle of December.
Members of the Ascuaga family will be involved in the transition of the property to new management, which will retain the Nugget name.
Geer and Kim said after the commission meeting that John Ascuaga will retain the title of chairman emeritus at the hotel-casino. In addition, the property will celebrate Ascuaga’s 89th birthday with a celebration in January.
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.
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