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Sands Regent has completed the acquisition of the Gold Ranch Casino and RV Resort in Verdi, Nev., for $7 million, the Nasdaq Stock Market-traded company announced today (June 4).
The Gold Ranch property, located 12 miles west of Reno, Nev., near the California State Line, includes a 105-space RV park, an 8,000 square foot casino, two restaurants, two bars, a California lottery station, an ARCO gas station and a convenience store.
To raise the $7 million to pay for Gold Ranch, Sands Regent obtained a $17 million 10-year revolving loan from the Nevada State Bank. The remaining $10 million will be used to repay the $10 million in long term debt Sands Regent had on its 850-room Sands Regency Casino and Hotel in downtown Reno.
The Nevada State Bank loan has an interest rate of around 7.2%, compared with the 10.75% rate on the $10 million in long term debt that Sands Regent will pay off.