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Casino/hotel operator Sands Regent will pay a little less than $7 million for the Gold Ranch Casino and RV Resort near Reno, Nev., the company revealed.
Sands Regent, owner/operator of the Sands Regency Casino and Hotel in downtown Reno, received final approval on Thursday (May 16) from the Nevada Gaming Authority to buy the Gold Ranch Casino and RV Resort located in Verdi, Nev., about 12 miles west of Reno.
The transaction is expected to be finalized on June 1.
Sands Regent revealed its has received a $17 million, 10-year revolving loan from the Nevada State Bank of which $7 million will be used to pay for the Gold Ranch Casino and RV Resort and to satisfy some working capital needs.
The remaining $10 million will be used to payoff Sands Regent’s existing long-term debt.
The Gold Ranch Casino and RV Resort includes a 105-space RV park, an 8,000-square-foot casino with 300 slot machines, two restaurants, two bars, a California lottery station, an ARCO gas station and a convenience store.
“Our marketing and sales team is already developing marketing and advertising strategies for Gold Ranch,” said Ferenc Szony, president and CEO of Sands Regent. “We believe that these efforts, including cross-marketing with the Sands Regency Casino and Hotel, will result in an increase in market share for both properties.”