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Ascuaga Family to Sell John Ascuaga's Nugget

 
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john
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Joined: 17 Dec 2005
Posts: 1181

PostPosted: Oct Thu 10, 2013 12:00 pm    Post subject: Ascuaga Family to Sell John Ascuaga's Nugget Reply with quote

The following is a press release sent to me by JA Nugget:

Sparks Nugget Inc. announced today that it has reached agreement with Global Gaming & Hospitality (GGH) and Husky Finance in connection with the sale of John Ascuaga’s Nugget, the premiere Northern Nevada hotel and casino. Financial terms were not disclosed.

Husky Finance, a middle-market lender, will provide acquisition financing and growth capital for renovation of the Nugget, while GGH, an experienced private casino management and merchant advisory firm, will assume responsibility for operations of the property.

"My family and I believe that the sale of John Ascuaga's Nugget at this time is the best possible scenario for our employees and the future of the Nugget. The new owners have the financial resources needed to invest in the property and allow it -- and its 1,300 employees -- to prosper in the years ahead," said Michonne Ascuaga, CEO of John Ascuaga's Nugget. "We are extremely proud of the business we've built and the contributions to the community we've made over the past 58 years."

The sale requires regulatory approval by the Nevada Gaming Control Board and the Nevada Gaming Commission and is expected be completed by the New Year. The Ascuaga family will remain in a leadership role through the transition. Once the sale is complete, John Ascuaga will be Chairman Emeritus. Michonne Ascuaga and Stephen Ascuaga, COO, will assume advisory roles.

GGH Co-Owner Carlton Geer will be the new President & CEO of the Nugget. Geer has been involved in the gaming and hospitality industry for 40 years. He has deep roots in Northern Nevada, having spent four years at the Eldorado Hotel Casino in the early 80s followed by 13 years at the Peppermill Hotel Casino, the last three as its general manager.

"John Ascuaga’s Nugget is an iconic property with a rich history in Nevada. We’re excited to have the opportunity to take the property to the next level," said Geer. "Access to critical investment capital will be an important new competitive advantage for the Nugget. GGH will work diligently to deploy capital for the benefit of the Nugget's employees, customers and community in general."

The new owners expect to invest $50 million in the property over the next few years. GGH’s improvement plans for the Nugget include renovating and updating the casino floor, hotel rooms, restaurants, convention space and exterior. Capital plans include spending about $20 million over the first two years in new slot equipment, renovating restaurants, substantial casino and public area refurbishment and room renovation, among other upgrades.

According to GGH, the name John Ascuaga’s Nugget will remain in the near term, with a potential name change in the future. Nugget customer programs, such as John’s Club will remain intact. No lay-offs are planned as a result of the sale and current employees will retain their seniority and benefits.

The Nugget's long-standing community programs such as providing Thanksgiving and Christmas dinners at St. Vincent's Dining Room and the Nugget Scholarship program 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.

"I am bullish on the Northern Nevada Market and see a bright future for the Nugget," said John Ascuaga. "I am pleased that the new ownership feels the same way. While this has been an emotional decision, the $50 million that will be invested in the Nugget gives it the best opportunity for success."

"We will work hard to make a smooth transition. I want to thank the community, our employees and our customers for an outstanding 58 years," Ascuaga added.

Dick Graves opened The Sparks Nugget on March 17, 1955 as a 60-seat coffee shop with a handful of slot machines. John Ascuaga, then general manager, purchased the Sparks Nugget in 1960 for $3.775 million on a handshake. Under John and two of his children, Michonne and Stephen's, leadership, the Nugget has grown into one of the largest Northern Nevada hotel casinos with over 1600 hotel rooms, 75,000 square feet of casino gaming, 110,000 square feet of convention space, nine restaurants, a sports book, bingo parlor, poker room, a unique indoor/outdoor swimming pool, wedding chapel, salon and spa, arcade, a cabaret, the legendary 700-seat Celebrity Showroom and more.
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Mammothgambler



Joined: 25 Dec 2005
Posts: 619

PostPosted: Oct Thu 10, 2013 4:32 pm    Post subject: Reply with quote

That's some surprising news. I hope they at least keep Rosie's Cafe - and maybe get some new Blazing Sevens!

Mammothgambler
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BC Dave
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Joined: 18 Dec 2005
Posts: 1592

PostPosted: Oct Thu 10, 2013 7:00 pm    Post subject: Sorta Sad - Another pioneer moves on. Reply with quote

Thanks John,

Glad to hear that the new investors have plans to keep the place up. Although it's not mentioned here too often, JA's Nugget is a really 1st rate property. Sorta sad to see a name that long associated with the Reno/Sparks gaming industry pull out.

Wow - "John Ascuaga’s Nugget changes hands" - And in the close to 30 years since I first heard that name, I've never been sure that I've been pronouncing Asuaga correctly.

Good luck to you John Asuaga, (and your family)!
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Mammothgambler



Joined: 25 Dec 2005
Posts: 619

PostPosted: Oct Fri 11, 2013 7:19 am    Post subject: Reply with quote

Yes, I wish them the best!

Just wanted to give a quick heads up that at present, the Reno Gazette Journal's website has several stories, picture galleries, etc., worth checking out regarding the history:

Video:
http://www.rgj.com/videonetwork/2735563733001?odyssey=mod|tvideo2|article

Family history:
http://www.rgj.com/apps/pbcs.dll/gallery?Site=J7&Date=20131010&Category=NEWS&ArtNo=310100064&Ref=PH&Profile=1459

Nugget history:
http://www.rgj.com/apps/pbcs.dll/gallery?Site=J7&Date=20131010&Category=NEWS&ArtNo=310100055&Ref=PH&Profile=1459

New owners:
http://www.rgj.com/article/20131010/BIZ04/131010029/At-glance-new-owners-John-Ascuaga-s-Nugget

Mammothgambler
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Crapsjunkie



Joined: 03 Apr 2010
Posts: 40

PostPosted: Oct Sun 13, 2013 11:38 am    Post subject: Not Sure What to think. Reply with quote

Frankly I was shocked to see the Nugget Sold. At one time perhaps the best Hotel Casino and Resturants in the Reno Area. I could go on forever about their great Stepin Out Packages where you had Dinner at the Steak House and followed up with a Show. All for about $20 per person.

It has been few years since we have stayed at the Nugget and the decline was more than evident. I could not believe the condition of Carpeting and the Rooms. Once the Best around.

Anyway spent many a weekend with friends Paying in $99 Slot Tournaments where all your Booze at any Bar was free for 3 day. Now with my friends it frankly is amazing the Nugget wasn't suffering huge losses long ago. One time when we arrived 4 of the Guys went to the Bar with the Fish Tank grabbed a Drink Menu. Then handed the Bar Tender $20 a piece to keep score. Goal was to drink 2 of every Drink on the Menu before leaving on Sun Night. I don't think anyone remembered what the payoff was, but it was one hell'va weekend.
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JD



Joined: 18 Dec 2005
Posts: 956

PostPosted: Oct Sun 13, 2013 2:29 pm    Post subject: Reply with quote

I really liked JA Nugget as well... but I haven't been there in years.

Craps Junkie...do you know the story of those big rocks in the fish tank?

When the Comstock folded, a few bosses landed at JA Nugget and invited me to a couple of events. Great room looking straight down the flight line of the airport. I must have had one of the higher floors in the newer tower because on the very windy night I was there, the planes had to make final approach not straight down the runway, but with the nose yawed 15 degrees...I could only guess at the whiplash the passengers got on touchdown. Big gusts made the water in the toilet splish/splash... a lot of sway in that new tower.

They did little to make sure their elderly regulars were replaced. I met some great older guys on the craps tables there. The $ 100 chips were WHITE, not black.

I can't help but think the Hell's Angel's shooting hurt their bookings... a lot.
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spdmrcht



Joined: 12 Oct 2012
Posts: 498

PostPosted: Oct Sun 13, 2013 7:03 pm    Post subject: Shooting? Reply with quote

I was at JA that weekend for their Keno tourn. I had an offer for
free rooms and food voucher. I had dinner at Trader Dicks, then
went out and played VP till about 9:30 when the Puke's started
getting Drunk. I knew it was going to get ulgy, so I went to
bed. Was in bed about 10 min. when the Sirens started. When I
went down stairs in am. the casino was roped off and they were
cleaning the carpet in front of Dicks. They said the Tourn, was
cancelled, so I went down town. When I came back the casino
was open and they refunded my entry, and said the rooms and
food comp was still good. About 2 weeks later I got a letter from
JA saying they were sorry about the event, and gave me an
offer for 2nights free. That was the last offer I ever got from them.
I've stayed there a couple times on business But never got another
offer! Of any kind!
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BC Dave
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Joined: 18 Dec 2005
Posts: 1592

PostPosted: Oct Sun 13, 2013 11:30 pm    Post subject: Windy and rough landings at Reno Airport Reply with quote

Straying off the JA's Nugget a bit (on a tangent inspired by JD).

Speaking of windy landings .... Sometime around 1988 to 1990 I had the scariest experience of my life. It was on a Pacific Western Airlines 737 landing at Reno at night in what was damn near a hurricane - not just the landing but whole final approach. I didn't know turbulence could be so nasty. We were pitching side to side very violently and as we got closer to the runway the pitching did not abate. It looked like we were going to scrape a wing. (But who needs wings anyway - once you're on the ground!)

Apparently the next plane aborted it's landing. All further flights that night were cancelled. Outside the airport we had to put on our sunglasses there was so much debris in the air. Ferocious wind out of the East. Half of Circus Circus was closed down and they were worried that Topsy might take a tumble.

I met some people from my flight a day or two later at the Eldorado and we talked about that landing. Although a great round of applause went up in the plane when we were prompted by the copilot's, "That was the trickest landing I've seen in all my flying years!", we were now somewhat angered at being exposed to such conditions.

I drove down the next few trips then got lazy and resumed flying again. Using gamblers logic, I figured if I made it through that landing, I had probably come as close to crashing as I ever would ......

Holy Moly! Just did a little googling -The Internet has everything! - here's an account of that storm. http://articles.latimes.com/1988-01-15/news/mn-24322_1_power-lines
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Crapsjunkie



Joined: 03 Apr 2010
Posts: 40

PostPosted: Oct Tue 15, 2013 7:41 am    Post subject: Wind Shear at McCarren Reply with quote

About the same time frame we always flew into Reno for New Years Eve. On this particular year, on Couple from Portland had their plane almost completely turn over! The Pilot aborted the Landing and powered out over to Sacramento! Most of the folks on that flight elected to travel over to Reno by Bus! We also have experienced some Roller Coaster Landings.
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BC Dave
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Joined: 18 Dec 2005
Posts: 1592

PostPosted: Oct Tue 15, 2013 11:27 am    Post subject: That'd be the one on our heels Reply with quote

More than likely, the one that "nearly flipped over" would have been the one that tried to follow us in.
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