A green light for the takeover was recently granted by the Nevada Gaming Commission
The founder and CEO of Marnell Companies and recognizable entrepreneur in Las Vegas and Nevada, Anthony Marnell III, recently received a green light for the acquisition of the Prospector Hotel & Gambling Hall in Ely.
The Ely Casino Is a Unique Property
A recognizable businessman, Marnell initially thought of buying the property back in 2019. After talks with the owners of the Ely property in 2020, he was told that such a possibility may arise in 2023. Following up on the matter, Marnell along with AM3 2012 Trust confirmed their intention to acquire the Prospector via a newly created company called, Terzetto LLC.
The aforementioned transaction agreement dates back to last year and besides the hotel and casino encompasses 12 acres of land. While the price tag of the acquisition was not disclosed, the deal was contingent on regulatory approval, and such was recently granted by the Nevada Gaming Commission.
As announced by CDC Gaming, the Commission greenlighted the acquisition of the Prospector in Ely following a recent meeting. Besides building recognizable hotels and casino resorts, the Marnell family is famous for restoring properties and reselling them. However, in the case of the Prospector, Marnell considers investing in expansion.
As explained by Marnell: “I’m not usually looking for properties this small, but I thought this was unique. It’s been heavily invested in and kept in phenomenal condition. It has the luxury of having the Holiday Inn next to it. I thought over time in Ely, there could be growth from mining.”
Under Marnell’s plan, at the Prospector an extra 60 to 90 hotel rooms will be added to the property’s existing 60 rooms. Additionally, the Ely casino would increase its slots with 20 to 30 extra machines coming on top of the existing 138 slots. Further changes include increasing the area of the venue’s bar.
A Concerning Hiccup Was Discussed with the Nevada Gaming Commission
During the recent meeting with the Commission, one unexpected snag was discussed. This was the case of Marnell’s underaged children who allegedly were able to go out drinking by using a fake ID. One of the kids was also able to engage in gambling. Ultimately, the children were found and removed from Wynn Las Vegas. Marnell said that he wasn’t aware of this incident and acknowledged it as a “big mistake.”
The aforementioned incident resulted in the suspension of a dealer and a supervisor at the property. While this accident was unexpected and concerning, the years of hard work by Marnell and his family’s contributions to the state and local communities ultimately helped persuade the Commission members to greenlight the Ely casino acquisition.
