The Nevada Gaming Commission has approved the acquisition of the Prospector Hotel & Gambling Hall in Ely by the Marnell family. This decision marks a significant step for Marnell Gaming, headed by CEO Anthony Marnell III, who is well-known for developing the M Resort in Henderson. Despite a few recent missteps, Marnell’s long-standing record in the Nevada gaming industry and his commitment to community growth influenced the Commission’s decision.
Marnell Addresses Recent Controversy with Commission
At the recent commission meeting, Marnell took full responsibility for an incident involving his underage children using a fake ID to drink and gamble at Wynn Las Vegas. He admitted it was a lapse in judgment and expressed genuine remorse, explaining that he allowed his children to learn from their own mistakes, but he acknowledged, “This was not the right place to do it.” Marnell described this as a regrettable incident that he reflects on daily.
Marnell went on to emphasize his past integrity as a casino licensee. “For the previous 25 years, I lived with a self-imposed structure. I didn’t even go into casinos. I did my job, went home, and focused on family and community.” This incident, he assured, was an exception, noting that he became “lax” at age 50 but is committed to returning to the standards he upheld throughout his career.
Commissioners Weigh In on Marnell’s Character
Commissioner Rosa Solis-Rainey acknowledged Marnell’s good record but said the incident was “out of character” for someone with his standing. She highlighted the consequences that extended beyond Marnell’s family, as a dealer and supervisor faced suspensions following his son’s actions. “It’s not just about your family,” Solis-Rainey remarked, “this has repercussions for others, too.”
Despite her concerns, Solis-Rainey supported the licensing, emphasizing that Marnell’s history and contributions to Nevada shouldn’t be overshadowed by this incident. Commissioner George Markantonis echoed this view, agreeing that Marnell’s contrition appeared sincere and noting the wider impact but supporting the license renewal.
Prospector Hotel Acquisition Set to Boost Ely’s Economy
Marnell’s acquisition of the Prospector Hotel & Gambling Hall is part of a larger commitment to reinvigorate Ely, a rural community in need of economic development. Commissioner Abbi Silver expressed optimism about Marnell’s plans to provide local employment opportunities and foster economic growth in the area. Similarly, Commissioner Brian Krolicki praised Marnell’s “authentic contrition” and long-standing contributions to the state’s gaming and business sectors.
The Prospector, which includes 12 acres as part of the acquisition deal, is considered a Nevada cultural landmark. Krolicki emphasized the importance of keeping such a property within the state’s established and respected gaming families, stating, “The Marnell family has a long history of pioneering efforts in Nevada. This acquisition aligns well with their values of honor and integrity.”
A Long-Awaited Transaction with Deep Roots
The deal to acquire the Prospector Hotel has been in the works for several years. Initially, the opportunity was presented to Marnell in 2019, but negotiations stalled in 2020 when the owners decided against selling. Renewed interest in 2023 led to a formal agreement under Terzetto LLC, a new entity created for the acquisition, which includes some minority shareholders such as Marnell’s son Rex, set to serve as Vice President of Operations. This transaction not only reflects Marnell’s ongoing legacy in Nevada’s gaming industry but also positions the Prospector Hotel for a revitalized future under seasoned management.
As the acquisition moves forward, Ely residents can expect the historic property to bring new life to the community and continue its legacy as part of Nevada’s gaming heritage.
