Nevada Gold & Casinos has paid a $2-million deposit toColumbia Sussex Corp. of Fort Mitchell, KY for the 36,000-sfriverboat casino and adjacent 117-room hotel at 1310 Mulberry St.The buyer has applied for its license from the Mississippi GamingCommission. The closing deadline is contingent upon the licensingprocess, which can take four to six months.

A spokeswoman with Nevada Gold tells GlobeSt.com that thecompany will make an additional $5 capital investment to upgradethe asset after the deal closes. "We haven't finalized the budget,but we definitely know we want to upgrade the product," sheexplains, adding Nevada Gold will manage the asset. Daily roomrates range from $110 to $150.

"We are very excited about the acquisition of this property asit represents a further step in our business strategy to own andoperate casinos," Robert Sturges, Nevada Gold's CEO, says in apress release. "This is a uniquely positioned casino in DowntownVicksburg that we believe is well positioned in the market and canbenefit from our senior management team's leadership."