It was the first NBA game to be played in the Alberta capital in nine years.
The Raptors struggled without center Jermaine O'Neal. The six-time All-Star got into foul trouble early and played just 13:25 before sitting out the second half with a leg injury.
The Raptors trailed 24-17 after the first quarter and never seriously challenged the rest of the way.
The Nuggets will wrap up the preseason with a game against the Los Angeles Clippers in California on Friday.
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