It has a 50,000-square-foot casino and more than 1,100 hotel rooms. Gold Strike Casino Resort, Tunica: See 4,140 traveller reviews, 343 candid photos, and great deals for Gold Strike Casino Resort, ranked 1 of 14 hotels in Tunica and rated 4 of 5 at Tripadvisor. The Gold Strike opened in 1994 and was acquired by MGM Resorts in 2005. “This acquisition will enable us to better serve our mission of growing the Cherokee Nation’s economy, while also having a significant positive impact on the local economies we serve.” We appreciate VICI, as the real estate owner of Gold Strike, working constructively with CNE to facilitate a new lease agreement.”Ĭhuck Garrett, chief executive officer of Cherokee Nation Businesses, said: “We look forward to expanding our gaming and hospitality businesses as we execute on our strategic plan to grow our footprint outside of the Cherokee Nation Reservation. Jonathan Halkyard, CFO and treasurer, MGM Resorts International, said: “This is a great outcome for the company as we are able to reprioritize future capital expenditures toward opportunities that will enhance the customer experience at our other locations. MGM expects net cash proceeds after taxes and estimated fees to be approximately $350 million.
Strategically, though, we decided to narrow our focus in Mississippi to a single resort – Beau Rivage – and dedicate more of our time and resources towards continuing to drive success at that leading, world-class resort and casino.”įor the twelve months ended December 31, 2021, Gold Strike reported net income of $81.1m and Adjusted Property EBITDAR of $115m, reflecting benefits from certain market-specific factors in the last year. Pre-pandemic, Gold Strike reported Adjusted Property EBITDAR of $67m in 2019.Īt the closing of the transaction, MGM Resorts’ master lease agreement with VICI Properties, which currently includes Gold Strike, will be amended to reduce annual rent by $40m. “Gold Strike is a wonderful property with a bright future ahead. MGM Resorts International CEO and president Bill Hornbuckle said: “I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests,” said The Cherokee Nation and its businesses employ 11,000 people. It owns and operates Hard Rock Hotel & Casino Tulsa and nine Cherokee casinos, including a horse-racing track, three resort-hotels, three golf courses, and other retail operations. The Cherokee Nation is the largest Indian nation in the US. The transaction is expected to close in the first half of 2023, subject to regulatory approvals and other customary closing conditions. It will sell the operations to Cherokee Nation Entertainment Gaming Holdings, a subsidiary of Cherokee Nation Businesses, for $450m in cash.
US.- MGM Resorts International has announced that it has reached an agreement to sell the operations of Gold Strike Tunica, in Mississippi. MGM Resorts International will sell the operating rights to Gold Strike Hotel & Casino in Mississippi to Cherokee Nation Entertainment Gaming Holdings.
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