Price Action: MGM shares closed 3.04% lower at $34.32 on Thursday. 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," said CEO Bill Hornbuckle. At the casino they have a Movie Car Collection on the casino floor. The only other buildings just off this exit are a Quick Stop on the West side of I-15 and a Gas Station on the East side of I-15. It's the only Hotel and Casino at the I-15 Jean exit.
I'm going to do my best to change that and bring Tunica back. Gold Strike Casino is located in Jean, Nevada on the East side of the I-15. Tunica used to be like a mini-Vegas, but it dried up. When in Tunica, I play poker at the Horseshoe, which is right next door to Gold Strike. "Gold Strike is a wonderful property with a bright future ahead. This is a relatively new buffet at Gold Strike Casino in Tunica Mississippi. The transaction is expected to close in the first half of 2023. MGM's master lease agreement with VICI Properties Inc (NYSE: VICI) will be amended to reduce annual rent by $40 million to account for the sale of the operations of Gold Strike.
The company expects net cash proceeds after taxes and estimated fees to be about $350 million.įor the twelve months ended December 31, 2021, Gold Strike reported a net income of $81.1 million and Adjusted Property EBITDAR of $115 million. Operations will continue as usual, and all employees dedicated to the casino were retained.MGM Resorts International (NYSE: MGM) has decided to sell the operations of Gold Strike Tunica to Cherokee Nation Entertainment Gaming Holdings LLC (CNE), a subsidiary of Cherokee Nation Businesses, for $450 million in cash. We are excited to invest in this beautiful property and bring our three decades of industry experience to guests in the Mid-South market.”ĬNE Gaming Holdings LLC bought the operating company from Mandalay Resort Group LLC, a subsidiary of MGM Resorts International for approximately $450 million in cash.Ĭoncurrent with the purchase, the operating entity entered into a long-term lease agreement with GSCR Propco LLC, a subsidiary of VICI Properties Inc., which owns the real property associated with Gold Strike Casino Resort. “For years, we’ve set the standard of excellence in gaming. “This is a historic day of growth for our hospitality portfolio as we enter the commercial gaming industry, and we welcome the wonderful team at Gold Strike to the family,” said Mark Fulton, president and chief operating officer of Cherokee Nation Entertainment. A change of ownership for a Tunica casino becomes official with approval from the Mississippi Gaming Commission.Ĭherokee Nation Entertainment (CNE) Gaming Holdings LLC has officially assumed operations of Gold Strike Casino Resort.
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