12/18/2023 0 Comments Gold strike tunica roomsMGM expects net cash proceeds after taxes and estimated fees to be about $350 million. Vici has been asked to amend the lease agreement with Cherokee Nation Entertainment which will include reducing the rent by $40 million a year. Gold Strike technically is owned by real estate investment trust Vici Properties Inc. “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.” “Gold Strike is a wonderful property with a bright future ahead,” MGM President and CEO Bill Hornbuckle said in a release announcing the sale. The deal is expected to close in the first half of 2023 and is subject to regulatory approvals and customary closing conditions. The company indicated Thursday it would continue to operate Beau Rivage, its resort on the Mississippi Gulf Coast in Biloxi.īased in Catoosa, Oklahoma, Cherokee Nation Entertainment, a subsidiary of Cherokee Nation Businesses, operates 10 casinos across northeast Oklahoma, including Hard Rock Hotel & Casino, Tulsa. The 32-story Gold Strike Tunica, which MGM has operated since the company purchased it in 2005, is one of two resorts the Las Vegas company owns in Mississippi. MGM Resorts International is selling its Tunica, Mississippi, property to Cherokee Nation Entertainment Gaming Holdings for $450 million. The transaction is subject to regulatory approvals and other customary closing conditions.The 32-story Gold Strike Tunica, which MGM has operated since the company purchased it in 2005, is one of two resorts the Las Vegas company owns in Mississippi. “This acquisition will enable us to better serve our mission of growing Cherokee Nation’s economy while also having a significant positive impact on the local economies we serve.” “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,” said Chuck Garrett, chief executive officer of Cherokee Nation Businesses. Gold Strike features more than 1,100 oversized luxury guest rooms including 125 suites the 50,000-square-foot casino includes a sportsbook high-limit gaming area conference and convention center and award-winning dining options. The property features a 32-story hotel tower that has become one of the most recognizable buildings in Tunica. Gold Strike is located on the Mississippi River in Tunica, approximately 30 minutes from downtown Memphis. “We are excited for the team at Gold Strike Tunica to join the CNE family.” “Cherokee Nation Entertainment has a rich history of operating award-winning hospitality destinations in Oklahoma, and we are proud to continue our growth in gaming and bring the level of excellence we are known for to the Tunica area,” said Mark Fulton, president of Cherokee Nation Entertainment (CNE). (NYSE: VICI), the Gold Strike property owner. CNE Gaming Holdings, LLC, will enter into a long-term lease agreement with VICI Properties Inc. The purchase price represents an EBITDA multiple of approximately six times, based on 2021 Adjusted Property EDITBAR of $115 million. (June 9, 2022) – Cherokee Nation Entertainment Gaming Holdings, LLC, a subsidiary of Cherokee Nation Businesses, today announced it has reached an agreement with MGM Resorts International (NYSE: MGM) to purchase the operations of Gold Strike Tunica for $450 million in cash, subject to customary adjustments.
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