Gold Strike opened in 1994 and was acquired by MGM Resorts in 2005. “We appreciate VICI, as the real estate owner of Gold Strike, working constructively with CNE to facilitate a new lease agreement.” “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,” said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International. The Company expects net cash proceeds after taxes and estimated fees to be approximately $350 million. At the closing of the transaction, MGM Resorts’ master lease agreement with VICI Properties Inc., which currently includes Gold Strike, will be amended to reduce annual rent by $40 million.
Pre-pandemic, Gold Strike reported Adjusted Property EBITDAR of $67 million in 2019. 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 $81.1 million and Adjusted Property EBITDAR of $115 million, reflecting benefits from certain market specific factors in the last year.
“Gold Strike is a wonderful property with a bright future ahead. “I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests,” said Bill Hornbuckle, CEO & President, MGM Resorts International. MGM Resorts International announced that it has reached an agreement to sell the operations of Gold Strike Tunica to Cherokee Nation Entertainment Gaming Holdings, LLC, for $450 million in cash, subject to customary adjustments. Seller: MGM Resorts International, whose portfolio encompasses 33 hotel and gaming destinations globally, including those under brands such as Bellagio, Aria, Delano and Mandalay Bayīuyer: Cherokee Nation Entertainment Gaming Holdings, LLC, owners of Hard Rock Hotels & Resorts Location: Tunica Resorts, 20 minutes south of Memphis, MS, USA Main Photo: Golf at Tunica – several courses to choose from
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