12/26/2023 0 Comments Gold strike casino and resort![]() The Mississippi Gaming Commission determined the suitability and approval of the acquisition in January. 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. “For years, we’ve set the standard of excellence in gaming. Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts.Ĭalculated as net income of $47 million, adjusted for $3 million of depreciation and amortization, $7 million of property transactions, net, and $41 million of rent expense associated with triple-net operating leases.“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. The Company expects net cash proceeds after taxes and estimated fees to be approximately $350 million. (NYSE: VICI) that currently includes the Gold Strike property will be amended to reduce the annual rent by $40 million to account for the Company's sale of the operations of Gold Strike. At the closing of the transaction, MGM Resorts' master lease with VICI Properties, Inc. "We plan to use the proceeds from this transaction to further fortify our balance sheet, deploy capital to growth opportunities, and return capital to shareholders," said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International.įor the year ended December 31, 2022, Gold Strike reported net income of $47 million and Adjusted Property EBITDAR of $98 million 1. "I wish Gold Strike well, and firmly believe a bright future is ahead for this property." "Gold Strike is an iconic property in Mississippi, and the employees there represent southern hospitality at its finest," said Bill Hornbuckle, CEO & President, MGM Resorts International. MGM Resorts International (NYSE: MGM) today announced it has closed on the sale of the operations of Gold Strike Tunica to CNE Gaming Holdings, L.L.C., a subsidiary of Cherokee Nation Businesses, for $450 million in cash. MGM Resorts International Sells Operations of Gold Strike Tunica Resort in Mississippi for $450 Million in Cash ![]()
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