“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 Resorts CFO Jonathan Halkyard said in the statement.

MGM International said divesting the property will allow the company to narrow its offerings in Mississippi to a single resort, the Beau Rivage Resort and Casino in Biloxi. “We are pleased to welcome Cherokee Nation Businesses as our ninth gaming tenant and we look forward to a long-term partnership as they pursue additional growth initiatives in the future.”Īfter master lease adjustments with VICI Properties, MGM expects to net $350 million in cash from the sale. “This transaction continues to demonstrate VICI’s ability to build strong relationships with new partners while working collaboratively with existing tenants to support their strategic objectives,” VICI President and COO John Payne said in a statement. Under the deal, VICI Properties and Cherokee Nation Entertainment agreed to an initial annual base rent of $40 million for at least 25 years, with the tribal enterprise having three, 10-year lease renewal options.Ĭherokee Nation Businesses is guaranteeing the lease for the property. Prior to the onset of the pandemic in 2019, Gold Strike reported adjusted earnings of $67 million.

In the 2021 calendar year, Gold Strike reported $81.1 million in net income with adjusted earnings of $115 million, a reflection of specific market factors last year. Gold Strike Tunica features a 32-story hotel tower with roughly 1,100 rooms, a conference and convention center, dining area, and 50,000-square-foot casino. “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,” Mark Fulton, president of Cherokee Nation Entertainment, said in a statement.

The deal, which is subject to regulatory approval, is expected to close in the first half of 2023. Under the agreement, Cherokee Nation Entertainment Gaming Holdings LLC will enter into a long-term lease agreement with VICI Properties Inc., a real estate investment trust that owns the real estate. A subsidiary of Cherokee Nation Businesses will pay $450 million to purchase the Tunica, Miss.-based Gold Strike Casino Resort from operator MGM Resorts International, the company announced Thursday.

Gold strike casino