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The Company expects net cash proceeds after taxes and estimated fees to be approximately $350 million. (NYSE: VICI), which currently includes Gold Strike, will be amended to reduce annual rent by $40 million. At the closing of the transaction, MGM Resorts' master lease agreement with VICI Properties Inc. 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 1, 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. LAS VEGAS, J/PRNewswire/ - MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced that it has reached an agreement to sell the operations of Gold Strike Tunica ("Gold Strike") to Cherokee Nation Entertainment Gaming Holdings, LLC ("CNE"), a subsidiary of Cherokee Nation Businesses, for $450 million in cash, subject to customary adjustments. The transaction is expected to close in the first half of 2023, subject to regulatory approvals and other customary closing conditions.Purchase price represents an approximate 11 times multiple on average Adjusted Property EBITDA from 2019-2021 At 32 stories tall, it was the tallest building in Mississippi at the time it opened.

Gold Strike opened in 1994 and was acquired by MGM Resorts in 2005.

MGM Resorts International 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 (a publicly traded real estate investment trust), which currently includes Gold Strike, will be amended to reduce annual rent by $40 million. Strategically, though, we decided to narrow our focus in Mississippi to a single resort – Beau Rivage," said Bill Hornbuckle, CEO & President, MGM Resorts International.įor the twelve months ended December 31, 2021, Gold Strike reported net income of $81.1 million and Adjusted Property EBITDAR of $115 million, calculated as net income of $81.1 million, adjusted for $0.4 million of interest and other non-operating expense, $8.0 million of depreciation and amortization, $0.1 million of net property transactions, and $25.4 million of rent expense associated with triple-net operating leases.

MGM Resorts International announced that it has reached an agreement to sell the operations of Gold Strike Tunica, a 1,133 rooms casino hotel in Mississippi, to Cherokee Nation Entertainment Gaming Holdings, LLC, a subsidiary of Cherokee Nation Businesses, for $450 million in cash, subject to customary adjustments. Subscribe to our email newsletter and follow us on social media.