MGM Resorts International has announced that it is selling the operating rights to Gold Strike Hotel & Casino in Tunica, Mississippi to Cherokee Nation Entertainment Gaming Holdings in a deal that is worth $450 million (€424.7 million).
MGM Agrees to Sell Operating Rights for Gold Strike Hotel & CasinoFollowing the deal, the Cherokee Nation will own or operate 11 casinos including the Hard Rock Hotel & Casino Tulsa along with a horse-racing track, three resort-hotels, three golf courses, and other retail operations.
Speaking of the deal, MGM Resorts International CEO and president Bill Hornbuckle said:
MGM Agrees to Sell Operating Rights for Gold Strike Hotel & Casino“I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests.
Gold Strike is a wonderful property with a bright future ahead. 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.”
MGM Agrees to Sell Operating Rights for Gold Strike Hotel & Casino“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. We appreciate VICI, as the real estate owner of Gold Strike, working constructively with CNE to facilitate a new lease agreement.”
MGM Agrees to Sell Operating Rights for Gold Strike Hotel & Casino“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. This acquisition will enable us to better serve our mission of growing the Cherokee Nation’s economy, while also having a significant positive impact on the local economies we serve.”
