• Sun. May 19th, 2024

MGM Resorts Completes Sale of Operations at Gold Strike Tunica


Feb 16, 2023
MGM Resorts International has sold the operations at the Gold Strike Casino Resort for $450 million in cash. (CoStar)


MGM Resorts Intercontinental has shut on its sale of the functions at the Gold Strike Casino Vacation resort for $450 million in dollars.

The offer was announced in August 2022 throughout MGM Resort’s next-quarter earnings contact. The consumer is CNE Gaming Holdings, a subsidiary of Cherokee Nation Businesses, according to the news release.

“Gold Strike is an legendary property in Mississippi, and the staff members there signify southern hospitality at its very best,” MGM Resorts President and CEO Monthly bill Hornbuckle claimed in the launch. “I desire Gold Strike properly, and firmly think a bright long term is forward for this house.”

MGM Resorts will use the proceeds from the sale of the house to fortify its balance sheet, deploy capital for advancement possibilities and return capital to shareholders, Jonathan Halkyard, chief money officer and treasurer at MGM Resorts, reported in the release.

The enterprise has created many offers advertising and getting functions of resort casinos not long ago. In December, it closed on the sale of operations at The Mirage Hotel & Casino in Las Vegas to Difficult Rock Worldwide for $1.075 billion cash. In early 2022, MGM Resorts took above operations of The Cosmopolitan in Las Vegas for $1.625 billion. In conjunction with that offer. a partnership comprising solitary-loved ones business office firm Cherng Household Have faith in, option investing organization Stonepeak Partners and Blackstone True Estate Investment Rely on acquired the genuine estate for $4 billion from Blackstone Serious Estate Partners.

The true estate of the Gold Strike is owned by gaming actual estate investment decision have faith in Vici Properties. The house was element of MGM Advancement Properties, the genuine estate financial commitment rely on spinoff of MGM Resorts, when it was acquired by Vici for $17.2 billion in April 2022.

With the closing of the sale, MGM Resort’s master lease with Vici will be amended to lessen its annual lease by $40 million.

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