![]() Price Action: MGM shares closed 3.04% lower at $34.32 on Thursday. 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," said CEO Bill Hornbuckle. "Gold Strike is a wonderful property with a bright future ahead. The Gold Strike Casino in Tunica, Mississippi, may soon be under new management. The transaction is expected to close in the first half of 2023. MGM's master lease agreement with VICI Properties Inc (NYSE: VICI) will be amended to reduce annual rent by $40 million to account for the sale of the operations of Gold Strike. The company expects net cash proceeds after taxes and estimated fees to be about $350 million.įor the twelve months ended December 31, 2021, Gold Strike reported a net income of $81.1 million and Adjusted Property EBITDAR of $115 million. MGM Resorts International (NYSE: MGM) has decided to sell the operations of Gold Strike Tunica to Cherokee Nation Entertainment Gaming Holdings LLC (CNE), a subsidiary of Cherokee Nation Businesses, for $450 million in cash. My only experience at this casino consisted of a drive down to place some bets on a few sporting events during which time I also played a few tables games and spent a few minutes on the slots so I can't speak to the hotel or most of the restaurants or other amenities.
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