![]() At the closing of the transaction, MGM Resorts' master lease with VICI Properties, Inc. "We plan to use the proceeds from this transaction to further fortify our balance sheet, deploy capital to growth opportunities, and return capital to shareholders," said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International.įor the year ended December 31, 2022, Gold Strike reported net income of $47 million and Adjusted Property EBITDAR of $98 million 1. "I wish Gold Strike well, and firmly believe a bright future is ahead for this property." "Gold Strike is an iconic property in Mississippi, and the employees there represent southern hospitality at its finest," said Bill Hornbuckle, CEO & President, MGM Resorts International. ![]() 15, 2023 /PRNewswire/ - MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced it has closed on the sale of the operations of Gold Strike Tunica ("Gold Strike") to CNE Gaming Holdings, L.L.C., a subsidiary of Cherokee Nation Businesses, for $450 million in cash. Price Action: MGM shares closed 3.04% lower at $34.32 on Thursday.MGM RESORTS INTERNATIONAL ANNOUNCES COMPLETION OF THE SALE OF THE OPERATIONS OF GOLD STRIKE TUNICA 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 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. ![]()
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