These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. 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.”

“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,” added Bill Hornbuckle, CEO & President, MGM Resorts International. A recognisable building in Tunica, it was reportedly the tallest building in Mississippi when first built. Gold Strike first opened in 1994 and it was bought by MGM Resorts in 2005. “We appreciate VICI, as the real estate owner of Gold Strike, working constructively with CNE to facilitate a new lease agreement.” “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,” commented Jonathan Halkyard, CFO & Treasurer, MGM Resorts International. MGM stated that it anticipates the net cash proceeds after taxes and legal fees to be around $350m.

For the 12 months ending December 31, 2021, Gold Strike recorded net income of $81.1m and an adjusted property EBITDA of $115m.įollowing the completion of the deal, MGM Resorts’ master lease agreement with VICI Properties, which currently includes Gold Strike, will be reduced by $40m. The deal is expected to close in H1 of 2023 and represents around x11 Gold Strike’s average adjusted EBITDA from 2019-2021. MGM Resorts has confirmed it has struck a deal worth $450m in cash to sell the operations of Gold Strike Tunica to Cherokee Nation Entertainment Gaming Holdings.

Gold strike tunica casino