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 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 casino operation were sold to Cherokee Nation Businesses last year, but the deal is not expected to close until later this year.

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. The Gold Strike is a casino operated by MGM Resorts International and owned by Vici Properties. 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. The Gold Strike Lease will have initial annual base rent of 40 million with other economic terms substantially the same as the MGM Master Lease, including a base term of 25-years with three 10-year tenant renewal options, escalation of 2.0 per annum (with escalation of the greater of 2.0 and CPI, capped at 3.

Gold strike ms