Facebook Tiktok Instagram Twitter YouTube LinkedIn
  • EXPERTS
  • LEARNING
    • 1on1 INTERVIEWS
    • WEBINARS
  • G&M EVENTS
  • iGAMING
  • B2C
  • MARKETS
    • LATAM AND CARIBBEAN
    • USA AND CANADA
    • EUROPE
  • EVENTS
  • SiGMA AFFILIATES
  • ESESPAÑOL
  • PT PORTUGUÉS
  • EN ENGLISH
Gaming And Media
Facebook Tiktok Instagram Twitter YouTube LinkedIn
  • EXPERTS
  • LEARNING
  • G&M EVENTS
  • iGAMING
  • LAND-BASED GAMING
  • B2C
  • ES
  • PT
  • EN
Gaming And Media
Home»LAND-BASED GAMING»MGM Resorts International sells Gold Strike Tunica to Cherokee Nation Entertainment Gaming Holdings
[EN] Banner SiGMA
[EN] Banner SIS
[EN] Banner DataFactory
[EN] Banner ArkOne
LAND-BASED GAMING

MGM Resorts International sells Gold Strike Tunica to Cherokee Nation Entertainment Gaming Holdings

Purchase price (USD 450 million) represents an approximate 11 times multiple on average Adjusted Property EBITDA from 2019-2021. The transaction is expected to close in the first half of 2023, subject to regulatory approvals and other customary closing conditions.
June 9, 2022
Facebook Twitter LinkedIn WhatsApp
Facebook Twitter LinkedIn WhatsApp
Gold Strike opened in 1994 and was acquired by MGM Resorts in 2005. At 32 stories tall, the iconic property is one of the most recognizable buildings in Tunica, Mississippi.

Global entertainment operator MGM Resorts International communicated that it has reached an agreement to vend the business of Gold Strike Tunica to Cherokee Nation Entertainment Gaming Holdings, LLC, a subsidiary of Cherokee Nation Businesses, for USD 450 million in cash, subject to customary adjustments.

For the twelve months ended December 31st, 2021, Gold Strike reported net income of USD 81.1 million and Adjusted Property EBITDAR of USD 115 million, reflecting benefits from certain market specific factors in the last year. Pre-pandemic, Gold Strike informed Adjusted Property EBITDAR of USD 67 million in 2019. At the closing of the transaction, MGM Resorts’ master lease agreement with VICI Properties Inc., which currently includes Gold Strike, will be amended to reduce annual rent by USD 40 million. The company expects net cash proceeds after taxes and estimated fees to be approximately USD 350 million.

Regarding this operation, Bill Hornbuckle, CEO & President, MGM Resorts International, declared: “I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests. Gold Strike is a wonderful property with a bright future ahead.  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.”

Jonathan Halkyard, CFO & Treasurer, MGM Resorts International, added: “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. We appreciate VICI, as the real estate owner of Gold Strike, working constructively with CNE to facilitate a new lease agreement.”

agreement Beau Rivage benefits Bill Hornbuckle casino Cherokee Nation Businesses Cherokee Nation Entertainment Gaming Holdings customer experience Gold Strike Tunica income Jonathan Halkyard land-based gaming MGM Resorts International Mississippi operators property sell Tunica United States VICI Properties
Previous ArticleU.S.: 215.5 million people play video games
Next Article Successful participation of WorldMatch at SiGMA Americas in Canada

Comments are closed.

RECENT ARTICLES
  • Oriana Branon Camacho, new VP of Communications and Corporate Affairs at Aristocrat
  • SIS Content Services makes key regulatory and commercial appointments
  • Know your target audience with this online casino player profile
  • Slotegrator explains how in-game conversion technologies make iGaming businesses more competitive
  • Rus (Amigo Gaming). State-of-the-art technology, innovative content and a strong team
Banner 1 Juego Presencial
Banner 2 Juego Presencial
Banner 3 Juego Presencial
Facebook Tiktok Instagram Twitter YouTube LinkedIn
Copyright 2020 © | G&M News.
  • About Us
  • Privacy Policy
  • Terms and Conditions

Type above and press Enter to search. Press Esc to cancel.

Preencher para assinar o boletim informativo

Idioma

Carregando…

¡Obrigado!

Você se inscreveu com sucesso no boletim informativo.

Completa para suscribirte al newsletter

Idioma

Cargando…

¡Gracias!

Te has suscripto correctamente al newsletter.

Fill in to subscribe to the newsletter

Language

Loading…

¡Thank You!

You have successfully subscribed to the newsletter.