MGM Resorts has confirmed the sale of Gold Strike Tunica operations to Cherokee Nation Entertainment Gaming Holdings for €427 million. Both parties have reported that the deal should close in the first half of 2023.
It is important to mention that in 2021 Gold Strike recorded net income of €77.1 million and an adjusted property EBITDA of €109 million.
Following completion of the deal, MGM Resorts' lease with VICI Properties, which currently includes Gold Strike, will be reduced by €38 million. Also, MGM stated that after taxes and legal fees they will earn around €332.8 million.
Jonathan Halkyard, CFO & Treasurer, MGM Resorts International, said: "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."
Along the same lines, Bill Hornbuckle, CEO & President, MGM Resorts International, said: “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.”
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