This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.ĪRRAffinity cookie is set by Azure app service, and allows the service to choose the right instance established by a user to deliver subsequent requests made by that user. These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. John Payne, President and Chief Operating Officer of Vici Properties, stated: “We are excited to partner with Cherokee Nation Businesses in Tunica and look forward to supporting the team as they grow their gaming and hospitality businesses.” ![]() Rent under the lease will escalate annually by two per cent. Initial rent will be $40m, in line with the MGM reduction, and will have a term of 25-years as well as three 10-year tenant renewal options. “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,” noted Jonathan Halkyard, CFO & Treasurer of MGM Resorts International.įurthermore, in connection with the purchase, CNB will also enter into a triple-net lease agreement with the aforementioned real-estate investment trust in relation to Gold Strike. “I wish Gold Strike well, and firmly believe a bright future is ahead for this property.”įor the year ending December 31, 2022, Gold Strike reported net income of $47m and adjusted property EBITDAR of $98m. ![]() “Gold Strike is an iconic property in Mississippi, and the employees there represent southern hospitality at its finest,” said Bill Hornbuckle, CEO & President of MGM Resorts International. ![]() MGM Resorts International has finalised the sale of Mississippi’s Gold Strike Tunica to CNE Gaming, a subsidiary of Cherokee Nation Businesses, for $450m in cash.Īt the close of the transaction, which would see the operator net approximately $350m in proceeds after taxes and fees, MGM will see a master lease with Vici Properties be reduced by approximately $40m.
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