9/21/2023 0 Comments Gold strike tunica entertainment“In Pope County, our talented team of design professionals continue to make great progress on our development plans for Legends Resort & Casino. “The opportunity to expand our gaming and hospitality footprint outside of the Cherokee Nation Reservation and into commercial markets like Arkansas and Mississippi is truly exciting,” added Garrett. “This acquisition will enable us to better serve our mission of growing Cherokee Nation’s economy while also having a significant positive impact on the local economies we serve. “We look forward to expanding our gaming and hospitality businesses as we execute on our strategic plan to grow our footprint outside of the Cherokee Nation Reservation,” said Chuck Garrett, CEO of Cherokee Nation Businesses. Gold Strike features more than 1,100 oversized luxury guest rooms including 125 suites the 50,000-square-foot casino includes a sportsbook high-limit gaming area conference and convention center and award-winning dining options. The property features a 32-story hotel tower that has become one of the most recognizable buildings in Tunica. Gold Strike is located on the Mississippi River in Tunica, approximately 30 minutes from downtown Memphis. “We are excited for the team at Gold Strike Tunica to join the CNE family.” “Cherokee Nation Entertainment has a rich history of operating award-winning hospitality destinations in Oklahoma, and we are proud to continue our growth in gaming and bring the level of excellence we are known for to the Tunica area,” said Mark Fulton, president of Cherokee Nation Entertainment. CNE Gaming Holdings, LLC, will enter into a long-term lease agreement with VICI Properties Inc., the Gold Strike property owner. In total, Cherokee Nation and its various businesses employ 11,000 people.Cherokee Nation Entertainment Gaming Holdings, LLC, a subsidiary of Cherokee Nation Businesses, announced Thursday it has reached an agreement with MGM Resorts International to purchase the operations of Gold Strike Tunica for $450 million in cash, subject to customary adjustments. Other aspects of the operation include resort hotels, a horse racing track, golf courses, and various types of retail operations. As well as already owning and operating the Hard Rock Hotel & Casino Tulsa, it also has nine other casinos. Meanwhile, the Cherokee Nation is hoping to expand its gaming sphere. As well as agreeing to sell the Gold Strike Tunica, it has announced the $1.07bn sale of the Mirage in Las Vegas, along with its Aria and Vdara resorts. MGM Resorts has adopted a more asset-light approach to its business in recent times, preferring to enter lease agreements instead. Suggesting reasons for the sale, he said: “We decided to narrow our focus in Mississippi to a single resort, Beau Rivage.” Two different approaches In a press release, MGM Resorts CEO Bill Hornbuckle labeled the 32-story casino a wonderful property with a bright future. This includes the San Manuel Band of Mission Indians, which became the first tribe to own and operate a casino on the Las Vegas Strip when it acquired the Palms Casino Resort for $650m in 2021. Other tribes in the country are similarly looking to expand into the commercial gaming space. It lies approximately 20 miles from Memphis. The casino contains 50,000 square feet of gaming space, as well as over 1,100 hotel rooms. He also outlined how the deal will help the tribe execute on its strategic plan to expand outside of the Cherokee Nation Reservation. Expanding its reachĬommenting on the purchase, Cherokee Nation Businesses chief executive officer Chuck Garrett said: “This acquisition will enable us to better serve our mission of growing the Cherokee Nation’s economy, while also having a significant positive impact on the local economies we serve.” The deal sees the Cherokee Nation expanding its reach outside of reservation facilities and into commercial gaming opportunities, while MGM continues to expand its balance sheet at the same time as eyeing other projects. Meanwhile, the annual rental amount MGM pays to VICI through its own master lease agreement will drop by $40m upon closure of the sale. VICI Properties, which is a real estate investment trust (REIT) that owns the Gold Strike Tunica real estate, will work with Cherokee National Entertainment on a new lease agreement. The transaction is due to close by Q1 next year. The casino company announced the $450m cash sale on Tuesday to Cherokee Nation Entertainment Gaming Holdings, which is a subsidiary of Cherokee Nation Businesses. MGM Resorts International is selling the operations of the Gold Strike Tunica casino in Mississippi.
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