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.

Gold strike tunica casino