Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company's 50/50 venture, BetMGM, LLC, offers U.S. The MGM Resorts portfolio encompasses 33 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts. The transaction is expected to close in the first half of 2023, subject to regulatory approvals and other customary closing conditions. When it was built the gold tower was reported to be the tallest building in Mississippi.
At 32 stories tall, the iconic property is one of the most recognizable buildings in Tunica and towers above all other structures. Gold Strike opened in 1994 and was acquired by MGM Resorts in 2005. "We appreciate VICI, as the real estate owner of Gold Strike, working constructively with CNE to facilitate a new lease agreement." "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," said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International. The Company expects net cash proceeds after taxes and estimated fees to be approximately $350 million. (NYSE: VICI), which currently includes Gold Strike, will be amended to reduce annual rent by $40 million. At the closing of the transaction, MGM Resorts' master lease agreement with VICI Properties Inc. Pre-pandemic, Gold Strike reported Adjusted Property EBITDAR of $67 million in 2019.
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."įor the twelve months ended December 31, 2021, Gold Strike reported net income of $81.1 million and Adjusted Property EBITDAR of $115 million 1, reflecting benefits from certain market specific factors in the last year. "Gold Strike is a wonderful property with a bright future ahead. "I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests," said Bill Hornbuckle, CEO & President, MGM Resorts International. LAS VEGAS, J/PRNewswire/ - MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced that it has reached an agreement to sell the operations of Gold Strike Tunica ("Gold Strike") to Cherokee Nation Entertainment Gaming Holdings, LLC ("CNE"), a subsidiary of Cherokee Nation Businesses, for $450 million in cash, subject to customary adjustments. Purchase price represents an approximate 11 times multiple on average Adjusted Property EBITDA from 2019-2021
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