Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts.Ĭalculated as net income of $47 million, adjusted for $3 million of depreciation and amortization, $7 million of property transactions, net, and $41 million of rent expense associated with triple-net operating leases. The Company expects net cash proceeds after taxes and estimated fees to be approximately $350 million. (NYSE: VICI) that currently includes the Gold Strike property will be amended to reduce the annual rent by $40 million to account for the Company's sale of the operations of Gold Strike. At the closing of the transaction, MGM Resorts' master lease with VICI Properties, Inc. "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," said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International.įor the year ended December 31, 2022, Gold Strike reported net income of $47 million and Adjusted Property EBITDAR of $98 million 1. I-269 is an outer beltway around the city, partially in Mississippi. I-22 connects the southeast part of Memphis with Mississippi. I-40 and I-55 (along with rail lines) cross the Mississippi at Memphis from the state of Arkansas. "I wish Gold Strike well, and firmly believe a bright future is ahead for this property." Interstate 40 (I-40), its spur highway I-240 and I-55 are the main freeways in the Memphis area. Owned by MGM Resorts International, the Gold Strike was a logical candidate to offer legal sports betting at one of the first sportsbooks in the state after the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA, 1992). "Gold Strike is an iconic property in Mississippi, and the employees there represent southern hospitality at its finest," said Bill Hornbuckle, CEO & President, MGM Resorts International. The Gold Strike sportsbook + Casino Resort is the premier gambling venue in Tunica. MGM Resorts International (NYSE: MGM) today announced it has closed on the sale of the operations of Gold Strike Tunica to CNE Gaming Holdings, L.L.C., a subsidiary of Cherokee Nation Businesses, for $450 million in cash. MGM Resorts International Sells Operations of Gold Strike Tunica Resort in Mississippi for $450 Million in Cash
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