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- MGM Resorts International (NYSE:MGM) has decided to sell the operations of Gold Strike Tunica to Cherokee Nation Entertainment Gaming Holdings LLC (CNE), a subsidiary of Cherokee Nation Businesses, for $450 million in cash.
- The company expects net cash proceeds after taxes and estimated fees to be about $350 million.
- For the twelve months ended December 31, 2021, Gold Strike reported a net income of $81.1 million and Adjusted Property EBITDAR of $115 million.
- MGM's master lease agreement with VICI Properties Inc (NYSE:VICI) will be amended to reduce annual rent by $40 million to account for the sale of the operations of Gold Strike.
- The transaction is expected to close in the first half of 2023.
- "Gold Strike is a wonderful property with a bright future ahead. 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," said CEO Bill Hornbuckle.
- Price Action: MGM shares closed 3.04% lower at $34.32 on Thursday.
- Photo Via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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