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MGM to Sell Operations of Gold Strike Tunica for $450 Million

TUNICA, Mississippi— MGM Resorts International announced that it has reached an agreement to sell the operations of Gold Strike Tunica in Mississippi, to Cherokee Nation Entertainment Gaming Holdings, a subsidiary of Cherokee Nation Businesses, for $450 million in cash, subject to customary adjustments. The company expects net cash proceeds after taxes and estimated fees to be approximately $350 million. The resort also offers a range of meeting rooms and event spaces, including the 9,000-square-foot flexible Live Oak ballroom and 18,250-square-foot Gold Strike Theatre.

“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. “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.”

Gold Strike opened in 1994 and was acquired by MGM Resorts in 2005. At 32 stories tall, the property is one of the most recognizable buildings in Tunica and towers above the surrounding area. When it was built, the gold tower was reported to be the tallest building in Mississippi.

The transaction is expected to close in the first half of 2023, subject to regulatory approvals and other customary closing conditions.

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