CNE Gaming takes over operations at Gold Strike Tunica
MGM Resort has sold Gold Strike Tunica to the Cherokee Nation Businesses subsidiary.
US.- MGM Resorts International has announced that it has closed on the sale of the operations of Gold Strike Tunica, Mississippi. CNE Gaming Holdings, a subsidiary of Cherokee Nation Businesses, has taken over the operations after gaining approval from the Mississippi Gaming Commission.
Gold Strike Casino Resort is located on the Mississippi River. Operations will continue as usual, with the more than 1,100 team members to be etained. CNE Gaming Holdings paid $450m in cash.
Bill Hornbuckle, CEO & President, MGM Resorts International, said: “Gold Strike is an iconic property in Mississippi, and the employees there represent southern hospitality at its finest. I wish Gold Strike well, and firmly believe a bright future is ahead for this property.”
Mark Fulton, president and chief operating officer of Cherokee Nation Entertainment, added: “This is a historic day of growth for our hospitality portfolio as we enter the commercial gaming industry, and we welcome the wonderful team at Gold Strike to the family. For years, we’ve set the standard of excellence in gaming. We are excited to invest in this beautiful property and bring our three decades of industry experience to guests in the Mid-South market.”
Max Fisher, general manager of Gold Strike, commented: “Patrons of Gold Strike have become accustomed to the excitement and southern hospitality they receive when they walk through our doors. Our plan is to build on that and exceed those high expectations every day. We are looking forward to the new opportunities for providing a world-class experience to all of our patrons and continue leading the industry in our region.”
In 2022, the Gold Strike Casino Resort opened its $4m high-limit room renovation. It has a 7,000-square-foot gaming area, cocktail service, VIP lounge, and exclusive cage and credit services.
MGM Resorts International reports 18% increase in Q4 revenue
MGM Resorts International has reported financial results for the quarter ended December 31, 2022. The company reported revenue of $3.6bn, up 18 per cent compared to the same period the previous year.
The company cited an increase in business and travel volume at its Las Vegas Strip properties as one of the reasons for the increase, along with the inclusion of operating results from the Cosmopolitan, acquired in May 2022. MGM posted a $2m loss for the quarter, compared to operating income of $369m over the same period in 2021. Net income for the quarter was $284m, compared to $131m in Q4 2021.
