John Payne, President and Chief Operating Officer of VICI Properties, said, “This transaction continues to demonstrate VICI’s ability to build strong relationships with new partners while working collaboratively with existing tenants to support their strategic objectives. (NYSE: VICI) (“VICI Properties” or “VICI” or the “Company”) announced today that, in connection with MGM Resorts International’s (“MGM Resorts”) (NYSE: MGM) agreement to sell the operations of Gold Strike Casino Resort (“Gold Strike”), located in Tunica, MS, to Cherokee Nation Entertainment Gaming Holdings, LLC, a subsidiary of Cherokee Nation Businesses (“CNB”), VICI has agreed to enter into a new separate lease with CNB related to the operations of Gold Strike (the “Gold Strike Lease”) and also enter into an amendment to the Master Lease between VICI Properties and MGM Resorts (the “MGM Master Lease”). "Cherokee operator buys Gold Strike Tunica, prepares Arkansas project". "Casino landlord Vici closes $17B buyout of MGM Resorts spinoff".
#GOLD STRIKE TUNICA EVENTS FULL#
^ "MGM Growth Properties LLC announces closing of initial public offering and full exercise of underwriters' option to purchase additional shares" (Press release).^ "Circus Circus Enterprises, Inc.-A Gaming Company".Mehta, "Legalized gambling lifts a depressed town", Fortune, March 15, 2007. Langford, "Casinos put Mississippi Delta county on the map", Associated Press in The Cincinnati Enquirer, April 11, 1999. ^ Joe Bob Briggs, "The Vegas Guy: Gold Strike Casino/Tunica", United Press International, July 23, 2002.In 2022, MGM Resorts agreed to sell the operations of the Gold Strike to Cherokee Nation Businesses, the business arm of the Cherokee Nation, for $450 million.
Vici Properties acquired MGM Growth, including the Gold Strike, in 2022. Ownership of the Gold Strike, along with many other MGM properties, was transferred to MGM Growth Properties in 2016, while MGM Resorts continued to operate it under a lease agreement. In 2009, the resort underwent another multimillion-dollar renovation during which time the property remained opened. The Gold Strike's 31-story hotel tower was the tallest building in the state of Mississippi at the time of its opening, providing stark contrast to an area of the state previously devoted mostly to agriculture. The total cost for the remodeling was estimated to be $125 million. The casino was rebranded as the Gold Strike Casino Resort and given a more upscale theme. Due to a 50% decline in operating income in 1997, Circus Circus began to renovate the property, adding a 1,200-room tower hotel and other features including a theater. The building, resembling a circus tent, did not house a hotel. Gold Strike was originally opened by Circus Circus Enterprises as Circus Circus Tunica on August 29, 1994. When built, the gold tower was reported to be the tallest building in Mississippi. The resort also includes Chicago Steakhouse restaurant, which has won several awards including the Wine Spectator Award of Excellence a spa and salon the 800-seat Millennium Theater and 50,000 square feet (4,600 m 2) of gaming space with 52 table games and more than 1,400 slot machines.Īt 31 stories tall, Gold Strike Casino Resort is one of the most recognizable buildings in Tunica and towers above all other structures.
The upgrade, which took two years to complete and is the largest in the casino resort's history, included all of Gold Strike's 1,133 oversized rooms and 125 suites, the conference and convention center, the Atrium Café, the Courtyard Buffet and the high-limit gaming and lobby areas. In 2008, MGM Mirage made a large investment in Gold Strike Casino Resort and a commitment to the Tunica market with a multimillion-dollar renovation and remodeling project.
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