Gold strike tunica opened full#
But consider that Delaware's first full month of sports betting in June resulted in $7 million wagered. When the casinos opened in 1992, projections were low, for instance. In other words, the football belt just got its very own sports betting.Įxperts are not sure what economic impact to predict with Mississippi's sports betting. Mississippi is the third state (after Delaware and New Jersey) to get into sports betting after the federal courts struck down a law limiting it to Nevada. The first sports wagers start at noon CT today, and more Mississippi casinos are expected to join the action in the coming weeks. Two Mississippi MGM properties, the Beau Rivage Resort & Casino in Biloxi and Gold Strike Casino Resort in Tunica, start taking sports bets, opening a new era of gaming in the Magnolia State. Today, however, gaming in Mississippi got its first big jolt since the day it began 26 years ago. The gaming malaise had combined with Mississippi's slow recovery from the 2008 recession, which had strapped legislators forcing budget cuts that had universities and agencies looking for answers. Revenues statewide had been flat to down due to increased competition and a low-growth base. The casino business in Mississippi had matured. He said they didn't have money to fix potholes before gaming changed all that, bringing "tourists, prosperity and jobs" to the Gulf Coast.įor the last decade, however, it had been a different story. We appreciate VICI, as the real estate owner of Gold Strike, working constructively with CNE to facilitate a new lease agreement.When the first casino games were played in Mississippi precisely 26 years ago to this day, hopes were high that revenue would help prop up a state that struggles with a low tax base and tepid economic growth.Ĭonsider Biloxi, the Gulf Coast city that was practically broke before casinos opened for business in 1992, according to former mayor A.J. Jonathan Halkyard, CFO & Treasurer, MGM Resorts International, added: “This is a great outcome for the company, as we are able to reprioritize future capital expenditures toward opportunities that will enhance the customer experience at our other locations. 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 is a wonderful property with a bright future ahead. Regarding this operation, Bill Hornbuckle, CEO & President, MGM Resorts International, declared: “I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests. The company expects net cash proceeds after taxes and estimated fees to be approximately USD 350 million. At the closing of the transaction, MGM Resorts’ master lease agreement with VICI Properties Inc., which currently includes Gold Strike, will be amended to reduce annual rent by USD 40 million. Pre-pandemic, Gold Strike informed Adjusted Property EBITDAR of USD 67 million in 2019. Global entertainment operator MGM Resorts International communicated that it has reached an agreement to vend the business of Gold Strike Tunica to Cherokee Nation Entertainment Gaming Holdings, LLC, a subsidiary of Cherokee Nation Businesses, for USD 450 million in cash, subject to customary adjustments.įor the twelve months ended December 31 st, 2021, Gold Strike reported net income of USD 81.1 million and Adjusted Property EBITDAR of USD 115 million, reflecting benefits from certain market specific factors in the last year. At 32 stories tall, the iconic property is one of the most recognizable buildings in Tunica, Mississippi. Gold Strike opened in 1994 and was acquired by MGM Resorts in 2005.
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