![]() This lease would have an initial annual base rent of $40m, while other economic terms would primarily be the same as the MGM Master Lease, including a base term of 25 years with three 10-year tenant renewal options. Vici also agreed to enter into a new separate lease with Cherokee Nation Businesses related to the operations of Gold Strike. “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.”Ĭherokee Nation Businesses’ chief executive Chuck Garrett added: “We are excited about the opportunity to grow our gaming and hospitality businesses as we execute on our strategic growth plan to expand our presence outside of the Cherokee Nation Reservation.” ![]() “I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests,” MGM Resorts International chief executive and president Bill Hornbuckle said. ![]() MGM added that it expects net cash proceeds after taxes and estimated fees from the sale to be approximately $350m. Should the deal go through as expected, MGM Resorts’ master lease agreement with Vici Properties, which currently includes Gold Strike, will be amended to reduce annual rent by $40m. 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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