This will be done in order to account for the fresh sale of the Gold Strike operations. MGM Resorts anticipates obtaining net cash proceeds after taxes and fees estimated to be $350 million. MGM Resorts International’s president and chief executive officer Bill Hornbuckle called Gold Strike Hotel & Casino in Tunica “an iconic property in Mississippi,” with employees representative of southern hospitality at its finest. Hornbuckle also wished Gold Strike a bright and lucrative future ahead while speaking about their plans for the new proceeds.Īs explained by the treasurer and chief financial officer Jonathan Halkyard, MGM Resorts plans to use the money to strengthen its balance sheet, use more capital to enjoy more growth and return more capital to its shareholders.Īt the closing time of the transaction, the company’s master lease with VICI Properties, Inc., which also comprises Gold Strike, will be changed to cut the annual rent by $40 million. The NYSE-listed Standard and Poor’s 500 international entertainment company has inked the transaction for $450 million in cash received from the Cherokee Nation Businesses’ subsidiary. The company with an impressive portfolio consisting of 31 global hotel and gaming destinations used Weil, Gotshal & Manges LLP as a legal counsel to complete the sale.

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