MGM Resorts International has closed on the sale of the operations of Gold Strike Tunica to CNE Gaming Holdings, a subsidiary of Cherokee Nation Businesses, for $450m.
“Gold Strike is an iconic property in Mississippi and the employees there represent southern hospitality at its finest,” said Bill Hornbuckle, CEO and president of MGM. “I wish Gold Strike well and firmly believe a bright future is ahead for this property.”
“We plan to use the proceeds from this transaction to further fortify our balance sheet, deploy capital to growth opportunities and return capital to shareholders,” said Jonathan Halkyard, CFO and teasurer at MGM.
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