In 2021, the casino-hotel posted net income of $81 million on adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) of $115 million. While Mississippi casinos are not to be conflated with Las Vegas counterparts, Gold Strike is a solid performer among Gulf Coast regional gaming venues. The company has since parted ways with Circus Circus and Slots-A-Fun. That deal also brought Mandalay Bay, Luxor, Excalibur, Circus Circus, and Slots-A-Fun in Las Vegas into the MGM portfolio. Gold Strike debuted in 1994 and was acquired by MGM Mirage in 2005 as part of the broader $7.9 billion purchase of Mandalay Resort Group. The transaction is scheduled to close in the first half of 2023 and MGM is forecasting after-tax proceeds of $450 million.

“ 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,” said MGM CEO Bill Hornbuckle in a statement.

Selling Gold Strike’s operating rights allows MGM to hone its Mississippi focus on Beau Rivage in Biloxi. The shares are little changed in after-hours trading after slumping 3% during standard market hours. The Las Vegas-based gaming company made the announcement after the close of US markets. MGM is selling the venue’s operating rights for $450 million. Gold Strike Hotel & Casino in Tunica, Miss, seen above. The buyer will be Cherokee Nation Entertainment Gaming Holdings, LLC for $450 million in cash. MGM Resorts International (NYSE:MGM) is selling the operating rights to Gold Strike Hotel & Casino in Tunica, Miss. Financial, Gaming Business, Mergers and Acquisitions.

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