TUNICA,
Miss., Feb. 16, 2023 /PRNewswire/ -- CNE Gaming
Holdings LLC, an indirect subsidiary of Cherokee Nation Businesses,
officially assumed operations of Gold Strike Casino Resort after
receiving approval from the Mississippi Gaming Commission.
"This is a historic day of growth for our hospitality portfolio
as we enter the commercial gaming industry, and we welcome the
wonderful team at Gold Strike to the family," said Mark Fulton, president and chief operating
officer of Cherokee Nation Entertainment. "For years, we've set the
standard of excellence in gaming. We are excited to invest in this
beautiful property and bring our three decades of industry
experience to guests in the Mid-South market."
CNE Gaming Holdings LLC purchased the operating company from
Mandalay Resort Group LLC, a subsidiary of MGM Resorts
International (NYSE: MGM), for approximately $450 million in cash. The Mississippi Gaming
Commission issued its determination of suitability and approval of
the acquisition in January. Concurrent with the purchase, the
operating entity entered into a long-term lease agreement with GSCR
Propco LLC, a subsidiary of VICI Properties Inc. (NYSE: VICI),
which owns the real property associated with Gold Strike Casino
Resort.
Gold Strike Casino Resort is located on the Mississippi River,
approximately 30 minutes from downtown Memphis. Operations continue as usual, and the
more than 1,100 team members dedicated to Gold Strike Casino Resort
were retained.
"This acquisition is a natural evolution for our company.
Building our business outside of Oklahoma is a huge step that strengthens our
ability to boost the Cherokee Nation economy while also building on
our reputation of being a strong community partner and industry
leader," said Chuck Garrett,
president and chief executive officer of Cherokee Nation
Businesses. "We're looking forward to sharing that commitment with
the people of Mississippi by also
investing in their communities and contributing to the local
economy."
Gold Strike Casino Resort will continue to offer longtime dining
staples like Chicago Steakhouse, Buffet Americana and Sweet Tea, as
well as more than 1,100 luxury guest rooms, a theater, high-limit
gaming and a sportsbook. The property has also implemented the One
Star Rewards® loyalty program that enables casino patrons to earn
rewards and enjoy the benefits of the company's 10 gaming
destinations. Current and future guest reservations at the Gold
Strike property are being honored.
"Patrons of Gold Strike have become accustomed to the excitement
and southern hospitality they receive when they walk through our
doors. Our plan is to build on that and exceed those high
expectations every day," said Max
Fisher, general manager of Gold Strike. "We are looking
forward to the new opportunities for providing a world-class
experience to all of our patrons and continue leading the industry
in our region."
CBRE Securities served as exclusive strategic and financial
advisor to Cherokee Nation Businesses in connection with the
transaction. Latham & Watkins, along with Scale LLP, served as
legal advisors, and Jones Walker
served as special gaming counsel.
For more information about Gold Strike Casino Resort, visit
www.goldstrike.com. More information about One Star Rewards® is
available at www.onestarrewards.com.
Media Resources:
Gold Strike exterior
video: https://cn-bus.box.com/s/osoe48uhycn79r4t3i2calf844o799iy
About Cherokee Nation Businesses:
Cherokee Nation Businesses is the tribally owned holding company
of one of the largest Indian Nations in the United States. The Cherokee Nation and its
businesses employ 11,000 people. CNB blends its heritage of
ingenuity with modern business experience to solve complex
challenges, serve clients nationwide and to remain one of the
drivers of Cherokee Nation's prosperity and stability. CNB owns
companies in the consulting, health sciences, hospitality, real
estate, technology, distribution and logistics, engineering,
manufacturing, construction and environmental services industries.
For more information, please visit www.CherokeeNationBusinesses.com
or follow CNB on Facebook, Twitter and LinkedIn.
About Cherokee Nation Entertainment:
Cherokee Nation Entertainment is the gaming and hospitality
company of the Cherokee Nation. With three decades of expertise in
providing exceptional gaming experience, the company owns and
operates Hard Rock Hotel & Casino Tulsa and nine Cherokee
Casinos in Oklahoma, including a
racino, three resort hotels, three golf courses and other retail
operations. CNE operates Gold Strike Casino Resort in Tunica, one of the most recognizable gaming
destinations in the region. For more information, visit
www.HardRockCasinoTulsa.com, www.CherokeeCasino.com and
www.GoldStrike.com.
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SOURCE Cherokee Nation Entertainment, LLC