Last December, the company said it was selling the operating rights of the Mirage for $1.075 billion to Hard Rock International - the gaming arm of the Seminole Tribe. This is the second time in seven months MGM announced the sale of operating rights to a tribal gaming entity. вЂњThis is a great outcome for the company as we are able to reprioritize future capital expenditures toward opportunities that will enhance the customer experience at our other locations,вЂќ said MGM CFO Jonathan Halkyard in the statement. That EBITDAR figure is well ahead of the $67 million generated in 2019 - the last year before the coronavirus pandemic. 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. вЂњ 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.вЂќ Gold Strike is a wonderful property with a bright future ahead,вЂќ said MGM CEO Bill Hornbuckle in a statement. Selling Gold StrikeвЂ™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 venueвЂ™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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