Gold strike tunica events drivers#

Gold strike tunica events drivers#

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. The Cherokee Nation and its businesses employ 11,000 people. For additional information, please visit About Cherokee Nation BusinessesĬherokee Nation Businesses is the tribally owned holding company of the largest Indian Nation in the United States. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. VICI Properties also has an investment in the Chelsea Piers, New York facility and owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC, MGM Resorts International, Penn National Gaming, Inc., and The Venetian Las Vegas. VICI Properties’ national, geographically diverse portfolio consists of 43 gaming facilities comprising over 122 million square feet and features approximately 58,700 hotel rooms and more than 450 restaurants, bars, nightclubs and sportsbooks. is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. The transactions referenced herein are expected to be completed in the first half of 2023 and are subject to customary closing conditions and regulatory approvals. VICI Properties has also agreed, in accordance with, and as contemplated by, the terms of the MGM Master Lease, to amend the MGM Master Lease to account for MGM’s divestiture of the operations of Gold Strike, which will result in a reduction of the initial annual base rent under the MGM Master Lease by $40 million. The Gold Strike Lease will be guaranteed by Cherokee Nation Businesses. The Gold Strike Lease will have initial annual base rent of $40 million with other economic terms substantially the same as the MGM Master Lease, including a base term of 25-years with three 10-year tenant renewal options, escalation of 2.0% per annum (with escalation of the greater of 2.0% and CPI, capped at 3.0%, beginning in lease year 11) and minimum capital expenditure requirements of 1.0% of annual net revenue. We are looking forward to working with VICI, which has established itself as a leader in providing financial solutions to Tribal Nations.” We are pleased to welcome Cherokee Nation Businesses as our ninth gaming tenant and we look forward to a long-term partnership as they pursue additional growth initiatives in the future.”Ĭhuck Garrett, Chief Executive Officer of Cherokee Nation Businesses, said, “We are excited about the opportunity to grow our gaming and hospitality businesses as we execute on our strategic growth plan to expand our presence outside of the Cherokee Nation Reservation.

John Payne, President and Chief Operating Officer of VICI Properties, said, “This transaction continues to demonstrate VICI’s ability to build strong relationships with new partners while working collaboratively with existing tenants to support their strategic objectives.

(NYSE: VICI) (“VICI Properties” or “VICI” or the “Company”) announced today that, in connection with MGM Resorts International’s (“MGM Resorts”) (NYSE: MGM) agreement to sell the operations of Gold Strike Casino Resort (“Gold Strike”), located in Tunica, MS, to Cherokee Nation Entertainment Gaming Holdings, LLC, a subsidiary of Cherokee Nation Businesses (“CNB”), VICI has agreed to enter into a new separate lease with CNB related to the operations of Gold Strike (the “Gold Strike Lease”) and also enter into an amendment to the Master Lease between VICI Properties and MGM Resorts (the “MGM Master Lease”). NEW YORK-( BUSINESS WIRE)-VICI Properties Inc.