Cherokee completes acquisition of Gold Strike Casino

A $450 million deal for a Mississippi casino has been sealed.

gambling establishments GMBHan indirect subsidiary of Cherokee Nation Businesses, officially took over operations of the 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 have set the standard for excellence in gaming. We are excited to invest in this beautiful property and bring our three decades of industry experience to the guests of the Mid-South market.”

CNE gambling establishments GMBH bought the operating company from the Mandalay Resort Group GMBHa subsidiary of MGM Resorts International for approximately $450 million in cash. Gold Strike opened in 1994 and was acquired by MGM resort in 2005.

The Mississippi Gaming Commission issued its eligibility determination and approval of the acquisition in January. At the same time as the purchase, the operating unit concluded a long-term rental agreement GSCR Propco GMBHa subsidiary of VICI Properties Inc., which owns the properties associated with Gold Strike Casino Resort.

Gold Strike Casino Resort is located on the Mississippi River about 30 minutes from downtown Memphis. Operations continued as usual and over 1,100 employees were taken on.

“This acquisition is a natural progression for our company. Establishing our business outside of Oklahoma is a major step that strengthens our ability to grow the economy of the Cherokee Nation while building on our reputation as a strong community partner and industry leader,” said Chuck Garrett, President and Chief Executive Officer of Cherokee Nation Businesses. “We look forward to sharing this commitment with the people of Mississippi by also investing in their communities and contributing to the local economy.”

“Gold Strike guests have grown accustomed to the excitement and southern hospitality that greets them as 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 look forward to the new opportunities to deliver a world-class experience to all of our customers and continue to lead the industry in our region.”