Cherokee Nation Businesses (CNB) has completed its acquisition of the Gold Strike Casino Resort in Mississippi, through its subsidiary Cherokee Nation Businesses. This deal went through after it was cleared by the Mississippi Gaming Commission.
Cherokee Nation Entertainment President and COO Mark Fulton commented: “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.
“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."
CNB reached an agreement to buy all Gold Strike casino operations in June 2022 for $450m from the Mandalay Resort Group, a subsidiary of MGM. The Mississippi Gaming Commission issued its determination of suitability and approval of the acquisition in January.
It was only announced yesterday that the CNB, the Tribally-owned holding company of the Cherokee Nation, had entered into a long-term lease agreement VICI Properties. VICI now owns the real property associated with Gold Strike Casino Resort, but operations of the casino will be left entirely in the hands of the CNB.
Gold Strike Casino Resort is situated on the Mississippi River, approximately 30 minutes from downtown Memphis. Operations will continue as usual, and the more than 1,100 team members employed at the Gold Strike Casino Resort retaining their positions.
President and CEO of CNB Chuck Garrett commented: “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.
"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."
