Cherokee Nation gaming group buys Mississippi casino

Cherokee Nation Entertainment Gaming Holdings, LLC, a subsidiary of Cherokee Nation Businesses, announced Thursday it reached an agreement with MGM Resorts International (NYSE: MGM) to purchase the operations of Gold Strike Tunica for $450 million in cash.

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“Cherokee Nation Entertainment has a rich history of operating award-winning hospitality destinations in Oklahoma, and we are proud to continue our growth in gaming and bring the level of excellence we are known for to the Tunica area,” said Mark Fulton, president of Cherokee Nation Entertainment (CNE).

Gold Strike is located on the Mississippi River in Tunica, approximately 30 minutes from downtown Memphis.

The property features a 32-story hotel tower with more than 1,100 rooms.

“We look forward to expanding our gaming and hospitality businesses as we execute on our strategic plan to grow our footprint outside of the Cherokee Nation Reservation,” said Chuck Garrett, chief executive officer of Cherokee Nation Businesses. “This acquisition will enable us to better serve our mission of growing Cherokee Nation’s economy while also having a significant positive impact on the local economies we serve.”

The transaction is subject to regulatory approvals and other customary closing conditions.