“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,” Mark Fulton, president of Cherokee Nation Entertainment, said in a statement. The deal, which is subject to regulatory approval, is expected to close in the first half of 2023. Under the agreement, Cherokee Nation Entertainment Gaming Holdings LLC will enter into a long-term lease agreement with VICI Properties Inc., a real estate investment trust that owns the real estate. A subsidiary of Cherokee Nation Businesses will pay $450 million to purchase the Tunica, Miss.-based Gold Strike Casino Resort from operator MGM Resorts International, the company announced Thursday.
A private utility district also defaulted on its bonds after Harrah’s closed.TUNICA, Miss.
Tunica County has struggled with declining tax revenue, with county supervisors having to step in and subsidize a full-time fire department that protects the unincorporated area of the county that includes the casinos because property tax collections fell after Harrah’s closed. The closures overall means less tax revenue for state and local governments. Operator Delaware North announced a $250 million expansion of Southland in January. Arkansas tax figures show Southland won $222 million from gamblers in the 12 months ended June 30, up more than 50 percent since 2014. Arkansas voters earlier this month approved a referendum allowing four full-fledged casinos, including one at Southland Gaming & Racing in nearby West Memphis. Tunica has suffered in part because of increased gambling competition in Arkansas and other states. Caesars closed the massive Harrah’s Tunica Hotel & Casino in 2014 when it was in bankruptcy. Resorts was the smallest casino remaining in terms of slot machines and table games after Caesars Entertainment closed Tunica Roadhouse closed in January. Revenues in Tunica have shown an uptick in recent months since Mississippi legalized sports betting, but it’s unclear if that will be a long-term improvement. But employment at casinos peaked at 13,000 jobs in 2001, falling to less than 5,000 now, and revenues have been falling since 2006. Tunica County boomed when gambling was legalized in 1992, becoming the only gambling destination for hundreds of miles.
Most recently Penn National Gaming announced it would close the Resorts Casino Tunica on June 30. The area has been dealt blow after blow recently as one company after another announces closures of their casinos, laying off hundreds of people. MGM has not said where jobs will be cut, but it is sure to put workers in Tunica County, Mississippi on edge as MGM Resorts owns Gold Strike Casino Resort. MGM Chairman and CEO Jim Murren says the company’s regional properties reported improved performance. The company reported revenue was 12.6% higher during this year’s first quarter than for the same period in 2018 but that its cash flow in Las Vegas dropped by 10%. It’s an effort to increase annual earnings by $300 million by 2021. The layoffs announced Monday include 254 jobs the company said last week it would cut as it works to reduce costs and boost earnings.Ĭhief Financial Officer Corey Sanders says 35 executives have already taken voluntary retirement as part of the MGM 2020 plan. LAS VEGAS - Las Vegas-based casino company MGM Resorts International says it expects to cut about 1,000 jobs by June. Please look at the time stamp on the story to see when it was last updated. This is an archived article and the information in the article may be outdated.
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