This lease would have an initial annual base rent of $40m, while other economic terms would primarily be the same as the MGM Master Lease, including a base term of 25 years with three 10-year tenant renewal options. Vici also agreed to enter into a new separate lease with Cherokee Nation Businesses related to the operations of Gold Strike. “Gold Strike is a wonderful property with a bright future ahead. Strategically, though, we decided to narrow our focus in Mississippi to a single resort – Beau Rivage – and dedicate more of our time and resources towards continuing to drive success at that leading, world-class resort and casino.”Ĭherokee Nation Businesses’ chief executive Chuck Garrett added: “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.” “I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests,” MGM Resorts International chief executive and president Bill Hornbuckle said. MGM added that it expects net cash proceeds after taxes and estimated fees from the sale to be approximately $350m. Should the deal go through as expected, MGM Resorts’ master lease agreement with Vici Properties, which currently includes Gold Strike, will be amended to reduce annual rent by $40m. As the line looks to grow, it plans to position itself internationally as the best way to see Japan, with a Japanese experience.The transaction is expected to close in the first half of 2023, subject to regulatory approvals and other customary closing conditions. After buying Seabourn Odyssey, Japanese cruise line to put focus on U.S.River lines put more sports-related cruise options in play As new pickleball options demonstrate, many lines are taking a step beyond offering active itineraries and are finding ones. In Hawaii, a minor overtourism miracle: Visitation increased and residents viewed tourism more favorably. How a host travel agency can avoid franchisor regulations If you’re a host, take these steps to avoid crossing over into franchise territory.
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