The ‘party line’ is that it fell victim to the expansion of gaming nationally and that is certainly part of it. Employment in Tunica casinos is now less than one third of what it was ‘back in the day’. For a while, Tunica was the third largest casino market in the US behind Las Vegas and Atlantic City but that is no longer the case. The original epicenter for Mississippi casinos was Tunica, just under an hour south of Memphis, Tennessee. Mississippi is significant as it was the first decent casino ecosystem outside of the traditional strongholds of Nevada and New Jersey. I wrote about the decline of Tunica earlier this year: The fortunes of the Tunica gaming industry have been on the decline for over a decade. MGM will also receive a reduction in their annual rent to VICI Properties by $40 million USD when the deal closes in early 2023. Late last week, they announced they had reached an agreement to sell the operations of the Gold Strike Tunica in Tunica, Mississippi to Cherokee Nation Entertainment Holdings in a deal worth $450 million USD. MGM Resorts has made no bones about their desire to offload some of their excess gaming and hotel capacity. MGM will retain the Beau Rivage Resort & Casino in Biloxi, Mississippi.
Cherokee Nation Entertainment Holdings owns the Hard Rock Tulsa Casino along with nine other gaming properties in Oklahoma.MGM Resorts has reached an agreement to sell the operations of the Gold Strike Tunica to Cherokee Nation Entertainment Holdings in a deal worth $450 million USD.
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