VICI Properties Enters $40M Lease for Gold Strike Casino Operations in Tunica
VICI Properties Inc., in connection with MGM Resorts International’s agreement to sell the operations of Gold Strike Casino Resort in Tunica, MS, to Cherokee Nation Entertainment Gaming Holdings, LLC, has agreed to enter into a new separate lease with Cherokee Nation Business related to the operations of Gold Strike and also enter into an amendment to the master lease between VICI Properties and MGM Resorts.
The Gold Strike lease will have initial annual base rent of $40 million with other economic terms substantially the same as the MGM master lease, including a base term of 25 years with three 10-year tenant renewal options, escalation of 2.0% per annum (with escalation of the greater of 2.0% and CPI, capped at 3.0%, beginning in lease year 11) and minimum capital expenditure requirements of 1.0% of annual net revenue. The Gold Strike lease will be guaranteed by Cherokee Nation Businesses.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.