Cherokee Nation Businesses acquires Gold Strike Only in Mississippi, the company is in competition with more than 30 casinos. MGM Resorts is looking to fill the whopping amount of 1,100 roles in its hotel and casino venues across the US. The shortage of workers is mainly due to the pandemic as many employees left or are leaving the service industry seeking more reliable opportunities. The new labor agreement will help MGM Resorts hire new staff and offer more competitive salaries and attractive perks in a challenging labor market. Veronica Sawyer, assistant director of the teamsters’ convention, trade show, and casino division, has commented: “ The wages will help with retention and recruitment”. Gambling Venues are fighting to retain and recruit staff in a tight labor market On top of that, employees are to get automatic gratuities and bonuses depending on years of service, which may range from $500 to $2,500. The new contract also specifies wage increases of 2% in 2023 and 3.5% in 2024. The pay rise applies to 50 members of Local 667 Teamsters as well and covers front desk and guest services staff, phone operators, limo drivers, detailers, valets, and warehouse workers. Increased Wages for Local 667 Teamsters Members “Cherokee Nation Entertainment has a rich history of operating 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.A wide range of union members working at the MGM Resorts International’s Gold Strike Hotel & Casino in Tunica, Mississippi, are to receive an increase in wages of between $1.25 and $4.50 per hour on top of their current wages under a new three-year labor agreement approved by a number of labor organizations. When it was built, the gold tower was reported to be the tallest building in Mississippi.
We view the transaction as largely equity-value neutral.”Īt 32 stories tall, the iconic property is one of the most recognizable buildings in Tunica and towers above all other structures. “In its entirety, based on 2021 results, which were inflated, MGM is exiting the asset at a multiple of 6.7x 2021 EBITDAR, or 8.5x the average EBITDAR from 20. “Thus, when looked at in its entirety, in exchange for the $115 million of EBITDAR, MGM is receiving $450 million of gross cash proceeds ($350 million net cash proceeds) and debt (capitalized rent) relief of $320 million, or total gross proceeds of $770 million,” Santarelli said. “This acquisition will enable us to better serve our mission of growing the Cherokee Nation’s economy, while also having a significant positive impact on the local economies we serve.” “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,” Chuck Garrett, chief executive officer of Cherokee Nation Businesses, said in a statement. The Cherokee Nation and its businesses employ 11,000 people. The company owns and operates Hard Rock Hotel & Casino Tulsa and nine Cherokee casinos, including a horse-racing track, three resort-hotels, three golf courses, and other retail operations. The deal sets the stage for MGM to build its balance sheet for other projects, while the Cherokee Nation’s purchase reflects the tribe’s ongoing pursuits to diversify off reservations into commercial gaming across the country.Ĭherokee Nation Entertainment is the gaming and hospitality company of the Cherokee Nation, the largest Indian nation in the U.S.
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