Casino operator MGM Resorts International has entered into an agreement to sell Nevada-based Gold Strike Hotel & Gambling Hall to JETT Gaming and Jean Ventures.
The casino was acquired by MGM Resorts in connection with its acquisition of Mandalay Resort Group in 2005 and is located in Jean, Nevada, approximately 13 miles from the California state line.
It opened in 1987 and features a hotel with 300 rooms, as well as The Gold Strike Steak House, Bonanza Buffet and a snack bar. The property hosts 400 slot machines and 10 table games.
Dan D’Arrigo, MGM Resorts’ executive vice president, chief financial officer and treasurer, said that the company had agreed to sell the property as part of a strategy to review and refine its portfolio of properties, and “focus on new developments in international and regional markets.”
Tim Herbst, manager of JETT Gaming and Jean Ventures, said: “We are pleased with the opportunity to purchase Gold Strike and the surrounding property. We will continue to evaluate our plans for the site as we work diligently to get this transaction completed.”
Established in 2009, JETT Gaming is a slot machine route company owned by Jerry Herbst and his son, Tim Herbst. The company currently operates a slot route in 131 locations and two small casinos in Nevada. Jean Ventures is a property development company managed by Tim Herbst.
Terms of the sale were not disclosed, while closing of the transaction is contingent upon regulatory approvals and other customary closing conditions.
MGM Resorts, operator of destination resort brands including Bellagio, MGM Grand, Mandalay Bay, owns 51 per cent of MGM China Holdings, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai. The company also has a 50 per cent holding in CityCenter in Las Vegas, which features ARIA resort and casino.