Cherokee Nation Chairman Says ‘Not Yet’ Las Vegas Casino

Posted on: July 20, 2024, 07:15 AM.

Last updated: July 20, 2024, 07:15 AM.

Cherokee Nation Entertainment, the casino arm of the eponymous Indian tribe, does not operate a location in Las Vegas, but is not opposed to the idea in the long term.

Nevada casino revenue Las Vegas GGR — A section of the Las Vegas Strip. Cherokee Nation Gaming Commission Chairman John Sparks said it could be a while before the Tribe enters Las Vegas. (Image: The Wall Street Journal)

In remarks made earlier Saturday at the National Council of Legislators from Gaming States (NCLGS) in Pittsburgh, Cherokee Nation Gaming Commission Chairman John Sparks said the Tribe is not looking to move into Las Vegas “just yet.” Sparks stopped short of saying the Tribe is permanently opposed to moving into the U.S. casino hub.

Currently, the Cherokee Nation operates eight casinos in Oklahoma and is widely seen as the frontrunner to obtain a gaming license in Pope County, Arkansas. Just over two years ago, the Tribe paid MGM Resorts International $450 million for the Gold Strike Hotel & Casino in Tunica, Miss.

Cherokee Nation would likely need a takeover to get a casino in Las Vegas

Cherokee Nation Entertainment is one of the largest tribal gaming companies in the US and therefore likely has the financial resources to eventually make a move into Las Vegas. That will almost certainly have to happen via an acquisition.

Sparks did not comment on the matter at the NCLGS conference. While the gaming industry consolidation rumor mill has a knack for seemingly constant movement, there are currently no Strip casinos officially for sale. The same goes for large-scale properties outside of the Strip, and there is only one downtown casino that is officially for sale.

Additionally, some analysts believe that high interest rates are a headwind for casino mergers and acquisitions, as many potential buyers are unwilling to finance deals with high borrowing costs. It’s possible that the Federal Reserve will cut borrowing costs in September, but it could take more than one cut to spur dealmaking in the gaming industry.

In recent years, most of the gossip about Strip casino hotels changing hands has focused on mid- and lower-tier properties. It’s unclear whether such locations would be to Cherkoee’s liking or whether the Tribe would prefer something glitzier.

Las Vegas Tribal Landscape Review

Now that Mohegan Gaming & Entertainment is no longer the operator of the off-Strip Virgin Hotels Las Vegas and the Mirage has closed, the only tribally owned casino in Sin City is the off-Strip Palms. The casino is owned and operated by the San Manuel Band of Mission Indians of California.

Barring any acquisitions or new developments, the Las Vegas Tribal roster will expand to two clubs in 2027 when Hard Rock International Mirage reopens with the operator’s famed brand.

At the NCLGS conference, Cherokee’s Sparks did not disclose a timeline for the Tribe’s introduction to the Las Vegas market.