Cherokee Nation Postpones Las Vegas Casino Ambitions, Says Chairman
Cherokee Nation Entertainment, the gaming arm of the Cherokee Nation, is not yet ready to expand into the Las Vegas market. Speaking at the National Council of Legislators from Gaming States (NCLGS) conference in Pittsburgh, Cherokee Nation Gaming Commission Chairman John Sparks indicated that while the Tribe is not opposed to the idea, a move to Las Vegas is not currently on the agenda.
Current Operations and Potential Expansion
Cherokee Nation Entertainment currently operates eight casinos in Oklahoma and is a leading contender for a gaming license in Pope County, Arkansas. The Tribe made headlines just over two years ago when it acquired the Gold Strike Hotel & Casino in Tunica, Mississippi, from MGM Resorts International for $450 million.
Financial Strength and Acquisition Strategy
Cherokee Nation Entertainment is one of the largest Tribal gaming entities in the United States and has the financial resources to consider a move into the Las Vegas market. However, any such expansion would likely need to be achieved through acquisition rather than new construction. Sparks did not comment on specific acquisition targets at the NCLGS conference.
While rumors of potential sales and acquisitions in the Las Vegas gaming market are constant, no major Strip casinos are officially for sale at this time. The same holds true for large-scale off-Strip properties, with only a single downtown gaming property currently on the market. High interest rates also pose a challenge to mergers and acquisitions in the industry, as many potential buyers are hesitant to finance deals under elevated borrowing costs. Although the Federal Reserve might lower rates in the future, it will likely take more than one rate cut to stimulate significant gaming industry deals.
Tribal Presence in Las Vegas
Currently, the only Native American-operated casino in Las Vegas is the Palms, run by the San Manuel Band of Mission Indians of California. Mohegan Gaming & Entertainment recently exited its role as the operator at the off-Strip Virgin Hotels Las Vegas. However, the Las Vegas Tribal roster is set to increase to two by 2027, when Hard Rock International, owned by the Seminole Tribe of Florida, reopens the Mirage with its brand.
Future Prospects
While the Cherokee Nation has demonstrated its capability to manage significant gaming properties, Sparks did not provide a timeline for when the Tribe might enter the Las Vegas market. The Cherokee Nation’s potential move into Las Vegas would be a notable expansion for the Tribe, but for now, it remains a possibility for the future rather than an immediate plan.
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