MGM Resorts International has signed an agreement to sell the operations of MGM Northfield Park in Ohio to private equity funds managed by Clairvest Group. The company will receive $546 million in cash, subject to customary closing adjustments.
The transaction is expected to be finalized in the first half of 2026, pending regulatory approvals. The property was originally acquired by MGM Growth Properties in 2018 as Hard Rock Rocksino Northfield Park. In 2019, MGM Resorts purchased the operations from MGP for $275 million and rebranded it as MGM Northfield Park.
Once the sale closes, MGM Resorts’ master lease agreement with VICI Properties—which currently covers the property—will be amended to reduce annual rent by $54 million. Net cash proceeds after taxes and transaction costs are estimated at $420 million.
Bill Hornbuckle, CEO and President of MGM Resorts International, expressed gratitude to the MGM Northfield Park team, stating:
I want to thank our MGM Northfield Park employees who have consistently delivered world-class gaming and entertainment experiences to our guests. This is a great property with great opportunity ahead. At MGM Resorts, our vision is to be the world’s premiere gaming entertainment company. To achieve this vision, we’re focused on growing our digital business, developing our international expansion opportunities, and continuing to invest in our leading integrated resorts domestically.
Jonathan Halkyard, CFO and Treasurer of MGM Resorts International, added:
This is an excellent result for MGM Resorts and demonstrates consistency in driving transaction multiples at meaningful premiums over where MGM Resorts currently trades. The divestiture underscores MGM Resorts’ exceptional financial stewardship, delivering substantial value well beyond the original acquisition price. We appreciate VICI, as the real estate owner of MGM Northfield Park, working constructively with Clairvest to facilitate a new lease agreement.
MGM Northfield Park reported adjusted EBITDAR of $137 million for the twelve months ended June 30.
