MGM Resorts International said Tuesday (April 21) it finished the sale of the operating business at MGM Northfield Park, wrapping up a $546 million all-cash transaction that hands control of the Ohio property to funds managed by Clairvest Group Inc.
The company announced the closing from Las Vegas and framed the move as another step in reshaping its holdings while unlocking money for other priorities. The sale had been expected and now formally removes the racino from MGM’s operating lineup.
Executives said the Northfield Park property had become a leading venue in its region and credited employees for sustaining performance in a competitive market.
“MGM Northfield Park is a market-leading property supported by a talented team that has consistently delivered outstanding guest experiences,” said Bill Hornbuckle, CEO & President, MGM Resorts International.
“The property has a strong foundation, and we extend our best wishes to the team and new ownership for continued success in the next chapter of the property’s evolution.”
The transaction also changes MGM’s lease structure with VICI Properties Inc. MGM said its master lease, which previously included MGM Northfield Park, was amended at closing and will lower annual rent by $53 million.
After taxes and deal expenses, MGM expects to receive about $420 million in net cash proceeds. That gives the company additional flexibility as it weighs investments, debt management, and shareholder returns.
Chief Financial Officer Jonathan Halkyard said the sale showcases the strength of MGM’s operating assets while allowing the company to move on from a property it no longer views as core to long-term plans.
“The closing of this transaction underscores the value of MGM’s high-quality operations and provides an opportunity to divest a non-strategic regional asset at a significantly higher multiple than currently ascribed to our premium portfolio,” said Jonathan Halkyard, CFO, MGM Resorts International. “The proceeds will be deployed in line with our priorities of maintaining a strong balance sheet, selectively investing in growth opportunities, and returning capital to shareholders.”
MGM said Northfield Park produced roughly $142 million in adjusted EBITDAR for the year ended Dec. 31, 2025. The company noted that adjusted EBITDAR is a non-GAAP financial measure often used in gaming and hospitality to compare property-level performance.
Advisers on the sale included Jefferies LLC and SMBC Nikko Securities America, Inc. Legal counsel was provided by Weil, Gotshal & Manges LLP.
Northfield Park sale gives MGM more room for capital plans
The completed transaction adds liquidity while MGM continues to concentrate on larger resort destinations and digital gaming interests. The company has repeatedly said it wants to focus capital where returns can be strongest.
MGM Resorts operates casino and hotel properties across the United States and in international markets. It also holds online sports betting and iGaming interests through BetMGM and related brands, while pursuing a major integrated resort project in Japan as part of its Asia growth strategy.
Featured image: MGM Resorts via Facebook
