MGM Resorts International announced yesterday that it would sell off its Northfield Park location in Ohio for $546 million. It’s being sold to an affiliate of private funds managed by Clairvest Group, and the deal will be done entirely in cash. It comes as MGM Resorts also unexpectedly pulled out of its New York casino bid race.
Clairvest has a portfolio that includes other gaming investments, mainly from the casino perspective. The portfolio contains The Nash Casino, Meadowlands Racing & Entertainment, and Delaware Park Casino. Over the years, they’ve invested in 36 different gaming assets.
As a part of the deal, VICI Properties has entered into a new separate lease with the affiliate behind the purchase. Speaking in the VICI Properties press release, John Payne, President and Chief Operating Officer of VICI Properties, said:
“This transaction is yet another example of VICI’s ability to collaborate with new and existing partners for mutually beneficial outcomes.
“We are excited to add our 14th tenant, and based on Clairvest’s track record in North American gaming, we believe in their ability to maintain Northfield Park’s strong competitive standing in Ohio gaming.”
After everything is said and done, MGM expects to see a total of approximately $420 million. The location itself managed to earn approximately $137 million in 12 months after adjustments. MGM acquired it back in 2018 from Hard Rock, which had it under its Rocksino brand, and they paid $275 million.
MGM Resorts International CEO weighs in on sale
Speaking in the press release, Bill Hornbuckle, CEO & President, MGM Resorts International, said:
“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 & Treasurer, 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 expects the deal to close in the first half of 2026, as long as regulators back the deal.
Featured image: MGM Resorts International
