MGM Growth Properties LLC MGP, an arm of MGM Resorts International, has confirmed its previously announced acquisition of the Hard Rock Rocksino Northfield Park, for approximately $1.06bn.
The purchase by MGP, from Milstein Entertainment LLC, was funded with “cash on hand and borrowings under its senior secured credit facility”.
James Stewart, chief executive officer of MGM Growth Properties, commented: “We are excited about the addition of the market leading Hard Rock Rocksino to our portfolio. This transaction brings further geographic diversification and is expected to generate mid to high single digit percentage accretion to AFFO.
“We look forward to welcoming the Rocksino team, customers and partners into our portfolio and have entered into a new agreement with Hard Rock to continue to serve as the manager.”
The Rocksino, situated in the suburb of Northfield, Ohio, is a gaming, dining and entertainment facility, featuring a 200,000 square foot gaming space with in excess of 2,300 video lottery terminals.
In addition to this it also boasts a year round racetrack, 1,900 seat music venue, 250-seat event space and a number of retail, food and beverage outlets.
Brock Milstein, former chairman of the Rocksino Board, added: “The success of the Rocksino is a true testament to our hard working and dedicated employees and our loyal customers.
“The Rocksino is a perfect fit to MGP’s portfolio of high quality assets and I am certain that the legacy that has been created will continue for many years to come.”