MGM Resorts International has completed the sale of the casino operations at MGM Northfield Park in Ohio to private equity investment firm Clairvest Group for $546m.
The deal was first agreed last October and has now been finalized. The company expects estimated net cash proceeds from the sale to amount to approximately $420m after taxes and transaction costs.
The racino, which is part of MGM Resorts’ regional asset group, houses more than 74,000 square feet of gaming space with more than 1,500 video lottery terminals (VLTs) as well as a standardbred harness racetrack, hospitality amenities and a 1,820-seat events venue. It is also the licensing partner for BetMGM’s online sports betting operations in Ohio.
MGM bought the casino operating assets from Hard Rock International in 2019 and rebranded it from Hard Rock Rocksino Northfield Park to MGM Northfield Park.
Offloading a non-premium asset
In a press release issued on Wednesday, MGM Resorts Chief Financial Officer Jonathan Halkyard noted that the Northfield Park venue is not considered by the company to be one of its premium assets. The property recorded adjusted EBITDA of approximately $142m for the full year ended Dec. 31, 2025.
“MGM Northfield Park is a market‑leading property supported by a talented team that has consistently delivered outstanding guest experiences,” said Chief Executive Officer and President Bill Hornbuckle. “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 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,” added Halkyard. “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.”
At the time the sale was announced last year, Halkyard said that MGM is focused on growing its digital business and developing its international expansion opportunities, as well as continuing to invest in its leading domestic integrated resorts. MGM Northfield Park was one venue that the casino operator felt that its business could do without.
Clairvest Group adds to gaming portfolio
Clairvest adds MGM Northfield Park to a gaming portfolio that also includes the likes of:
- New Meadowlands Racetrack in New Jersey
- Delaware Park racino
- The Nash Casino in New Hampshire
- Wyoming Downs
VICI strikes lease agreement
While MGM has sold the casino operations at Northfield Park, VICI Properties has signed a new separate lease with a Clairvest affiliate related to the real estate at the venue, with a starting annual base rent of $53m. It has begun a 25-year lease term with subsequent renewal options.
“We are pleased to welcome Clairvest to the VICI tenant roster, as their established track record in the gaming sector makes this a compelling partnership,” said VICI Properties President and Chief Operating Officer John Payne. “The addition of Clairvest underscores VICI’s ability to maintain continuity and stability across our portfolio while diversifying our tenant base and supporting our existing partners’ strategic opportunities.”
MGM Resorts’ master lease agreement with VICI has consequently been amended to reduce annual rent by $53m.
