The day after MGM Resorts International confirmed it has completed the sale of the casino operations at Northfield Park near Cleveland, Ohio, another Las Vegas gaming giant has stepped in.
Caesars Entertainment announced on Thursday that it has opened a new Caesars Sportsbook at the location through a new partnership with Clairvest Group Inc., the private equity firm that bought the operating assets from MGM. The venue formerly known as MGM Northfield Park will now be called the Northfield Park Racino.
The retail sportsbook offers in-person sports wagering and viewing, and features a large LED video wall, five staffed betting windows and a fleet of 24/7 Caesars-branded self-service betting kiosks. Caesars said it will offer guests a diverse menu of sports wagering markets with convenient mobile app account deposits and withdrawals, and they will be able to earn Caesars Rewards with every wager.”
“Northfield Park Racino gives us a strong new venue to connect with Northeast Ohio sports fans in a high-traffic entertainment destination,” said Caesars Digital President Eric Hession. “Its location just outside Cleveland, a market defined by some of the most passionate sports fans in the country, pairs our industry-leading technology with a lively atmosphere that enhances how fans watch and wager on sports throughout the year.”
“We’re excited to partner with Caesars Sportsbook to bring even more energy and excitement to our guest experience,” added Northfield Park General Manager Kevin Brady. “This collaboration is a strong addition to our Overtime Bar and Grill, enhancing the overall sports fan atmosphere and entertainment offering.”
Caesars serves as Cleveland Cavaliers partner
Caesars hopes that the new retail sportsbook in the brick-and-mortar venue near Cleveland will boost its existing presence in the city and the state of Ohio.
The company already offers in-person sports betting in Ohio at Eldorado Gaming Scioto Downs in Columbus. It is also an official sports betting partner of the NBA’s Cleveland Cavaliers, and the company said that offering retail wagering nearby will be “an ideal complement” to its nationwide mobile presence in the state.
Caesars will host a special watch party for the Cleveland Cavaliers playoff game at the new Northfield Park sportsbook on Saturday, featuring meet-and-greets with Cavs alumni and special giveaways for fans.
MGM felt Northfield Park was dispensible
In its own statement on April 22 announcing that it had completed the sale of the casino operations at Northfield Park to Clairvest for $546m, MGM noted that the deal reflected the fact that the location was not part of the premium portfolio on which it is focusing.
“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 Chief Financial Officer Jonathan 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.”
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. Now, it has changed hands again.
Caesars also takes over Westgate
The Northfield Park news is the second announcement this week from Caesars about a new retail Caesars Sportsbook.
The company will take over the race and sports operations at the iconic Westgate Superbook in Vegas later this year, in time for the next football season.
Caesars plans to expand Westgate’s wagering menu to include Same Game Parlays, more parlay offerings, and live in‑play wagering both in-person and on the app, as well as to add self‑service kiosks throughout the property.
