MGM Growth Properties a real estate investment trust (REIT) of MGM Resorts International, has completed its $1.06 billion acquisition of Ohio’s Hard Rock Rocksino Northfield Park from Milstein Entertainment LLC. This is the REIT’s first location outside of its parent company.
The purchase includes land and buildings of the property, such as the Northfield Park harness racetrack and the casino. It was funded with cash and borrowing.
MGM Growth CEO James Stewart commented, “We are excited about the addition of the market leading Hard Rock Rocksino to our portfolio.” The REIT will continue to operate the property, which has more than 2,200 video lottery slot machines.
MGM Growth Properties has extended the Hard Rock contract for another six months and is negotiating with the company for a long-term operating deal. The racino is the best performing of all gaming properties in the state, including the casinos in Columbus, Cleveland and Cincinnati, all of which have table games. The Hard Rock Rocksino has only slot machines.
