MGM Resorts International has reached an agreement to sell the operations of its MGM Northfield Park property in Ohio to private equity funds managed by Clairvest Group.
The deal is valued at $546 million in cash, subject to customary purchase price adjustments. MGM said it expected to complete the sale during the first half of 2026.
Located in Northfield, Ohio, MGM Northfield Park features 200,000 square feet of gambling space. Other on-site amenities include a racetrack and several entertainment facilities.
The site was previously called Hard Rock Rocksino Northfield Park. MGM Growth Properties acquired the venue in July 2018, with MGM Resorts taking ownership of operations and rebranding the property in the following year.
Upon the sale completing, MGM Resorts’ master lease agreement with VICI, which currently includes MGM Northfield Park, will be amended. This will reduce annual rent by $54 million.
MGM said estimated net cash proceeds after taxes and transaction costs will be around $420 million.
‘Great Opportunity’ for MGM Northfield Park
MGM Resorts CEO and President Bill Hornbuckle talked up future prospects for the venue in Ohio. He said the new owner has a “great opportunity ahead”.
“At MGM Resorts, our vision is to be the world’s premiere gaming entertainment company,” Hornbuckle added. “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, chief financial officer and treasurer at MGM Resorts, described the sale as an “excellent” result for the business. He said it demonstrates consistency in “driving transaction multiples at meaningful premiums over where MGM Resorts currently trades”.
“The divestiture underscores our exceptional financial stewardship, delivering substantial value well beyond the original acquisition price,” Halkyard said. “We appreciate VICI, as the real estate owner of MGM Northfield Park, working constructively with Clairvest to facilitate a new lease agreement.”
