MGM Resorts Sells Northfield Park Operations for $546 Million

MGM Resorts International has agreed to sell the operations of MGM Northfield Park to Clairvest Group for $546 million in cash, marking another step in the company’s long-term strategy to focus on its digital and global projects.

Good to Know

• The sale will reduce MGM’s master lease payments to VICI Properties by $54 million annually.
• MGM originally purchased the Northfield Park operations in 2019 for $275 million.
• MGM Yonkers has withdrawn its bid for a New York commercial casino licence.

The Northfield Park deal is part of MGM’s ongoing asset optimization plan, which aims to generate liquidity and streamline operations while continuing to invest in integrated resort development and digital expansion. Once the transaction is completed, MGM’s master lease agreement with VICI Properties will be amended to reflect a $54 million reduction in annual rent.

Bill Hornbuckle, CEO and President of MGM Resorts International, thanked the team behind Northfield Park for their work in shaping the property’s success, saying:

“I want to thank our MGM Northfield Park employees who have consistently delivered world-class gaming and entertainment experiences to our guests. This is a great property with great opportunity ahead.

“At MGM Resorts, our vision is to be the world’s premiere gaming entertainment company. 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.”

The property, originally known as Hard Rock Rocksino Northfield Park, was acquired by MGM Growth Properties in 2018 before MGM Resorts took over operations in 2019. The rebranding to MGM Northfield Park followed soon after, transforming it into one of Ohio’s leading entertainment destinations.

Financial Perspective and Market Confidence

Jonathan Halkyard, CFO and Treasurer of MGM Resorts, highlighted the strong financial outcome of the transaction, noting:

“This is an excellent result for MGM Resorts and demonstrates consistency in driving transaction multiples at meaningful premiums over where MGM Resorts currently trades.

“The divestiture underscores MGM Resorts’ exceptional financial stewardship, delivering substantial value well beyond the original acquisition price. We appreciate VICI, as the real estate owner of MGM Northfield Park, working constructively with Clairvest to facilitate a new lease agreement.”

Industry analysts view the sale as consistent with MGM’s pattern of recycling capital from mature US assets into growth initiatives such as MGM China, BetMGM, and its newly launched digital projects across Asia and Europe.

Meanwhile, in a separate development, MGM Yonkers has officially withdrawn its application for a commercial casino licence from the New York State Gaming Commission, leaving competitors such as Caesars and Bally’s in a stronger position to pursue the remaining downstate licences.

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