News Summary
MGM Resorts International has agreed to sell MGM Northfield Park to Clairvest Group for $546 million in cash. The sale, expected to close in the first half of 2026, will enable MGM to focus on digital expansion and international growth. The transaction will not only reduce annual rent payments but also marks Clairvest’s significant investment in the gaming sector. MGM’s strategy aligns with offloading non-core assets to solidify its financial performance.
Northfield, Ohio – MGM Resorts International has entered an agreement to sell the operations of MGM Northfield Park to Clairvest Group Inc. for $546 million in cash. The transaction is anticipated to close in the first half of 2026, subject to regulatory approvals and customary closing conditions.
Bill Hornbuckle, President and CEO of MGM Resorts, noted that MGM Northfield Park presents significant opportunity. The decision to sell is part of MGM Resorts’ strategy to concentrate on expanding its digital presence and pursuing international growth.
MGM Northfield Park is situated approximately 20 miles southeast of Cleveland, Ohio, and serves as a horse racing track in addition to hosting a casino. The property was previously managed by MGM after the company took over the former Hard Rock venue in 2019. Vici Properties Inc., a New York-based real estate investment trust, owns the real estate of MGM Northfield Park and acquired MGM Growth Properties in April 2022.
Financial data from MGM Northfield Park shows that for the 12 months ending June 30, 2025, the property reported an adjusted EBITDAR of about $137 million. Following this transaction, MGM’s agreement with VICI will undergo amendments, resulting in a reduced annual rent payment by $54 million.
MGM Resorts anticipates net cash proceeds of approximately $420 million after taxes and transaction costs. The new lease agreement established between Clairvest and VICI will feature an initial annual base rent of $53 million, increasing to $54 million if the sale finalizes after May 1. The lease will include a new 25-year term with provisions for three 10-year renewal options.
Clairvest Group has extensive experience in the gaming sector, spanning regional casinos, racetracks, and global online gaming platforms. This agreement marks Clairvest’s 17th investment in the gaming industry. The company intends to leverage growth opportunities at Northfield Park while providing a premier entertainment experience for local residents.
The press release did not clarify whether MGM Northfield Park would undergo rebranding after the sale. This divestment reflects MGM’s ongoing strategy to offload non-core assets and enhance its financial performance through operational expansions.
MGM Resorts had previously acquired the property from Hard Rock for over $1 billion in 2018. The current sale price signifies a decline, attributed to the property being owned by VICI Properties. The new lease for MGM Northfield Park will facilitate the transition to Clairvest.
In conclusion, this sale represents a significant realignment for MGM Resorts as it seeks to solidify its focus on core operational areas while ensuring compliance with financial and regulatory requirements. The collaboration with VICI Properties and Clairvest highlights strategic partnerships central to the gaming industry’s evolving landscape.
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- News 5 Cleveland
- Wikipedia: Northfield, Ohio
- Beacon Journal
- Google Search: MGM Northfield Park
- Cleveland 19
- Encyclopedia Britannica: Gambling in Ohio
- News 3 LV
- Google Scholar: Gaming Industry
- WKYC
- Google News: MGM Resorts
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