MGM Resorts to sell MGM Northfield Park operations to Clairvest for $546 million

Las Vegas-based MGM Resorts International announced on Thursday that it has reached an agreement to sell the operations of its MGM Northfield Park property, a racino located near Cleveland, Ohio, to private equity funds managed by Clairvest Group Inc. for $546 million in cash.

The deal, expected to close in the first half of 2026 pending regulatory approvals, values the property at about 6.6 times adjusted EBITDA for the 12 months ended June 30, 2025. MGM said it expects net proceeds of roughly $420 million after taxes and transaction costs.

MGM Northfield Park generated about $137 million in adjusted EBITDAR over the past year. Upon closing, the company’s master lease with real estate investment trust VICI Properties will be amended to reduce annual rent by around $54 million.

“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 a great opportunity ahead,” MGM Resorts CEO and President Bill Hornbuckle said in a statement. 

“At MGM Resorts, our vision is to be the world's premier 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,” Bill said.

The sale comes two days after MGM withdrew its application for a New York City casino license, a separate project previously estimated by analysts to cost about $2.3 billion.

Analysts at Jefferies LLC said the 6.6x sale multiple represented one of the strongest valuations for a single regional casino transaction since the COVID-19 pandemic. “When applying MGM’s cost of capital to the rent ascribed with this transaction, the wholeco valuation would approximate 10x," they said.

Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts, said: “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," Jonathan said.

MGM Growth Properties acquired the site, then operating as Hard Rock Rocksino Northfield Park, from Hard Rock in 2018 for $275 million. MGM Resorts bought the operations from MGP the following year for the same price and rebranded the venue as MGM Northfield Park.

The 74,000-square-foot complex features nearly 1,600 video lottery terminals, a half-mile harness racing track, 10 dining outlets, and an entertainment venue with about 1,800 seats.