MGM Resorts sells Ohio's Northfield Park operations to Clairvest Group for $546 million

MGM Resorts International has completed the sale of the operations of Ohio's MGM Northfield Park to private equity funds managed by Clairvest Group Inc. for $546 million in cash. Net proceeds are expected to total around $420 million after taxes and transaction costs.

"MGM Northfield Park is a market‑leading property supported by a talented team that has consistently delivered outstanding guest experiences," said Bill Hornbuckle, CEO & President, MGM Resorts International. "The property has a strong foundation, and we extend our best wishes to the team and new ownership for continued success in the next chapter of the property's evolution."

Chief Financial Officer Jonathan Halkyard said the transaction reflects the value of MGM’s operational portfolio while allowing the company to divest a non-core regional asset at a favorable valuation.

"The proceeds will be deployed in line with our priorities of maintaining a strong balance sheet, selectively investing in growth opportunities, and returning capital to shareholders," Halkyard added.

Private equity management firm Clairvest said the investment builds on its 26-year track record in the local market gaming industry and marks its 14th land-based gaming deal. The company has held ownership interests in 37 gaming assets over the last two decades across regional casinos, racetracks, suppliers, technology providers, and online gaming globally.

For the year ending December 31, 2025, MGM Northfield Park generated approximately $142 million in adjusted EBITDAR. As part of the transaction, MGM Resorts also amended its master lease agreement with VICI Properties Inc., reducing annual rent obligations by $53 million.

John Payne, President and Chief Operating Officer of VICI Properties, said: “We are pleased to welcome Clairvest to the VICI tenant roster, as their established track record in the gaming sector makes this a compelling partnership.

"The addition of Clairvest underscores VICI’s ability to maintain continuity and stability across our portfolio while diversifying our tenant base and supporting our existing partners’ strategic opportunities.”

Jefferies LLC and SMBC Nikko Securities America, Inc. served as advisors, and Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts.