MGM could acquire Hard Rock casino
MGM Resorts could now operate a Hard Rock casino located in Northfield, Ohio.
US.- As Hard Rock International announced the sale of its Hard Rock Rocksino Northfield Park, operated by Milstein Entertainment LLC, the American press revealed that the buyer would be MGM Growth Properties LLC. The transaction is allegedly set at US$1.06 billion, as Reuters informed this week.
Hard Rock Rocksino Northfield Park is located in Northfield, Ohio, and will soon be operated by the renowned gaming company MGM. However, “MGM Growth Properties said it expected to ultimately sell the entities holding the licenses and operating assets to a third-party operator,” according to the official statement. MGM Growth Properties’ shares rose 2.7 per cent to US$26.75 this week.
The property has more than 2,300 video lottery terminals and includes several retail, food and beverage outlets, as well as entertainment venues and a horse racetrack, said MGM Growth Properties, a unit of MGM Resorts International.
“We expect that MGP (MGM Growth Properties) will be able to garner interest from third parties given the attractive fundamentals at the property and in the broader (Ohio) market, with MGM as a backup operator should attractive bids not surface,” Morgan Stanley analyst Thomas Allen wrote in a client note this Thursday after the announcement.
