MGM Resorts completes sale of MGM Northfield Park operations
The company has sold the operations to private equity funds managed by Clairvest Group.
US.- MGM Resorts International has completed the sale of the operations of MGM Northfield Park in Ohio to private equity funds managed by Clairvest Group for $546m in cash. It expects net cash proceeds after taxes and transaction costs to be approximately $420m.
According to the company, for the year ended December 31, 2025, MGM Northfield Park reported adjusted EBITDAR of $142m. MGM Resorts’ master lease agreement with VICI Properties, which currently includes MGM Northfield Park, has been amended to reduce annual rent by $53m.
Bill Hornbuckle, CEO and president of MGM Resorts International, said: “MGM Northfield Park is a market-leading property supported by a talented team that has consistently delivered outstanding guest experiences. 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.”
Jonathan Halkyard, CFO of MGM Resorts International, added: “The closing of this transaction underscores the value of MGM’s high-quality operations and provides an opportunity to divest a non-strategic regional asset at a significantly higher multiple than currently ascribed to our premium portfolio. 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.”
