MGM Resorts Sells Northfield Park Operations for $546 Million in Strategic Divestiture
MGM Resorts International has reached an agreement to sell the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc. for $546 million in cash.
Unlocking Significant Value
The sale of the Ohio-based property is considered a strong financial maneuver for MGM Resorts. The property generated approximately $137 million in Adjusted EBITDAR for the twelve months ended June 30, 2025. MGM expects to receive estimated net cash proceeds of about $420 million after taxes and transaction costs.
Chief Financial Officer and Treasurer Jonathan Halkyard emphasized the premium valuation achieved by the sale. Halkyard stated the divestiture underscores the company’s “exceptional financial stewardship, delivering substantial value well beyond the original acquisition price.” MGM originally acquired the property’s operations in 2019 for $275 million plus purchase price adjustments.
Upon closing, MGM Resorts’ master lease agreement with VICI Properties, the real estate owner, will be amended to reduce MGM’s annual rent obligation by $54 million. VICI worked constructively with Clairvest to facilitate a new lease agreement for the property.
Focus Shift to Digital and International Growth
The sale aligns with MGM Resorts’ stated vision to be the world’s premiere gaming entertainment company. CEO and President Bill Hornbuckle confirmed the strategic direction. “We’re focused on growing our digital business, developing our international expansion opportunities, and continuing to invest in our leading integrated resorts domestically,” Hornbuckle said.
He thanked the employees of MGM Northfield Park for their service and noted the property has “great opportunity ahead.” By monetizing a regional asset at a high premium, MGM is strengthening its balance sheet and providing capital for these core strategic initiatives.
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