MGM Resorts International agrees to sell MGM Northfield Park operations for $546m
The transaction is expected to close at some point during H1 2026.
Key Points
- MGM has reached an agreement to sell the operations of its MGM Northfield Property
- MGM previously bought the property in 2018 from Hard Rock
- The buyer, Clairvest, already has a handful of gaming properties in its portfolio
MGM Resorts International has agreed to sell operations of MGM Northfield Park to Clairvest Group for $546m in cash.
Once the transaction is closed, the master lease agreement with VICI will be amended and reduced by $54m annually.
MGM Growth Properties originally acquired Hard Rock Rocksino Northfield Park in July 2018, before MGM Resorts acquired the operations in 2019 for $275m and rebranded the property.
Bill Hornbuckle, MGM Resorts International CEO & President, said: “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 great opportunity ahead.
“At MGM Resorts, our vision is to be the world’s premiere 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.”
Good to know: Clairvest is a private equity management firm that already has gas Wyoming Downs, The Nash Casino, Delaware Park Casino and Meadowlands Racing & Entertainment in its portfolio
Jonathan Halkyard, MGM Resorts International CFO & Treasurer, 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.”
On the topic of MGM properties, MGM Yonkers has officially withdrawn its application for a commercial casino licence from the New York State Gaming Commission.
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