Las Vegas, NV — MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) announced Thursday (Oct. 16) that it has reached an agreement to sell the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc. (TSX: CVG) (“Clairvest”) for $546 million in cash, subject to customary purchase price adjustments.
“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,” said Bill Hornbuckle, CEO & President, MGM Resorts International. “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.”
For the twelve months ended June 30, 2025, MGM Northfield Park reported Adjusted EBITDAR of approximately $137 million1. At the closing of the transaction, MGM Resorts’ master lease agreement with VICI, which currently includes MGM Northfield Park, will be amended to reduce annual rent by $54 million2. The Company expects estimated net cash proceeds after taxes and transaction costs to be approximately $420 million.
“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,” said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International. “We appreciate VICI, as the real estate owner of MGM Northfield Park, working constructively with Clairvest to facilitate a new lease agreement.”
MGM Growth Properties LLC (“MGP”) acquired the Hard Rock Rocksino Northfield Park in July 2018. In 2019, MGM Resorts acquired the operations from MGP for $275 million plus purchase price adjustments and rebranded the property as MGM Northfield Park.
The transaction is expected to close in the first half of 2026, subject to the receipt of regulatory approvals and other customary closing conditions.
Jefferies LLC and SMBC Nikko Securities America, Inc. served as advisors and Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts.