Clairvest Group has reached an agreement to acquire the operations of MGM Northfield Park from MGM Resorts International (NYSE: MGM) for $546 million in cash.
The deal is expected to close in the first half of 2026 pending regulatory approvals. Following the transaction, MGM Resorts will amend its master lease with VICI Properties, reducing its annual rent obligations by $54 million and anticipates net proceeds of approximately $420 million after taxes and transaction costs. Located near Cleveland, Ohio, MGM Northfield Park is a prominent gaming and entertainment facility that includes a “racino” operation. The property was originally acquired by MGM Growth Properties in 2018, and MGM Resorts assumed operational control in 2019 for $275 million, rebranding it under the MGM name.
On the sell-side, Jefferies LLC and SMBC Nikko Securities America, Inc. advised MGM Resorts, with legal counsel provided by Weil, Gotshal & Manges LLP. Details of Clairvest’s lease arrangement with VICI Properties, which owns the real estate, were not disclosed.