MGM Resorts to Sell MGM Northfield Park for $546M
MGM Resorts to Sell MGM Northfield Park
MGM Resorts International, a global leader in the casino and hospitality industry, has announced its plans to sell the operations of MGM Northfield Park. The buyers are private equity groups managed by Clairvest Group, according to an official company statement.
Purchase History and Sale Details
MGM Resorts originally acquired the property, formerly known as Hard Rock Rocksino Northfield Park, from Hard Rock through MGM Growth Properties in 2018 for $275 million. Following the purchase, the venue was rebranded as MGM Northfield Park.
The recent sale agreement values the property’s operations at $546 million in cash, subject to standard purchase price adjustments. Despite recognizing MGM Northfield Park as a strong asset, MGM views this transaction as a highly favorable outcome.
For the twelve months ending June 30, 2025, MGM Northfield Park’s adjusted EBITDAR was reported at $137 million. This sale will also lead to amendments in MGM’s master lease agreement with VICI, resulting in a $54 million reduction in annual rent obligations for MGM.
Following the completion of the sale, MGM Resorts expects to receive net cash proceeds of approximately $420 million after taxes. The transaction is projected to close in the first half of 2026, pending regulatory approval and other customary closing requirements.
Significance of the Transaction for MGM
MGM’s leadership emphasized the importance of this sale. Bill Hornbuckle, the company’s President and CEO, expressed appreciation for the team at MGM Northfield Park and highlighted the property’s promising future. He reaffirmed MGM’s dedication to driving profitable growth across its digital platforms and physical venues.
“At MGM Resorts, our vision is to be the world’s premier gaming entertainment company. To achieve this vision, we are focused on expanding our digital business, pursuing international growth, and continuing investment in our flagship integrated resorts domestically.”
Bill Hornbuckle, CEO of MGM Resorts
Jonathan Halkyard, MGM’s CFO and Treasurer, described the sale as an excellent demonstration of the company’s ability to generate strong transaction multiples at significant premiums compared to its current stock value. He viewed the elevated sale price as a sign of MGM Resorts’ ability to create substantial value beyond its initial investment.
“We appreciate VICI, the real estate owner of MGM Northfield Park, for their cooperative effort with Clairvest to establish a new lease agreement.”
Jonathan Halkyard, CFO & Treasurer of MGM Resorts
Advisory support for the deal was provided by Jefferies and SMBC Nikko Securities America, with Weil, Gotshal & Manges offering legal counsel throughout the process.
