MGM Resorts Contemplates Selling Ohio and Massachusetts Casino Ventures

MGM Resorts International is reportedly considering the sale of its casino operations located in Ohio’s Northfield Park and Springfield, Massachusetts. 

Stock Woes Prompt MGM Resorts to Mull Ohio and Massachusetts Property Sales

Sources familiar with the matter revealed to Bloomberg that MGM Resorts is actively exploring the possibility of selling its properties in Ohio and Massachusetts, although discussions are in the early stages and may not necessarily lead to definitive action. 

MGM Resorts has so far declined to provide any official statement regarding these deliberations.

The decision comes amidst MGM’s dissatisfaction with its stock performance, which has seen minimal growth despite positive sales and profit figures over the past two years. Despite being a dominant force in the casino landscape of the Las Vegas Strip, MGM has been eager to expand its presence in both the domestic and international online gambling markets.

For example, MGM Resorts International’s CEO, Bill Hornbuckle, recently discussed the company’s future plans at the JP Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum, emphasizing potential ventures in the UAE and Thailand, as well as the company’s strong position in New York, where it operates the Empire City racino and aims to secure one of the three downstate casino licenses, with construction on a new casino projected to begin by mid-2026 if successful.

MGM’s Ohio and Massachusetts Casino Ventures Face Scrutiny Amid Challenges

MGM Northfield Park, situated approximately 20 miles southeast of Cleveland, functions both as a horse track and a casino. MGM assumed control of the property, formerly operated by Hard Rock, back in 2019. 

Meanwhile, the Springfield casino, which opened its doors in 2018 following Massachusetts’ authorization of casino gambling, has failed to meet initial expectations.

During a meeting with local officials last year, CEO Bill Hornbuckle openly acknowledged that the Springfield venture had encountered challenges, stating that their initial valuation of the market had been incorrect. Despite generating $278 million in gambling revenue in 2023, the property has fallen short of anticipated success.

It is worth noting that the real estate housing both casino properties is owned by Vici Properties Inc., a New York-based real estate investment trust. Vici acquired MGM’s REIT affiliate, MGM Growth Properties, nearly two years ago.

However, Vici has not commented on the ongoing discussions surrounding the potential sale of these assets. As MGM Resorts International explores the possibility of divesting its Ohio and Massachusetts casino holdings, industry analysts are closely monitoring developments, speculating on potential buyers and the impact of such a move on the broader gambling landscape.