MGM Resorts to Sell MGM Northfield Park for $546M

International casino & hospitality giant MGM Resorts International has unveiled an agreement to sell the operations of its MGM Northfield Park. According to the company’s official press release, the buyers are private equity funds managed by Clairvest Group.

MGM Originally Bought the Property for $275M

The announcement clarified that MGM Resorts will sell the operations of MGM Northfield Park for a total of $546 million in cash, subject to customary purchase price adjustments. Although MGM leaders described MGM Northfield Park as an excellent property, they said that the sale is an “excellent result” for the company.

Originally owned by Hard Rock, the casino, which was known at the time as Hard Rock Rocksino Northfield Park, was acquired by MGM Growth Properties in 2018 for $275 million. The venue was renamed to MGM Northfield Park shortly after.

MGM added that MGM Northfield Park’s adjusted EBITDAR reached $137 million for the twelve months ended June 30, 2025. Once MGM closes its sale, its master lease agreement with VICI, which currently includes MGM Northfield Park, will be changed, reducing the annual rent the operator has to pay by $54 million.

As a result, MGM Resorts forecasts total net cash proceeds of $420 million after taxes.

The arrangement is expected to close in H1 2026 and is subject to regulatory approvals and other customary closing conditions.

The Transaction Highlights MGM’s Consistency in Driving Transaction Multiples

Officials commented on the sale and what it means for MGM. Bill Hornbuckle, the company’s president and chief executive officer, thanked the MGM Northfield Park for their hard work and described the casino as a “great property with great opportunity ahead.” He added that the company remains committed to pursuing profitable growth across both the digital and land-based sectors.

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.

Bill Hornbuckle, CEO, MGM Resorts

In the meantime, Jonathan Halkyard, MGM’s chief financial officer and treasurer, called the sale an “excellent result” that demonstrates MGM’s consistency in driving transaction multiples at meaningful premiums over where MGM Resorts currently trades. He added that the higher sale price highlights MGM Resorts’s “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.

Jonathan Halkyard, CFO & treasurer, MGM Resorts

MGM’s announcement added that Jefferies and SMBC Nikko Securities America served as advisors, while Weil, Gotshal & Manges served as legal counsel in relation to the transaction.