Las Vegas is coming to Northfield Park as MGM Growth Properties has announced an agreement with Milstein Entertainment to acquire the Hard Rock Rocksino Northfield Park for approximately $1.06 billion.
MGM is the owner-operator of such Las Vegas casinos as Mandalay Bay, Mirage, New York New York, Luxor, Excalibur and Monte Carlo.
"MGP is proud to announce the acquisition of the Hard Rock Rocksino, the best performing gaming asset in Ohio. We are thrilled to join the Northeast Ohio community and look forward to continuing to work with the management team to consummate the transaction and identify a third-party tenant to operate the asset going forward," said James Stewart, Chief Executive Officer of MGM Growth Properties in a news release.
Since it opened in December 2013 the Rocksino has been the dominant player in the Ohio gambling market, frequently leading not only the state's other slots-only racinos but the state's four full-fledged casinos as well.
"The Hard Rock Rocksino has established itself as the premier gaming and entertainment destination in the market, thanks to our dedicated employees, partners, and loyal guests," said Brock Milstein, Chairman of the Board at Hard Rock Rocksino Northfield Park said in the release.
"MGM Growth Properties has many options and opportunities to invest all over the country, so we are especially proud and grateful that they have chosen to make such a meaningful investment in Ohio."
MGM Growth Properties expects to ultimately sell the entities holding the licenses and operating assets to a third-party operator. MGP intends to retain ownership of the real estate, anticipating $50 to $60 million of annual rent.
The transaction is expected to close in the second half of 2018 and is subject to customary closing conditions and regulatory approvals.
The Village of Northfield released the following statement:
"The Village of Northfield is honored and excited by the announcement of MGM Growth Properties’ agreement to acquire the Hard Rock Rocksino Northfield Park. The fact that MGM, a company with such significant resources and prominent worldwide brand and presence, sought to make such a substantial investment in the Village is truly humbling. We look forward to discussing the company’s plans for the property and working with MGM’s management team to ensure the facility remains the most exciting and best performing gaming and entertainment destination in Ohio."
— Jesse J. Nehez, Mayor, Village of Northfield
