NORTHFIELD, Ohio — A year and a half after announcing that it was looking for a potential buyer for its MGM Northfield Park Racino, MGM Resorts International announced Thursday that it has reached an agreement to sell the operations of the site to private equity funds managed by Toronto-based Clairvest Group Inc. for $546 million in cash.
Since it opened its doors in December 2013 as a Hard Rock property, Northfield Park has been the state leader in gaming revenue. Those numbers caught the eye of MGM, which purchased the site in 2019 for over $1 billion.
The lower sales amount reflects the fact that MGM's real estate arm, MGM Growth Properties, owned the land and the building. It was acquired in 2022 by Vici Properties, which is actually a spinoff of Caesars. The property was then leased back to MGM on an annual basis — $54 million this year.
“I want to thank our MGM Northfield Park employees who have consistently delivered world-class gaming and entertainment experiences to our guests. This is a great property with great opportunity ahead,” said Bill Hornbuckle, CEO & President of MGM Resorts International.
“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," he said.
Said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International, “We appreciate VICI, as the real estate owner of MGM Northfield Park, working constructively with Clairvest to facilitate a new lease agreement,"
Clairvest, which has been investing in the gaming industry for 25 years, said Northfield Park will mark its 17th such investment.
“We are excited by the growth potential at Northfield Park and remain committed to offering a premier entertainment experience for the local community. As we look ahead, we intend to build on the strong foundation laid by MGM and guide the continued expansion of the racino in the coming years. We are looking forward to building a collaborative relationship with our new industry partner, VICI,” said Michael Wagman, President and Managing Director of Clairvest.
The closing of the transaction is subject to the receipt of Ohio gaming and racing regulatory approvals, anti-trust clearance and other customary closing conditions. The parties expect the closing to occur in the first half of 2026.
A name for the property was not part of the announcement. Clairvest's other gaming properties, according to its website, include Delaware Park Casino in Delaware, the Nash Casino in New Hampshire and Meadowlands Racing & Entertainment in North Jersey.
