(AsiaGameHub) – MGM Resorts International has concluded the $546 million divestment of MGM Northfield Park’s operations to Clairvest Group, finalizing an agreement initially reached in October of the previous year.
Following the completion of the deal, Clairvest has assumed operational management of the Ohio-based racino, representing the firm’s 17th venture within the gaming industry. There is currently no confirmation regarding a potential rebranding of the site under its new owners.
The MGM Northfield Park facility encompasses 74,000 square feet of gaming area, housing approximately 1,600 video lottery terminals, a half-mile harness racing track, various restaurants, and a significant entertainment space.
The investment portfolio of Clairvest also features properties like Wyoming Downs, Delaware Park, and Meadowlands Racetrack, in addition to the gaming firm Accel Entertainment.
Bill Hornbuckle, President and CEO of MGM Resorts International, said:
MGM Northfield Park stands as a premier asset backed by a skilled workforce that has regularly provided exceptional service to guests. The venue possesses a solid base. We offer our best regards to the staff and the new owners for their future achievements.
MGM indicated that the facility was not a fit for its “premium portfolio” approach, even though it produced roughly $142 million in adjusted EBITDAR during 2025. In the wake of the divestiture, the corporation will adjust its leasing terms with VICI Properties, resulting in a yearly rent reduction of about $53 million.
The company anticipates receiving approximately $420 million in net proceeds once taxes and closing costs are accounted for.
Jonathan Halkyard, Chief financial officer of MGM, said:
The finalization of this deal highlights the worth of MGM’s top-tier operations. It allows us to sell a regional asset that is no longer central to our strategy at a valuation multiple much higher than what is presently assigned to our core premium portfolio. These funds will be utilized according to our goals of preserving a robust balance sheet, pursuing strategic growth investments, and delivering value back to our shareholders.
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