MGM Resorts International has completed the sale of its MGM Northfield Park property in Ohio to Clairvest Group for $546m.
MGM Resorts International has completed the sale of MGM Northfield Park’s operations to Toronto-based private equity investment firm Clairvest Group for $546m.
Clairvest brokered a deal to acquire the operations of the Ohio venue in October last year and hoped to finalise the purchase during the first half of 2026.
With the acquisition now complete, the operations of MGM Northfield Park will pass over to Clairvest. It is not yet clear if or how the company will rebrand the casino property.
Operating as a regional racino, MGM Northfield Park features 74,000 square feet of gaming space. This includes approximately 1,600 video lottery terminals and a half-mile standardbred harness racetrack. Other on-site amenities include 10 food and beverage outlets and an 1,820-seat entertainment venue.
The purchase is Clairvest’s 17th deal in the gaming sector. Other assets in its portfolio include live horse racing and off-track betting operator Wyoming Downs, Delaware Park racino, New Meadowlands Racetrack in New Jersey and Nash Casino in New Hampshire. In addition, it owns Illinois-based video gaming termianl operator Accel Entertainment.
“MGM Northfield Park is a market‑leading property supported by a talented team that has consistently delivered outstanding guest experiences,” said Bill Hornbuckle, president and CEO of MGM Resorts International.
“The property has a strong foundation. We extend our best wishes to the team and new ownership for continued success.”
MGM focused on ‘premium portfolio’
As for MGM, the group said it did not view MGM Northfield Park as within its “premium portfolio”. This was despite the property reporting adjusted EBITDAR of approximately $142m in the year ended 31 December 2025.
Post-transaction, MGM will alter its master lease agreement with VICI Properties, which currently includes the venue, to reflect the sale. This, the group said, would reduce annual rent by around $53m. As such, MGM expects estimated net cash proceeds after taxes and transaction costs of approximately $420m.
Jonathan Halkyard, chief financial officer of MGM, welcomed the sale. He said the amount MGM received for what was regarded as a non-core asset represented the value of its operations.
“The closing of this transaction underscores the value of MGM’s high-quality operations,” he said. “It provides an opportunity to divest a non-strategic regional asset at a significantly higher multiple than currently ascribed to our premium portfolio.
“The proceeds will be deployed in line with our priorities of maintaining a strong balance sheet, selectively investing in growth opportunities, and returning capital to shareholders.”