MGM Resorts International ( MGM ) disclosed a deal to sell the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc. for $546 million in cash.

• MGM stock is down today. See the complete data here.

Details

Northfield Park, located in Ohio, is a regional racino (racetrack and casino) serving the Cleveland and Akron areas.

Among the property features are 74,000 square feet of gaming space with about 1,600 video lottery terminals, a half-mile standardbred (harness) racetrack and a 1,820-seat entertainment arena.

Also Read: This MGM Resorts ( MGM ) Analyst Is No Longer Bullish Due To Las Vegas Slowdown, Rising Capex

Post-sale to Clairvest, VICI Properties Inc. ( VICI ) will enter into a new lease with Clairvest. The lease will cover the property's real estate (the Northfield Park Lease) and amend its existing Master Lease with MGM Resorts ( MGM ).

Under the terms of the MGM Master Lease, VICI Properties ( VICI ) will amend the agreement to reflect MGM's divestiture of Northfield Park's operations.

This will reduce the annual base rent by $53 million, or $54 million if the transaction closes after May 1, 2026.

The deal is expected to close in the first half of 2026, pending regulatory approvals and customary closing conditions.

The company expects to receive around $420 million in net cash proceeds after taxes and transaction costs.

Management Commentary

Bill Hornbuckle, CEO and president of MGM Resorts International ( MGM ), stated, “At MGM Resorts ( MGM ), our vision is to be the world’s premier 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.”

John Payne, president and COO of VICI Properties ( VICI ), added, “We are excited to add our 14th tenant, and based on Clairvest’s track record in North American gaming, we believe in their ability to maintain Northfield Park’s strong competitive standing in Ohio gaming.”

MGM plans to release its third-quarter results on Oct. 29, 2025.

Investors can gain exposure to the company via Davis Fundamental ETF Trust Davis Select U.S. Equity ETF .

MGM Price Action: MGM Resorts International ( MGM ) shares are down 1.76% at $31.61 at publication on Thursday.

Read Next:

DraftKings Vs. Kalshi Vs. Polymarket: Q3 Results, Guidance To Show Who’s Leading NFL Betting Market