Key Moments:
- MGM Resorts International agreed to sell MGM Northfield Park operations to Clairvest Group for $546 million in cash
- The sale price reflects around 6.6 times Northfield Park’s adjusted EBITDAR of $137 million for the twelve months ended 30 June 2025
- The transaction is anticipated to close in the first half of 2026, pending regulatory approvals
Divestment Aligns with Strategic Reshaping
MGM Resorts International has announced an agreement to sell its Ohio property, MGM Northfield Park, to private equity funds managed by Clairvest Group. The $546 million cash transaction remains subject to price adjustments. Moreover, the sale aligns with MGM’s broader strategy to streamline its portfolio, enhance digital focus, and expand internationally. In addition, it represents another step toward optimizing operational efficiency and long-term shareholder value.
Interesting thought from Citizens on MGM selling Northfield Park. Among other things, they see the sale as saying something about the prospects and potential of legalized iGaming in Ohio. Not near and not as great as advertised, is my reading of the note. pic.twitter.com/KaOmkaQFci
— Geoff Zochodne (@GeoffZochodne) October 16, 2025
Financial Details and Deal Metrics
According to MGM Resorts, the transaction values the Northfield Park operations at approximately 6.6 times the adjusted EBITDAR of $137 million for the twelve months ending 30 June 2025. After taxes and associated transaction costs, MGM anticipates receiving net cash proceeds of approximately $420 million. Furthermore, in the first quarter of 2025, MGM reported consolidated net revenues of $4.3 billion — a 2% decline from the previous year. This drop, however, was mainly due to weaker performance at its Las Vegas Strip properties and MGM China. Therefore, the sale could help offset these regional fluctuations by freeing capital for higher-growth segments.
| Metric | Value |
|---|---|
| Purchase Price | $546 million (cash, subject to adjustments) |
| Adjusted EBITDAR (TTM ended 30 June 2025) | $137 million |
| Net Proceeds (after taxes, costs) | Approximately $420 million |
| Transaction Multiple | 6.6x adjusted EBITDAR |
Lease Amendment with Vici Properties
As part of the deal, MGM’s master lease with Vici Properties — which includes Northfield Park — will be amended. Consequently, MGM’s annual rent will drop by $54 million once the property is removed. In turn, this adjustment provides additional liquidity for future projects. CFO Jonathan Halkyard said Vici Properties worked closely with Clairvest to build a new lease structure, ensuring a smooth transition after the sale closes. Moreover, the cooperation between the parties demonstrates MGM’s ongoing focus on strategic collaboration.
Timeline and Regulatory Clearance
The deal is projected to close in the first half of 2026, subject to regulatory approval and the fulfillment of customary closing conditions.
Refocusing on Digital and International Growth
MGM Resorts highlighted its intention to prioritize digital development and expansion overseas as part of its long-term strategic vision. President and Chief Executive Officer Bill Hornbuckle expressed appreciation for the contributions of the Northfield Park team, stating, “At MGM Resorts, our vision is to be the world’s premiere gaming entertainment company. To achieve this, we are focused on expanding our digital business, exploring international opportunities, and continuing to invest in our leading integrated resorts in the United States.”
The divestment also helps MGM redirect resources into high-growth areas such as digital gaming, sports betting, and international resort development. As a result, the company is reshaping its portfolio to capture opportunities in markets with stronger long-term potential. Furthermore, this approach underscores MGM’s adaptability in a rapidly changing global gaming environment.
Additional Strategic Moves and Executive Updates
MGM Resorts recently withdrew its application for a commercial casino license in Yonkers, New York, which involved a proposed $2.3 billion project to expand Empire City Casino. The company cited altered competitive dynamics and a shortened license duration — reduced from 30 years to 15 — as key reasons for discontinuing the project. Nevertheless, MGM remains open to revisiting New York opportunities should market conditions improve.
In addition, MGM named Steve Zanella as president and chief executive of its Japan division. He will oversee the development and future launch of MGM Osaka, a joint venture with Orix Corporation and other Japanese partners. MGM Osaka, located on Yumeshima Island in Osaka Bay, is expected to cost $10.20 billion, which is an increase from a prior estimate of $8.4 billion disclosed in May. Construction commenced in April, and the opening is expected in autumn 2030 after construction completion in summer 2030.
- Author
Daniel Williams
