MGM Resorts to Exit Ohio’s Northfield Park in $546M Sale to Clairvest
MGM Resorts International has agreed to sell the gaming operations of MGM Northfield Park in Ohio for $546 million, the company announced on October 16.
J.P. Morgan analysts estimated that, after taxes and transaction costs, MGM will net about $420 million from the transaction. The deal is expected to close by July 2026, subject to customary regulatory approvals.
MGM Northfield Park – formerly the Hard Rock Rocksino – is a slot-only racino located in Northfield, Ohio. The property features roughly 17,000 square feet of gaming space and about 1,600 video lottery terminals, in addition to a half-mile racing oval and a grandstand with approximately 1,820 seats, according to reporting in the Toronto Globe & Mail.
Clairvest, a Toronto-based private equity firm, is the buyer. The firm said it plans to invest approximately $165 million into the asset. Clairvest already owns gambling-enabled properties across several US states, including New Jersey, New Hampshire, Delaware and Wyoming, and this acquisition would be its 22nd gaming-entitled property.
J.P. Morgan calculated the purchase multiple at about 6.6 times cash flow. By contrast, MGM acquired the racino in 2018 for $275 million – a purchase J.P. Morgan said equated to about 8.1 times cash flow at the time. Analyst commentary noted the sale delivers a healthy return on MGM’s original investment and compares favorably with recent valuations in the regional gaming sector, where some assets trade near five times cash flow, ascribed to certain Penn Entertainment properties.
Market reaction was modest: MGM shares rose about 1.7% on the news, reaching $32.73 per share at the time of reporting.
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Strategic Rationale and Market Impact
MGM framed the divestiture as part of a broader strategic shift. CEO Bill Hornbuckle said the company is focusing on international growth and digital wagering while reinvesting in select North American operations. MGM CFO Jonathan Halkyard characterised the sale as evidence of the company’s ability to extract meaningful transaction premiums and deliver value above the original acquisition price.
Analysts at J.P. Morgan suggested the proceeds could bolster MGM’s balance sheet and fund shareholder returns, including buybacks, while also noting the move will likely reignite discussion about MGM’s long-term capital-allocation priorities. The analysts also referenced earlier company developments, including the decision not to pursue a New York City casino and recurring cash flows tied to MGM’s stake in BetMGM.
For Clairvest, the purchase underscores private-equity appetite for stable, cash-generating regional gaming assets. Clairvest President Michael Wagman said the firm intends to "build on the strong foundation laid by MGM" and expand the racino’s entertainment offering, while working with the property’s landlord, real estate investment trust Vici Properties, which continues to own the underlying real estate.
The transaction highlights several persistent trends in the US gaming industry: continued interest from private capital in regional and racino properties, the separation of operating companies from real-estate owners via REITs such as Vici, and strategic portfolio pruning by major operators as they focus on higher-growth channels like online wagering and international markets.
Regulatory clearance in Ohio will be required before the sale can close. If completed, the deal will mark a notable exit for MGM from a top-grossing Ohio gaming venue and a significant acquisition for Clairvest as it looks to deepen its footprint in the US gaming market. Local economic impacts, including any future investment, job retention or expansion plans tied to Clairvest’s $165 million commitment, will likely be watched closely by community stakeholders and state regulators.
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