Clairvest to buy MGM Northfield Park for $546m
Transaction represents Clairvest’s 17th investment in the gaming sector
Toronto-based private equity management firm Clairvest Group is buying MGM Northfield Park, a regional racino in Northfield, Ohio, from MGM Resorts for $546m in cash, subject to customary purchase price adjustments.
Northfield Park principally serves the Cleveland and Akron populations, offering 74,000 square feet of gaming space which includes 1,600 video lottery terminals, a half-mile standardbred (harness) racetrack, 10 food and beverage outlets, and an 1,820-seat entertainment venue.
Michael Wagman, President and Managing Director of Clairvest, said: “We are excited by the growth potential at Northfield Park and remain committed to offering a premier entertainment experience for the local community. As we look ahead, we intend to build on the strong foundation laid by MGM and guide the continued expansion of the racino in the coming years. We are looking forward to building a collaborative relationship with our new industry partner, VICI.”
“I want to thank our MGM Northfield Park employees who have consistently delivered world-class gaming and entertainment experiences to our guests. This is a great property with great opportunity ahead,” said Bill Hornbuckle, CEO & President, MGM Resorts International. “At MGM Resorts, our vision is to be the world’s premiere 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.”
For the twelve months ended June 30, 2025, MGM Northfield Park reported Adjusted EBITDAR of approximately $137m. At the closing of the transaction, MGM Resorts’ master lease agreement with VICI, which currently includes MGM Northfield Park, will be amended to reduce annual rent by $54m. The company expects estimated net cash proceeds after taxes and transaction costs to be approximately $420m.
“This is an excellent result for MGM Resorts and demonstrates consistency in driving transaction multiples at meaningful premiums over where MGM Resorts currently trades. The divestiture underscores MGM Resorts’ exceptional financial stewardship, delivering substantial value well beyond the original acquisition price,” said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International. “We appreciate VICI, as the real estate owner of MGM Northfield Park, working constructively with Clairvest to facilitate a new lease agreement.”
MGM Growth Properties acquired the Hard Rock Rocksino Northfield Park in July 2018. In 2019, MGM Resorts acquired the operations from MGP for $275m plus purchase price adjustments and rebranded the property as MGM Northfield Park. The horse track and rasino is located about 20 miles southeast of Cleveland.
The transaction is expected to close in the first half of 2026, subject to the receipt of regulatory approvals and other customary closing conditions.
MGM is also reported to have put MGM Springfield on the market too.
“Our original valuation of this market simply was off, full stop,” MGM Chief Executive Officer Bill Hornbuckle said last year. MGM Springfield generated $278m in GGR in 2023.
