Las Vegas-based MGM Resorts International has agreed to sell the operations of MGM Northfield Park, a casino near Cleveland, to private equity funds managed by Clairvest Group Inc. for $546 million in cash. The transaction, expected to close in the first half of 2026 pending regulatory approval, values the property at approximately 6.6 times adjusted EBITDA for the 12 months ending June 30.
MGM expects to receive around $420 million in net proceeds after taxes and transaction costs. MGM Northfield Park, which reported $137 million in adjusted EBITDAR over the past year, will be removed from the company’s master lease with Vici Properties, reducing MGM’s annual rent payments by about $54 million following the sale.
MGM President and CEO Bill Hornbuckle said the move aligns with the company’s strategy to focus on digital growth, international expansion, and continued investment in its leading integrated resorts in the U.S.
The sale follows MGM’s recent decision to withdraw its application for a New York City casino license, a project previously estimated at $2.3 billion.
Analysts at Jefferies LLC noted that the 6.6x sale multiple represents one of the highest valuations for a single regional casino operation since the pandemic, highlighting the premium MGM secured in the deal. When considering MGM’s cost of capital relative to the rent associated with this transaction, Jefferies estimates the overall company valuation would approximate 10x.
MGM Growth Properties LLC acquired Northfield Park’s operations in 2018 for $275 million from Hard Rock, with MGM Resorts assuming operations and rebranding the property in 2019 for another $275 million.
The 74,000-square-foot MGM Northfield Park features nearly 1,600 video lottery terminals, a half-mile harness racetrack, 10 dining outlets, and a 1,820-seat entertainment venue.
MGM Resorts CFO and treasurer Jonathan Halkyard said the transaction demonstrates the company’s ability to deliver substantial value above the original acquisition price and reflects strong financial stewardship.