Clairvest looks to build on its successful track record of investing in the gaming sector, and agrees new triple-net lease deal with VICI Properties
MGM Resorts International has completed the sale of the racino operations of MGM Northfield Park in Ohio to private equity funds managed by Clairvest Group.
The acquisition has been completed for $546 million in cash and follows an initial agreement last October.
The transaction marks Clairvest’s 14th investment in the gaming sector, building on its 26-year track record of successful investing in the gaming industry, which includes Delaware Park Casino, The Nash Casino, and Accel Entertainment.
In 2025, MGM Northfield Park generated adjusted EBITDAR of approximately $142 million.
“MGM Northfield Park is a market‑leading property supported by a talented team that has consistently delivered outstanding guest experiences,” said MGM Resorts CEO and president Bill Hornbuckle. “The property has a strong foundation, and we extend our best wishes to the team and new ownership for continued success in the next chapter of the property’s evolution.”
MGM Resorts chief financial officer Jonathan Halkyard added: “The closing of this transaction underscores the value of MGM’s high-quality operations and provides an opportunity to divest a non-strategic regional asset at a significantly higher multiple than currently ascribed to our premium portfolio.
“The proceeds will be deployed in line with our priorities of maintaining a strong balance sheet, selectively investing in growth opportunities, and returning capital to shareholders.”
Following closing of the transaction, MGM Resorts’ master lease agreement with VICI Properties, which includes MGM Northfield Park, was amended to reduce annual rent by $53 million.
MGM Resorts expects estimated net cash proceeds after taxes and transaction costs to be approximately $420 million.
VICI has entered into a new separate triple-net lease with an affiliate of Clairvest with respect to the real property of Northfield Park, which has an initial annual base rent of $53 million, and upon closing, began a new 25-year lease term with three 10-year renewal options.
“We are pleased to welcome Clairvest to the VICI tenant roster, as their established track record in the gaming sector makes this a compelling partnership,” said VICI Properties president and chief operating officer John Payne. “The addition of Clairvest underscores VICI’s ability to maintain continuity and stability across our portfolio while diversifying our tenant base and supporting our existing partners’ strategic opportunities.”
Shares in MGM Resorts International (NYSE:MGM) were trading marginally higher by 0.13 per cent at $39.16 per share in New York in early trading Wednesday, while shares in VICI Properties Inc (NYSE:VICI) were trading 0.23 per cent higher at $28.49.
Shares in Clairvest Group Inc (TSE:CVG) were unchanged at C$76.25 in Toronto.