MGM Resorts International has completed the sale of its MGM Northfield Park property to private equity funds managed by Clairvest Group for $546m, originally announced during October 2025.
"MGM Northfield Park is a market‑leading property supported by a talented team that has consistently delivered outstanding guest experiences," MGM Resorts President and CEO Bill Hornbuckle said.
"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."
The operator had previously confirmed MGM Northfield Park would close from April 20-21 as the property underwent the ownership change, most recently generating $142m of adjusted EBITDAR during FY2025.
MGM Resorts amended its master lease agreement with Vici Properties, which includes payments for MGM Northfield Park, to reduce annual rent by $53m.
Vici Properties then formed a new triple-net lease agreement with an affiliate Clairvest which will run for 25 years and carries three 10-year renewal options, continuing with the annual rent payments of $53m.
MGM Resorts CFO Jonathan Halkyard also commented on the completed transaction, having said, "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."
MGM Resorts anticipates net cash proceeds to be approximately $420m after taxes and transaction costs.
The operator also launched an all-inclusive style experience at its Luxor Hotel & Casino and Excalibur Hotel & Casino properties on the Las Vegas Strip during March 2026, sold exclusively through MGM Resorts’ direct booking channels.
MGM Resorts signed a new voting agreement with IAC Inc. and Barry Diller on April 8, formalizing how certain large shareholdings will be voted and setting parameters around board representation
