MGM Resorts International announced the sale of its MGM Northfield Park racino property in Ohio to an affiliate of funds managed by Clairvest Group for $546 million in cash.
Key Takeaways
- MGM Resorts sold its Northfield Park property to Clairvest for $546 million in cash.
- The sale follows MGM's unexpected withdrawal from the New York downstate casino race.
- MGM is expected to focus its growth strategy on digital operations and international expansion.
The move, coming a day after MGM withdrew from New York's downstate casino race, reflects a broader restructuring aimed at reallocating capital toward digital and international growth, according to the Akron Beacon Journal.
The transaction involves a new lease arrangement between VICI Properties, the property owner, and Clairvest. At the same time, MGM is also expected to net around $420 million upon closure in the first half of 2026, subject to regulatory approval.
Clairvest, a Toronto-based private equity firm, adds Northfield Park to its portfolio of 36 gaming assets, which includes Delaware Park Casino and Meadowlands Racing & Entertainment. MGM acquired Northfield Park from Hard Rock in 2018 for $275 million, and it generated approximately $137 million in adjusted earnings last year.
"This is a great property with great opportunity ahead," said Bill Hornbuckle, CEO and president of MGM Resorts International, in a statement. "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."
MGM withdraws from New York casino race
Days before the sale announcement, MGM withdrew its bid for a New York downstate casino license, ending a proposed $2.3-billion redevelopment of Empire City Casino in Yonkers. The company cited unfavorable changes in the economic climate and state regulatory terms, including the reduction of the license period from 30 to 15 years, which significantly altered return-on-investment projections.
MGM added that the new conditions no longer aligned with its financial goals or those of partner VICI Properties.
Yonkers Mayor Mike Spano criticized the decision as “a betrayal to the people of Yonkers and Westchester County,” arguing it contradicts MGM's previous stance that a full casino license was essential for competitiveness. Local officials also raised concerns about potential political influence tied to Bally's Whitestone casino proposal in Queens, which could yield President Donald Trump an additional $115 million if approved.
With MGM's withdrawal, Queens-based projects have become the leading contenders for two of the three available licenses.
MGM launches Live from Vegas online gaming platform
Not long before its New York exit, MGM intensified its focus on digital innovation. The company launched Live from Vegas, an interactive online gaming platform broadcasting real-time casino gameplay from the MGM Grand.
Players from international markets such as the U.K., Brazil, and Canada can participate in live blackjack, roulette, baccarat, and game show-style betting events.
The service is currently restricted from U.S. users, but MGM expects that to change as the digital gambling market continues to evolve.
