MGM Resorts International has completed the sale of MGM Northfield Park’s operating business in Ohio to private equity funds managed by Clairvest Group for $546 million in cash. The sale ends MGM’s role as operator of the Northfield racino. The property’s real estate remains under the existing structure with VICI Properties.
The sale is part of MGM’s wider effort to reshape its portfolio. MGM expects about $420 million in net cash proceeds after taxes and transaction costs. Its amended master lease with VICI also cuts annual rent by $53 million.
Sale shifts operations, but not the property itself
This is an operations sale, not a full property sale. VICI still owns the real estate, and Clairvest has signed a new long-term lease for the Northfield property. VICI said the deal is built around a 25-year master lease with initial annual rent of about $60 million, plus extension options.
The land and buildings stay with a specialist real-estate owner, while the casino and racing operations move to a new operator. That structure has become common in the US gaming market.
Northfield remains a sizeable Ohio gaming asset
Northfield Park is a major regional racino serving the Cleveland and Akron markets. The property has 74,000 square feet of gaming space. It includes about 1,600 video lottery terminals.
The site also includes a half-mile harness racing track, 10 food and beverage outlets, and an entertainment venue with about 1,820 seats. MGM reported that Northfield Park generated about $142 million in adjusted EBITDAR for the year ended December 31, 2025.
Clairvest already has a history in gaming and racing assets
The Northfield acquisition adds to Clairvest’s existing gaming portfolio. Clairvest’s portfolio page shows it already has a stake in New Meadowlands Racetrack in New Jersey and has previously invested in gaming assets such as Rivers Casino and Centaur Gaming in the US.
That background gives Clairvest experience with racetrack and casino-related businesses before taking over Northfield Park. Northfield now sits in Clairvest’s Fund VII portfolio as an active gaming investment.
