MGM RESORTS INTERNATIONAL ANNOUNCES COMPLETION OF THE SALE OF THE OPERATIONS OF MGM NORTHFIELD PARK
LAS VEGAS, April 21, 2026 /PRNewswire/ -- MGM Resorts International (NYSE:MGM) ("MGM Resorts" or the "Company") announced today that it has closed on the sale of the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc. (TSX:CVG) ("Clairvest") for $546 million in cash.
"MGM Northfield Park is a market‑leading property supported by a talented team that has consistently delivered outstanding guest experiences," said Bill Hornbuckle, CEO & President, MGM Resorts International. "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 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," said Jonathan Halkyard, CFO, MGM Resorts International. "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."
For the year ended December 31, 2025, MGM Northfield Park reported Adjusted EBITDAR of approximately $142 million1. At the closing of the transaction, MGM Resorts' master lease agreement with VICI Properties Inc. (NYSE:VICI), which currently includes MGM Northfield Park, was amended to reduce annual rent by $53 million. The Company expects estimated net cash proceeds after taxes and transaction costs to be approximately $420 million.
Jefferies LLC and SMBC Nikko Securities America, Inc. served as advisors and Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts.
About MGM Resorts International
MGM Resorts International (NYSE:MGM) is an S&P 500® global gaming and entertainment company with national and international destinations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 30 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.
Forward Looking Statements
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends," "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's expectations regarding any benefits expected to be received from the sale, including the Company's expected use of the net cash proceeds. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and the Company may not be able to realize them. The Company does not guarantee that the transaction or other events described herein will happen as described (or that they will happen at all). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to the Company's ability to complete the transaction on the terms described herein or all, the satisfaction of the closing conditions to which the completion of the transaction is subject, including, but not limited to, the receipt of regulatory approvals, which could delay or prevent the completion of the transaction, the effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
Non-GAAP Financial Measures
This press release includes Adjusted EBITDAR for MGM Northfield Park, which is a "non-GAAP financial measure" as defined in Regulation G under the Securities Exchange Act of 1934, as amended. For a reconciliation of Adjusted EBITDAR to net income see footnote 1 to this press release.
(1) Calculated as net income of $64.4 million, adjusted for $0.7 million of interest expense, $11.0 million of depreciation expense, $0.4 million of property transactions, net, and $65.2 million of rent expense associated with triple-net operating leases.
MGM RESORTS CONTACTS
Investment Community:
SARAH ROGERS, Senior Vice President of Corporate Finance and Treasurer
(702) 730-3942, [email protected]
HOWARD WANG, Vice President of Investor Relations
(702) 693-8711, [email protected]
News Media:
BRIAN AHERN, Executive Director of Communications
[email protected]
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SOURCE MGM Resorts International