Overview

• The definitive agreement covers a $546 million cash sale of the racino’s operations, with closing targeted for the first half of 2026 pending Ohio gaming and racing approvals, antitrust clearance and other customary conditions.
• Upon completion, MGM’s master lease with VICI will be amended to cut annual rent by $54 million, and MGM projects approximately $420 million in net cash after taxes and transaction costs.
• The purchase price reflects an estimated 6.6x multiple of LTM Adjusted EBITDA, with Northfield Park reporting about $137 million of Adjusted EBITDAR for the twelve months ended June 30, 2025.
• Clairvest and co-investors plan to contribute roughly $165 million in equity, and the deal represents Clairvest’s 17th investment in the gaming sector.
• Northfield Park serves the Cleveland and Akron markets with 74,000 square feet of gaming space, about 1,600 video lottery terminals and a half-mile harness track, while VICI remains the real estate owner under a new lease arrangement.