Overview
- MGM agreed to divest the racino’s operations to private equity funds managed by Clairvest in an all-cash deal valued at $546 million.
- Closing is targeted for the first half of 2026, subject to Ohio gaming and racing regulatory approvals, antitrust clearance and other customary conditions.
- VICI Properties will establish a new lease with Clairvest and amend its master lease with MGM, reducing MGM’s annual rent by about $54 million at closing.
- MGM expects approximately $420 million in net cash proceeds after taxes and transaction costs from the transaction.
- The price reflects roughly a 6.6x multiple on trailing adjusted EBITDA; Northfield reported about $137 million in adjusted EBITDAR over the 12 months ended June 30, 2025, and Clairvest and co-investors plan around $165 million in equity.