Cementing as a Market LeaderĬommenting on the new addition to MGM’s portfolio, the company’s CEO, Jim Murren, said that they are pleased to welcome MGM Northfield Park’s 950 employees to the MGM family. Located on the Northfield Park grounds, where more than 200 live harness races take place annually, the newly rebranded property features more than 2,300 gambling machines as well as a number of food and beverage options, popular music and comedy events, a concert-style music venue, and retail space, among other amenities. MGM also announced Monday that it has officially rebranded the gambling venue as MGM Northfield Park. As a result, MGM has obtained an ownership stake in the Operating Partnership of nearly 69%.

The redeemed units represented a purchase price of $275 million.

Under the terms of the recently closed deal, MGM Growth Properties Operating Partnership redeemed approximately 9.4 million of its Operating Partnership units from a MGM subsidiary.

The property continued to be operated by Florida-based gaming and hospitality company Hard Rock International under an agreement with its new owner until it was announced last September that rival MGM would purchase the operating assets of one of Ohio’s busiest gambling facilities. MGM Growth Properties purchased the Northfield, Ohio-based venue from Milstein Entertainment last year for $1.02 billion. As part of the transaction, MGM will lease the real property from its REIT. MGM Resorts International announced Monday that it has completed the acquisition of the operating assets of Hard Rock Rocksino Northfield Park from its real estate investment trust MGM Growth Properties. MGM acquires Hard Rock Rocksino Northfield Park’s operating assets to add another gambling property to its ever-growing portfolio

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