MGM acquires Hard Rock Rocksino Northfield Park’s operating assets to add another gambling property to its ever-growing portfolio
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.
As part of the transaction, MGM will lease the real property from its REIT.
MGM Growth Properties purchased the Northfield, Ohio-based venue from Milstein Entertainment last year for $1.02 billion.
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.
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.