VICI Properties Inc. Enters into Agreements Relating to MGM Northfield Park in Northfield, OH
VICI Properties Inc. announced that, in connection with MGM Resorts International’s agreement to sell the operations of MGM Northfield Park, located in Northfield, OH, to an affiliate of funds managed by Clairvest Group Inc., VICI has agreed to enter into a new separate lease with an affiliate of Clairvest with respect to the real property of Northfield Park (the “Northfield Park Lease”) and also enter into an amendment to the Master Lease between VICI Properties and MGM Resorts (the “MGM Master Lease”).
Clairvest, a top-performing private equity management firm, is a recognized leader in the gaming sector having had ownership interests in 36 gaming assets over the last two decades. Clairvest is a sought-after partner with experience across regional casinos, racetracks, suppliers, technology providers, and online gaming globally.
John Payne, President and Chief Operating Officer of VICI Properties, said: “This transaction is yet another example of VICI’s ability to collaborate with new and existing partners for mutually beneficial outcomes. We are excited to add our 14th tenant, and based on Clairvest’s track record in North American gaming, we believe in their ability to maintain Northfield Park’s strong competitive standing in Ohio gaming.”
Michael Wagman, President and Managing Director at Clairvest, said: “Northfield Park is a high-quality asset in a compelling location, and we are looking forward to entering a new chapter of our firm’s decades-long history of investing in the gaming industry with VICI as our partner.”
The Northfield Park Lease will have an initial annual base rent of $53.0 million, and if closing occurs after May 1, 2026, such base rent shall be $54.0 million, reflecting the 2.0% annual escalation provided for in the MGM Master Lease. Upon closing, the Northfield Park Lease will begin a new 25-year lease term with three 10-year renewal options. The other terms of the Northfield Park Lease will be substantially the same as the MGM Master Lease, including escalation of 2.0% per annum (with escalation equal to the greater of 2.0% and the change in CPI (capped at 3.0%) beginning at the same time as the MGM Master Lease in 2032) and a minimum capital expenditure requirement equal to 1.0% of annual net revenue. The Northfield Park Lease will be guaranteed by an affiliate of funds managed by Clairvest that will own the operations of Northfield Park.
VICI Properties has also agreed, in accordance with, and as contemplated by, the terms of the MGM Master Lease, to amend the MGM Master Lease to account for MGM’s divestiture of the operations of Northfield Park, which will result in a reduction of the annual base rent under the MGM Master Lease by $53.0 million (or $54.0 million should the closing occur after May 1, 2026).
The transactions are expected to be completed in the first half of 2026 and are subject to customary closing conditions and regulatory approvals.
