MGM Buys Hard Rock Casino For $1 Billion
MGM Growth Properties has announced it has acquired the Hard Rock Rocksino Northfield Park in Ohio for $1.06 billion, the property is said to be the best performing casino in the state.
The deal which sees the casino that has been open since 2013 will join the MGM group once the legal requirements and regulatory approvals have been concluded which is expected to be completed in the second half of the year.
James Stewart, Chief Executive Officer of MGM Growth Properties said in a statement, “MGP is proud to announce the acquisition of the Hard Rock Rocksino, the best performing gaming asset in Ohio. We are thrilled to join the Northeast Ohio community and look forward to continuing to work with the management team to consummate the transaction and identify a third-party tenant to operate the asset going forward.”
“The Hard Rock Rocksino has established itself as the premier gaming and entertainment destination in the market, thanks to our dedicated employees, partners, and loyal guests,” said Brock Milstein, Chairman of the Board at Hard Rock Rocksino Northfield Park said in the release.
“MGM Growth Properties has many options and opportunities to invest all over the country, so we are especially proud and grateful that they have chosen to make such a meaningful investment in Ohio.”
Interestingly MGM Growth Properties are planning to sell of the gaming license and all operating assets and focus on the real estate value and rental of the property which is expected to rake in upwards of $50 million a year for MGM.
