Jul 12 / 2018
Latest News / Deals

MGM Growth purchases Cleveland’s Hard Rock Rocksino

MGM Growth acquires Hard Rock Rocksino in billion dollar deal

MGM Growth Properties has acquired  Cleveland’s Hard Rock Rocksino Northfield in a $1.06 billion deal.

sigma igaming MGM Growth purchases Cleveland’s Hard Rock Rocksino
The Hard Rock Rocksino Northfield Park will be rented to its majority owner for $50 to $60 million a year, the company has said.

Under the terms of the deal, MGM Growth will recieve a 200,000-square foot casino with 2200 video lottery slot machines, along with the Northfield Park harness racetrack, from previous owner Milstein Entertainment. The REIT, an MGM Resorts spin-off, is also in the process of finalizing the acquisition of the famous Yonkers Raceway and its accompanying Empire City Casino.

MGM Growth was formed in 2016 and launched its IPO on the New York Stock Exchange shortly afterward, raising $1.2 billion. It is 70 per cent owned by MGM Resorts International.

REITs receive special tax considerations and can trade at higher stock market prices, potentially offering investors high returns.

The Hard Rock Rocksino Northfield Park will be rented to its majority owner for $50 to $60 million a year, the company has said.

MGM Growth CEO James Stewart said in an official statement on Friday he was “excited” about the first official addition to the REIT’s portfolio, which he added would bring “further geographic diversification” to the MGM brand.

“[A REIT] improves the balance sheet of MGM Resorts, it provides another growth vehicle for the company and it will…provide a different investment opportunity, as [Growth Properties] goes out and can acquire assets,” MGM Resorts CEO Jim Murren further explained about the spin-off.

Known as the “The Home of the Flying Turns” and for its motto “Every nineteen minutes the place goes crazy,” Northfield Park is the venue for the Battle for Lake Eerie, which has grown from its 1980s inception to become one of the premier events on the Free-For-All pacing calendar.

Check out our latest events in the videos below:

Share this entry: gplus-button facebook-button linkedin-button twitter-button
or go back to NEWS page
Array
(
    [0] => stdClass Object
        (
            [ID] => 140002
            [post_title] => EveryMatrix gains Associate Member status in the European Lotteries Association
            [post_date] => 2020-07-09 14:57:38
            [post_name] => everymatrix-gains-associate-member-status-in-the-european-lotteries-association
        )

    [1] => stdClass Object
        (
            [ID] => 139996
            [post_title] => ThunderSpin announces content agreement with BetConstruct
            [post_date] => 2020-07-09 14:41:13
            [post_name] => thunderspin-announces-content-agreement-with-betconstruct
        )

    [2] => stdClass Object
        (
            [ID] => 139984
            [post_title] => Experiencing a mysterious world with Pragamtic Plays new title Drago - Jewels of Fortune
            [post_date] => 2020-07-09 13:34:48
            [post_name] => experiencing-a-mysterious-world-with-pragamtic-plays-new-title-drago-jewels-of-fortune
        )

    [3] => stdClass Object
        (
            [ID] => 139990
            [post_title] => Yggdrasil and AvatarUX launch latest PopWins gameWildPops™
            [post_date] => 2020-07-09 13:27:58
            [post_name] => yggdrasil-and-avatarux-launch-latest-popwins-gamewildpops
        )

    [4] => stdClass Object
        (
            [ID] => 139985
            [post_title] => GrooveGaming recognised as one of the 10 Best Technology Solution Providers of 2020
            [post_date] => 2020-07-09 13:16:35
            [post_name] => groovegaming-recognised-as-one-of-the-10-best-technology-solution-providers-of-2020
        )

)
Book pass today!
今天就预订你的门票
Affiliates register free.
Low fee for all other delegates.
Find out now.

网上代理注册免费
其余参与代表也只需要很低的价格
Book Your Pass!

latest magazine

SiGMA Aftermovie

Upcoming Events

LATAM Digital Summit

22/09/2020

The inaugural SiGMA LatAm is set for Sep 22-24 with a virtual summit focusing on three themes: SiGMA LatAm Focus, AIBC LATAM, and SiGMA Deep Tech.

Learn More