MGM Growth Properties has agreed to acquire the Hard Rock Rocksino Northfield Park, a racino in Northfield, Ohio from Milstein Entertainment for about $1.06 billion.
Under the deal, the Las Vegas-based real estate investment trust MGM Growth Properties will get 100% ownership of Northfield Park Associates, which, in turn owns and operates the Northfield racino.
Located about 17 miles from Cleveland and 18 miles from Akron, the Rocksino Northfield Park is a gaming, dining and entertainment center.
Commenting on MGM Growth acquisition of Rocksino Northfield Park, James Stewart – CEO of MGM Growth Properties, said: “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.
“This attractive addition to our portfolio is expected to result in mid to high single digit percentage accretion to AFFO per share, demonstrating again our commitment to generating value for our shareholders.”
The Northfield racino, made up of 200,000-square foot gaming facility, features more than 2,300 video lottery terminals, a range of retail and food and beverage outlets, and also entertainment venues, including a music venue of 1900 capacity and an event space which can host 250 people.
Rocksino Northfield Park also has a year-round horse racetrack along with a gas station and car wash.
Brock Milstein – Chairman of the Board at Hard Rock Rocksino Northfield Park, commenting on MGM Growth acquisition of Rocksino Northfield Park, said: “Since opening our doors in December 2013, 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.
“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.”
MGM Growth acquisition of Rocksino Northfield Park is anticipated to be completed in the second half of this year, provided it meets customary closing conditions and receives regulatory approvals.
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