MGM Growth Properties on Friday finalized its $1.06 billion purchase of Cleveland’s Hard Rock Rocksino Northfield, the first property to be acquired by the REIT, an MGM Resorts spin-off.
MGM Growth will inherit a 200,000-square foot casino with 2,200 video lottery slot machines, along with the Northfield Park harness racetrack, from previous owner Milstein Entertainment. The REIT 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 and its IPO on the New York Stock Exchange shortly afterward, raising $1.2 billion. It is 70-percent owned by MGM Resorts International.