MGM RESORTS INTERNATIONAL ANNOUNCES COMPLETION OF THE SALE OF THE OPERATIONS OF MGM NORTHFIELD PARK

Rhea-AI Summary

MGM Resorts (NYSE: MGM) closed the sale of operations of MGM Northfield Park to Clairvest-managed private equity funds for $546 million in cash on April 21, 2026.

The property reported Adjusted EBITDAR of approximately $142 million for the year ended Dec 31, 2025. MGM amended its master lease with VICI to reduce annual rent by $53 million and expects net cash proceeds after taxes and transaction costs of about $420 million.

Positive

• Sale proceeds of $546 million in cash
• Estimated net cash proceeds of ~$420 million after taxes and costs
• Annual rent reduced by $53 million under amended VICI master lease

Negative

• Loss of Adjusted EBITDAR ~ $142 million from divested property

News Market Reaction – VICI

-0.77%

-0.77% Session close to close

In the Apr 22 session, VICI declined 0.77%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights an MGM asset sale that indirectly touches VICI through an amended maste...

Analysis

This announcement highlights an MGM asset sale that indirectly touches VICI through an amended master lease and $53 million annual rent reduction. For context, recent VICI news has focused on portfolio expansion, such as the Canadian sale-leaseback and a $1.5 billion mezzanine commitment to One Beverly Hills, each followed by modest gains. Investors may watch how this lease adjustment fits into VICI’s broader capital deployment, tenant concentration, and future transaction pipeline.

Key Figures

Sale price: $546 million Net cash proceeds: $420 million Adjusted EBITDAR: $142 million +5 more

8 metrics

Sale price $546 million Cash consideration for MGM Northfield Park operations

Net cash proceeds $420 million Estimated net cash proceeds after taxes and transaction costs

Adjusted EBITDAR $142 million MGM Northfield Park, year ended Dec 31, 2025

Net income $64.4 million MGM Northfield Park, year ended Dec 31, 2025

Annual rent reduction $53 million Decrease in annual rent under VICI master lease after transaction

Rent expense $65.2 million Triple-net operating lease rent in Adjusted EBITDAR reconciliation

Depreciation expense $11.0 million Adjustment in EBITDAR reconciliation for 2025

Interest expense $0.7 million Adjustment in EBITDAR reconciliation for 2025

Historical Context

5 past events · Latest: Apr 01 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 01	Transaction approval	Positive	+0.5%	Golden Entertainment shareholders approved master transaction involving VICI Properties.
Mar 30	Earnings scheduling	Neutral	+0.8%	Announced date and call details for Q1 2026 financial results.
Mar 30	Sale-leaseback deal	Positive	+1.9%	Announced CAD$200.6M acquisition of four Alberta properties via sale-leaseback.
Mar 23	Project financing	Positive	+0.8%	One Beverly Hills secured $4.3B financing, including VICI mezzanine loan.
Mar 23	Mezzanine expansion	Positive	+0.8%	VICI increased mezzanine commitment to $1.5B and extended partnerships.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent VICI headlines tied to transactions and financing have generally coincided with modestly positive price reactions.

Recent Company History

Over the last month, VICI-related news has centered on transaction approvals, portfolio expansion and large-scale financing. On Mar 23, VICI increased its mezzanine commitment to $1.5 billion for the One Beverly Hills project, and the same day a separate release detailed the project’s $4.3 billion financing, both followed by gains of 0.82%. A CAD$200.6 million Canadian portfolio sale-leaseback on Mar 30 saw a 1.88% move. More routine items, like an earnings release date and a Golden Entertainment transaction approval, also produced small positive reactions.

Key Terms

adjusted ebitdar, triple-net operating leases, non-gaap financial measure, master lease agreement, +2 more

6 terms

adjusted ebitdar financial

"MGM Northfield Park reported Adjusted EBITDAR of approximately $142 million1."

Adjusted EBITDAR is a company’s reported profit measure that starts with operating earnings and then adds back interest, taxes, depreciation, amortization and rent, plus any one‑time items companies exclude. It aims to show how much cash a business generates from its core operations before the costs of financing, non‑cash accounting charges and property leases, like comparing two stores’ underlying sales by ignoring rent and loan payments. Investors use it to compare operating performance across firms and assess ability to cover fixed obligations, but companies may calculate it differently, so comparisons require caution.

triple-net operating leases financial

"rent expense associated with triple-net operating leases."

A triple-net operating lease is a property lease where the tenant pays, in addition to rent, the three main property expenses—property taxes, insurance, and maintenance—while the landlord keeps ownership. For investors, these leases mean the owner bears fewer variable costs and receives steadier, more predictable rental income, like renting a house where the tenant handles utilities and yard work, reducing unexpected expenses and smoothing returns.

non-gaap financial measure financial

"Adjusted EBITDAR ... is a "non-GAAP financial measure" as defined in Regulation G"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

master lease agreement financial

"MGM Resorts' master lease agreement with VICI Properties Inc. ... was amended"

A master lease agreement is an umbrella contract that sets the rules for a group of related leases between an owner and a renter, so new individual leases can be added quickly without renegotiating basic terms. For investors it matters because it fixes payment schedules, responsibilities for maintenance and default remedies across multiple assets, which directly affects a company’s cash flow predictability, liability exposure and the value of leased properties or equipment—like a standard template that speeds deals but locks in terms.

forward-looking statements regulatory

"Statements in this release that are not historical facts are forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

regulation g regulatory

"a "non-GAAP financial measure" as defined in Regulation G under the Securities Exchange Act"

Regulation G is a U.S. securities rule that requires companies to show and explain how any highlighted financial numbers that differ from standard accounting figures were calculated, and to provide a clear bridge to the official results. For investors this acts like a recipe card: when a company presents a simplified or adjusted profit number, Regulation G forces them to show the original ingredients and steps so readers can judge whether the adjusted figure gives a clearer or misleading picture of financial health.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LAS VEGAS, April 21, 2026 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") announced today that it has closed on the sale of the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc. (TSX: CVG) ("Clairvest") for $546 million in cash.

"MGM Northfield Park is a market‑leading property supported by a talented team that has consistently delivered outstanding guest experiences," said Bill Hornbuckle, CEO & President, MGM Resorts International. "The property has a strong foundation, and we extend our best wishes to the team and new ownership for continued success in the next chapter of the property's evolution."

"The closing of this transaction underscores the value of MGM's high-quality operations and provides an opportunity to divest a non-strategic regional asset at a significantly higher multiple than currently ascribed to our premium portfolio," said Jonathan Halkyard, CFO, MGM Resorts International. "The proceeds will be deployed in line with our priorities of maintaining a strong balance sheet, selectively investing in growth opportunities, and returning capital to shareholders."

For the year ended December 31, 2025, MGM Northfield Park reported Adjusted EBITDAR of approximately $142 million¹.  At the closing of the transaction, MGM Resorts' master lease agreement with VICI Properties Inc. (NYSE: VICI), which currently includes MGM Northfield Park, was amended to reduce annual rent by $53 million. The Company expects estimated net cash proceeds after taxes and transaction costs to be approximately $420 million. 

Jefferies LLC and SMBC Nikko Securities America, Inc. served as advisors and Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts.

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international destinations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 30 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

Forward Looking Statements
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends," "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's expectations regarding any benefits expected to be received from the sale, including the Company's expected use of the net cash proceeds. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and the Company may not be able to realize them. The Company does not guarantee that the transaction or other events described herein will happen as described (or that they will happen at all). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to the Company's ability to complete the transaction on the terms described herein or all, the satisfaction of the closing conditions to which the completion of the transaction is subject, including, but not limited to, the receipt of regulatory approvals, which could delay or prevent the completion of the transaction, the effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

Non-GAAP Financial Measures
This press release includes Adjusted EBITDAR for MGM Northfield Park, which is a "non-GAAP financial measure" as defined in Regulation G under the Securities Exchange Act of 1934, as amended. For a reconciliation of Adjusted EBITDAR to net income see footnote 1 to this press release.

(1) Calculated as net income of $64.4 million, adjusted for $0.7 million of interest expense, $11.0 million of depreciation expense, $0.4 million of property transactions, net, and $65.2 million of rent expense associated with triple-net operating leases.

MGM RESORTS CONTACTS

Investment Community:
SARAH ROGERS, Senior Vice President of Corporate Finance and Treasurer
(702) 730-3942, srogers@mgmresorts.com

HOWARD WANG, Vice President of Investor Relations
(702) 693-8711, hwang@mgmresorts.com

News Media:
BRIAN AHERN, Executive Director of Communications
media@mgmresorts.com

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SOURCE MGM Resorts International

FAQ

How much did MGM Resorts receive from the sale of MGM Northfield Park (MGM) on April 21, 2026?

Direct answer: MGM sold the operations for $546 million in cash. Supporting context: According to the company, estimated net cash proceeds after taxes and transaction costs are about $420 million, reflecting expected deductions and tax impacts.

What was MGM Northfield Park's financial performance before the sale reported by MGM (MGM)?

Direct answer: MGM Northfield Park reported Adjusted EBITDAR of approximately $142 million for the year ended Dec 31, 2025. Supporting context: According to the company, that non-GAAP measure reconciles to net income using disclosed adjustments for rent and other items.

How does the sale affect MGM Resorts' lease obligations with VICI (MGM)?

Direct answer: MGM amended its master lease to reduce annual rent by $53 million. Supporting context: According to the company, the amendment removes MGM Northfield Park from the prior rent schedule, lowering future annual rent obligations under the VICI lease.

What will MGM Resorts likely do with the net proceeds from the MGM Northfield Park sale (MGM)?

Direct answer: MGM expects to deploy proceeds to maintain its balance sheet, invest selectively, and return capital to shareholders. Supporting context: According to the company, estimated net cash proceeds are about $420 million and will align with those stated priorities.

Who acquired the operations of MGM Northfield Park and which advisors assisted MGM Resorts (MGM)?

Direct answer: Private equity funds managed by Clairvest Group acquired the operations. Supporting context: According to the company, Jefferies LLC and SMBC Nikko Securities America served as advisors and Weil, Gotshal & Manges served as legal counsel to MGM Resorts.

Does the sale of MGM Northfield Park materially change MGM Resorts' portfolio scale (MGM)?

Direct answer: The transaction divests a regional asset and removes its ~$142 million Adjusted EBITDAR from MGM's operations. Supporting context: According to the company, the sale was of a non-strategic regional property and proceeds will be redeployed per corporate priorities.