Las Vegas-based MGM Resorts International announced Thursday it has agreed to sell the operations of MGM Northfield Park, a racino near Cleveland, to private equity funds managed by Clairvest Group Inc. for $546 million in cash.

The deal, expected to close in the first half of 2026 pending regulatory approval, values the property at roughly 6.6 times adjusted EBITDA for the 12 months that ended June 30, according to MGM. The company expects about $420 million in net proceeds after taxes and transaction costs.

MGM Northfield Park, which reported $137 million in adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent) over the past year, will be removed from the company’s master lease with real estate owner Vici Properties, reducing MGM’s annual rent payment

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