MGM is unloading an Ohio casino/racetrack to private equity funds for $546 million Rumor of sale dates back to Q1 of 2024 MGM Resorts International (NYSE: MGM) announced Thursday that it’s selling the operating rights of the MGM Northfield Park racino near Cleveland to private equity funds controlled by Clairvest Group for $546 million in cash. Leo the Lion stands guard outside MGM Northfield Park in Ohio. MGM is selling the operating rights to the venue for $546 million. (Image: MGM Resorts) Las Vegas-based MGM said it expects to haul in after-tax proceeds of $420 million. The transaction is slated to close in the first half of next year. The purchase price represents 6.6x the venue’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the 12 months ending June 30, 2025. This is an excellent result for MGM Resorts and demonstrates consistency in driving transaction multiples at meaningful premiums over where MGM Resorts currently trades. The divestiture underscores…Read MoreCategory: Commercial Gaming, Financial, Mergers and Acquisitions, Midwest, Regional News, commercial gaming, mergers and acquisitions, regional newsSource: Casino.org