MGM Resorts completes Hard Rock Northfield purchase
MGM Resorts International and MGM Growth Properties (MGP) have completed their transaction for the operating assets at Hard Rock Rocksino Northfield Park.
The deal will see MGM Resorts lease the property from MGP, with MGM Resorts also announcing it has rebranded the property as MGM Northfield Park.
To complete the transaction, MGP redeemed 9.4 million of its operating partnership units from a subsidiary of MGM Resorts, representing a price of $275m.
Jim Murren, Chairman and CEO of MGM Resorts, said: “We are pleased to welcome the 950 employees of MGM Northfield Park into the MGM Resorts family.
“Over the years, we have strategically and thoughtfully expanded our presence in key US regions where we can leverage our expertise, maximise our cross-marketing efforts and drive company-wide growth.”
James Stewart, CEO of MGP, said: “With the addition of this property to the master lease, MGP shareholders will further benefit from our market leading net rent coverage as well as our tenant’s significant cash flows and strong credit profile.”
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