Silver Point Capital confirmed yesterday it’ll provide financing for Clairvest Group’s $546 million purchase of MGM Northfield Park. The property currently ranks as Ohio’s top gaming venue by revenue.
Clairvest announced the acquisition on October 16. MGM Resorts is selling the facility after owning it since 2019.
Silver Point will act as Lead Arranger and Administrative Agent for the secured credit facility. “We are pleased to deliver a tailored financing solution to the Clairvest team, as they bring a 25-year track record of investing in the gaming industry to their investment in Northfield Park,” said Anthony DiNello, Silver Point’s Head of Direct Lending.
Why This Transaction Reshapes Ohio Gaming
The deal gives Clairvest control of a major Midwest gaming asset. MGM Northfield Park spans 74,000 square feet and operates roughly 1,600 video lottery terminals. It also features a half-mile horse racing track.
MGM originally paid $275 million for the property from Hard Rock International in 2019. The current sale price of $546 million suggests strong revenue performance over the past six years.
But there’s more to it. The transaction will reduce VICI Properties’ master lease agreement by $54 million annually. That’s a significant adjustment to the property’s operating structure.
What Changes Under New Ownership
The sale won’t close until the first half of 2026. Regulatory and licensing approvals still need to happen first.
MGM Resorts President and CEO Bill Hornbuckle acknowledged the property’s value while explaining the sale’s strategic logic. “I want to thank our MGM Northfield Park employees who have consistently delivered world-class gaming and entertainment experiences to our guests. This is a great property with great opportunity ahead,” he said on October 16.
He added that MGM’s focus remains elsewhere. “At MGM Resorts, our vision is to be the world’s premiere gaming entertainment company. To achieve this vision, we’re focused on growing our digital business, developing our international expansion opportunities and continuing to invest in our leading integrated resorts domestically.”
How This Deal Fits Broader Market Trends
Silver Point’s involvement shows continued appetite from private credit firms for gaming assets. Clairvest brings substantial gaming sector experience, they’ve been active in the space for 25 years.
The transaction also highlights MGM’s portfolio strategy. They’re trimming regional properties while concentrating on integrated resorts and digital operations.
For Ohio’s gaming market, the ownership change doesn’t alter the property’s position. It remains the state’s revenue leader. The new VICI lease structure might affect operating margins, though specific details weren’t disclosed.
Clairvest will need to maintain relationships with existing vendors and staff to ensure smooth operations after closing.
