MGP had been negotiating with Hard Rock International to retain the operations and many thought the property would remain under the control of Hard Rock. MGM will pay $60 million annual rent to MGP.ĭuring the last month the Rocksino reported $293 million in net revenues and it has led the Ohio market for 35 of the last 39 months.ĭespite the obvious link between MGM and MGP, the sale was a surprise to some. MGP bought the property in July for $1.02 billion. MGM Resorts owns 70 percent of MGM Growth Properties. The casino will be added to an existing lease between MGM Resorts and its REIT MGM Growth Properties (MGP). MGM purchased the operations for $275 million with escrow expected to close in the second quarter of 2019. The racino, which has 700 employees, is located 17 miles from Cleveland. MGM Resorts has acquired the operations of the Hard Rock Rocksino Northfield Park, opening the Ohio market to one of the fastest growing casino developers in the country.
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