MGM Properties To Make A Mark In Ohio
Major casino real estate investment company, MGM Growth Properties LLC, has confirmed that it has sealed the deal on acquiring the Hard Rock Rocksino in Ohio for the not-so-lightweight price tag of $1.06bn. MGM Growth Properties LLC will take possession of 100% of Northfield Park Associates LLC, the company that owns and also operates the Hard Rock Rocksino.
The Hard Rock Rocksino is widely regarded as being the best-performing casino and gaming entity in Ohio, and is without a doubt a prime asset worth acquiring. MGM Growth Properties CEO, James Stewart, announced and confirmed the deal, and was notably satisfied with the acquisition, emphasizing the sheer value of the deal.
Stewart stated in no uncertain terms that the company was looking forward to continue working with the existing management in order to successfully take over the reins and finalize the transaction deal. Stewart also confirmed that a third-party tenant would be appointed to head up operations on behalf of MGM Growth Properties LLC, going forward.
Dreaming Big And Buying Bigger
It’s not difficult to tell why a company the sheer scale of MGM Growth Properties had exercised their option to acquire the Hard Rock Rocksino. The Rocksino is a true gaming Mecca that is situated on a 110-acre property that includes a 200,000 square foot gaming facility that consists of over 2,300 video lottery player terminals, a music venue which seats 1,900 fans, a 250-seater general events space as well as various retail and food and beverage outlets.
MGM Properties confirmed that the funds to finalize the deal would be a combination of disposable cash at hand as well as a portion that will be financed. True to casino real estate company culture, MGM Properties emphasized the fact that it would eventually look to sell the gaming operations as well as the licenses, but that it would be holding onto the real estate on which the enterprise is located.
Chairman of the Hard Rock Rocksino board, Brock Milstein, seemed well pleased with the decision taken by MGM Growth Properties to acquire the enterprise, saying that it was a compliment that the company had chosen to buy the Hard Rock Rocksino, considering that it had similar opportunities all over the country. He went on to say that he had no doubt that the company would make a truly meaningful difference and investment in Ohio.