July 10, 2018
MGM Growth Properties LLC completed its $1.06-billion acquisition of the Hard Rock Rocksino Northfield Park in Northfield, OH from Milstein Entertainment LLC. The deal was funded with cash on hand and borrowings under its senior secured credit facility.
MGM Growth Properties’ James Stewart says, “We are excited about the addition of the market-leading Hard Rock Rocksino to our portfolio. This transaction brings further geographic diversification, and is expected to generate mid to high single digit percentage accretion to AFFO.”
The facility 20 miles south of Cleveland is home to one of the nation’s premier harness racing tracks under the leadership of Milstein. The racino opened in December 2013 with 2,300 video lottery terminals.
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