MGM Growth Properties LLC has closed its previously announced acquisition of Hard Rock Rocksino Northfield Park, a gaming facility in Northfield, Ohio, for about $1.06 billion. The seller was Milstein Entertainment LLC.
LAS VEGAS, July 6, 2018 /PRNewswire/ — MGM Growth Properties LLC (NYSE: MGP) today announced that it has completed the previously announced acquisition of the Hard Rock Rocksino Northfield Park (“Rocksino”) for approximately $1.06 billion from Milstein Entertainment LLC. MGP funded the acquisition with cash on hand and borrowings under its senior secured credit facility.
“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,” said James Stewart, Chief Executive Officer of MGM Growth Properties. “We look forward to welcoming the Rocksino team, customers and partners into our portfolio and have entered into a new agreement with Hard Rock to continue to serve as the manager.”
“The success of the Rocksino is a true testament to our hard working and dedicated employees and our loyal customers,” said Brock Milstein, former Chairman of the Rocksino Board. “The Rocksino is a perfect fit to MGP’s portfolio of high quality assets and I am certain that the legacy that has been created will continue for many years to come.”
About MGM Growth Properties LLC
MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGP currently owns a portfolio of properties, consisting of 11 premier destination resorts in Las Vegas and elsewhere across the United States, and the Park, a dining and entertainment complex which opened in April 2016. As of December 31, 2017, these properties collectively comprise over 27,500 hotel rooms, 2.7 million convention square footage, 100 retail outlets, 200 food and beverage outlets and 20 entertainment venues. As a growth-oriented public real estate entity, MGP expects its relationship with MGM Resorts and other entertainment providers to attractively position MGP for the acquisition of additional properties across the entertainment, hospitality and leisure industries that may be developed in the future. For more information about MGP, visit the Company’s website at http://www.mgmgrowthproperties.com.