"With the addition of this property to the master lease, MGP shareholders will further benefit from our market leading net rent coverage as well as our tenant's significant cash flows and strong credit profile. 1 market leading asset in northern Ohio," MGM Growth Properties CEO James Stewart said in a statement. "With the operational expertise of MGM Resorts, we expect MGM Northfield Park to continue to grow as the No. Following the redemption, MGM Resorts' economic ownership stake in the Operating Partnership is approximately 69 percent. With the deal, MGM Resorts has rebranded the property as MGM Northfield Park.Īs consideration for the transaction, MGM Growth Properties Operating Partnership LP redeemed approximately 9.4 million of its Operating Partnership units from a subsidiary of MGM Resorts, representing a purchase price of $275 million. MGM Resorts is leasing the land from MGP. MGM Resorts International has completed the acquisition of the operating assets of the Hard Rock Rocksino Northfield Park from MGM Growth Properties LLC.
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