VICI Properties Inc. announced a new 25‑year triple‑net lease with an affiliate of Clairvest Group Inc. for the MGM Northfield Park property in Northfield, Ohio, on April 21 2026. The lease follows the closing of the sale of MGM Northfield Park’s operations from MGM Resorts International to Clairvest on April 20 2026.
Under the lease, VICI will receive an initial annual base rent of $53.0 million. The agreement includes three 10‑year renewal options, a 2.0 % annual rent escalation, and a CPI‑based escalation capped at 3.0 % beginning in 2032. All operating, tax, and insurance costs are assumed by the lessee, making the arrangement a classic triple‑net structure that delivers predictable, long‑term cash flow to VICI.
The deal expands VICI’s experiential real‑estate portfolio and diversifies its tenant base. By adding Clairvest, a private‑equity firm with deep gaming expertise, VICI strengthens its presence in the Ohio market and secures a stable, long‑term revenue stream that complements its broader strategy of partnering with experienced operators in gaming, hospitality, and other experiential sectors.
VICI’s recent financial results provide context for the lease. In Q4 2025, the company reported earnings per share of $0.60 versus analyst expectations of $0.66, and revenue of $1.01 billion versus a consensus estimate of $1.03 billion. In Q1 2025, revenue of $984.2 million beat expectations of $974.8 million, but EPS of $0.51 fell short of the $0.68 forecast. The lease adds a new, high‑quality income source that can help offset the earnings volatility VICI has experienced in recent quarters.
John Payne, President and Chief Operating Officer of VICI Properties, said, "We are pleased to welcome Clairvest to the VICI tenant roster, as their established track record in the gaming sector makes this a compelling partnership. The addition of Clairvest underscores VICI’s ability to maintain continuity and stability across our portfolio while diversifying our tenant base and supporting our existing partners’ strategic opportunities."
Bill Hornbuckle, CEO and President of MGM Resorts International, noted, "MGM Northfield Park is a market‑leading property supported by a talented team that has consistently delivered outstanding guest experiences. The property has a strong foundation, and we extend our best wishes to the team and new ownership for continued success in the next chapter of the property’s evolution."
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