On October 18, 2025, VICI Properties Inc. announced that it had entered into a new lease with an affiliate of Clairvest for the real property of MGM Northfield Park in Northfield, Ohio. The agreement follows MGM Resorts International’s sale of the park’s operations to Clairvest and includes a separate lease for the property. The deal also involves an amendment to VICI’s master lease with MGM Resorts, reducing VICI’s annual rent obligation by $53 million.
The Northfield Park Lease provides an initial annual base rent of $53.0 million, rising to $54.0 million if the transaction closes after May 1, 2026. The lease term is 25 years with three 10‑year renewal options, and it carries a 2.0% annual escalation, equal to the greater of 2.0% or the CPI (capped at 3.0%) starting in 2032. The lease requires a minimum capital expenditure of 1.0% of annual net revenue and is guaranteed by an affiliate of Clairvest that will own the park’s operations.
The amendment to the master lease reduces VICI’s annual base rent under the MGM Master Lease by the same $53.0 million (or $54.0 million if closing after May 1, 2026), effectively transferring the rent obligation to the new tenant. The transaction is expected to close in the first half of 2026 and is subject to customary closing conditions and regulatory approvals. The change preserves VICI’s 100% occupancy rate while adding a high‑quality gaming asset to its portfolio.
By adding a 14th tenant and securing a long‑term lease with a reputable operator, VICI strengthens its portfolio of high‑quality gaming properties and enhances its cash‑flow stability. The 25‑year lease with renewal options and CPI‑linked escalation provides predictable income for the foreseeable future. The transaction aligns with VICI’s strategy of partnering with leading operators to maintain a defensible dividend and long‑term shareholder value.
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