VICI Properties Reloads Agreement for Northfield Park With Clairvest

VICI Properties Inc. VICI recently announced that it has entered into a new separate agreement with Clairvest Group for the Northfield Park property in Northfield, OH. The property under consideration was initially owned by MGM Resorts International MGM, which is being disposed of to an affiliate of funds managed by Clairvest Group.

The Northfield Park lease outlines an initial annual base rent of $53 million. The same will be $54 million, inclusive of 2% escalation as provided for in the MGM master lease, if closing occurs after May 1, 2026. Upon closing, the lease will begin a new 25-year lease term with three 10-year renewal options, other terms remaining intact. The said lease will be guaranteed by an affiliate of funds managed by Clairvest, helming the operations of Northfield Park.

The MGM master lease between VICI and MGM Resorts also stands to be amended to incorporate the impact of divestiture, resulting in a reduction in annual base rent amounting to $53 million or $54 million if closed post May 1, 2026. The above transactions are expected to be completed in the first half of 2026, subject to customary closing conditions and regulatory approvals.

Clairvest is one of the leaders in the gaming industry, with ownership interests in 36 assets and experience across regional casinos, racetracks, suppliers, technology providers and online gaming globally. VICI’s deal with Clairvest will boost Northfield Park’s competitiveness in Ohio gaming due to the company’s solid track record.

VICI in a Nutshell

The above agreement with Clairvest underscores VICI’s dedication to fostering mutually beneficial partnerships with both new and existing tenants. Given Clairvest’s strong track record as a leading owner and operator of gaming, leisure and entertainment properties, the deal enhances VICI’s revenue stability, ensuring steady performance even amid economic uncertainty.

VICI Properties boasts a high-quality portfolio of market-leading gaming, hospitality and entertainment destinations. The company’s well-diversified properties are located across urban, destination and drive-to markets in 26 states of the United States and one Canadian province.

VICI Properties has strategically diversified its portfolio beyond gaming by investing in non-gaming experiential assets such as Chelsea Piers and Lucky Strike Entertainment LUCK. Its partnership with Chelsea Piers and Lucky Strike underscores VICI’s focus on tapping into the growing demand for leisure and social entertainment venues. By aligning with strong brands like Lucky Strike, VICI reduces exposure to gaming-specific volatility and strengthens its foothold in the broader experiential real estate sector.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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