VICI Properties Inc. (NYSE: VICI) announced new agreements related to MGM Northfield Park in Northfield, Ohio, as MGM Resorts International sells the property’s operations to an affiliate of Clairvest Group Inc. Under the deal, VICI will enter a new 25-year lease with Clairvest, beginning with an initial annual base rent of $53 million (or $54 million if closing occurs after May 1, 2026) and including 2% annual rent escalations and renewal options. The transaction also includes an amendment to VICI’s existing master lease with MGM, reducing its annual rent by the same amount to reflect the property’s transfer.

With this agreement, VICI gains its 14th tenant, further diversifying its experiential real estate portfolio of gaming, hospitality, and entertainment properties. Clairvest, a leading private equity firm with more than $4.6 billion in assets under management and extensive experience in gaming investments, will operate Northfield Park. The transactions are expected to close in the first half of 2026, pending customary approvals.