VICI Properties Reloads Agreement for Northfield Park With Clairvest

Core Insights - VICI Properties Inc. has entered into a new agreement with Clairvest Group for the Northfield Park property in Ohio, previously owned by MGM Resorts International [1] - The lease for Northfield Park will have an initial annual base rent of $53 million, increasing to $54 million with a 2% escalation if closing occurs after May 1, 2026 [2] - The MGM master lease will be amended to reflect the divestiture, resulting in a reduction in annual base rent [3] Lease Details - The new lease will commence a 25-year term with three 10-year renewal options, maintaining other terms [2] - The transaction is expected to be completed in the first half of 2026, pending customary closing conditions and regulatory approvals [3] Clairvest Group's Role - Clairvest is a leader in the gaming industry with ownership interests in 36 assets, enhancing Northfield Park's competitiveness in Ohio gaming [4] - The partnership with Clairvest is expected to bolster VICI's revenue stability amid economic uncertainty [5] VICI Properties Overview - VICI Properties has a diversified portfolio of gaming, hospitality, and entertainment destinations across 26 states in the U.S. and one Canadian province [6] - The company is expanding beyond gaming by investing in non-gaming experiential assets, such as Chelsea Piers and Lucky Strike Entertainment, to reduce exposure to gaming-specific volatility [7] Agreement Impact - The agreement with Clairvest modifies the MGM lease through the Northfield Park divestiture, ensuring stable base rent and extended renewal options for VICI [9]