MGM Resorts International should close a $275 million deal in the first half of next year to acquire the property of the Hard Rock Rocksino Northfield Park.

One big family

MGM Resorts published a press release to give the information to the public.

The Hard Rock Rocksino Northfield Park was bought by MGM Growth Properties LLC in April 2018 for approximately $1.06 billion.

MGM Growth Properties LLC is a real estate investment trust through which the MGM Resorts company leased all of its casino.

This new acquisition will allow MGM Growth Properties LLC to charge its parent company for $60 million rent a year.

The rent will then increase by 2% every year until 2022.

Jim Murren, chairman and CEO of MGM Resorts International said that "Since opening its doors in 2013, the Rocksino has cemented itself as the market leader in gaming and entertainment due to its superior asset quality, premium location and dedicated employees."

Concerning the place that the casino should take in the MGM family, he added that "We believe the Rocksino is a great fit for the MGM portfolio and will benefit from our capabilities as a leading global entertainment company and our award-winning M life Rewards Program. We anticipate revenue and profit growth from this combination."

This casino is a landmark in Ohio, featuring 2,300 slots as well as numerous retail, food and beverage outlets. The venue additionally includes a year-round horseracing track, a gas station and a car wash as well as a 250-seat events space and a 1,900-seat music venue.

As stated in the press release, multiple external offers were received by the MGM Growth Properties LLC.

In the last 12 months, the casino saw an approximate revenue of $94 million even though there are no table games available.

They expect this number to increase drastically in the years to come.