MGM to buy Hard Rock Rocksino for $1 billion

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NORTHFIELD, Ohio-- The Hard Rock Rocksino will soon have a new owner.

MGM Growth Properties announced plans on Thursday to buy the gaming facility for about $1.06 billion from Northfield Park Associates. The deal should be finalized later this year.

"MGP is proud to announce the acquisition of the Hard Rock Rocksino, the best performing gaming asset in Ohio. We are thrilled to join the Northeast Ohio community and look forward to continuing to work with the management team to consummate the transaction and identify a third-party tenant to operate the asset going forward," said James Stewart, Chief Executive Officer of MGM Growth Properties, in a news release on Thursday.

MGM Growth Properties said it will eventually sell the Rocksino's operating rights to a third party, but MGM will maintain ownership of the property.

The Hard Rock Rocksino features more than 2,300 video lottery terminals as well as a 1,900-seat music venue.

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