VICI Properties Inc. Enters Into Agreements Relating to MGM Northfield Park in Northfield, OH

Executive Summary

• VICI Properties will enter into a new 25‑year lease with an affiliate of Clairvest for the Northfield Park property, adding its 14th tenant.
• The lease carries an initial annual base rent of $53 million (or $54 million if closing occurs after May 1, 2026) and includes standard escalations and capital expenditure requirements.
• The transaction will reduce VICI’s existing MGM Master Lease base rent by the same amount and is expected to close in the first half of 2026, subject to customary conditions.

Key Details

• Tenant: Affiliate of funds managed by Clairvest Group Inc. (TSX: CVG).
• Property: Northfield Park, Northfield, Ohio – previously operated by MGM Resorts International.
• Lease Terms:
• Initial annual base rent: $53.0 million (or $54.0 million if closing after May 1, 2026).
• Lease term: 25 years with three optional 10‑year renewal periods.
• Annual escalation: 2.0% (or greater of 2.0% and CPI change capped at 3.0% beginning in 2032).
• Minimum capital expenditures: 1.0% of annual net revenue.
• Impact on Existing MGM Master Lease: Reduction of the annual base rent by the same amount ($53 M or $54 M), reflecting the divestiture of Northfield Park operations.
• Closing Timeline: Expected first half of 2026, subject to customary closing conditions and regulatory approvals.
• Strategic Rationale: Expands VICI’s tenant base to 14, diversifies lessee portfolio, and leverages Clairvest’s gaming sector expertise.

Notable Quotes

• John Payne, President & COO, VICI Properties: “We are excited to add our 14th tenant… we believe in their ability to maintain Northfield Park’s strong competitive standing in Ohio gaming.”
• Michael Wagman, President & Managing Director, Clairvest: “Northfield Park is a high‑quality asset… we look forward to entering a new chapter with VICI as our partner.”