VICI Properties Cuts Annual Rent by $53M and Signs Clairvest Lease
At closing of MGM Resorts’ $546m sale of Northfield Park operations, VICI Properties agreed to reduce annual rent on its master lease by $53m. VICI also entered into a new lease with Clairvest covering the Northfield Park facility.
1. Rent Amendment under Master Lease
With MGM Resorts’ $546 million sale of its Northfield Park operations to Clairvest-managed funds, VICI Properties amended its master lease for the venue. The revision reduces annual rent obligations by $53 million, reflecting the change in property operations and aligning rent with the new ownership structure.
2. New Lease with Clairvest
Simultaneously, VICI entered into a separate lease agreement directly with Clairvest for the Northfield Park property. This new arrangement secures continued rental income and ensures VICI’s ownership retains long-term cash flow stability from the asset.