MGM Resorts consider sale of Springfied casino
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MGM Resorts International is considering selling its casinos in Springfield, Massachusetts, and Northfield Park, Ohio, according to a report from Bloomberg News, which cited people with knowledge on the matter.
The company, which operates 31 casinos globally, began consulting financial advisors upon review of MGM's share price, which has risen less than 5% over the last two years despite growth in sales and profit. However, the discussions are in their early stages and may not result in any sales, according to the person, who asked to remain anonymous.
MGM declined to comment.
The Springfield location opened in 2018, seven years after the state legalized casino gambling, but has been less successful than the company had hoped. In 2023, the venue made $278 million in gambling revenue.
Opened in 2019, MGM Northfield Park is located about 20 miles outside of Cleveland and features a horse track and a casino.
Both casinos are owned by Vici Properties, Inc., a New York-based real estate investment trust specializing in casino and entertainment properties. A spokesperson for Vici declined to comment.
MGM has been looking to expand its online gambling presence globally, Bloomberg reported. The company has been exploring the world of online sports betting since the launch of its online gambling platform, BetMGM, in 2018, which came three months after the Supreme Court overturned the Professional and Amateur Sports Protection Act, legalizing sports betting on a state-to-state basis. According to the American Gambling Association, 38 states and the District of Columbia have legalized sports betting since the ruling. Massachusetts authorized it in January 2023.
