Report: MGM Looking into Selling Springfield Casino Operations
SPRINGFIELD — According to a report yesterday in Bloomberg, MGM Resorts International is exploring the sale of its casino operations at MGM Springfield and Ohio’s Northfield Park.
Bloomberg reported that the company is working with financial advisers on potential sales, but the discussions are preliminary and may not result in any action, according to people familiar with the matter who asked to not be identified. A spokesperson for MGM declined to comment on the discussions.
According to the report, MGM’s management has been frustrated with the company’s share price. The stock has climbed less than 5% over the past two years despite growth in sales and profit. MGM won the license to operate in Springfield after Massachusetts authorized casino gambling and opened in 2018.
“Our original valuation of this market simply was off — full stop,” MGM CEO Bill Hornbuckle told reporters after meeting with local officials last year. The property generated $278 million in gambling revenue in 2023.
The real estate at both casinos is owned by New York-based Vici Properties Inc., which declined to comment on the sale talks.
