MGM Resorts has finally entered Ohio after buying out the state’s biggest casino resort.
The casino and resort company bought Hard Rock Rocksino from Milstein Entertainment in July for $1 billion (Around £756 million).
Reports suggest that MGM agreed to pay $275 million to lease the casino from the real estate investment trust.
Hard Rock Rocksino originally opened in December 2013 and currently has over 2,000 video lottery terminals. It also features several retail, food and beverage outlets as well as entertainment venues and the Northfield Park horse racing track.
MGM Resorts International CEO Jim Murren said in a statement: “Since opening its doors in 2013, the Rocksino has cemented itself as the market leader in gaming and entertainment due to its superior asset quality, premium location and dedicated employees.
“We believe the Rocksino is a great fit for the MGM portfolio and will benefit from our capabilities as a leading global entertainment company. We anticipate revenue and profit growth from this combination.”
A Growing Brand
Sports betting is expected to become legal in Ohio next year and there’s no doubt that MGM Resorts will use their new casino to take advantage of the ruling.
By buying Rocksino, MGM has opened itself to Ohio, the seventh biggest US state by population, and the resort will now be in a desirable location between the major cities of Cleveland and Akron.
MGM has been busy expanding its brand. Earlier this month, the firm made headlines for striking a deal with the New American Football League.
Then, just last month, MGM launched their mobile sports betting app PlayMGM in New Jersey.