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BofA Backs MGP’s Acquisition of Hard Rock Rocksino Northfield Park

July 09, 2018, 07:06 AM
Filed Under: Gaming

MGM Growth Properties LLC announced that it has completed the previously announced acquisition of the Hard Rock Rocksino Northfield Park for approximately $1.06 billion from Milstein Entertainment LLC. MGP funded the acquisition with cash on hand and borrowings under its senior secured credit facility.

According to an 8K filing, in June 14 the company entered into an amendment to its credit facility, with Bank of America as Administrative Agent. Among other things the Amendment increased and extended the revolving facility to provide for $1.350 billion in borrowing capacity due 2023, and extended the maturity date of the existing term loan A facility to 2023. It also provided for a new $200 million delayed draw term loan A due 2023. 

"We are excited about the addition of the market leading Hard Rock Rocksino to our portfolio. This transaction brings further geographic diversification and is expected to generate mid to high single digit percentage accretion to AFFO," said James Stewart, Chief Executive Officer of MGM Growth Properties. "We look forward to welcoming the Rocksino team, customers and partners into our portfolio and have entered into a new agreement with Hard Rock to continue to serve as the manager."

"The success of the Rocksino is a true testament to our hard working and dedicated employees and our loyal customers," said Brock Milstein, former Chairman of the Rocksino Board. "The Rocksino is a perfect fit to MGP's portfolio of high quality assets and I am certain that the legacy that has been created will continue for many years to come."

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