MGM Growth Properties of Las Vegas said Thursday morning it plans to buy the Hard Rock Rocksino in Northfield for about $1.06 billion.
MGM said in a news release that it plans to fund the purchase with a combination of cash on hand and debt.
MGM said it plans to ultimately sell the entities holding the licences and operating assets to a third-party operator.
The company plans to retain ownership of the real estate, anticipating $50 to $60 million of annual rent.
MGM's agreement to purchase the Rocksino is with Milstein Entertainment. It will be for 100 percent of the issued and outstanding limited liability company interests in Northfield Park Associates LLC, which owns and operates the Rocksino.
The Rocksino is a gambling, dining and entertainment facility about 18 miles north of Akron and approximately 17 miles southeast of downtown Cleveland, which is home to the Jack Cleveland Casino.
It sits on 110 acres and features a 200,000-square foot gambling facility featuring 2,300 video lottery terminals, as well as a variety of retail and food and beverage outlets and entertainment venues.
Also on the property is a year-round horse racetrack, a gas station and car wash.
"Since opening our doors in December 2013, the Hard Rock Rocksino has established itself as the premier gaming and entertainment destination in the market," said Brock Milstein, board chairman at Hard Rock Rocksino Northfield Park, in the release.
He praised "dedicated employees, partners and loyal guests."
Milstein said "MGM Growth Properties has many options and opportunities to invest all over the country, so we are especially proud and grateful that they have chosen to make such a meaningful investment in Ohio."