Despite these hurdles, Ohio voters ultimately approved the construction of casinos in four major cities: Cleveland, Cincinnati, Columbus, and Toledo. This landmark decision paved the way for the development of vibrant gaming destinations that continue to shape Ohio’s entertainment landscape today.
MGM Northfield Park may be sold despite its performance
According to reports, though, MGM is already considering selling its Cleveland property after just five years of operation. Apparently, the company’s management has been underwhelmed by their casino’s performance in share price. Over the past two years, their stock price has risen less than five percent despite overall encouraging numbers in sales and profit.
Discussions appear to still be in early stages, but MGM has been in touch with financial experts with consideration to sell. The company has been active in their efforts to expand their reach online and overseas, so the Cleveland property may not be generating enough impact to retain MGM’s interest despite the profits.
Originally sold for just over a billion dollars in 2019, it’ll be interesting to see if they’ll be able to find a buyer for more than their cost of purchase. MGM is reportedly also eyeing the sale of the MGM Springfield in Massachusetts. Unlike Northfield Park, Springfield has been a disappointment in terms of performance.
Throughout its brief history so far, the casino landscape in Ohio has undergone great changes, but it’s clear that the industry is moving forward in the state. If MGM does decide to sell, it’ll be interesting to see what names pop up as suitors to take over in a relatively new space in a growing market.
With Northfield Park‘s record of consistently outselling the state’s four full-size casinos, there should be plenty of interested parties willing to take over its proven profitability. Ohio shouldn’t worry about potentially losing any of its gaming hubs anytime soon.
History of casinos in Ohio
On May 14, 2012, the first casino in Ohio opened its doors when Cleveland unveiled the Horseshoe Cleveland, located inside the historic Higbee’s Building.
Hollywood Casino Toledo followed suit later that month, bringing excitement and entertainment to the waterfront. Hollywood Casino Columbus debuted in October 2012, adding a touch of glamour to the capital city. Lastly, Horseshoe Casino Cincinnati opened in March 2013, gracing the banks of the Ohio River.
These new monuments not only brought legal gaming to the citizens of Ohio, but they became symbols for the progress made in the gaming industry in the state.
The Horseshoe Cleveland wouldn’t stand alone in the Forest City for long. By the end of 2013, the Hard Rock Rocksino was welcoming patrons in the Northfield Park Harness Track. Now, the site is known as the MGM Northfield Park, after MGM acquired Hard Rock’s gaming license in 2019.
