MGM Enters Ohio Gaming Market

Land betting giant MGM Resorts announced that they've purchased the Hard Rock Rocksino from Milstein Entertainment, entering the Ohio betting market as a result.

The group purchased the casino in July for $1 billion, which will include a $275 million lease of the destination. The Hard Rock Rocksino is located just south of Cleveland and north of Akron, making it a spot where a sizable population can easily reach. The spot has more than 2,300 betting machines and also has food, entertainment, and shopping options for visitors. MGM is likely also eyeing the future of sportsbetting for the property, as lawmakers in the Buckeye State discuss the possibility of legalizing the activity, although that would likely require an amendment to the state's constitution.

Commenting on the agreement MGM CEO Jim Murren said, "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."