JACK Entertainment Sells Two Properties for $843M
Gambling operator JACK Entertainment revealed Monday a $843.2 million deal to sell two Ohio properties to real estate investment company VICI Properties.
VICI is no stranger to the multi-million dollar deals, acquiring in April the operator’s JACK Cincinnati Casino for $745 million. The company is leasing the Cincinnati-based venue to Hard Rock International, which is set to open a rebranded casino in 2020.
The definite agreement will see VICI acquire Jack Cleveland Casino and Jack Thistledown Racino for $843.2 million.
“Ohio continues to be one of the healthiest and fastest growing regional gaming markets and we are thrilled to add high-quality, urban real estate to our portfolio,” said John Payne, President and COO of VICI Properties.
However, JACK isn’t completely handing over the reins — it will lease the venues for 15 years, paying $65.9 million annually to VICI.
The transaction is set to conclude as early as next year.
JACK Entertainment has invested over $700 million in JACK Thistledown Racino and JACK Cleveland Casino ever since their inception, revealing that it will continue to work on the two properties.