JACK Entertainment LLC announced that the sale of JACK Cincinnati Casino to Hard Rock International and VICI Properties for approximately $745 million has been completed. Under the terms of the agreements, VICI Properties acquired the membership interests of a subsidiary of JACK Cincinnati Casino LLC that owns the land and real estate assets of JACK Cincinnati Casino and simultaneously entered into a favorable triple-net leased fee agreement with Hard Rock International, who will be responsible for the future operations at the property.
“We are pleased to officially welcome Hard Rock International and its world-renowned brand to the Queen City,” said Mark Dunkeson, CEO of JACK Entertainment. “After ten years and hundreds of millions of dollars of investment developing JACK Cincinnati Casino from the ground up, we are confident that the property’s success will continue into the future as Hard Rock International takes it to the next level of growth.”
JACK Entertainment and Hard Rock International will reportedly work closely together to ensure a smooth transition for all guests and team members.
“We are grateful to the JACK Cincinnati Casino team members and management for their constant commitment to providing an exceptional experience to our guests each and every day,” said Dunkeson. “We know they will continue to thrive under Hard Rock International's leadership as they are known for their excellent culture."
Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. acted as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Jack Ohio LLC and certain of its affiliates in connection with the transactions described above.
The sale of Turfway Park to Hard Rock International is expected to close in the coming months, pending regulatory approval.