JACK Entertainment LLC said it has agreed to sell JACK Cincinnati Casino and Turfway Park to Hard Rock International and VICI Properties for $780 million. The deal is subject to federal and state regulatory approval.
Hard Rock International will handle operations at both properties. VICI will own the land and will enter into a triple-net leased fee agreement with Hard Rock International.
“We viewed the gaming industry as a catalyst for economic development in our local communities,” JACK CEO Matt Cullen,said in a statement. "After 10 years, hundreds of millions of dollars of investment developing JACK Cincinnati Casino from the ground up, and establishing a strong customer-focused culture, we have successfully positioned JACK Cincinnati Casino for further future success.
"We chose to sell to Hard Rock, in large part, due to its great culture and quality of its leadership," Cullen added. "They are an outstanding operator that JACK Cincinnati Casino and Turfway Park team members will enjoy working with as they continue to deliver excellent service to our guests.”
Detroit-based JACK Entertainment said it remains committed to investing in and operating its JACK Cleveland Casino and JACK Thistledown Racino.
Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are acting as financial advisers and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to Jack Ohio LLC and certain of its affiliates in connection with the transactions described above.
