VICI Properties Finalizes $558M JACK Cincinnati Casino Buy
The company entered a triple-net lease agreement with Hard Rock International for $42.8 million in annual rent. Two other leasing transactions are pending.
JACK Cincinnati Casino. Image courtesy of JACK Entertainment
VICI Properties Inc. has completed the acquisition of JACK Cincinnati Casino in downtown Cincinnati, Ohio, approximately six months after signing the commitment to purchase the property. The company paid $558 million in cash to JACK Entertainment, which has been owning the asset since its completion in 2013.
VICI also entered a triple-net lease agreement with Hard Rock International, which will become the third tenant at the property. The lease has an initial total annual rent of nearly $42.8 million and a 15-year term, with four five-year tenant renewal options, and was guaranteed by Seminole Hard Rock Entertainment. The other two pending transactions are with Century Casinos Inc. and Eldorado Resorts Inc., which together will add an additional $277.5 million of rent upon closing.
JACK Cincinnati spans 22 acres at 1000 Broadway St. and provides 100,000 square feet of gaming space and an additional 33,000 square feet of meeting space, six restaurants and two bars. The property can be accessed via Interstate 71.
You must be logged in to post a comment.