Hard Rock International Buys JACK Cincinnati Casino and Turfway Park
Last week, JACK Entertainment LLC announced that the group has finally come to an agreement with Hard Rock International to sell two of its properties to the casino giant. The deal between the two groups is supposedly worth around US$780 million. The deal will see Hard Rock obtain control over JACK’s casino in Cincinnati, Ohio and the Turfway Park in Florence, Kentucky.
The two companies are set to come to an agreement later this year. With the deal being worth hundreds of millions of dollars, it will also require approval by both state and federal government.
JACK Entertainment Reducing Gaming Portfolio
The sale of the Cincinnati casino and Turfway Park is just one of a number of different deals the JACK Entertainment has completed in recent months. In November 2018, the casino operator sold its Greektown Casino and Hotel for $1 billion. The deal saw Penn National acquire operating assets and VICI Properties the actual land the property is on.
VICI Properties was also a part of the deal on Friday. If the agreement between Hard Rock International and JACK Entertainment goes through, VICI Properties will lease the property to Hard Rock International. The deal is said to be a “triple-net leased fee arrangement”.
JACK Entertainment Still Owns Casinos in Ohio
Despite selling their casino in Cincinnati, Jack Entertainment will still be operating in the Ohio casino market. The operator still owns two casinos in the Cleveland area. These are the JACK Cleveland Casino and the JACK Thistledown Racino.
Jack Entertainment Chief Executive Officer, Matt Cullen, stated that the group maintains committed to their other casinos. The casino operator also maintains an interest in the Horseshoe Casino in Baltimore.
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