Jack Cincinnati casino sold for $745 million
Hard Rock International has finalised its purchase of Jack Casino in Cincinnati. Jack Entertainment announced last Friday that its Cincinnati casino was sold to Hard rock international and VICI properties for $745 million. The close of the deal happened around the same time as Hard Rock Internationals triple-net lease agreement with VICI properties. The news on the deal broke two the Ohio Casino Control Commission approved Hard Rocks new Casino operator license.
General manager of Jack casino, Chad Barnhill announced that the deal entailed the Jack branding would fall away and the Hard Rock logo and signs would go up in its place. Barnhill expressed his excitement about the potential boost the Hard Rock name could bring to the property. Despite Barnhill comment on the branding in April, it is still unclear on what changes are to come.
Jack Casino transition
In April a release was issued that stipulated that the workers union agreements and positions would be carried over when the casino changed hands. Jack Entertainment spokeswomen Samantha Chyette said the companies would be working closely together for a smooth transition for both workers and gamblers. Officials have stated that the property will remain open during the transition.
VICI Properties and Hard Rock Deal
As per the terms of the agreements, VICI properties acquired the affiliate interests of a subsidiary of JACK Cincinnati Casino which has ownership to the land and real estate assets of Jack Casino. the subsidiary is the reason behind VICI properties and Hard Rock International going into a lease agreement. Hard Rock will be responsible for the operations of the property. The 35-year lease will see Hard Rock operate the casinos 1800 gaming machines, 100 table games, conference space, restaurants and two bars.
Jack entertainment and Hard Rock have an additional pending sale of the Turfway Park. The Jack Cincinnati transaction also includes the Turfway deal. Turfway Park is a racetrack south of downtown Cincinnati. The sale is to take place in coming months and still requires the approval of the Kentucky Horse racing commission. Jack entertainment is in the midst of downsizing and after both sales of the casino race track, Jack entertainment will only have two properties left.