in the fall of 2017, agreed to pay $558 million in cash for a 100% interest in a subsidiary of JACK Cincinnati Casino LLC that owns the land and real estate assets of the Cincinnati casino. Under the terms of the deal, VICI, the real estate investment trust that spun off from Caesars Entertainment Corp. News about JACK Entertainment’s decision to sell JACK Cincinnati first emerged this past April. The property recorded average monthly gaming revenue of about $17 million in 2018. Its workforce currently includes about 1,000 employees. JACK Cincinnati employed around 1,700 people when it opened doors six years ago. In 2016, the casino rebranded as JACK Cincinnati Casino following the rebrand of its now former owner as JACK Entertainment. It opened doors in 2013 as Horseshoe Cincinnati. The property features a 100,000-square-foot casino with 1,800 slot machines and 100 table games, 33,000 square feet of meeting space and six dining facilities. JACK Cincinnati is one of Ohio’s premium gambling venues.

Simultaneously with closing the transaction, the two companies entered into a triple-net lease agreement that will see Hard Rock lease the casino complex for $42.75 million a year for an initial 15-year term with the option for four five-year extensions. Hard Rock International and VICI Properties completed this past Friday the purchase of JACK Cincinnati Casino in a $745 million deal.

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