JACK Entertainment sells Cincinnati casino to Hard Rock
The company has revealed that it agreed to sell Jack Cincinnati Casino and Turfway Park.
US.- JACK Entertainment has announced that it entered into multiple contracts to sell JACK Cincinnati Casino and Turfway Park to Hard Rock International and VICI Properties for US$780 million, after a strategic assessment of its business portfolio. The sell is pending regulatory approval.
The company said that VICI will simultaneously enter into a favorable triple-net leased fee agreement with Hard Rock International, which will be esponsible for the operations at both properties. JACK Cleveland Casino and JACK Thistledown Racino will not be impacted by this transaction and JACK Entertainment remains committed to investing in and operating these properties.
The transaction, which is expected to be finalised later this year, requires regulatory approval, both at the federal and state levels. Subsequent to the approval, JACK Entertainment will work with Hard Rock International to “ensure a smooth transition for all guests and team members,” the company said. During the transition, the property will remain open for business.
“We viewed the gaming industry as a catalyst for economic development in our local communities. After ten 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,” said Matt Cullen, Chief Executive Officer of JACK Entertainment.
“We are confident that Hard Rock and its world-renowned brand will be a great addition to the Queen City and the right choice to take JACK Cincinnati Casino and Turfway Park to the next level of growth. We chose to sell to Hard Rock, in large part, due to its great culture and quality of its leadership. 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,” added Cullen.
