VICI Properties takes over JACK casino

Vici Properties announced the purchase of JACK Cleveland Casino and other properties through the acquisition of JACK Ohio LLC.

US.- The gaming industry and its assets are continuously switching hands, something that has just happened in the US. VICI Properties announced the acquisition of JACK Entertainment, a casino operator in the country.

Through the transaction, VICI Properties will take over assets like JACK Cleveland Casino, located in downtown Cleveland, Ohio. Moreover, the racing and video lottery-authorised land and real estate and related assets of JACK Thistledown Racino.

Despite the deal has ownership switching hands, JACK Entertainment will continue to operate the venues. Both companies reached a deal to sell the assets but also lease them back to their previous owner. The lease will last for 15 years, with the potential to extend a further 5 years. It will have a total annual rent of US$65.9 million.

“We are thrilled to close the transaction with JACK Entertainment,” John Payne, President and Chief Operating Officer of VICI Properties said. “It adds our fifth tenant to our portfolio and increasing our exposure to the limited license state of Ohio. The state continues to be one of the healthiest gaming markets across the country. This acquisition adds two new, high-quality assets to our portfolio and represents our ability to creatively structure transactions that meet the needs of our tenants while creating value for our shareholders.”