Hard Rock International announced a collaboration with VICI Properties Inc. (VICI) to acquire JACK Cincinnati Casino.
Through the joint purchase, Hard Rock will acquire the casino’s business assets and rename it Hard Rock Casino Cincinnati, while VICI will own the land and real estate assets.
“Hard Rock has been number one in Ohio since opening in the greater Cleveland area in 2013,” said Jim Allen, chairman and CEO of Hard Rock International. “And now we look forward to introducing our unique brand of casino entertainment to Cincinnati. On behalf of the 40,000 Hard Rock team members around the world, I am delighted to welcome the more than 1,000 JACK Cincinnati employees to the Hard Rock family.”
JACK Cincinnati is located on 22 acres in the Broadway Commons area of downtown Cincinnati. The property has 100,000 square feet of gaming space with approximately 1,800 slot machines and 100 table games. In addition, the property includes 33,000 square meters of meeting space, six high-quality restaurants and two bars. Hard Rock will announce new home improvements later this year.
“We are proud to partner with Hard Rock to further diversify our tenant list with a leading international provider of games, entertainment and hospitality experiences and a renowned global platform of 245 hospitality venues in 75 countries,” said John Payne, President and Chief Operating Officer of VICI Properties.
The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in late 2019. The acquisition is expected to be successful immediately upon completion.
Jones Day acted as legal advisor to Hard Rock along with Fox Rothschild LLP as dedicated gaming counsel.