Hard Rock International unveiled another addition to its US-based gaming portfolio after completing the purchase of Jack Cincinnati Casino Next Vici properties.
Through the joint purchase, Hard Rock acquired the casino’s operating assets, with Vici purchasing the casino-entitled land and real estate and related assets on the downtown Cincinnati, Ohio property for approximately $ 558 million in cash.
Simultaneously with the closing of the transaction, Vici entered into a triple net lease with HRI for a total annual rent of $ 42.75 million and an initial term of 15 years with four 5 year renewal options for tenants.
“We are excited to complete the Jack Cincinnati transaction and diversify our geographic exposure by acquiring one of only four fully-fledged limited license casino properties in the state of Ohio, which remains one of the healthiest, fastest growing regional gaming markets in the US is land, ”remarked John Payne, President and COO of Vici Properties.
“This acquisition adds 22 acres of high-quality core urban real estate to our portfolio and formally builds our third tenancy through a long-term partnership with Hard Rock, a leading international provider of gaming, entertainment and hospitality experiences.”
The casino will continue to operate under the current branding, the Hard Rock Casino Cincinnati will be renamed and opened in spring 2020.
The property is located on 22 acres in downtown Cincinnati and has 100,000 square feet of gaming space with approximately 1,800 slot machines and 100 table games.
In addition, the company has 33,000 square meters of meeting space as well as six restaurants and two bars. Hard Rock will announce new property improvements at a later date.
“We look forward to delivering our premier experience to our guests in the area and building on our success in the greater Cleveland area,” he said Jim Allen, Chairman and CEO of Hard Rock International. “On behalf of more than 45,000 employees worldwide, we welcome over 1,000 former Jack employees to our company Hard rock Family.”