JACK Cincinnati Casino. Image courtesy JACK Entertainment
VICI Properties Inc. completed the acquisition of JACK Cincinnati Casino in downtown Cincinnati, Ohio approximately six months after signing the commitment to purchase the property. The company paid $ 558 million in cash to JACK Entertainment, which has owned the asset since its completion in 2013.
VICI has also entered into a triple net lease with Hard Rock International who will be the third tenant on the property. The lease has an initial total annual rent of nearly $ 42.8 million and has a term of 15 years with four tenant renewal options for five years and was guaranteed by Seminole Hard Rock Entertainment. The other two outstanding transactions are with Century Casinos Inc. and Eldorado Resorts Inc., which together add an additional rent of $ 277.5 million upon completion.
JACK Cincinnati spans 22 acres on 1000 Broadway St. and offers 100,000 square feet of gaming space plus an additional 33,000 square feet of meeting space, six restaurants and two bars. The property is accessible via Interstate 71.