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VICI Ponies Up $843M for Cleveland Gaming Properties
VICI Properties Inc. is acquiring the real estate assets of JACK Entertainment’s JACK Cleveland Casino and JACK Thistledown Racino, the latter in the Cleveland suburb of North Randall, OH. The gaming REIT is paying $843.3 million in cash for the two properties, and JACK Entertainment is entering a triple-net lease for both.
“Ohio continues to be one of the healthiest and fastest-growing regional gaming markets, and we are thrilled to add high-quality, urban real estate to our portfolio at an attractive capitalization rate,” said John Payne, VICI’s president and COO.
JACK CEO Mark Dunkeson said, “We have invested more than $700 million into JACK Cleveland Casino and JACK Thistledown Racino since the properties opened in 2012, and we will continue to invest significant capital into these properties, which will have a lasting positive impact on the city and Cuyahoga County.”
The transaction is expected to close in early 2020.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
