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VICI Finalizes $843M Deal for Cleveland Gaming Properties
VICI Properties Inc. completed its acquisition of JACK Cleveland Casino, located in downtown Cleveland, and JACK Thistledown Racino, located approximately 10 miles southeast of downtown Cleveland in North Randall, OH, for $843.3 million in cash. Simultaneously, the REIT entered into a master triple-net lease agreement with subsidiaries of JACK Entertainment related to the assets.
The acquisition of the two Ohio properties adds a fifth tenant to VICI’s portfolio and increases its exposure to the limited license state of Ohio, “which continues to be one of the healthiest gaming markets across the country, “ said John Payne, president and COO of New York City-based VICI.
Payne added that the 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.”
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- ◦Sale/Acquisition
