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VICI, Hard Rock in $745M Deal for Cincy Casino
VICI Properties Inc. closed on its acquisition of JACK Cincinnati Casino in downtown Cincinnati, for approximately $558 million in cash. Simultaneously, the REIT entered a triple-net lease agreement with Hard Rock International, which acquired the property’s operating business for $187 million.
“This acquisition adds 22 acres of high-quality urban core real estate to our portfolio, and formally establishes our third tenant relationship through a long-term partnership with Hard Rock, an international leader in gaming, entertainment and hospitality experiences,” said VICI president John Payne.
He added that the acquisition of the land and buildings from JACK Entertainment broadened VICI’s geographic exposure “by acquiring one of only four full-scale casino properties in the limited license state of Ohio, which continues to be one of the healthiest and fastest growing regional gaming markets across the country.”
Opened in March 2013, JACK Cincinnati features 100,000 square feet of gaming space.
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