Ohio gambling and casino regulator has approved the sale of JACK Cincinnati Casino to Vici Properties. VICI Properties, REIT formed from Caesars Entertainment Corp. in 2017 has already struck a deal in April to purchase the casino pending regulatory approval.
Earlier this week, the members of the Ohio Casino Control Commission voted to issue a three-year license to VICI. According to the deal, VICI Properties will purchase the downtown Cincinnati casino for $558 million in cash.
The entire deal with Jack Entertainment, the company which owns and operates the Jack Cincinnati Casino, is worth $745 million. While VICI properties are to pay $558 million in cash the remaining $187 million is to be paid by Hard Rock Entertainment for the operating assets of the gambling venue.
According to the terms of the deal, VICI Properties and Hard Rock would enter into a multi-year partnership. Hard Rock will pay $42.75 million a year to lease the property for an initial 15-year term with the option for four five-year extensions.
The casino was first opened in 2013 and operated as Horseshoe Cincinnati until 2016. It was then re-branded in 2016 as Jack Cincinnati when the Detroit-based Jack Entertainment purchased the property.
The casino features a 100,000-square-foot action-packed gaming floor. It hosts 1,800 slot machines and 100 table games. The gambling facility also has 33,000 square feet of meeting space and six dining outlets.
The casino employs about 1,000 people and boasts an average monthly revenue of $17 million as per the records of 2018.