Hard Rock acquires JACK in Ohio
The casino company lays out $745 million in cash for the property
Hard Rock International appears to be on a mission. While it has always had an established and iconic presence, it is now intent to expand across the world. The company is already present in 75 countries and has over 40,000 employees and is about to add around another 1,000. It is reportedly buying JACK Cincinnati Casino in Ohio in a deal that involves VICI Properties, a major real estate investment firm.
Hard Rock and VICI will reportedly spend $745 million in cash to buy the Jack Entertainment-owned property. VICI, which was originally created by MGM Resorts before heading out on its own as a separate company, will be the legal owners of the entity that owns the land where JACK sits, but Hard Rock will own the rights to all operating assets.
Through the deal, Hard Rock, in return for providing $187 million in investment funds, will be able to rent the property from VICI for a period of 15 years, paying an annual rent of $42.75 million. The acquisition still has to be approved by regulators and Hard Rock expects the deal to be consummated before the end of this year.
JACK offers a gaming space of 100,000 square feet that is outfitted with 100 gaming tables and 1,800 slot machines. It also has an established conference center that encompasses 33,000 square feet of public meeting space and six dining facilities.
More amenities will be added, according to Hard Rock. It hasn’t released details on what those amenities might be, but said that it will do so once the acquisition has been approved by regulators.