Detroit’s JACK Entertainment is selling its JACK Cincinnati Casino and its Turfway Park horseracing track in Florence, Ky. to Hard Rock International and VICI Properties for $780 million. The deal was announced today.
Once approved by federal and state regulatory agencies, VICI will enter into a triple-net leased fee agreement with Hard Rock International. Hard Rock will be responsible for the operations at both properties. JACK Cleveland Casino and JACK Thistledown Racino will not be impacted by this transaction and JACK Entertainment says it remains committed to investing in and operating those properties.
“We viewed the gaming industry as a catalyst for economic development in our local communities,” says Matt Cullen, CEO of JACK Entertainment. “After 10 years, hundreds of millions of dollars of investment developing JACK Cincinnati Casino from the ground up, and establishing a strong customer focused culture, we have successfully positioned JACK Cincinnati Casino for further future success. We are confident that Hard Rock and its world-renowned brand will be a great addition to the Queen City and the right choice to take JACK Cincinnati Casino and Turfway Park to the next level of growth.”
The transaction is expected to be finalized in late 2019.