Detroit’s JACK Entertainment today announced it will sell the land and real estate assets of JACK Cleveland Casino and JACK Thistledown Racino, both in Ohio, to New York-based VICI Properties for $843 million. VICI, pending regulatory approval of the sale, will lease the properties back to JACK, which will continue to invest in and operate them under the same brand.
JACK Entertainment has invested more than $700 million into JACK Cleveland Casino in Cleveland and JACK Thistledown Racino in North Randall since the properties opened in 2012. The company says it will continue to make further investments to enhance the overall guest experience.
Dan Gilbert, founder and chairman of Quicken Loans Inc. in Detroit; Matt Cullen, chairman of JACK Entertainment; and Mark Dunkeson, CEO of JACK Entertainment; along with the existing JACK management team, will continue to lead the organization and will be the primary investors in the ownership group associated with the Cleveland properties.
“JACK Entertainment looks forward to continuing to operate JACK Cleveland Casino and JACK Thistledown Racino,” says Dunkeson. “The combined efforts of our gaming properties together with the other Cleveland assets operated by our sister companies including the Cleveland Cavaliers, Avenue Shops at Tower City. and the May Co. Building, have created a strong connection to the city and allows us to remain heavily committed to the Cleveland area. We will continue to invest significant capital into these properties which will have a lasting positive impact on the city and Cuyahoga County.”
JACK Entertainment is part of the Rock Family of Cos., which employ nearly 4,500 team members in the greater Cleveland area at Quicken Loans, Bedrock, the Cleveland Cavaliers, and the Rocket Mortgage FieldHouse. Over the past 10 years, the Rock Family of Cos. has continued to increase its investments and commitment to the long-term future of Cleveland.
To date, Rock companies have invested nearly $2 billion in downtown Cleveland and Cuyahoga County, which includes key civic projects and updates like the Public Square renovation, the landmark Higbee building, the May Company Building and garage, and The Avenue Shops at Tower City.
The transaction is expected to be finalized sometime in early 2020.