{"id":118288,"date":"2019-10-28T08:28:25","date_gmt":"2019-10-28T15:28:25","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=118288"},"modified":"2019-10-28T10:51:26","modified_gmt":"2019-10-28T17:51:26","slug":"vici-is-scooping-up-two-jack-entertainment-properties-for-843-million","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/vici-is-scooping-up-two-jack-entertainment-properties-for-843-million\/","title":{"rendered":"Vici Properties Shells Out $843.3 Million For Jack Cleveland, Thistledown Racino, JACK Entertainment Will Lease Back Properties"},"content":{"rendered":"

JACK Entertainment is monetizing a pair of Cleveland assets, announcing that it will sell the Jack Cleveland Casino and the Jack Thistledown Racino to Vici Properties (NYSE:VICI) for $843.3 million in cash.<\/p>\n

\"\"
Vici Properties is paying $843.3 million for the Jack Cleveland Casino and the Jack Thistledown Racino. JACK Entertainment will lease back those venues. (Image: Cleveland.com)<\/figcaption><\/figure>\n

Privately held JACK Entertainment, which is controlled by billionaire Cleveland Cavaliers Dan Gilbert, will lease back those properties from Vici.<\/p>\n

Related to the transactions, JACK is signing a 15-year lease agreement with Vici at an initial annual rate of $65.9 million. The entertainment company will have four five-year renewal options following the expiration of the 15-year term.<\/strong><\/p>\n

Ohio continues to be one of the healthiest and fastest-growing regional gaming markets, and we are thrilled to add high-quality, urban real estate to our portfolio at an attractive capitalization rate,\u201d said Vici President and COO John Payne in a statement.<\/p><\/blockquote>\n

The transactions are expected to close early next year.<\/p>\n

Not The First Time<\/h2>\n

Before news of the Jack Cleveland Casino and the Jack Thistledown Racino sales was announced Monday, the entertainment and real estate companies had an established relationship, one that has been active in 2019.<\/p>\n

Last month, Jack finalized the sale of the property assets of Jack Casino Cincinnati to Vici<\/a> in a transaction valued at $745 million. Hard Rock International is managing the gaming area there.<\/p>\n

Earlier this year, Jack sold Detroit\u2019s Greektown Casino-Hotel to Penn National Gaming and Vici in a deal worth $1 billion. Penn National paid $300 million for the casino, while Vici doled out $700 million<\/a> for the real estate assets.<\/p>\n

\n

The Jack Cleveland Casino may have been compelling for Vici because that property is connected to the Renaissance and Ritz Carlton hotels in downtown Cleveland. The venue has 96,000 square feet of gaming space, 1,300 slot machines, and 120 table games.<\/p>\n<\/div>\n

JACK Thistledown Racino, located in the Cleveland suburb of North Randall, sits on almost 130 acres, with 57,000 square feet of gaming space and 1,459 gaming machines.<\/p>\n

Busy Year For Vici<\/h2>\n

Vici, the real estate investment trust (REIT) spun off from Caesars Entertainment in 2017, has been on a shopping spree this year.<\/p>\n

In June, the REIT partnered with Century Casinos to purchase the Mountaineer Casino Racetrack and Resort in West Virginia, and the Isle Casino Cape Girardeau and Lady Luck Casino in Missouri from Eldorado Resorts for $385 million. Vici’s part of that deal was $278 million for the property assets of those gaming venues.<\/p>\n

A week later, when Eldorado announced a $17.3 billion takeover offer for Caesars, it was revealed that Vici would pay $3.2 billion to acquire<\/a> the real estate assets of Harrah\u2019s New Orleans, Harrah\u2019s Laughlin, and Harrah\u2019s Atlantic City.<\/p>\n

As part of that agreement, Eldorado can also sell Harrah\u2019s Hoosier Park and Indiana Grand to Vici at a later date. Vici also gained rights of first refusal to potentially engage in a purchase of or sale-leaseback deals on the Horseshoe Casino Baltimore and up to two Caesars’ assets on the Las Vegas Strip.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

JACK Entertainment is monetizing a pair of Cleveland assets, announcing that it will sell the Jack Cleveland Casino and the Jack Thistledown Racino to Vici Properties (NYSE:VICI) for $843.3 million in cash. Privately held JACK Entertainment, which is controlled by billionaire Cleveland Cavaliers Dan Gilbert, will lease back those properties from Vici. Related to the […]<\/p>\n","protected":false},"author":46,"featured_media":118290,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,32093],"tags":[],"acf":[],"yoast_head":"\nVici is Scooping up Two Jack Entertainment Properties For $843 Million<\/title>\n<meta name=\"description\" content=\"Vici Properties is acquiring two Cleveland-area gaming properties from Jack Entertainment for $843 million and will lease those venues back to the seller.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/vici-is-scooping-up-two-jack-entertainment-properties-for-843-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vici is Scooping up Two Jack Entertainment Properties For $843 Million\" \/>\n<meta property=\"og:description\" content=\"Vici Properties is acquiring two Cleveland-area gaming properties from Jack Entertainment for $843 million and will lease those venues back to the seller.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/vici-is-scooping-up-two-jack-entertainment-properties-for-843-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-28T15:28:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-28T17:51:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/jack102819.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"828\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/vici-is-scooping-up-two-jack-entertainment-properties-for-843-million\/\",\"url\":\"https:\/\/www.casino.org\/news\/vici-is-scooping-up-two-jack-entertainment-properties-for-843-million\/\",\"name\":\"Vici is Scooping up Two Jack Entertainment Properties For $843 Million\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-is-scooping-up-two-jack-entertainment-properties-for-843-million\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-is-scooping-up-two-jack-entertainment-properties-for-843-million\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/jack102819.jpg\",\"datePublished\":\"2019-10-28T15:28:25+00:00\",\"dateModified\":\"2019-10-28T17:51:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Vici Properties is acquiring two Cleveland-area gaming properties from Jack Entertainment for $843 million and will lease those venues back to the seller.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-is-scooping-up-two-jack-entertainment-properties-for-843-million\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/vici-is-scooping-up-two-jack-entertainment-properties-for-843-million\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/vici-is-scooping-up-two-jack-entertainment-properties-for-843-million\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/jack102819.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/jack102819.jpg\",\"width\":1280,\"height\":828,\"caption\":\"Vici Properties is paying $843.3 million Jack Cleveland Casino and the Jack Thistledown Racino and JACK Entertainment will lease back those venues. 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