Hard Rock International, the brand behind hundreds of iconic casinos and entertainment facilities across the globe, added to its portfolio of properties this week by closing on the JACK Cincinnati Casino in a $745 million deal.
The deal, which was originally confirmed back in April, will see the Detroit-based owner hand over the keys to the 100,000-square-foot facility to Hard Rock International and its partners VICI Properties Inc.
According to JACK Entertainment's press release, VICI will take ownership of the 22-acre property and lease it to Hard Rock for $43 million per year. That fits with the modus operandi for VICI, which is an investment trust that already owns 22 other casinos across the U.S.
In turn Hard Rock will bring its brand of casino entertainment to the facility, which currently boasts 1,800 gaming machines and 100 tables, alongside 33,000 square feet of conference space, restaurants and bars. The setup adds up to an average of around $17 million in gaming revenue, according to the CityBeat report.
“We are pleased to officially welcome Hard Rock International and its world-renowned brand to the Queen City,” Mark Dunkeson, Chief Executive Officer of JACK Entertainment, said in the press release.
“After 10 years and hundreds of millions of dollars of investment developing JACK Cincinnati Casino from the ground up, we are confident that the property’s success will continue into the future as Hard Rock International takes it to the next level of growth.”
The two companies have also announced that they will work closely together to ensure a smooth transition for all guests and the more than 1,000 employees who currently work at the casino.
the Cincinnati casino property is one of four facilities in the state that were greenlit by voters in 2009, operating alongside other sites in Columbus, Toledo, and a Cleveland property that is also operated by JACK Entertainment.
Hard Rock’s Ohio expansion doesn’t look like it will end there. JACK Entertainment revealed in the press release that Hard Rock is close to rejoining the lucrative Ohio racino market by agreeing to a deal to purchase the Turfway Park racetrack in the coming months.
Hard Rock will no doubt also have its eye on the possibilities posed by sports betting in Ohio and other areas of the midwest. To that end, JACK Entertainment recently entered into an agreement with Kambi Group plc, the world’s leading sports betting provider.
The forward-looking agreement, which was announced this month, would see Kambi power both online and in-property sportsbooks for JACK Entertainment’s facilities should a law pass legalizing sports betting in the state.