HomePublicationsNewsletter ArchiveVolume 25Issue 29JACK ENTERTAINMENT ANNOUNCES SALE/LEASEBACK WITH VICI PROPERTIES

On Monday, October 28, 2019, JACK Entertainment announced an $843 million sale/leaseback transaction with VICI Properties for the JACK casinos in downtown Cleveland and Thistledown Racino.  After paying JACK the $843 million, VICI will enter into a 15 year rental agreement with JACK at $65.9 million per year, with four five-year extensions exercisable by JACK. 

When the transaction closes, VICI will have 26 gaming facilities in its portfolio, including properties leased to Caesars Entertainment, Penn National Gaming Hard Rock International and now JACK Entertainment. JACK will continue to operate both properties after the transaction.  “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," noted John Payne, president and chief operating officer of VICI Properties.

 

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