Hard Rock International is expanding its global gaming portfolio via a collaboration with VICI Properties to acquire the Jack Cincinnati Casino in Ohio.
The joint purchase sees Hard Rock acquire the operating assets of the casino – re-branding it Hard Rock Casino Cincinnati – while VICI will retain the land and real estate assets.
“Hard Rock has been the number-one operator in Ohio since opening in the greater Cleveland market in 2013,” said Jim Allen, chairman and CEO of Hard Rock International.
“And now, we look forward to introducing our unique brand of casino entertainment to Cincinnati. On behalf of the 40,000 Hard Rock team members worldwide, I am pleased to welcome the more than 1,000 Jack Cincinnati employees into the Hard Rock family.”
Jack Cincinnati offers 100,000sq.ft of gaming space with 1,800 gaming machines and 100 table games. Additionally, the property contains 33,000sq.ft of meeting space, six restaurants and two bars.
“We are proud to partner with Hard Rock, further diversifying our tenant roster with an international leader in gaming, entertainment and hospitality experiences and a renowned global platform of 245 hospitality venues across 75 countries,” said John Payne, president and chief operating officer of VICI Properties.
The transaction, which is for an undisclosed sum, is subject to regulatory approvals and customary closing conditions and is expected to complete in late 2019. The acquisition is expected to be accretive immediately upon closing.