CLEVELAND, Ohio (WOIO) - VICI Properties Inc. has entered an agreement with JACK Casino to acquire the Cleveland area afiliates.
According to VIVI the price of the purchase was approximately $843.3 million in cash.
VICI will take over JACK Cleveland Casino, located in downtown Cleveland and JACK Thistledown Racino, located in North Randall.
Snippet from the press release:
Simultaneous with the closing of the transaction, the Company will enter into a master triple-net lease agreement with JACK Entertainment related to the assets. The master lease will have an initial total annual rent of $65.9 million, for an implied capitalization rate of 7.8%, and an initial term of 15 years with four 5-year tenant renewal options.
The move is expected to close in early 2020.