VICI Properties Inc. to Monetized 2 JACK Cleveland Properties

Maxwell F. Koehler
Added : Nov 9, 2019

The Jack Entertainment and VICI properties entered into an agreement that will see the real state contribution trust. Jack Entertainment Cleveland casino opened doors in 2012. The operation was managed by Caesars Entertainment Corporation and is owned by Rock Gaming, who later changed their name to Jack Entertainment. The casino became Jack Cleveland Casino in early May 2015.

The VICI will rent out back the two properties to their former owner under a master triple-net lease agreement the two companies have agreed to sign once the deal closes. VICI acquired Harrah’s Las Vegas from Caesars in December 2017. The company moved its headquarters to New York City from the Las Vegas area in mid-2018. A REIT affiliated with Caesars competitor MGM Resorts International, offered in January 2018 to acquire VICI for an estimated $5.9 billion VICI’s board rejected the offer, deciding instead to proceed with a planned initial public offering.

VICI will simultaneously enter into a favorable triple-net leased fee agreement with JACK Entertainment, which will continue to invest in and operate JACK Cleveland Casino and JACK Thistledown Racino under the same brand and identity the community has known since 2016.

The Casino operator Spectacle Entertainment LLC and the Gary City Council admit on the financial take of the city from the casino gambling operations of the future Hard Rock Casino that is prepared to be located near the Bormann Expressway off Burr Street. It opened doors by the end of the next year. The two facilities will be appearing into single casino complex.