Jack Casino Rewards Cincinnati
Casinos in Cincinnati, OH.
Change of ownership
JACK Entertainment has closed the sale of its JACK Casino in Cincinnati to Hard Rock International and VICI Properties. The news was announced only a couple of days after Hard Rock got approval as a new casino operator in the state, which was issued by the Ohio Casino Control Commission during its monthly meeting.
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Hard Rock got approval as a new casino operator in the state
As part of the deal worth $745m, VICI Properties acquires the subsidiary of JACK, which is the owner of the casino property. This part of the agreement is in itself worth $558m. VICI Properties is a real estate investment trust which is an offshoot of Caesars Entertainment.
Leasing agreement
VICI Properties has a leasing agreement in place with Hard Rock International, which will be the casino operator and the owner of all of the gaming assets. The gaming assets deal was worth $187m.
The leasing agreement will see Hard Rock lease the property for $42.75m annually. This is a 15-year lease agreement initially, with options to extend it for four five-year periods.
What the future holds
The CEO of JACK Entertainment, Mark Dunkeson, spoke about the winding up of this sale. He said he is confident Hard Rock International will take the casino to the next level. This comes after JACK Entertainment spent “10 years and hundreds of millions of dollars of investment developing JACK Cincinnati Casino from the ground up.”
Turfway sale not closed
The deal to sell the Cincinnati Casino was originally agreed upon in April. The Kentucky racetrack Turfway Park, situated about twenty minutes away from Cincinnati, was supposed to be included in the package.
However, the Turfway sale is still in the works and will take another few months to complete. This is mainly because the Kentucky Horse Racing Commission still needs to give the deal the green light. The price of the Turfway sale is in the region of $35m.
Potential competition
There is a potential spanner in the works for the Turfway deal, due to the fact that the Churchill Downs racing facility in Kentucky is getting a $200m investment.
This would see thoroughbred racing at the track, as well as the installation of historical horse racing machines. The races held here would begin in 2020 and fall on the same dates as the Turfway events.
JACK and Hard Rock International are working as a team to try and stop these race clashes from happening. Hard Rock is willing to invest as much as $100m at Turfway for extensive renovations and the installation of historical horse racing machines.
It will be down to the Kentucky Horse Racing Commission to finalize the racing calendar for 2020. The Commission has been critical of the way JACK Entertainment managed the Turfway track in the past.
Downsizing of JACK Entertainment
The selling of the Cincinnati Casino is just one of a number of downsizing moves by JACK Entertainment. It already sold its Greektown Casino and Hotel in Detroit at the beginning of 2019. Penn National Gaming bought it for about $1bn.
one of a number of downsizing moves by JACK Entertainment
With the closing of the Cincinnati Casino sale and the pending sale of the Turfway racetrack, JACK will only have two properties left in its portfolio. These are the JACK Cleveland Casino and a racino called JACK Thistledown, which is near to Cleveland. JACK also has a stake in the Horseshoe Casino in Baltimore, but the company is also looking at leaving this market.
Due to the Greektown sale, 92 employees lost their jobs. The executive structure of the company has also been rearranged. Former CEO Matt Cullen was replaced by Dunkeson at the start of September. Cullen is still the chairman of the board at JACK Entertainment.
Online gambling deals
Despite liquidating a lot of its casino positions, JACK Entertainment is making some moves in the sports betting and online gambling markets.
It has signed a deal with the Kambi Group to power its online and retail sportsbooks. It also recently entered into a similar agreement with GAN for its online gambling operations.
Sports betting is not yet legal in Ohio, but JACK is looking to be well-positioned in case legislation gets approval on the matter.
| Hard Rock Casino Cincinnati | |
|---|---|
| Location | Cincinnati, Ohio |
| Address | 1000 Broadway Street |
| Opening date | March 4, 2013 |
| Total gaming space | 100,000 sq ft (9,300 m2) |
| Notable restaurants | |
| Casino type | Land-based |
| Owner | Vici Properties |
| Operating license holder | Hard Rock International |
| Website | hardrockcasinocincinnati.com |
Hard Rock Casino Cincinnati (formerly Jack Cincinnati Casino and Horseshoe Cincinnati) is a casino in Cincinnati, Ohio, owned by Vici Properties and operated by Hard Rock International. It opened in 2013.
Casino[edit]
The two-story casino is 100,000 square feet (9,300 m2) and has 2,000 slot machines, 85 table games and a 31-table World Series of Poker room.[1] It is located on a 23-acre (9.3 ha) site on the northeast side of Downtown Cincinnati. Mr. Lucky's, Cincinnati Food Hall, Starbucks, and Prism are located inside the facility.[2]
Gross casino revenues are taxed at 33 percent, one of the highest rates in the nation for a resort casino with this level of investment. Portions of the tax revenue are designated for public school districts; the four host cities; all 88 state counties; the Ohio State Racing Commission; law enforcement training; and research and treatment of problem gambling and substance abuse.[3]
Jack Casino Rewards Cincinnati Kroger
History[edit]
Ohio voters approved a state constitutional amendment in November 2009 authorizing one casino in each of the state's four largest cities: Cleveland, Cincinnati, Columbus and Toledo.[4] It was the fifth statewide vote to legalize gambling in Ohio over 20 years.[5]
Construction at the site formerly known as Broadway Commons began in February 2011.[1][6] The Horseshoe Casino opened on March 4, 2013. It was the last of the four voter-approved full-service casinos to open in the state.[1]
Horseshoe Cincinnati was initially owned and operated by Rock Ohio Caesars, a joint venture between Caesars Entertainment and Dan Gilbert's Rock Gaming. Rock Ohio Caesars also opened Ohio’s first casino, Horseshoe Casino Cleveland, in May 2012.[7] Rock Ohio Caesars was the first operator to be licensed by the Ohio Casino Control Commission on May 2, 2012.[8]
The property was rebranded as Jack Cincinnati Casino in June 2016, as part of Rock Gaming's rebrand to Jack Entertainment.[9]
In 2019, Jack Entertainment sold the property for $745 million to Vici Properties and Hard Rock International, with Vici acquiring the land and buildings for $558 million and Hard Rock buying the operating business for $187 million.[10][11][12] Hard Rock leased the casino from Vici for $43 million per year, and stated that it would rebrand the property as Hard Rock Casino Cincinnati.[10][12]
See also[edit]
References[edit]
Jack Casino Rewards Cincinnati Casino
- ^ abcCoolidge, Alexander. “Cincy casino to open March 4.” Cincinnati.com. Cincinnati Enquirer, 12 Dec. 2012. Web. 12 Dec 2012.
- ^https://www.jackentertainment.com/cincinnati/restaurants/
- ^Myers, Amanda. “Cincinnati casino on pace to open in spring”. AP.org. Associated Press, 6 Sep. 2012. Web. 12 Dec 2012.
- ^Sheeran, Thomas. “Horseshoe Casino, Cleveland Casino, Opens To The Public”. AP.org. Associated Press, 14 May. 2012. Web. 12 Dec 2012.
- ^Ott, Thomas. 'All Bets Are on.' The Plain Dealer [Cleveland] 15 May 2012: A1+. Print.
- ^Demeropolis, Tom. “Horseshoe Casino Cincinnati announces opening date” bizjournals.com. Cincinnati Business Courier, 12 Dec. 2012. Web. 12 Dec 2012.
- ^Stutz, Howard. “Margaritaville Restaurant to open next year at Horseshoe Casino Cincinnati”. lvrj.com. Las Vegas Review Journal, 3 Aug. 2012. Web. 12 Dec 2012.
- ^Provance, Jim. “Rock Ohio receives license to operate in Cleveland.” Toledoblade.com. The Toledo Blade. 2 May. 2012. Web. 12 Dec 2012.
- ^'Jack Entertainment rebrands Ohio and Detroit casinos'. Rock Gaming. Retrieved 5 June 2016.
- ^ abTom Demeropolis (September 20, 2019). 'Cincinnati casino sells for $745 million'. Cincinnati Business Courier. Retrieved 2019-09-21.
- ^'State commission gives go-ahead for new Jack Casino ownership'. Cincinnati CityBeat. August 22, 2019. Retrieved 2019-09-21.
- ^ ab'Vici Properties Inc. completes acquisition of Jack Cincinnati Casino and lease to Hard Rock International' (Press release). Vici Properties. September 20, 2019. Retrieved 2019-09-21 – via BusinessWire.
External links[edit]
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Coordinates: 39°06′29″N84°30′23″W / 39.107948°N 84.506493°W