The Jack Cleveland Casino and Thistledown Racino are the subject of an acquisition and leaseback deal between Jack Entertainment and VICI properties. The gambling locations are in downtown Cleveland, Ohio, US. The purchase price is US$843.3m in cash.
With the closing of the deal, VICI will enter into a trip-net lease agreement with Jack related to the assets.
John Payne, president and COO of VICI, said: “Jack Entertainment focuses on investing and operating in the Cleveland market. Ohio is one of the healthiest and fastest-growing regional gaming markets and we are pleased to add high-quality, urban real estate to our portfolio.”
The casino opened in May 2012 and has 96,000 square feet of gaming space, 1,300 slots and 120 tables. It is connected to the Ritz-Carlton and Renaissance hotels. The racino opened in April 2013 at North Randall, near Cleveland and has 57,000 square feet of gaming space and 1,459 slots.