CLEVELAND, Ohio – Vici Properties Inc. has purchased real estate assets of Jack Entertainment LLC for $843 million in cash.
Vici will then lease the property to Jack Entertainment for $65 million a year.
Going forward, Dan Gilbert, Matt Cullen, Chairman JACK Entertainment, and Mark Dunkeson, Chief Executive Officer JACK Entertainment, along with the existing JACK management team, will continue to lead the organization and will be the primary investors in the ownership group associated with the Cleveland properties.
“JACK Entertainment looks forward to continuing to operate JACK Cleveland Casino and JACK Thistledown Racino,” said Mark Dunkeson, Chief Executive Officer of JACK Entertainment. “The combined efforts of our gaming properties together with the other Cleveland assets operated by our sister companies including the Cavs, Avenue Shops at Tower City and the May Company Building, have created a strong connection to the city and allows us to remain heavily committed to the Cleveland area. We will continue to invest significant capital into these properties which will have a lasting positive impact on the city and Cuyahoga County.”
The transaction is expected to be finalized sometime in early 2020.