Vici Buys Jack

Vici buys Jack.
   
Vici Properties buys Jack Cleveland Casino and Jack Thistledown Racino from Jack Entertainment for $843.3 million.
   
The Cleveland casino has 96,000 square feet of gaming space and is linked to the Ritz-Carlton and Renaissance hotels in downtown Cleveland. The Thistledown Racino is located about 10 miles southeast of downtown in North Randall, Ohio.
   
Vici will lease the properties to Jack Entertainment at an annual rent of $65.9 million for an initial term of 15 years. Both properties will continue to operate under the Jack name. Vici Properties’ portfolio is 24 gaming facilities, leased to such names as Caesars Entertainment, Penn National Gaming, and Hard Rock International.
   
John Payne of Vici Properties said: ‘We are excited to partner with the team at Jack Entertainment as they focus on investing and operating in the Cleveland market. Ohio continues to be one of the healthiest and fastest-growing regional gaming markets and we are thrilled to add high-quality, urban real estate to our portfolio at an attractive capitalization rate. This transaction is another great example of Vici’s ability to creatively source and execute accretive deals that bring value to our shareholders while furthering our strategic goal to diversify our roster of best-in-class gaming operators.’
   
Mark Dunkeson of Jack Entertainment said: ‘Jack Entertainment looks forward to continuing to operate Jack Cleveland Casino and Jack Thistledown Racino. The combined efforts of our gaming properties together with the other Cleveland assets operated by our sister companies including the Cleveland Cavaliers, Avenue Shops at Tower City, and the May Company Building, have created a strong connection to the city and allows us to stay heavily committed to the Cleveland area. We have invested more than $700 million in Jack Cleveland Casino and Jack Thistledown Racino since the properties opened in 2012 and we will continue to invest significant capital in these properties which will have a lasting positive impact on the city and Cuyahoga County.’
   
David Kieske of Vici Properties said: ‘The acquisition of Jack Cleveland Casino and Jack Thistledown Racino will add $65.9 million of rent to our portfolio upon closing. Importantly, we will not issue more equity to finance the transaction as we prudently secured our equity funding requirements through our successful June 2019 equity offering. We expect to close on all our remaining pending transactions, including our previously announced transactions with Century Casinos and Eldorado Resorts on a leverage-neutral basis.’
   
Goldman Sachs served as financial adviser to Vici Properties. Kramer Levin Naftalis & Frankel served as legal adviser.
   
Credit Suisse and Deutsche Bank served as financial advisers to Jack Entertainment. Paul, Weiss, Rifkind, Wharton & Garrison LLC, Calfee, Halter & Griswold LLC, and Honigman served as legal advisers.

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