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REIT Vici Properties to acquire Jack Cincinnati Casino for about $745 million in cashReal estate investment trust Vici Properties Inc. said Friday it has entered an agreement to acquire the Jack Cincinnati Casino in downtown Cincinnati, Ohio, for about $745 million in cash. Under the terms of the deal, Vici will acquire 100% of the interest of a unit of the casino that owns the land and real estate for $558 million, while a subsidiary of Hard Rock International will acquire the operating assets for $187 million. Vici will then enter a long-term leasing agreement with Hard Rock with an initial total annual rent of $42.75 million and an initial term of 15 years. Hard Rock owns a platform of 245 hospitality venues across 75 countries. Jack Cincinnati Casino has 100,000 square feet of gaming space with about 1,800 gaming machines and 100 table games, along with 33,000 square feet of meeting rooms and six restaurants. The deal is expected to close in late 2019. Vici shares were not yet active premarket, but have gained 20.6% in the last 12 months, while the S&P 500 has gained 8.1%.
Source: MarketWatch - 🏆 3. / 97 Read more »