VICI Properties Inc. finalized the acquisition of the land and real estate assets of JACK Cincinnati Casino for about $558 million in cash.
Concurrently, the casino real estate investment trust agreed to lease the downtown Cincinnati property to Hard Rock International for a 15-year term, with four five-year renewal options. The triple-net lease, which commenced Sept. 20, has an initial annual rent of about $42.8 million, and the tenant's obligations under the lease are guaranteed by Seminole Hard Rock Entertainment Inc.
The 22-acre property in the Broadway Commons area offers 100,000 square feet of gaming space with about 1,800 gaming machines and 100 table games, and 33,000 square feet of meeting space, among other features.
