CINCINNATI — Jack Entertainment will sell Jack Cincinnati Casino and Turfway park for $780 million pending approval, the company introduced Friday.
Hard Rock International and VICI Properties desire to finish the purchase by means of yr end. The deal would bring about a 3rd name change for Cincinnati’s pinnacle-ranked biggest casino belongings, which averaged almost $17 million in monthly gaming sales in 2018.
The property opened as a Horseshoe Casino in 2013 with approximately 1,700 employees. For the remaining 18 months, General Manager Chad Barnhill stated the belongings has been running with a workforce of “simply underneath 1,000.”
Barnhill expects to retain working for Hard Rock International in conjunction with the relaxation of his team.
“Nothing changes,” Barnill stated. “All of our union agreements carry over with Hard Rock. Their seniority carries over. And not anything however upside with the Hard Rock emblem coming in and what meaning to multiplied visitation.”
The proposed sale ends months of speculation approximately a capability sale of the 22-acre assets with a hundred,000 rectangular ft of gaming space and 33,000 square toes of feast and event space. Barnhill stated employees are already speculating about improvements that Hard Rock may convey to Cincinnati.
“When is the resort being built and when is the Hard Rock Cafe going into place? Those are the 2 questions that everybody’s asked and I wish I had solutions for it but now not but,” Barnhill said.
Jack Entertainment CEO Matt Cullen said he expects Hard Rock to “get more into the leisure element” of the Cincinnati belongings. He additionally expects improvements to Turfway Park. The Florence horse racing song has been exploring a capability investment in ancient horse racing, which permits gamblers to guess on beyond races on a system it is just like playing slots, Cullen added.
Hard Rock declined to comment past its press launch, which says enhancements to the Cincinnati-vicinity homes may be introduced later this year.
“Hard Rock has been the primary operator in Ohio in view that establishing inside the extra Cleveland market in 2013,” stated Jim Allen, chairman and CEO of Hard Rock International, in a press launch. “And now, we stay up for introducing our particular emblem of casino enjoyment to Cincinnati.”
For Cullen, the deal completes greater than a decade of work. As a essential in Rock Ventures LLC, a on line casino investment corporation based by way of Detroit billionaire Dan Gilbert, Cullen changed into deeply concerned the campaign to legalize playing in Ohio. He oversaw improvement and construction of Downtown’s casino.
“I experience definitely desirable about how that challenge came out,” Cullen stated Friday. “We’re without a doubt selling it at the height of the market.”
Cullen said the Cincinnati sale is probably the remaining for Gilbert’s casino corporation, which agreed to promote Detroit’s Greektown Casino-Hotel for $1 billion in November. Cullen said Rock Ventures may sell real estate assets in Northeast Ohio but it will retain to function the Jack Casino and Jack Thistledown Racino.
“Cleveland isn’t for sale,” he stated.
In an interview remaining fall, Macquarie Capital analyst Chad Beynon expected a sale might have little impact on local jobs and might be excellent for gamblers – if the purchaser become a national employer with a stable loyalty rewards software. He also expected there could be masses of hobby inside the Cincinnati property.
“Ohio’s had one of the quality gaming increase prices inside the u . S . A . During the last couple years,” Beynon said. “It nonetheless looks like it’s a developing marketplace, absolutely not mature.”