VICI Properties Inc. To Acquire Jack Cincinnati Casino and Lease to Hard Rock International

NEW YORK–(BUSINESS WIRE)–Apr five, 2019–VICI Properties Inc. (NYSE:VICI) (“VICI Properties” or the “Company”), an experiential actual property investment trust (“REIT”), these days introduced that it has, collectively with a subsidiary of Hard Rock International (“Hard Rock”) entered into definitive agreements to gather the JACK Cincinnati Casino (“JACK Cincinnati”), located in downtown Cincinnati, Ohio, for an mixture buy fee of about $745 million in coins. Pursuant to the agreements, VICI Properties will acquire 100% of the membership hobbies of a subsidiary of JACK Cincinnati that owns the land and actual estate property of JACK Cincinnati for $558 million, and Hard Rock will collect the working belongings of JACK Cincinnati for $187 million.

Simultaneous with the remaining of this transaction, the Company will input into a triple-net rent agreement with Hard Rock associated with JACK Cincinnati. The hire can have an initial total annual hire of $42.75 million, for an implied capitalization price of seven.7%, and an preliminary term of 15 years, with four five-12 months renewal alternatives. The lease insurance ratio in the first year after remaining is predicted to be about 1.74x and the tenant’s obligations under the lease can be assured by using Seminole Hard Rock Entertainment, Inc., which keeps an funding grade score from S&P Global Ratings and Fitch Ratings.

“We are proud to accomplice with Hard Rock, further diversifying our tenant roster with an global leader in gaming, entertainment and hospitality studies, and a renowned worldwide platform of 245 hospitality venues across 75 countries,” stated John Payne, President and Chief Operating Officer of VICI Properties. “This transaction expands our geographic footprint into one of the quickest growing nearby markets. As one of best four full-scale casinos permitted in Ohio, the belongings is poised to enjoy the introduction of Hard Rock, a dynamic and proven operator within the Ohio market. We sit up for supporting Hard Rock as they hold to execute on their increase strategy in the course of the U.S. And globally.”

Opened in March 2013, JACK Cincinnati is situated on 22 acres in the Broadway Commons area of downtown Cincinnati. The property capabilities 100,000 rectangular feet of gaming area with about 1,800 gaming machines and one hundred table games. Additionally, the property includes 33,000 square feet of assembly area, six extremely good restaurants, and bars.

“Hard Rock has been the primary operator in Ohio when you consider that beginning within the more Cleveland marketplace in 2013,” said Jim Allen, chairman and CEO of Hard Rock International. “And now, we look ahead to introducing our specific brand of on line casino leisure to Cincinnati. On behalf of the forty,000 Hard Rock crew participants global, I am thrilled to welcome the extra than 1,000 JACK Cincinnati employees into the Hard Rock own family.”
The transaction is issue to regulatory approvals and commonplace ultimate conditions and is anticipated to close in late 2019. The acquisition is predicted to be accretive immediately upon last.
Goldman Sachs & Co. LLC is acting as economic consultant and Kramer Levin Naftalis & Frankel LLP is performing as legal consultant to VICI Properties for the transaction described herein.
About VICI Properties
VICI Properties is an experiential actual estate investment accept as true with that owns one in all the largest portfolios of market-leading gaming, hospitality and amusement locations, inclusive of the world-renowned Caesars Palace. VICI Properties’ country wide, geographically numerous portfolio includes 22 gaming facilities comprising over 39 million rectangular toes and capabilities approximately 14,800 motel rooms and more than a hundred and fifty eating places, bars and nightclubs. Its houses are leased to enterprise main gaming and hospitality operators, consisting of Caesars Entertainment Corporation and Penn National Gaming. VICI Properties additionally owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ approach is to create the country’s highest exceptional and maximum productive experiential real estate portfolio. For additional information, please visit www.Viciproperties.Com.

This press release consists of ahead-searching statements within the that means of the federal securities laws. You can become aware of these statements through our use of the phrases “assumes,” “believes,” “estimates,” “expects,” “steerage,” “intends,” “plans,” “initiatives,” and comparable expressions that don’t relate to historic matters. All statements other than statements of historic reality are forward-searching statements.


You ought to exercise warning in interpreting and counting on forward-searching statements because they involve acknowledged and unknown risks, uncertainties, and other factors which might be, in some instances, past the Company’s control and could materially have an effect on real outcomes, performance, or achievements. Among those dangers, uncertainties and different factors are risks that the acquisition of JACK Cincinnati won’t be consummated at the phrases or time-frame described herein, or at all; the potential of the parties to satisfy the situations set forth in the definitive transaction files, such as the ability to acquire, or delays in obtaining, the regulatory approvals required to consummate the transactions; the phrases on which the Company intends to finance the transaction, which includes the supply of price range used to finance such transaction; disruptions to the real belongings and operations of JACK Cincinnati at some point of the pendency of the final; dangers that the Company may not reap the advantages pondered by using the purchase (which include any expected accretion or the quantity of any destiny rent bills); and risks that no longer all ability dangers and liabilities have been diagnosed inside the Company’s due diligence of JACK Cincinnati. Important factors that could affect the Company’s commercial enterprise, results of operations and financial role are particular now and again inside the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to replace or revise any ahead-looking announcement, whether as a end result of recent statistics, future occasions, or in any other case, besides as can be required through relevant law.

Eddie Bowers
This is Asin , Who loves to discover new ideas and make it innovative to you.Love my blog ? Shoot a blog at [email protected] will reply you as Fast as possible 🙂

Clean Sweep: Mum’s home tasks time table continues her domestic neat and tidy

Welcome to Clean Sweep, news.Com.Au’s home enterprise collection presenting distinctive advice on the way to declutter your house direct from Aussies who have spruced...

The Decline Of The Traditional Brokerage: Where Is Real Estate Heading?

The real property brokerage version is dealing with disruption in greater methods than one. Alternative business fashions are imparting new techniques and technologies to...

Top Four Signs that Indicate Mold Infestation

Mold is one of those unseen invaders in your home that keep growing happily and conveniently without coming to your notice soon. Although it...

Jacob Knight Steps Out Of His Father’s Shadow And Into Real Estate On ‘Love...

Breaking into a brand new career may be tough for everyone, but Suge Jacob Knight is prepared to concur the arena of actual estate...

‘Black Faces, White Spaces’ author talks race, the outdoors at CU Boulder

Betsch turned into born right into a rich African-American circle of relatives in the Nineteen Thirties. Her grandfather owned American Beach on Amelia Island...

Land fees set to skyrocket in Dera Baba Nanak

Land prices in and across the ancient township of Dera Baba Nanak, located barely one hundred metres from the International Border, are set to...