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Billionaire Dan Gilbert’s Jack Sells Cleveland Casino Properties

Vici Properties agreed to a sale leaseback transaction with Jack Entertainment LLC in $843 million deal.

(Bloomberg)—Vici Properties Inc. agreed to buy the real estate assets of the Jack Cleveland Casino and the nearby Jack Thistledown Racino for about $843 million in cash.

Vici, which spun off from Caesars Entertainment in 2017, agreed to lease the properties to seller Jack Entertainment LLC at an initial annual rent of about $66 million, according to a statement.

Billionaire Cleveland Cavaliers owner Dan Gilbert is the chairman of Jack Entertainment.

The Cleveland casino, which opened in 2012, has 96,000 square feet of gaming space, is connected to Ritz-Carlton and Renaissance hotels in downtown Cleveland. The Thistledown Racino is located about 10 miles southeast of downtown in in North Randall, Ohio.

The deal, expected to close in early 2020, follows Vici’s deal to acquire the Jack Cincinnati Casino earlier this year.

To contact the reporter on this story: Patrick Clark in New York at [email protected].

To contact the editor responsible for this story: Craig Giammona at [email protected]

© 2019 Bloomberg L.P.

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