Hard Rock International is buying Jack Cincinnati Casino and Turfway Park.

On Friday, Jack Entertainment announced that it has entered into contracts to sell Jack Casino in Downtown Cincinnati and Turfway Park in Florence to Hard Rock International and VICI Properties for $780 million, pending regulatory approval.

“We look forward to introducing our unique brand of casino entertainment to Cincinnati," said Jim Allen, CEO of Hard Rock International.

Hard Rock officials were tightlipped about potential upgrades to the property.

Half their casinos have Hard Rock Cafes – including the Hardrock Rocksino (the old Northfield Park race track with slots gambling added) in suburban Cleveland, until it was sold to MGM late last year.

Hard Rock was also mum on whether they were considering building a hotel on the property – 9 out of 11 of their casinos have hotels. Company officials said new property improvements will be announced later this year.

Hard Rock will acquire the operating assets of the casino, rebranding it Hard Rock Casino Cincinnati, while VICI will own the land and real estate assets as part of the joint purchase.

VICI will also enter into lease agreement with Hard Rock International. Hard Rock International will be responsible for the operations at both properties.

The casino generates $197.6 million annually in gambling revenue and employs more than 1,000 workers, according to the Ohio Casino Control Commission.

Jack's Cleveland casino and Jack Thistledown Racino will not be impacted by this transaction, the company said. The transaction is expected to be finalized sometime in late 2019 after federal and state regulatory approval.

The casino sits on 22 acres in the Broadway Commons area of Downtown. The property features 100,000 square feet of gaming space with 1,800 gaming machines and 100 table games. Additionally, the property contains 33,000 square feet of meeting space, six restaurants and two bars.

Opened in 2013, the Jack casino (originally Horseshoe Cincinnati) was one of Detroit billionaire Dan Gilbert's two properties after he successfully campaigned to legalize casino gambling in Ohio in 2009. Gilbert still owns the Cleveland casino.

Gilbert developed then operated the casino with Caesars Entertainment for the first few years. After the Las Vegas-based partner began to experience financial difficulties, Gilbert bought them out and rebranded the property Jack Casino in 2016.

Dan Gilbert's casinos part ways with Caesars

Since opening, Jack Casino surpassed the Hollywood Casino Lawrenceburg as the region's No. 1 casino controlling nearly 25 percent of local gambling revenues.

Still, the casino's performance has not lived up to developers' original projections of $300 million in annual gambling revenues after the region was swamped with other gambling options at three racetracks that were authorized by Ohio officials to install video slot parlors.

In addition to three riverboat casinos in Southeast Indiana, Greater Cincinnati has recently added racinos at Belterra Park in Anderson Township, Miami Valley Gaming in Turtlecreek Township and Hollywood Gaming at Dayton Raceway.

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