Cincinnati's Casino, NKY's Track Changing Hands
Cincinnati's casino and Northern Kentucky's racetrack will be changing hands. Investment company Vici Properties and Hard Rock International will pay $780 million for the properties in Cincinnati's Pendleton neighborhood and Boone County. Hard Rock will then lease the facilities.
"This transaction expands our geographic footprint into one of the fastest-growing regional markets," Vici President and CEO John Payne says in a statement. Vici already owns several casinos including Caesar's Palace and Harrah's in Las Vegas, as well as Horseshoe in Elizabeth, Indiana.
Jack Casino opened in March 2013 as Horseshoe, and has about 100,000-square feet of gaming space. The property also contains 33,000-square feet of meeting space, six restaurants and two bars.
Turfway was opened in 1959 as Latonia Race Track. It was renamed in 1986. Jack Entertainment took over operations of the track in 2015.
The transaction is subject to regulatory approvals and is expected to close in late 2019.