VICI’s side of the deal is worth $558m, while Hard Rock has purchased the casino’s operating assets for $187m.
Hard Rock will lease the property for an initial annual rent of $42.8m, for an initial term of 15 years.
John Payne, President and Chief Operating Officer of VICI Properties, said: "We are proud to partner with Hard Rock, further diversifying our tenant roster with an international leader in gaming, entertainment and hospitality experiences."
Jim Allen, Chairman and CEO of Hard Rock International, said: "We look forward to introducing our unique brand of casino entertainment to Cincinnati.
"On behalf of the 40,000 Hard Rock team members worldwide, I am pleased to welcome the more than 1,000 Jack Cincinnati employees into the Hard Rock family."
VICI owns 22 gaming properties in the US, 21 of which are operated by Caesars; the organisation was created through Caesars’ bankruptcy reorganisation in October 2017.
Meanwhile, Hard Rock recently sold its Rocksino in Northfield Park to MGM Resorts International and MGM Growth Properties; the property will be rebranded as MGM Northfield Park.
