Jack Entertainment sells casino and racino real estate for $843m

The deal will see Jack Entertainment sell the real estate assets of the two properties, before renting them back from the real estate investment trust in a triple-net leased fee agreement.

The operator has already invested over $700m in the two properties and will continue to operate and invest in them as part of the deal.

Mark Dunkeson, CEO of Jack Entertainment, said: “Jack Entertainment looks forward to continuing to operate Jack Cleveland Casino and Jack Thistledown Racino.

“The combined efforts of our gaming properties, together with the other Cleveland assets operated by our sister companies, have created a strong connection to the city and this allows us to remain heavily committed to the Cleveland area.

“We will continue to invest significant capital into these properties, which will have a lasting positive impact on the city and Cuyahoga County.”

In a similar deal, MGM Resorts International recently sold the real estate of the Bellagio to Blackstone Real Estate Income Trust for $4.25bn, agreeing to rent the property back for an annual sum of $245m.

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Owain Flanders

Journalist

Owain Flanders is a journalist who spent over a year with Gambling Insider, first joining as an Editorial Intern in August 2019 before progressing to Staff Writer from November 2019 to December 2020. During his tenure, he covered a wide range of developments across the global gambling and iGaming sectors, producing original news stories, in-depth features and analytical pieces for the Gambling Insider website and its bi-monthly magazine.

Owain interviewed CEOs, analysts and senior marketing executives on emerging trends, regulatory issues and commercial strategy, bringing authoritative insight to a professional B2B audience.

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