Hard Rock International has already established itself as one of the premier entertainment companies on a global scale. Its overall presence around the world consists of properties that can be found in 75 different countries. Indeed, it appears Hard Rock’s next expansion will be much closer to home.
Originally founded in London back in 1971 as a chain of themed restaurants, the gaming and entertainment giant is currently headquartered in Davie, Florida. Its first foray into Ohio was in Cleveland with the opening of a real money casino property in 2013. Its latest venture in that state is the purchase of the JACK Cincinnati Casino from VICI Properties, Inc.
The basic terms of the deal involve Hard Rock acquiring the operating assets of the casino. VICI will maintain ownership of the land and any related real estate assets. Plans call for the property being rebranded as Hard Rock Casino Cincinnati.
Jim Allen is the chairman and CEO of Hard Rock International. He was quoted in this report as saying:
“Hard Rock has been the number one operator in Ohio since opening in the greater Cleveland market in 2013. And now, 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.”
JACK Cincinnati is located in the Broadway Commons area of the downtown district on 22 acres of land. The casino floor itself spans over 100,000 square feet of space. Currently, there are close to 1,800 slots and other gaming machines along with 100 table games. In addition to the casino, there is an additional 33,000 square feet of meeting space, six dining establishments and two nightclubs and bars. Hard Rock’s future improvement plans for its newest acquisition are expected to be announced later this year.
“We are proud to partner with Hard Rock. Further diversifying our tenant roster with an international leader in gaming, entertainment and hospitality experiences. And, a renowned global platform of 245 hospitality venues across 75 countries.”
The transaction remains subject to regulatory approvals and any other customary closing conditions. The deal is expected to be finalized in the final quarter of 2019. This acquisition has been designed to be accretive immediately upon the actual closing date.
Jones Day served as Hard Rock’s legal counsel in this agreement. Fox Rothschild LLP acted as its special gaming counsel.
As a global leader in the entertainment field, Hard Rock’s portfolio of properties include:
Starting with the famous Eric Clapton guitar, the company also boasts the most valuable collection of music memorabilia in the world. The collection is scattered across its worldwide locations. The company is also known for its collectable fashion and other music-related merchandise sold in both Rock Shops and online stores.