The property was sold last year to MGM Resorts International and MGM Growth Properties and has been renamed MGM Northfield Park. Hard Rock was Ohio’s top revenue producing casino operator through its ownership of the Hard Rock Rocksino in the Cleveland suburb of Northfield Park. “We believe the market should continue to benefit from solid top-line fundamentals and limited supply.” “Regional gaming revenues have grown healthily in the Ohio market given solid macroeconomic trends,” Jonas said. SunTrust gaming analyst Barry Jonas the casino’s gaming revenues increased 3 percent last year and are up 5 percent so far in 2019. Jack Casino Cincinnati generates $197.6 million annually in gaming revenue, according to the Ohio Casino Control Commission.
When the deal closes, Hard Rock will pay VICI total annual rent of $42.75 million over a 15-year term, with four 5-year renewal options. VICI will pay $558 million for the land and real estate associated with Jack Cincinnati, and Hard Rock will purchase the operating assets for $187 million.
