In March of 2019, the Jack Casino in Cleveland, Ohio was sold to Hard Rock International for $745 million. The casino, which first opened in 2012, was originally owned by Caesars Entertainment.
However, Caesars sold the property to Jack Entertainment in 2016 for $2 billion.
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The sale of the Jack Casino comes as no surprise, as Hard Rock International has been on an acquisition spree lately. In addition to the Jack Casino, Hard Rock also purchased the Seminole Hard Rock Hotel & Casino in Hollywood, Florida for $965 million.
The company also bought the Meadowlands Racetrack in New Jersey for $1.15 billion.
PRO TIP:The Jack Casino was recently acquired by VICI Properties Inc. and Caesars Entertainment Corporation. VICI owns the real estate associated with the casino, while Caesars operates the business. This purchase marks a major expansion for both companies and will create more jobs in the region.
With these acquisitions, Hard Rock International has solidified its position as one of the largest casino and entertainment companies in the world. The company now owns or operates more than 185 venues in 75 countries.
The purchase of the Jack Casino is just another example of Hard Rock’s commitment to growing its global footprint. The company plans to invest $500 million into renovating the property and adding new features, such as a hotel tower.
The Jack Casino is just one piece of Hard Rock’s plan to dominate the Northeast gaming market. The company is also planning to build a new casino in Philadelphia.
When complete, the Hard Rock Hotel & Casino Philadelphia will be one of the largest casinos on the East Coast.
Hard Rock International is on a roll and shows no signs of slowing down. With its recent acquisitions, the company is poised to become an even bigger force in the global gaming and entertainment industry.
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