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VICI Properties Inc. to Acquire JACK Cleveland Casino and JACK Thistledown Racino in Sale Leaseback Transaction With JACK Entertainment

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VICI Properties Inc. to Acquire JACK Cleveland Casino and JACK Thistledown Racino in Sale Leaseback Transaction With JACK EntertainmentReading Time: 3 minutes

 

VICI Properties Inc., an experiential real estate investment trust, today announced it has entered into a definitive agreement with an affiliate of JACK Entertainment LLC to acquire 100% of the membership interests of its affiliates that own casino-entitled land and real estate and related assets associated with JACK Cleveland Casino, located in downtown Cleveland, Ohio, and JACK Thistledown Racino, located approximately 10 miles southeast of downtown Cleveland in the city of North Randall, Ohio, for an aggregate purchase price of approximately $843.3 million in cash.

Simultaneous with the closing of the transaction, the Company will enter into a master triple-net lease agreement with JACK Entertainment related to the assets. The master lease will have an initial total annual rent of $65.9 million, for an implied capitalization rate of 7.8%, and an initial term of 15 years with four 5-year tenant renewal options. The rent coverage ratio at closing is expected to be approximately 1.72x and the tenant’s obligations under the lease will be guaranteed by Rock Ohio Ventures LLC. Additionally, the Company will provide a $50 million loan secured by certain non-gaming real estate assets of Rock Ohio Ventures LLC, which will bear interest at 9.0% for a period of five years with two 1-year extension options.

John Payne, President and Chief Operating Officer of VICI Properties said, “We are excited to partner with the team at JACK Entertainment as they focus on investing and operating in the Cleveland market. Ohio continues to be one of the healthiest and fastest growing regional gaming markets and we are thrilled to add high-quality, urban real estate to our portfolio at an attractive capitalization rate. This transaction represents another great example of VICI’s ability to creatively source and execute accretive deals that bring value to our shareholders, while furthering our strategic goal to diversify our roster of best-in-class gaming operators.”

“JACK Entertainment looks forward to continuing to operate JACK Cleveland Casino and JACK Thistledown Racino,” said Mark Dunkeson, Chief Executive Officer of JACK Entertainment. “The combined efforts of our gaming properties together with the other Cleveland assets operated by our sister companies including the Cleveland Cavaliers, Avenue Shops at Tower City and the May Company Building, have created a strong connection to the city and allows us to remain heavily committed to the Cleveland area. We have invested more than $700 million into JACK Cleveland Casino and JACK Thistledown Racino since the properties opened in 2012 and we will continue to invest significant capital into these properties which will have a lasting positive impact on the city and Cuyahoga County.”

David Kieske, EVP, Chief Financial Officer of VICI Properties, also commented, “The acquisition of JACK Cleveland Casino and JACK Thistledown Racino will add an additional $65.9 million of rent to our portfolio upon closing. Importantly, we will not issue additional equity to finance the transaction as we prudently secured our equity funding requirements through our successful June 2019 equity offering. Accordingly, we anticipate closing our remaining pending transactions, including our previously announced transactions with Century Casinos, Inc. and Eldorado Resorts, Inc., on a leverage-neutral basis.”

JACK Cleveland Casino opened in May 2012 in the historic Higbee Building in downtown Cleveland, Ohio. The property features approximately 96,000 square feet of gaming space, 1,300 gaming machines, over 120 table games and eight food and beverage outlets. The property is connected to the 205-key Ritz-Carlton and 440-key Renaissance hotels in downtown Cleveland. JACK Thistledown Racino opened in April 2013 in North Randall, Ohio and is the leading thoroughbred racino in the Cleveland MSA. The property is situated on 129 acres and features approximately 57,000 square feet of gaming space, 1,459 gaming machines and six food and beverage outlets.

The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in early 2020. The acquisition is expected to be accretive immediately upon closing.

In addition to this release, the Company has furnished a Transaction Overview presentation, which is available on our website in the “Investors” section, under the menu heading “Events & Presentations.”

Goldman Sachs & Co. LLC is acting as financial advisor and Kramer Levin Naftalis & Frankel LLP is acting as legal advisor to VICI Properties for the transaction described herein.

About VICI Properties

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 24 gaming facilities comprising over 40 million square feet and features approximately 15,200 hotel rooms and more than 150 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment Corporation, Penn National Gaming and Hard Rock International. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: VICI Properties Inc. to Acquire JACK Cleveland Casino and JACK Thistledown Racino in Sale Leaseback Transaction With JACK Entertainment

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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From Track to Tech: SOFTSWISS Celebrates Barrichello’s First NASCAR Brasil Triumph

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SOFTSWISS, a global tech provider with over 15 years of iGaming expertise, celebrates Rubens Barrichello’s victory in the first NASCAR Brasil Series title in his debut season. As the company’s Non‑Executive Director in Latin America, Barrichello exemplifies the champion’s mindset that underpins SOFTSWISS’ disciplined approach to product delivery in Brazil and worldwide.

The NASCAR Brasil Series crowns its champion over a full season under NASCAR-aligned regulations. The title was sealed at the Match Point finale at Velo Città in São Paulo, where the opening race set the decisive points. Barrichello’s calm, data-driven call at the critical moment mirrors SOFTSWISS’ practice: trust the plan, read the telemetry, execute cleanly. 

Rubens Barrichello, Non‑Executive Director in Latin America at SOFTSWISS, comments: “Everyone knows how much I love this competition and how fierce I am. My heart is in my mouth and I’m very happy.”

Ivan Montik, Founder of SOFTSWISS, adds: “This title is a powerful example of what passion, confidence and disciplined preparation deliver. The champion’s mindset that Rubens demonstrates – clarity of plan, trust in the team and precision under pressure – inspires everyone at SOFTSWISS. We will keep applying the same approach in Brazil first and across all markets, bringing measured execution and data-driven decision-making to every release and every client partnership.”

In May, SOFTSWISS marked the first anniversary of its collaboration with Barrichello. This success arrives as an energising milestone for teams and partners, reinforcing a working culture built on preparation, clarity of roles, measurable outcomes, and continuous improvement. Earlier this month, the SOFTSWISS Game Aggregator was named ‘Best Game Aggregator Platform’ at CGS Recife, adding local recognition to the company’s Brazil roadmap.

SOFTSWISS is fully certified in Brazil across its core products – Casino Platform, Game Aggregator, Sportsbook, and Jackpot Aggregator – enabling licensed operators to access a comprehensive, locally compliant stack with trusted support. The same track-to-tech discipline continues to drive responsible and sustainable growth.

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience developing innovative solutions for the iGaming industry. SOFTSWISS provides certified software for managing iGaming projects. The company’s product portfolio includes the Casino Platform, the Game Aggregator with over 30,000 casino games, the Affilka affiliate platform, the Sportsbook Software and the Jackpot Aggregator. The expert team counts over 2,000 employees.

The post From Track to Tech: SOFTSWISS Celebrates Barrichello’s First NASCAR Brasil Triumph appeared first on European Gaming Industry News.

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Swintt increase German market profile with new NOVOLINE deal

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Having already established a substantial fan following in Germany thanks to its engaging range of classically-themed slots, sought-after software provider, Swintt, has announced it will be making further in-roads into the country via a new partnership with NOVOLINE.DE.

One of Germany’s most beloved online casino platforms, NOVOLINE.DE is home to a vast collection of over 650 slot games and this impressive library now stands to be significantly boosted by the addition of Swintt’s titles – most notably those included within the popular SwinttPremium range.

A core pillar of Swintt’s multi-faceted content line-up, SwinttPremium titles combine the classic graphics, sounds and fruit-based iconography of land-based slots with quick and easy bonus features. They have proven particularly successful in the regulated German market.

As a result of the new deal, NOVOLINE.DE customers will now be able to enjoy a number of popular entries in the series including Seven Seven Pots and Pearls, Xtra Win X and Aqua Lord – all of which have established themselves among the provider’s best-performing titles in the German market.

Of course, with upwards of 120 titles in the SwinttPremium collection alone, the addition of this exciting selection of 63 games will enable NOVOLINE to offer an even wider selection of casino content to customers, while also helping Swintt cement its position as a top provider in the German market.

David Mann, Chief Executive Officer at Swintt, said: “Having already established ourselves as a leading software provider in the regulated German market, we’re delighted to be teaming up with NOVOLINE.DE to bring our SwinttPremium games to an even wider range of players.

“As a hugely established online slots platform with a strong player base in the country, the partnership will enable Swintt to enhance its standing among German audiences while also bolstering NOVOLINE’s line-up with proven titles like the fan favourite Seven Seven Pots and Pearls.”

Florian Hermann, Managing Director at NOVOLINE.DEsaid: “While NOVOLINE.DE already offers an incredible collection of over 650 slot titles to players, we’re always looking for opportunities to extend our line-up by joining forces with the software providers who can offer something new.

“We’re confident that our customers will love the SwinttPremium titles added to our offering .”

The post Swintt increase German market profile with new NOVOLINE deal appeared first on European Gaming Industry News.

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Where B2B Marketing Stumbles

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Marketing in B2B is like a midfielder in football: it’s supposed to cover the whole field and only occasionally push forward. Meanwhile, all the glory rightfully goes to the strikers, while our role is to reliably back the team.

Still, remove marketing from any business, and you’ll immediately recall Stewart Britt’s line about winking at a girl in the dark. Working without marketing today means being unarmed and invisible in the sea of offers and background noise that’s only getting harder to cut through.

Today, we’re celebrating Trueplay’s 7th anniversary — and as a small but meaningful gift, our marketing team would like to offer a bit of striptease and self-flagellation by offering fixes for some of the most common mistakes marketing teams make.

Clear your meeting calendar

Let’s start with a universal pain point for remote-era businesses: weeding through online meetings. Endless regular calls — with or without a clear purpose — fill up the day and ruthlessly devour your time.

Our conclusion: meet only when the issue cannot be solved in writing. Video calls are great for fast, efficient status updates, but become a protracted torture when the only reason is “just to have a call.”

We’re not denying the value of human connection — even through Google Meet — but add this to your calendar: meet only with purpose.

Work together — validate your ideas

Important decisions should always be made collectively, with all relevant perspectives taken into account. To execute any process — especially one that impacts the company’s success — you need a complementary team.

Only in fairytales or propaganda do people unanimously accept top-down decisions. In reality, any idea — especially a creative one — will have both supporters and critics. That’s why you need to build processes where important decisions are validated collectively.

If you’re launching a new website, building a key campaign, or preparing for a major expo — take the time to gather all the department heads around the (virtual) table, especially Sales. Run the idea by them and give them a heads-up about what’s coming.

One of the most common mistakes marketing teams make is leveraging their authority to impose changes: “This is how we’re doing things now.” But if the rest of the team doesn’t support your idea — at least tacitly — failure is almost guaranteed.

It reminds us of a brilliant example from Ichak Adizes, who once visited a shoe factory. Taking aside a factory worker, he discovered how employees responded to unpopular management decisions. They didn’t argue or complain — they simply packed mismatched shoe sizes into the same box and sent them to stores.

Just imagine: marketers, managers, and strategy consultants working around the clock to design company-wide strategies — and a few disengaged people silently undo it all by refusing to cooperate.

Leave time for execution

Marketers love ideas. But even the best concept can fall apart due to a lack of time, budget, or resources.

We’ve held pure gold in our hands — ideas that could’ve flown. But when it came to execution, we stalled. You never know where the problem will arise: a legal nuance, a burning deadline, or a system that simply isn’t ready.

So always build in time. Don’t rush. Remember that cycles repeat — if it didn’t work now, you can always return later with stronger preparation.

Test the product

Even if no one expects it from you — use your market knowledge to help improve the product. Talk to clients. Validate hypotheses early. Stay in touch with the market. Share your insights with the product team.

The worst service you can provide is silent acceptance. You’re not paid to promote anything blindly — you’re here to make products and services better.

Watch your costs

Prices always go up. Invoices from contractors, expo fees, event costs — they’ll all increase each year. That means you must constantly monitor the budget and plan for risks.

To stay ready for tough negotiations — research the market, look for alternatives, check out new vendors. A shark dies if it stops swimming.

Keep your eyes open

Marketing is a 24/7 job. You’re always learning — no matter the field. Every brilliant campaign, viral case, or breakthrough idea is your teacher.

Read the news. Follow innovation and creativity channels. Feed your brain with inspiration. Your superpower is insight, intuition, and ideas. And they can come from anywhere.

Remember your role

Marketing is the company’s radar. Its navigation system. Its sails. You’re always where it’s loud and messy. Your job is to make the company seen, to build the brand. It’s a serious responsibility.

And yes, product creators often get the credit — and that’s fair. But remember: you shape the packaging. And packaging makes things desirable.

That’s your work.
That’s your win.

The post Where B2B Marketing Stumbles appeared first on European Gaming Industry News.

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