JACK Cleveland Casino, Thistledown Sold For $843 Million

CLEVELAND — JACK Cleveland Casino and JACK Thistledown Racino will be sold in an $843 million deal. VICI Properties, a real estate trust, is set to purchase the properties, pending regulatory approval of the deal.

JACK Entertainment announced the sale on Monday. When the sale is completed, the company will lease the casino and "racino" properties from VICI, allowing JACK to continue operating those spaces. Dan Gilbert, Matt Cullen, chairman of Jack Entertainment, and Mark Dunkeson, CEO of JACK, will continue to lead the organization and will continue to invest in the properties.

To date, JACK Entertainment said, the company has invested $700 million into the Cleveland Casino and Thistledown Racino. Both properties opened under JACK control in 2012.

“JACK Entertainment looks forward to continuing to operate JACK Cleveland Casino and JACK Thistledown Racino,” said Dunkeson. “The combined efforts of our gaming properties together with the other Cleveland assets operated by our sister companies including the Cavs, 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."

The deal between JACK Entertainment and VICI Properties is expected to be completed in early 2020.

JACK Entertainment is part of Gilbert's Rock Family of Companies. Together, Rock Family properties employ more than 4,500 people in the Cleveland area.