On April 5, 2019, Kramer Levin client VICI Properties Inc. announced that its subsidiary has, together with a subsidiary of Hard Rock International, entered into definitive agreements to acquire the JACK Cincinnati Casino, located in downtown Cincinnati, Ohio, for an aggregate purchase price of approximately $745 million in cash. Pursuant to the agreements, VICI will acquire 100% of the membership interests of a subsidiary of JACK Cincinnati that owns the real estate assets of JACK Cincinnati for $558 million, and Hard Rock will acquire the operating assets of JACK Cincinnati for $187 million. Simultaneous with the closing of this transaction, VICI will enter into a triple-net lease agreement with Hard Rock related to JACK Cincinnati.
The Kramer Levin team advising VICI is led by Corporate partners Todd E. Lenson and Jordan M. Rosenbaum and Real Estate partners James P. Godman and Tzvi Rokeach. The deal team also includes Corporate partner David J. Fisher and associates Charlotte Melbinger Bhandari, Gladisley Sánchez, Jeffrey H. Taub and Eleni Zanias; Real Estate associates Simon Heimowitz, Dennis K. Heyman, Jessica McGrath, Seth R. Niedermayer, Jacqueline Ryu, Daniel Stewart and M. Mendel Trapedo; Tax partner Barry Herzog and associate Rita Celebrezze D'Souza; and Environmental partner Charles S. Warren and associate Julia A. Quigley.