Caesars Interest in Ohio Casinos Purchased by Rock Ohio Ventures

Caesars Entertainment Corp. has reached the deal with Dan Gilbert’s Rock Ohio Ventures and as a result Caesars sold its 20% interest in three Ohio casinos. Rock Gaming chairman, Dan Gilbert, now owns 100% of the property which includes Horseshoe Cleveland Casino, Horseshoe Cincinnati Casino and the ThistleDown Racetrack Casino.

Subsidiaries of Caesars will continue to manage Horseshoe Cleveland Casino and ThistleDown Racetrack Casino, properties that are part of Caesar’s Total Rewards player loyalty program. The agreement will not affect customers because properties are open for business and the operations will continue as usual.

CEO of Rock Ohio, Matt Cullen, stated that they will certainly continue to provide the same high - quality experience for the customers and guests. Three Ohio Casinos were not part of the company Chapter 11 bankruptcy filing in January, when Caesars put its largest unit into the bankruptcy in an attempt to decrease the $10 billion debt.

In 2010 Caesars has purchased ThistleDown for $43 million and in 2012 the track was contributed to a Caesar’s joint venture with Rock Gaming LLC. Horseshoe Cleveland Casino opened on May 14th in 2012 as the first casino in the state of Ohio while Horseshoe Cincinnati was opened in 2013.

In 2014, Horseshoe Cincinnati brought in $197.6 million in 2014 becoming the leading gambling venue in the region and pushing aside Hollywood Casino Lawrenceburg even though it has dominated the region for more than a decade.

Troubled US casino giant, Caesars Entertainment Corporation, has filed for Chapter 11 bankruptcy in January, eliminating the $10 billion debt in the process. The company that employs some 68,000 people and operates more than 50 casinos and hotels generated almost $8.56 billion in gambling revenue in 2013.

Even though it is the world’s largest gambling company, due to the financial problems Caesars has lost a lot of money over the past five years. The company has accumulated its debt when it was acquired by the private companies TPG Capital and Apollo Global Management in 2008. After Caesars voluntarily filed for Chapter 11 bankruptcy, the properties have continued to host meetings and events so the customers weren’t affected by the reconstruction.

Dan Gilbert, the chairman and founder of Rock Ventures and Quicken Loans Inc., is a successful businessman who is also the majority owner of the National Basketball Association’s Cleveland Cavaliers. The sale price was not revealed when the Rock Gaming subsidiary announced the deal.