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CLEVELAND, Ohio – Cavs proprietor Dan Gilbert, who in 2009 led a profitable voter effort to legalize on line casino playing in Ohio, quietly has offered his possession curiosity in JACK Leisure, the operator of each downtown Cleveland’s on line casino and the Thistledown Racino in suburban North Randall.
Dan Gilbert’s household of firms are not affiliated with JACK Leisure, a spokeswoman for the Ohio On line casino Management Fee mentioned Wednesday.
Modifications in ownerships set off new licenses by means of the fee. The fee in July authorized a brand new license for JACK Leisure, although the modifications could have occurred months after that.
JACK Leisure didn’t reply Wednesday to questions concerning the transaction. Gilbert’s profile is no longer active on JACK Leisure’s web site. Jack Cullen is now listed both as the chief executive officer and chairman of JACK Leisure.
In a press release released to the Cleveland Jewish News, Cullen mentioned, “As of December 2020, JACK Leisure’s possession has modified and not has any affiliation with Dan Gilbert’s household of firms.”
Gilbert, who bought the Cavs in 2005, suffered a stroke in 2019 and has made few public appearances since.
That is the newest of a sequence of possession modifications within the historical past of the Cleveland on line casino.
In Might 2012, the Cleveland on line casino turned the primary to open in Ohio, initially as a partnership between Gilbert-related firms and Caesars. It initially operated beneath the Horseshoe identify. The identical partnership opened the Cincinnati Horseshoe On line casino in March 2013. They each later turned JACK casinos beneath the newly shaped JACK Leisure.
JACK Leisure in October 2019 introduced an $843 million sale/leaseback cope with VICI Properties actual property belief for JACK’s downtown Cleveland on line casino and suburban Thistledown Racino. That deal closed on Jan. 24, 2020. The properties, beneath the lease association, proceed to be operated by JACK Leisure beneath the JACK model.
The Laborious Rock On line casino Cincinnati, previously a JACK property, can also be now owned by VICI. Sale-leasebacks have change into a typical association within the on line casino trade. VICI’s possession consists of services operated beneath the Caesars, Laborious Rock and Penn Nationwide names.
Comply with on line casino protection at cleveland.com/casino.
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JACK Entertainment will sell Cincinnati casino; keep Cleveland: What you need to know
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