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Caesars Sells Part of Interactive Group

Caesars Sells Part of Interactive Group

The partnership between Rock Gaming and Caesars Entertainment has grown beyond the two Ohio casinos the companies are currently building. The Cleveland Horseshoe casino will open in late May and the Cincinnati Horseshoe sometime in 2013. The groups also partnered on a casino in Baltimore, acquiring the license there late last year.

Now, Rock Gaming has bought into Caesars’ online gaming subsidiary, Caesars Interactive. Rock Gaming recently paid Caesars $60.8 million for an undisclosed percentage of the online subsidiary, represented by 12,300 shares. Rock has an option to purchase another 3,100 shares by November 15 for $19.2 million.

Caesars Interactive operates the company’s legal online gaming operations, which include online casinos in the U.K. It also operates the World Series of Poker. Mitch Garber, a former PartyGaming executive, runs Caesars Interactive out of Montreal.

Rock Gaming, which is controlled by Dan Gilbert, founder of Quicken Loans and owner of the NBA’s Cleveland Cavaliers, won two licenses in Ohio following a 2009 referendum. The company reached a deal for a joint venture for the Buckeye casinos, with Caesars owning a 20 percent interest.

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