Caesars Entertainment last month sold its 20 percent interest in its Ohio casinos to the majority owner, Rock Ohio Ventures, controlled by Dan Gilbert, the founder of Quicken Loans and the owner of the NBA’s Cleveland Cavaliers.
The deal gives Rock Ohio Ventures 100 percent ownership of Horseshoe Cincinnati, the Horseshoe Cleveland and Higbee Building, the Ritz-Carlton in Cleveland and ThistleDown Racino in suburban Cleveland. Rock Ohio also will acquire controlling interest in Turfway Park raceway in Kentucky.
Caesars will continue to manage the two Horseshoe casinos and Thistledown Racino, with full access to the company’s Total Rewards loyalty system. The press release did not reveal a sale price, and Caesars has not yet filed SEC documents related to it.
“We will continue to provide the same high-quality experience and service guests have come to expect and remain committed to our casino investments and the communities where we operate,” Rock Gaming CEO Matt Cullen said in a statement.
Caesars and Rock Ohio Ventures are also partners in the Horseshoe casino in Baltimore, which was not part of this transaction. The deal was part of the bankruptcy proceedings started by Caesars Entertainment in January.