Gilbert Trusting Ohio Casinos To Harrah's Entertainment

Dan Gilbert was portrayed by the media as a bitter loser when LeBron James left the Cleveland Cavaliers for the Miami Heat. Gilbert, the Cavaliers owner, wrote a scathing response to James choosing to leave the way he did.

On Thursday, it was back to business for Gilbert. The Cleveland owner put together an investment group that won the rights to open casinos in Cleveland and Cincinnati. A deal has been agreed to in principle for Harrah's Entertainment to build the casinos in the two Ohio city's.

Voters approved four casinos in Ohio last November. In addition to the Cleveland and Cincinnati locations, Toledo and Columbus would also receive casinos. Penn National has the rights to the Columbus and Toledo casinos. Gilbert's Rock Gaming, a subsidiary of Rock Ventures LLC has the rights to Cleveland and Cincinnati.

Harrah's has been making some bold moves in recent months. The Las Vegas based gaming company has launched online casinos in Europe, and has also advertised their World series of Poker online site to people in the US, although US citizens cannot play for real money on the site.

Harrah's is also looking to expand their land-based operations. Properties in Atlantic City and Las Vegas have been struggling, and increased revenue from other sources is necessary for the company. Ohio has the possibilities to grow into one of the biggest casino gaming markets in the country.

The agreement announced Thursday has a plan for a temporary casino to be open in Cleveland by next year. That is ahead of the schedule that Gilbert originally proposed, which would have had a casino open in the city by 2012. It is still unknown when the Cincinnati casino would be opened.

The Cincinnati casino plan calls for a $400 million investment. In Cleveland, Gilbert and the investment team is looking to open a $600 million facility. Harrah's already owns the Thistledown Racetrack in Cleveland, and is expected to make that part of the Cleveland casino plan.

August 13, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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