PRESS RELEASE
Rock Gaming, LLC, and Las Vegas-based Harrah's Entertainment, Inc. announced
today a non-binding agreement in principle on key terms to form a joint venture
to develop and operate downtown casinos in both Cleveland and Cincinnati. The
proposed terms contemplate Harrah's making a significant minority investment in
the projects and serving as the day-to-day casino manager in both cities.
Formation of the joint venture is subject to final definitive agreements which
are expected to be completed during the fall of 2010. Rock Gaming, the gaming
entity of Rock Ventures LLC, will retain majority ownership in the proposed
partnership.
Casino gaming, including the development of four new casinos statewide, was
approved by Ohio voters in a constitutional referendum in November 2009.
Rock Gaming principal Dan Gilbert, said: "After a thorough evaluation, our team
is certain that Harrah's top notch and innovative management team is completely
aligned with our unwavering commitment to create and deliver projects that
embrace and interact with the downtowns they serve. Our partnership will
positively impact surrounding businesses while stimulating new growth in the
urban cores of Cleveland and Cincinnati."
Gary Loveman, Chairman, CEO and President of Harrah's Entertainment added: "We
look forward to the opportunity to bring our casino brands, management expertise
and Total Rewards customer loyalty program to Ohio. Harrah's shares a common
vision with Rock Gaming to develop and manage first-class urban-based casinos
that will be a catalyst for economic expansion and job creation in both
markets."
The joint venture is expected to invest more than $600 million to develop the
Cleveland casino, which will sit between the bank of the Cuyahoga River and
Huron Street in the heart of the downtown entertainment district. The gaming
operation is projected to attract eight million visits to downtown Cleveland
annually, while adding another high-profile attraction to Cleveland's impressive
sports, entertainment, music and cultural destinations. More than 8,000
construction and permanent jobs are expected to be created by the development
and operation of the project.
Responding to the encouragement of city and regional leadership, the companies
are also exploring opening a phase I casino operation in downtown Cleveland's
historic Higbee building, which is in close vicinity to the new construction
casino development. Should it be concluded that a phase I casino is a viable
undertaking, the companies project a 2011 opening and the creation of up to
1,500 jobs in the initial phase.
The Cincinnati casino will be built on 20 acres of vacant property on the
downtown's northeast side known as Broadway Commons. The estimated $400 million
new development is expected to drive six million visits to downtown Cincinnati,
while creating nearly 4,900 construction and permanent jobs.
The parties have agreed that Harrah's will contribute its recently acquired
Cleveland-area Thistledown Racetrack into the pending joint venture. In the
event the Ohio Lottery's efforts to implement video lottery terminals (VLTs) at
Ohio's horse racing tracks are successful, the agreement calls for Harrah's to
manage Thistledown.
The formation of the joint venture and the pursuit, development and completion
of the contemplated casino projects are subject to various conditions,
including, among others, the receipt of regulatory approvals, the parties'
agreement on development plans for the projects and the cost and availability of
financing for the projects.
About Rock Gaming, LLC
Rock Gaming is a Midwest-based gaming partnership formed with an initial focus
to develop first-class casinos in two of Ohio's largest cities, Cincinnati and
Cleveland, as well as to explore other potential gaming opportunities. Dan
Gilbert, a principal of Rock Gaming, is also chairman and founder of Quicken
Loans, Inc., the country's largest online retail mortgage lender. In addition,
he is the majority owner of the NBA's Cleveland Cavaliers and the American
Hockey League's (AHL) Lake Erie Monsters, which both play at the Quicken Loans
Arena in downtown Cleveland.
About Harrah's Entertainment, Inc.
Harrah's Entertainment is the world's largest provider of branded casino
entertainment. Since its beginning in Reno, Nevada, more than 70 years ago,
Harrah's has grown through development of new properties, expansions and
acquisitions, and now operates casinos on four continents. The company's
properties operate primarily under the Harrah's©, Caesars© and Horseshoe© brand
names; Harrah's also owns the World Series of Poker© and a majority interest in
the London Clubs International family of casinos. Harrah's Entertainment is
focused on building loyalty and value with its customers through a unique
combination of great service, excellent products, unsurpassed distribution,
operational excellence and technology leadership. Harrah's is committed to
environmental sustainability and energy conservation and recognizes the
importance of being a responsible steward of the environment. For more
information, please visit http://www.harrahs.com/.
Forward Looking Statement
The statements in this release that refer to plans and expectations for future
periods are forward-looking statements and are not guarantees of future
performance and involve significant risks and uncertainties. The actual results
may differ materially from those contained in or implied by the forward-looking
statements as a result of various factors, some of which are unknown, including,
without limitation: our ability to reach agreement on all terms of the venture
and execute definitive agreements; our ability to agree upon a mutually
acceptable plan for development of the projects; our ability to obtain financing
for development of the projects; changes in gaming legislation in Ohio; the
formation of a casino control commission pursuant to existing legislation; the
adoption of final rules and regulations by the casino control commission and the
Ohio Lottery Commission; favorable resolution of any legal challenges to gaming
legislation and regulations; our ability to obtain necessary licensing to
operate casinos in the State of Ohio; consummation of the acquisition of the
properties in Cleveland that are the contemplated locations for both the
permanent casino and phase one casino; ability to amend the existing referendum
legislation permitting casino gaming in Ohio to permit temporary casino
facilities; and economic conditions in general and in our specific market areas.
Although we believe that our plans, intentions and expectations reflected in or
suggested by these forward-looking statements are reasonable, we can give no
assurance that our plans, intentions or expectations will be achieved. All
forward-looking statements attributable to us or persons acting on our behalf
are expressly qualified in their entirety by these cautionary statements. We do
not undertake any obligation to publicly release any revisions to any
forward-looking statements contained herein to reflect events and circumstances
occurring after the date hereof or to reflect the occurrence of unanticipated
events.
Return to Ohio Casinos.
Most USA Players
CASINO • LIVE DEALER • POKER • SPORTSBOOK • RACEBOOK
Disclaimer: All images are copyright to their respective owners and are used by 500 Nations for informational purposes only.
500 Nations is an independent directory and information service free of any gaming operator's control and not affiliated with any casino.
Warning: You must ensure you meet all age and other regulatory requirements before entering a casino or placing a wager.
There are hundreds of jurisdictions in the world with Internet access and hundreds of different games and gambling opportunities available on the Internet.
Do not assume that Internet gaming sites are in compliance with the rules and regulations of every jurisdiction from which they accept players.
YOU are responsible for determining if it is legal for YOU to play any particular game or place any particular wager under the laws of the jurisdiction where you are located.