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Cincinnati casino construction due in 12 months

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November 30, 2009

CINCINNATI - In the election earlier this month voters approved the plan by Detroit entrepreneur Dan Gilbert to build a 300,000-square-foot casino with up to 5,000 slot machines and unspecified table games. The site is at Broadway Commons on 20 acres north of East Court Street, between Gilbert Avenue and Reading Road.
In a press conference soon after the election, Gilbert said he is currently assembling a team of architects and planners and hopes to break ground on the project in late 2010. The casino will open sometime in 2012.

"We want to make sure it's an extremely unique project - we want to make it special and tie it into the community," Gilbert said.

The next steps in the project will be:

1. Name minority-stake investors in 2-3 months.
2. Name an operator to run the casino in 3 month.
3. Begin naming a team of architects, planners and designers in 3-4 months.
4. Submit the plans to Cincinnati officials for review.

In the next six months, the Ohio legislature must pass gambling regulations and establish the Ohio Casino Control Commission. Gov. Strickland will then appoint commission members.

The casino developers will each pay a one-time $50 million license fee at the time of issuance and are required to invest at least $250 million to build each casino. They will pay 33 percent tax on gambling revenues when operations begin.

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