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Historic Higbee Building to become Horseshoe Casino Cleveland

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February 03, 2011

Rock Ohio Caesars LLC (ROC) today announced their decision to move forward with plans for a Phase I gaming development in the heart of downtown Cleveland. Dan Gilbert, Rock Gaming CEO, and Gary Loveman, chairman, CEO and President of Caesars Entertainment Corporation, shared the news with media, top City, County and State officials, and community and business leaders. After comprehensive design and investment analysis, Horseshoe Casino Cleveland is expected to be the first casino in Ohio, with a grand opening expected in early 2012. Cleveland's new casino will be located in the Historic Higbee Building on Public Square near the city's entertainment district. Construction bid packages will be issued over the next several weeks, and work will begin soon after.

"I am bullish on Cleveland's future," said Gilbert, who also is majority owner of the city's NBA franchise, the Cleveland Cavaliers, and founder of Quicken Loans Inc., which operates one of its lending centers in downtown Cleveland with 300 full-time employees. "This tremendous opportunity for economic development grew out of our passion to help revitalize this great city. We are confident that the economic activity our project will generate will make a strong impact on Cleveland, the region and the entire state of Ohio."
"With the announcement that Horseshoe Casino Cleveland will be the first casino to open in Ohio, Cleveland is well on its way to becoming a 24-hour city," said Cleveland Mayor Frank G. Jackson. "By locating in the Historic Higbee Building at Public Square, we will be attracting visitors to the heart of downtown Cleveland and putting thousands of people to work. I want to thank Rock Ohio Caesars for their commitment to this casino and their investment in Cleveland."

After successfully leading the November 2009 constitutional amendment approving full-service gaming in the state's four largest cities, Rock Gaming selected the world's preeminent gaming company, Caesars Entertainment, as its partner. The resulting joint venture, Rock Ohio Caesars, will develop and operate casinos in the downtowns of both Cleveland and Cincinnati. Caesars will manage day-to-day operations at both casinos.

"Horseshoe Cleveland represents an important opportunity for Caesars Entertainment. More importantly, this development, combined with the other exciting revitalization efforts downtown, will bring needed jobs and entrepreneurial business opportunities for Ohioans," said Loveman. "Horseshoe Cleveland will also generate new tourism for Ohio by adding an additional attraction to the city's entertainment offerings."

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