Jack Ohio Casino Sale
2021年6月13日Register here: http://gg.gg/uz993
A week after news broke that Cavs owner Dan Gilbert may be looking to sell off his casinos, the initial dust has settled on the reports. Gilbert’s Jack Entertainment refusing to confirm or deny the Bloomberg report.
*Jack Ohio Casino Sales
JACK Casino, JACK Thistledown and MGM Northfield Park donate 3 tons worth of food For continuing coverage about the coronavirus pandemic, including the latest on Ohio, head here. CLEVELAND, Ohio (WOIO) - JACK Entertainment announced Monday morning that it has entered into what’s called a leaseback sale with with VICI Properties (VICI), a real estate investment trust.
’It is JACK Entertainment’s long-standing policy to not comment on rumors or speculation,’ according to the JACK Entertainment statement.
While the article mentioned former Gilbert partner Caesars as a potential bidder for the properties including the Jack Casino in Downtown Cleveland and Jack Thistledown Racino in nearby North Randall, many believe the possible availability may have piqued the interest of others.
’There’s going to be a lot of interest from many different parties,’ said Roger Gros, the casino analyst and publisher of Global Gaming Business.
’There are a couple of companies out there that have been very aggressive, a company called El Dorado which owns Presque Isle Downs over in Pennsylvania, they also own Mountaineer Race Track in West Virginia, so they’re familiar with the Ohio market. They would certainly be interested in the Ohio casinos,’ Gros said.
’There’s a lot of interest in the industry right now, the regional casinos are very successful now so he’s really kind of selling at the top of the market. There’s been a lot of talk about how long is this going to last, the good economy and once that kind of dips you’re going to see the regional casinos die along with it so it is probably the best time for him to sell.’
Gros admits he was somewhat surprised by Gilbert looking to exit the casino world, a move that some have speculated could be tied to an interest on Gilbert’s part to own either a pro football or baseball team since those leagues, unlike the NBA, don’t allow team owners to own and operate casinos.
’They were building up a company here that was pretty dynamic, they learned a lot from Caesars,’ Gros said of Gilbert’s initial partner in his Ohio operations before parting ways with the creation of the Jack Entertainment brand.
While the U.S. Supreme Court’s decision this spring opening the door to sports betting added another tool to casino arsenals, Gros doesn’t believe in the end it plays all that much of a role in any casino owners decision to buy or sell at this point.
’Frankly it’s not a big money maker for the casinos, it attracts people there to go to the bars and restaurants and if you have a hotel you stay in the hotel maybe for the big sports weekend but in terms of the money that is actually derived from sports betting? It’s 2 or 3 percent at the most for any casino in terms of their gross gaming revenue and that’s pretty insignificant,’ Gros said.
CINCINNATI -- Jack Entertainment will sell Jack Cincinnati Casino and Turfway park for $780 million pending approval, the company announced Friday.
Hard Rock International and VICI Properties hope to complete the acquisition by year end. The deal would result in a third name change for Cincinnati’s top-ranked largest casino property, which averaged nearly $17 million in monthly gaming revenue in 2018.
The property opened as a Horseshoe Casino in 2013 with about 1,700 employees. For the last 18 months, General Manager Chad Barnhill said the property has been operating with a staff of ’just under 1,000.’
Barnhill expects to continue working for Hard Rock International along with the rest of his team.
’Nothing changes,’ Barnill said. ’All of our union agreements carry over with Hard Rock. Their seniority carries over. And nothing but upside with the Hard Rock brand coming in and what that means to increased visitation.’
The proposed sale ends months of speculation about a potential sale of the 22-acre property with 100,000 square feet of gaming space and 33,000 square feet of banquet and event space. Barnhill said employees are already speculating about improvements that Hard Rock might bring to Cincinnati.
’When is the hotel being built and when is the Hard Rock Cafe going into place? Those are the two questions that everybody’s asked and I wish I had answers for it but not yet,’ Barnhill said.
Jack Entertainment CEO Matt Cullen said he expects Hard Rock to ’get more into the entertainment aspect’ of the Cincinnati property. He also expects improvements to Turfway Park. The Florence horse racing track has been exploring a potential investment in historical horse racing, which allows gamblers to bet on past races on a machine that’s similar to playing slots, Cullen added.
Hard Rock declined to comment beyond its press release, which says improvements to the Cincinnati-area properties will be announced later this year.
“Hard Rock has been the number one operator in Ohio since opening in the greater Cleveland market in 2013,” said Jim Allen, chairman and CEO of Hard Rock International, in a press release. “And now, we look forward to introducing our unique brand of casino entertainment to Cincinnati.”
For Cullen, the deal completes more than a decade of work. As a principal in Rock Ventures LLC, a casino investment company founded by Detroit billionaire Dan Gilbert, Cullen was deeply involved the campaign to legalize gambling in Ohio. He oversaw development and construction of Downtown’s casino.
’I feel really good about how that project came out,’ Cullen said Friday. ’We’re really selling it at the peak of the market.’
Cullen said the Cincinnati sale might be the last for Gilbert’s casino enterprise, which agreed to sell Detroit’s Greektown Casino-Hotel for $1 billion in November. Cullen said Rock Ventures might sell real estate assets in Northeast Ohio but it will continue to operate the Jack Casino and Jack Thistledown Racino.
’Cleveland is not for sale,’ he said.
In an interview last fall, Macquarie Capital analyst Chad Beynon predicted a sale would have little impact on local jobs and might be good for gamblers - if the buyer was a national company with a solid loyalty rewards program. He also expected there would be lots of interest in the Cincinnati property.Jack Ohio Casino Sales
“Ohio’s had one of the best gaming growth rates in the country over the past couple years,” Beynon said. “It still looks like it’s a growing market, certainly not mature.”
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https://diarynote.indered.space
A week after news broke that Cavs owner Dan Gilbert may be looking to sell off his casinos, the initial dust has settled on the reports. Gilbert’s Jack Entertainment refusing to confirm or deny the Bloomberg report.
*Jack Ohio Casino Sales
JACK Casino, JACK Thistledown and MGM Northfield Park donate 3 tons worth of food For continuing coverage about the coronavirus pandemic, including the latest on Ohio, head here. CLEVELAND, Ohio (WOIO) - JACK Entertainment announced Monday morning that it has entered into what’s called a leaseback sale with with VICI Properties (VICI), a real estate investment trust.
’It is JACK Entertainment’s long-standing policy to not comment on rumors or speculation,’ according to the JACK Entertainment statement.
While the article mentioned former Gilbert partner Caesars as a potential bidder for the properties including the Jack Casino in Downtown Cleveland and Jack Thistledown Racino in nearby North Randall, many believe the possible availability may have piqued the interest of others.
’There’s going to be a lot of interest from many different parties,’ said Roger Gros, the casino analyst and publisher of Global Gaming Business.
’There are a couple of companies out there that have been very aggressive, a company called El Dorado which owns Presque Isle Downs over in Pennsylvania, they also own Mountaineer Race Track in West Virginia, so they’re familiar with the Ohio market. They would certainly be interested in the Ohio casinos,’ Gros said.
’There’s a lot of interest in the industry right now, the regional casinos are very successful now so he’s really kind of selling at the top of the market. There’s been a lot of talk about how long is this going to last, the good economy and once that kind of dips you’re going to see the regional casinos die along with it so it is probably the best time for him to sell.’
Gros admits he was somewhat surprised by Gilbert looking to exit the casino world, a move that some have speculated could be tied to an interest on Gilbert’s part to own either a pro football or baseball team since those leagues, unlike the NBA, don’t allow team owners to own and operate casinos.
’They were building up a company here that was pretty dynamic, they learned a lot from Caesars,’ Gros said of Gilbert’s initial partner in his Ohio operations before parting ways with the creation of the Jack Entertainment brand.
While the U.S. Supreme Court’s decision this spring opening the door to sports betting added another tool to casino arsenals, Gros doesn’t believe in the end it plays all that much of a role in any casino owners decision to buy or sell at this point.
’Frankly it’s not a big money maker for the casinos, it attracts people there to go to the bars and restaurants and if you have a hotel you stay in the hotel maybe for the big sports weekend but in terms of the money that is actually derived from sports betting? It’s 2 or 3 percent at the most for any casino in terms of their gross gaming revenue and that’s pretty insignificant,’ Gros said.
CINCINNATI -- Jack Entertainment will sell Jack Cincinnati Casino and Turfway park for $780 million pending approval, the company announced Friday.
Hard Rock International and VICI Properties hope to complete the acquisition by year end. The deal would result in a third name change for Cincinnati’s top-ranked largest casino property, which averaged nearly $17 million in monthly gaming revenue in 2018.
The property opened as a Horseshoe Casino in 2013 with about 1,700 employees. For the last 18 months, General Manager Chad Barnhill said the property has been operating with a staff of ’just under 1,000.’
Barnhill expects to continue working for Hard Rock International along with the rest of his team.
’Nothing changes,’ Barnill said. ’All of our union agreements carry over with Hard Rock. Their seniority carries over. And nothing but upside with the Hard Rock brand coming in and what that means to increased visitation.’
The proposed sale ends months of speculation about a potential sale of the 22-acre property with 100,000 square feet of gaming space and 33,000 square feet of banquet and event space. Barnhill said employees are already speculating about improvements that Hard Rock might bring to Cincinnati.
’When is the hotel being built and when is the Hard Rock Cafe going into place? Those are the two questions that everybody’s asked and I wish I had answers for it but not yet,’ Barnhill said.
Jack Entertainment CEO Matt Cullen said he expects Hard Rock to ’get more into the entertainment aspect’ of the Cincinnati property. He also expects improvements to Turfway Park. The Florence horse racing track has been exploring a potential investment in historical horse racing, which allows gamblers to bet on past races on a machine that’s similar to playing slots, Cullen added.
Hard Rock declined to comment beyond its press release, which says improvements to the Cincinnati-area properties will be announced later this year.
“Hard Rock has been the number one operator in Ohio since opening in the greater Cleveland market in 2013,” said Jim Allen, chairman and CEO of Hard Rock International, in a press release. “And now, we look forward to introducing our unique brand of casino entertainment to Cincinnati.”
For Cullen, the deal completes more than a decade of work. As a principal in Rock Ventures LLC, a casino investment company founded by Detroit billionaire Dan Gilbert, Cullen was deeply involved the campaign to legalize gambling in Ohio. He oversaw development and construction of Downtown’s casino.
’I feel really good about how that project came out,’ Cullen said Friday. ’We’re really selling it at the peak of the market.’
Cullen said the Cincinnati sale might be the last for Gilbert’s casino enterprise, which agreed to sell Detroit’s Greektown Casino-Hotel for $1 billion in November. Cullen said Rock Ventures might sell real estate assets in Northeast Ohio but it will continue to operate the Jack Casino and Jack Thistledown Racino.
’Cleveland is not for sale,’ he said.
In an interview last fall, Macquarie Capital analyst Chad Beynon predicted a sale would have little impact on local jobs and might be good for gamblers - if the buyer was a national company with a solid loyalty rewards program. He also expected there would be lots of interest in the Cincinnati property.Jack Ohio Casino Sales
“Ohio’s had one of the best gaming growth rates in the country over the past couple years,” Beynon said. “It still looks like it’s a growing market, certainly not mature.”
Register here: http://gg.gg/uz993
https://diarynote.indered.space
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