Rock Gaming Raises Stakes in Ohio
- Nov 20, 2015
By Adriana Pop, Associate Editor
The management of these properties is expected to completely transition from Caesars Entertainment Operating Co. and its subsidiaries to the Detroit-based operator by mid-2016.
As a result of an agreement signed with Caesars in February this year, Rock Gaming now owns 100 percent of Horseshoe Casino Cleveland, ThistleDown Racino, Horseshoe Casino Cincinnati, the Ritz-Carlton, Cleveland, the former Higbee Building in downtown Cleveland, and a controlling interest in Turfway Park in Florence, Ky. Caesars filed for Chapter 11 bankruptcy protection in January.
“This is an exciting time for us and we are eager to take the reins of day-to-day operations. We view this as an opportunity to leverage our unique culture and vast network of companies to grow the business and further connect the casinos to the downtown areas where they reside,” Matt Cullen, CEO of Rock Gaming, said in prepared remarks. “We appreciate Caesars’ commitment in helping develop three world-class gaming facilities, and we look forward to continuing our partnership with them in Baltimore and with Caesars Interactive Entertainment.”
During the transition, the gaming facilities will stay open for business as usual and current casino employees “will remain in their positions with the properties and will become part of the Rock Gaming family,” the company announced.
Rock Gaming has a portfolio of properties that includes over 13,000 gaming positions, more than 400,000 square feet of gaming space, over 600 hotel rooms, and 35 bars and restaurants. The company has approximately 7,000 team members across four states and generates more than $1 billion in revenue.
In May 2012, Rock Gaming opened Ohio’s first casino, Horseshoe Cleveland. In March 2013, the company also opened Ohio’s fourth and final commercial casino, Horseshoe Cincinnati. Later in April 2013, Rock Gaming opened one of Ohio’s seven racinos at its Cleveland-area thoroughbred racetrack ThistleDown Racino. That same month, the company acquired downtown Detroit’s Greektown Casino-Hotel.
Furthermore, Rock Gaming owns the historic thoroughbred racetrack Turfway Park in northern Kentucky and is a partner in Horseshoe Baltimore, located in the heart of the stadium district. The company is also a partner in Caesars Interactive Entertainment Inc., the largest online, mobile and social gaming company focused on casino entertainment.
Image courtesy of Wikimedia Commons