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(December 2010) posted on Thu Dec 23, 2010 EST

Agreement with Rock Gaming involves gaming complexes in Cleveland, Cincinnati

 

Rock Gaming LLC and Caesars Entertainment Corp. have announced the creation a joint venture to develop and operate casinos in downtown Cleveland and downtown Cincinnati. The new entity, Rock Ohio Caesars LLC, has entered into long-term management agreements with subsidiaries of Caesars for management and operation of each of the venture's facilities.

Ohio voters approved full-service gaming, including the development of a casino in each of the state's four largest cities, in a November 2009 constitutional referendum.

“Rock and Caesars have been functioning as a very cohesive team since we agreed to work together earlier this year,” said Matt Cullen, a Rock Gaming principal. “Their enthusiasm for the Cleveland and Cincinnati communities is evident, and their expertise in developing and operating first-class gaming establishments has been invaluable as we work to refine our plans for these projects.”

John Payne, Caesars' central division president, said “these destination casinos will be a welcomed addition to our portfolio of 52 worldwide casinos. Caesars Entertainment shares Rock Gaming's vision for these urban casinos that will create jobs, spur local economies and increase tax revenues throughout the state of Ohio."

Rock Ohio Caesars is expected to invest $600 million to develop the Cleveland casino, which will sit between the bank of the Cuyahoga River and Huron Road in the downtown entertainment district. The gaming operation is projected to attract eight million visits to downtown Cleveland annually. Rock Ohio Caesars is also exploring opening a temporary casino in Cleveland's historic Higbee building that could open by late 2011/early 2012.

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 draw six million visitors.