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Gaming company reaches tentative deal on locales in Cleveland, Cincinnati
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Las Vegas-based Harrah's Entertainment Inc. has entered preliminary pact with developer Rock Gaming LLC to build and operate downtown casinos in Cleveland and Cincinnati. Harrah's said the proposed joint venture involves it making “a significant minority investment” in the Ohio projects and serving as the day-to-day casino manager in both cities.
“After a thorough evaluation, our team is certain that Harrah's top notch and innovative management team is completely aligned with our unwavering commitment to create and deliver projects that embrace and interact with the downtowns they serve,” said Rock Gaming principal Dan Gilbert. “Our partnership will positively impact surrounding businesses while stimulating new growth in the urban cores of Cleveland and Cincinnati.”
The joint venture is expected to invest more than $600 million to develop the Cleveland casino, which will sit between the bank of the Cuyahoga River and Huron Street in the city's downtown entertainment district. That complex is tentatively slated to open in 2013. In the interim, the companies are also exploring opening a temporary casino operation in a building that once housed a Higbee department store. If that project gets the green light, the companies say it would open in 2011.
The $400 million Cincinnati casino is slated to be built on 20 acres of vacant property on the downtown's northeast side known as Broadway Commons. That complex is tentatively scheduled to open in late 2012.
Ohio voters approved the operation of four casinos in the state last fall. The other two casinos – in Toledo and Columbus – are to be operated by Penn National Gaming.
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