Business & Tech
Dan Gilbert Looks To Cash Out Of Casino Business: Report
The owner of the Cleveland Cavaliers may be looking to untangle himself from the JACK Casino in Cleveland.
CLEVELAND — Dan Gilbert, the billionaire owner of the Cleveland Cavaliers, may be ready to cash out of the casino business. A report from Bloomberg says Gilbert is looking to sell his JACK casino properties in Cleveland, Cincinnati and Detroit.
Gilbert's JACK Entertainment company is based in Detroit and operates six casino properties, including the Ohio operations. Nine years ago, in 2009, Gilbert helped lead the charge to legalize gambling in Ohio. He then played a key role in opening the JACK in Cleveland in 2012.
Bloomberg's report said Deutsche Bank and Credit Suisse are representing Gilbert in the sale process. Caesars Entertainment Corporation, which famously operates the Caesars Palace in Las Vegas, has been mentioned as a possible bidder.
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Everyone involved in the deal declined to comment in Bloomberg's piece, including JACK Entertainment, Deutsche and Credit Suisse, and Caesars Entertainment.
Photo by Drew Angerer/Getty Images
Find out what's happening in Clevelandfor free with the latest updates from Patch.
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