Cleveland, Ohio 2021-01-18 08:59:00 –
Dan Gilbert sold his casino business, Jack Entertainment, which ran casinos in Cleveland and Detroit, to his current management team in December, Cleveland Jewish News reported over the weekend.
Major developments were not publicly announced for some reason. Matthew Cullen, Chairman of the Board of JACK Entertainment, confirmed the sale when asked to comment on CJN’s scoop.
“As of December 2020, JACK Entertainment’s ownership has changed and it has nothing to do with Dan Gilbert’s corporate family,” said Cullen. “The JACK management team, which has been with the company since its inception, still retains its position and now owns control of the company.”
Karen also said that JACK’s main operations have been transferred from Detroit to Cleveland.
Gilbert, who suffered a stroke in early 2019, is now one of the 30 wealthiest people in the world after launching a rocket company last summer, and his name is about $ 34 billion. He founded JACK in 2009, formerly known as Rock Gaming.
The first phase of Cleveland Casino opened in 2012.
JACK sold Cleveland real estate (Casino and Thistle Down Laccino) to Caesars Entertainment spin-off Vici Properties in 2019 for $ 843 million. It still operates them with a leaseback contract. It was just one of Gilbert’s toll-selling gaming facilities that earned JACK about $ 2.6 billion during the year.
The terms of the December sale have not been disclosed.
Dan Gilbert Sold His Jack Entertainment Casino Business In December Source link Dan Gilbert Sold His Jack Entertainment Casino Business In December