Plans for Phase II of Dan Gilbert’s casino in Cleveland, Ohio, which Gilbert unveiled in 2010 and guaranteed would be built, have never been begun. Currently the casino is housed in the historic Higbee Building, adjacent to Terminal Tower.
That location was supposed to have temporary and a permanent casino was supposedly in the works. The casino opened in 2012 as the Horseshoe Casino. In 2014 it came under Rock Gaming, and once more Gilbert committed to Phase II. In 2016 Gilbert took over running both casinos under the brand “Jack Entertainment.”
As recently as 2013 Gilbert Tweeted: “Phase 2 of Cleveland casino will be built. In design phase now. Very important to get feedback of customer experience from 1st phase.” A year later he declared, “We paid $85 million for the land so we’re not going to watch weeds grow on it.”
Gilbert’s two Ohio casinos operate under the “Jack” brand. Last week Bloomberg reported that Gilbert has engaged Deutsche Bank and Credit Suisse to facilitate a sale of the property.
According to Bloomberg one possible bidder for the properties is Caesars Entertainment, which was once partners with Gilbert in operating the casinos. Another is MGM Growth Properties, which just provided a way into Ohio for MGM by purchasing Hard Rock Rocksino for $1 billion.
There has been speculation, but no confirmation by Gilbert, that he might want to get out of the gaming business so he can buy a Major League Baseball property, such as the Detroit Tigers. MLB doesn’t allow owners to have an interest in gaming.
