Jack Entertainment Explained

Jack Entertainment LLC
Type:Private
Foundation:2009 as Rock Gaming LLC
Location City:Cleveland, Ohio
Location Country:United States
Former Name:Rock Gaming LLC (2009–2016)
Industry:Gaming, Hospitality, Tourism
Products:Casinos, Hotels, Entertainment, Thoroughbred horse racing
Num Employees:1,400
Footnotes:[1] [2] [3] [4] [5] [6] [7] [8]

Jack Entertainment (formerly known as Rock Gaming LLC from 2009 to 2016) is a gaming, hospitality, and entertainment company based in Cleveland, Ohio. The company operates two gaming facilities in Ohio, Jack Cleveland Casino and Jack Thistledown Racino.

History

Rock Gaming (2009–2016)

Jack Entertainment was founded as Rock Gaming in 2009 by seven businessmen led by Dan Gilbert,[9] as chairman of its board and Matt Cullen as chief executive officer.[10] [11] The company was formed as the seven men backed the Ohio Casino Approval and Tax Distribution Amendment, which was ultimately approved by voters in November 2009.[12] [13]

In May 2012, Rock Gaming, in a joint venture with Caesars Entertainment, opened Horseshoe Casino Cleveland as well as gained a stake in a Kentucky racetrack, Turfway Park. The company quickly expanded in 2013, opening ThistleDown Racino in the nearby Cleveland suburb of North Randall and Horseshoe Casino Cincinnati. In that same year, the company acquired the Greektown Casino-Hotel in Detroit.[14] [15] [16]

In April 2015, the company took on an operational focus and was approved by Ohio Casino Control Commission to be licensed as a management company. That same year, Rock Gaming bought out Caesars's minority equity interests and management contract, and assumed full operational control and full ownership of its Ohio gaming properties.[17]

Jack Entertainment (2016–present)

On February 23, 2016, the company announced it was changing its name from Rock Gaming to Jack Entertainment. Throughout 2016, the company would also rebrand its casinos under the Jack name.[18] The company stated it planned to spend $40 million on the rebranding. It also introduced a new customer loyalty program, ClubJack.

In September 2018, it was reported that Gilbert was looking to sell Jack Entertainment and exit the casino business.[19] Two months later, Jack entered into an agreement to sell the Greektown casino to Vici Properties and Penn National Gaming for a total of $1 billion.[20]

In September 2019, Jack Entertainment sold its Cincinnati casino for $745 million to Vici and Hard Rock International.[21] [22] The next month, Jack sold Turfway Park to Churchill Downs, Inc. for $36 million.[23] In January 2020, the company also sold the real estate assets associated with its Cleveland casino and the Thistledown racino to Vici in a sale leaseback transaction.[24]

Later in 2020, Gilbert sold his controlling stake in Jack Entertainment to a group of the company's managers, led by chairman Matthew Cullen and CEO Mark Dunkeson.[25]

In June 2021, Jack moved its headquarters to Terminal Tower in Cleveland.[26] [27]

Properties

NameLocationNotesPicture
Jack Cleveland CasinoCleveland, OhioIn November 2015, Rock Gaming acquired Caesars's stake in Horseshoe Casino Cleveland resulting in the company's complete ownership of the property, with the transfer completed June 2016.
Jack Thistledown RacinoNorth Randall, OhioIn November 2015, Rock Gaming acquired Caesars's stake in ThistleDown Racino, resulting in the company's complete ownership of the property, with the transfer completed in June 2016.

Former properties

NameLocationNotesPicture
Caesars Interactive EntertainmentN/APartnership with Caesars Entertainment Corporation.[28]
Greektown Casino HotelDetroit, MichiganOriginally to be renamed Jack Detroit Casino-Hotel Greektown by the end of 2016. The name change never happened and the hotel/casino was sold to Penn National Gaming and Vici Properties on May 23, 2019.[29] [30]
Horseshoe Casino BaltimoreBaltimore, MarylandPartnership with Caesars Entertainment Corporation.
Jack Cincinnati CasinoCincinnati, OhioIn November 2015, Caesars announced that it would cede management of its Horseshoe Casino Cincinnati resort to Rock Gaming, with the transfer completed June 2016. The property was sold to Vici Properties and Hard Rock International for $780 million in 2019, and is planned to be re-branded as a Hard Rock casino.
Turfway ParkBoone County, KentuckySold to Churchill Downs, Inc. in 2019.

See also

External links

Notes and References

  1. Web site: Rock Gaming, LLC: Private Company Information . Businessweek . Businessweek.com . February 26, 2016 .
  2. Web site: Rock Ohio Caesars LLC: Private Company Information . Businessweek . Businessweek.com . February 26, 2016 .
  3. News: Rock Ohio Ventures buy Caesar's 20 percent interest and now owns Horseshoe Casino Cleveland, ThistleDown and other entities . Farkas, Karen . cleveland.com . February 26, 2015 . February 26, 2016 .
  4. News: Rock Gaming takes over management of Horseshoe Cleveland Casino from Caesar's Entertainment . Farkas, Karen . cleveland.com . November 2, 2015 . February 26, 2016 .
  5. News: Greektown Casino to be renamed JACK Detroit Casino-Hotel Greektown . WXYZ . February 23, 2016 . February 26, 2016 .
  6. News: Greektown Casino-Hotel to be renamed Jack Detroit Casino-Hotel Greektown . Bill Shea and Kirk Pinho . Crain's Detroit Business . February 23, 2016 . February 26, 2016 .
  7. JACK Entertainment Rebrands Ohio and Detroit Casinos . JACK Entertainment . February 23, 2016 . February 25, 2016 .
  8. News: Dan Gilbert divests interest in Cleveland casino business. Crain's Detroit Business. Kurt Nagl. January 18, 2021. 2021-01-19.
  9. News: Dan Gilbert's Rock Gaming partners bound by friendship, desire to build upscale 'urban' casinos . Davis, Dave . The Plain Dealer . October 15, 2011 . February 26, 2016 .
  10. Web site: Rock Gaming, LLC: Board of Directors . Businessweek . Businessweek.com . February 26, 2016 .
  11. Rock Gaming LLC – Horseshoe Casino Cincinnati . Petersen . Chris . Leisure and Hospitality International . February 26, 2016 .
  12. Web site: State Issue 3: November 3, 2009 . Ohio Secretary of State's Office . sos.state.oh.us . November 2009 . February 26, 2016 .
  13. News: Ohio casino backers hire troubled California firm Arno Political Consultants . Fields, Reginald . The Plain Dealer . April 28, 2009 . February 26, 2016 .
  14. News: Dan Gilbert to buy Detroit's Greektown Casino, a money-making and revitalization effort . Davis, Dave . The Plain Dealer . January 16, 2013 . February 26, 2016 .
  15. News: Greektown Casino changes name to 'Jack Casino' . Haddad . Ken . WDIV . February 23, 2016 . February 26, 2016 .
  16. News: Greektown Casino to be renamed 'Jack' . Martinez, Michael . Detroit News . 23 February 2016 . February 26, 2016 .
  17. Rock Gaming Raises Its Stakes in Ohio and Begins Transition of Operational Responsibilities of Gaming Properties . Rock Gaming, LLC . November 2, 2015 . February 25, 2016 . February 22, 2016 . https://web.archive.org/web/20160222065902/http://www.rock-gaming.com/wp-content/uploads/2015/11/Press-Release_Rock-Gaming-Rasises-Stakes-in-Ohio_FINAL.pdf . dead .
  18. News: Greektown Casino changing name to 'Jack Detroit Casino-Hotel Greektown' . Thibodeau, Ian . MLive.com . February 23, 2016 . February 26, 2016 .
  19. News: Billionaire Gilbert is said to be looking to cash out of casinos. Bloomberg. Christopher. Palmeri. September 5, 2018. September 5, 2018.
  20. News: Gilbert to sell Greektown Casino-Hotel for $1 billion. Crain's Detroit Business. Dustin. Walsh. Bill. Shea. November 14, 2018. December 29, 2018.
  21. News: Cincinnati casino sells for $745 million. Cincinnati Business Courier. Tom Demeropolis. September 20, 2019. 2019-09-21.
  22. Vici Properties Inc. completes acquisition of Jack Cincinnati Casino and lease to Hard Rock International. Vici Properties. September 20, 2019. BusinessWire. 2019-09-21.
  23. News: Turfway Park renovation plans revealed . Cincinnati Business Journal. Steve Watkins. October 17, 2019. 2019-11-02.
  24. News: VICI finalizes purchase of two Cleveland-area casinos; leases properties back to Jack Entertainment. CDC Gaming Reports. Howard. Stutz. January 25, 2020. September 29, 2020.
  25. Web site: Exner. Rich. clevel. .com. 2021-01-23. Where things stand with JACK Cleveland Casino, Thistledown Racino after Dan Gilbert's sale: Q&A with Chairman Matt Cullen. 2021-11-01. cleveland. en.
  26. Web site: 2021-05-27. Ohio's Gaming Company Deepens Cleveland Roots Signing Long Term Lease With K&D Group For Downtown Headquarters. 2021-11-01. Jack Entertainment. en-US.
  27. Web site: Miller . Ben . 27 May 2021 . Jack Entertainment signs lease in Cleveland's Terminal Tower . 2021-11-01 . www.bizjournals.com.
  28. Web site: Gaming — Rock Ventures. February 26, 2016. rockventures.com. Rock Ventures. March 4, 2016. https://web.archive.org/web/20160304093434/http://www.rockventures.com/gaming/. dead.
  29. Web site: VICI Properties Inc. Completes Acquisition of Greektown Casino-Hotel and Lease to Penn National Gaming. investors.viciproperties.com. en-US. 2019-07-01. 2019-07-01. https://web.archive.org/web/20190701223625/https://investors.viciproperties.com/investors/news-releases/press-release-details/2019/VICI-Properties-Inc-Completes-Acquisition-of-Greektown-Casino-Hotel-and-Lease-to-Penn-National-Gaming/default.aspx. dead.
  30. Web site: Penn National Gaming Completes Acquisition of Greektown Casino-Hotel. Penn National Gaming. en. 2019-07-01.

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