Dan Gilbert may be best known as the very outspoken owner of the NBA’s Cleveland Cavaliers, but he has been steadily increasing his presence in the gaming industry as well. Horseshoe Casinos can be found in several locations across the country and were part of the CET (Caesars Entertainment) stable of brands, but one less will be available in a few weeks, as the Horseshoe Casino transitions into its new namesake, Jack Casino.
Gilbert’s company, Jack Entertainment, is taking over this property as well as a few others in the same area (and Detroit, where Gilbert now owns Greektown Casino). The company had previously worked in conjunction with CET at the Ohio Horseshoe properties, but now Jack Ent. has taken over their operation entirely. This is part of the process CET has been undergoing in their desperate attempts to stay out of total collapse. Caesars (ticker: CZR) has been seeing their doubt mounting more and more over the past decade, and they have been closing and selling properties, like these Ohio casino locations, over the past few years.
Jack Entertainment is a new brand, all things being relative, in the gaming world. Gilbert will have a significant edge in promoting his gaming brands due to his presence in his home state. With the Cavaliers a force in the basketball world again, he will be able to leverage his name and reach into more exposure for his casino brands.
The actual date of the transition is set for midnight on June 6th. By midday June 8th, the property hopes to be re-opened as Jack Casino Cincinnati. There is a lot of work to be done in this less than two day process, of course, as the casino will need to entirely rebrand every little dynamic of the casino, from the tables and playing cards to paperwork. Needless to say, much planning and effort will be put into this being a smooth switch, so patrons of Horseshoe Cincinnati should expect to be able to visit the new casino on June 8th as scheduled.
Most exciting for existing customers and players at the Ohio Horseshoe casinos is the fact that Gilbert’s company is putting a lot of money into renovations and improvements. This is money that Caesars really does not have to burn, and their lack of maintenance and effort is readily apparent at other CZR locations. Now, you will likely need a new players card and some minor changes may take place, but as a whole, it is reasonable to expect that these casinos will be better off under Jack Entertainment than they were when managed by Caesars Ent. We will find out very soon.