Jack Entertainment

  (Redirected from Rock Gaming)

Jack Entertainment LLC (stylized JACK Entertainment and formerly Rock Gaming LLC from 2009 to 2016) is a gaming, hospitality, and entertainment corporation based in Detroit, Michigan. The company owns and operates casinos and hotels in Michigan and Ohio, and owns a stake of properties in Kentucky and Maryland.[1][7] Jack Entertainment operates as a subsidiary of Rock Ventures LLC.[1][6][8]

Jack Entertainment LLC
Formerly
Rock Gaming LLC (2009–2016)
Private
IndustryGaming, Hospitality, Tourism
Founded2009 as Rock Gaming LLC
FounderDan Gilbert
Headquarters,
United States
Key people
ProductsCasinos, Hotels, Entertainment, Thoroughbred horse racing
RevenueOver US$1 billion as of February 2016
Number of employees
Approximately 7,000 as of February 2016
ParentRock Ventures
SubsidiariesRock Ohio Caesars LLC (2010–2015)
Websitejackentertainment.com
Footnotes / references
[1][2][3][4][5][6][7]

HistoryEdit

Rock Gaming (2009–2016)Edit

Jack Entertainment, originally Rock Gaming LLC, was founded in 2009 by seven businessmen led by Dan Gilbert,[1][9] who serves as chairman of its board.[3][5][10][11] The company 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 early 2013, the company acquired the Greektown Casino-Hotel in Detroit.[7][14][15][16]

In April 2015, the Ohio Casino Control Commission approved a request by the company to be licensed as a management company.[4]

Rock Ohio Caesars (2010–2015)Edit

In December 2010, in partnership with Caesars Entertainment Corporation, the company formed Rock Ohio Caesars LLC to open and operate casinos in Cleveland and Cincinnati.[2][11] Caesars held a 20% stake in Rock Ohio Caesars[9] and managed the company's properties.[3][4][17]

In May 2012, Rock Ohio Caesars opened Ohio's first casino, Horseshoe Casino Cleveland.[3][11]

In April 2013, Rock Ohio Caesars opened the state's fourth commercial casino, Horseshoe Casino Cincinnati. That same month, the company also began expanding the Cleveland-area thoroughbred horse racing track, ThistleDown, to include a casino, making it a racino.[7][11]

On August 26, 2014, the Horseshoe Casino Baltimore opened. The casino was developed in partnership by Rock Gaming, Caesars, and local investors.[3][4]

On February 26, 2015, Rock Gaming acquired Caesars's stake in Rock Ohio Caesars.[2][3][4] As a result, the company now had complete ownership of the Horseshoe casinos in Cleveland and Cincinnati, ThistleDown, the Ritz-Carlton Cleveland, the Higbee Building, and a controlling interest in Turfway Park.[3][4][17]

On November 2, 2015, the Rock Gaming announced it would begin assuming management of Horseshoe Casino Cleveland, Horseshoe Casino Cincinnati, and ThistleDown Racino from Caesars Entertainment Corporation, and complete the transition by June 2016.[4][17]

Jack Entertainment (2016–present)Edit

On February 23, 2016, the company announced it was changing its name from Rock Gaming to Jack Entertainment. Throughout 2016, the company would also be rebranding its casinos under the Jack name.[5][7][15][16][18] The company stated it planned to spend $40 million on the rebranding.[15][16][18] It also introduced a new customer loyalty program, ClubJack.[7][16]

In September 2018, it was reported that Gilbert was looking to sell Jack Entertainment and leave the casino business; Caesars was named as a possible buyer.[19] Two months later, Jack agreed to sell the Greektown casino to Vici Properties and Penn National Gaming for a total of $1 billion.[20]

In 2019, Jack Entertainment sold its Cincinnati casino for $745 million to Vici and Hard Rock International.[21][22] Later that year, Jack sold Turfway Park to Churchill Downs, Inc. for $36 million.[23] In 2020, the company also sold its Cleveland casino and the Thistledown racino to Vici in a leaseback deal, with Jack receiving $843 million for the real estate and paying $66 million in annual rent.[24]

PropertiesEdit

Name Location Notes Picture
Caesars Interactive Entertainment N/A Partnership with Caesars Entertainment Corporation.[3][4][7][8]
Horseshoe Casino Baltimore Baltimore, Maryland Partnership with Caesars Entertainment Corporation.[3][4][7][8]  
Jack Cleveland Casino Cleveland, Ohio In November 2015, Caesars announced that it would cede management of its Horseshoe Casino Cleveland resort to Rock Gaming, with the transfer completed June 2016.[4]  
Jack Thistledown Racino North Randall, Ohio In November 2015, Caesars announced that it would cede management of its ThistleDown Racino resort to Rock Gaming, with the transfer completed in June 2016.[4]  

Former propertiesEdit

Name Location Notes Picture
Greektown Casino Hotel Detroit, Michigan Originally to be renamed Jack Detroit Casino-Hotel Greektown by the end of 2016.[5][6][7][15][16][18] The name change never happened and the hotel/casino was sold to Penn National Gaming and Vici Properties on May 23, 2019.[25][26]  
Jack Cincinnati Casino Cincinnati, Ohio In November 2015, Caesars announced that it would cede management of its Horseshoe Casino Cincinnati resort to Rock Gaming, with the transfer completed June 2016.[4] 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 Park Boone County, Kentucky Sold to Churchill Downs, Inc. in 2019.

See alsoEdit

ReferencesEdit

  1. ^ a b c d "Rock Gaming, LLC: Private Company Information". Businessweek.com. Businessweek. Retrieved February 26, 2016.
  2. ^ a b c "Rock Ohio Caesars LLC: Private Company Information". Businessweek.com. Businessweek. Retrieved February 26, 2016.
  3. ^ a b c d e f g h i Farkas, Karen (February 26, 2015). "Rock Ohio Ventures buy Caesar's 20 percent interest and now owns Horseshoe Casino Cleveland, ThistleDown and other entities". cleveland.com. Retrieved February 26, 2016.
  4. ^ a b c d e f g h i j k l Farkas, Karen (November 2, 2015). "Rock Gaming takes over management of Horseshoe Cleveland Casino from Caesar's Entertainment". cleveland.com. Retrieved February 26, 2016.
  5. ^ a b c d "Greektown Casino to be renamed JACK Detroit Casino-Hotel Greektown". WXYZ. February 23, 2016. Retrieved February 26, 2016.
  6. ^ a b c Bill Shea and Kirk Pinho (February 23, 2016). "Greektown Casino-Hotel to be renamed Jack Detroit Casino-Hotel Greektown". Crain's Detroit Business. Retrieved February 26, 2016.
  7. ^ a b c d e f g h i "JACK Entertainment Rebrands Ohio and Detroit Casinos" (PDF) (Press release). JACK Entertainment. February 23, 2016. Retrieved February 25, 2016.
  8. ^ a b c "Gaming — Rock Ventures". rockventures.com. Rock Ventures. Retrieved February 26, 2016.
  9. ^ a b Davis, Dave (October 15, 2011). "Dan Gilbert's Rock Gaming partners bound by friendship, desire to build upscale 'urban' casinos". The Plain Dealer. Retrieved February 26, 2016.
  10. ^ "Rock Gaming, LLC: Board of Directors". Businessweek.com. Businessweek. Retrieved February 26, 2016.
  11. ^ a b c d Petersen, Chris. "Rock Gaming LLC – Horseshoe Casino Cincinnati". Leisure and Hospitality International. Retrieved February 26, 2016.
  12. ^ "State Issue 3: November 3, 2009". sos.state.oh.us. Ohio Secretary of State's Office. November 2009. Retrieved February 26, 2016.
  13. ^ Fields, Reginald (April 28, 2009). "Ohio casino backers hire troubled California firm Arno Political Consultants". The Plain Dealer. Retrieved February 26, 2016.
  14. ^ Davis, Dave (January 16, 2013). "Dan Gilbert to buy Detroit's Greektown Casino, a money-making and revitalization effort". The Plain Dealer. Retrieved February 26, 2016.
  15. ^ a b c d Haddad, Ken (February 23, 2016). "Greektown Casino changes name to 'Jack Casino'". WDIV. Retrieved February 26, 2016.
  16. ^ a b c d e Martinez, Michael (23 February 2016). "Greektown Casino to be renamed 'Jack'". Detroit News. Retrieved February 26, 2016.
  17. ^ a b c "Rock Gaming Raises Its Stakes in Ohio and Begins Transition of Operational Responsibilities of Gaming Properties" (PDF) (Press release). Rock Gaming, LLC. November 2, 2015. Retrieved February 25, 2016.
  18. ^ a b c Thibodeau, Ian (February 23, 2016). "Greektown Casino changing name to 'Jack Detroit Casino-Hotel Greektown'". MLive.com. Retrieved February 26, 2016.
  19. ^ Palmeri, Christopher (September 5, 2018). "Billionaire Gilbert is said to be looking to cash out of casinos". Bloomberg. Retrieved September 5, 2018.
  20. ^ Walsh, Dustin; Shea, Bill (November 14, 2018). "Gilbert to sell Greektown Casino-Hotel for $1 billion". Crain's Detroit Business. Retrieved December 29, 2018.
  21. ^ Tom Demeropolis (September 20, 2019). "Cincinnati casino sells for $745 million". Cincinnati Business Courier. Retrieved 2019-09-21.
  22. ^ "Vici Properties Inc. completes acquisition of Jack Cincinnati Casino and lease to Hard Rock International" (Press release). Vici Properties. September 20, 2019. Retrieved 2019-09-21 – via BusinessWire.
  23. ^ Steve Watkins (October 17, 2019). "Turfway Park renovation plans revealed". Cincinnati Business Journal. Retrieved 2019-11-02.
  24. ^ Stutz, Howard (January 25, 2020). "VICI finalizes purchase of two Cleveland-area casinos; leases properties back to Jack Entertainment". CDC Gaming Reports. Retrieved September 29, 2020.
  25. ^ "VICI Properties Inc. Completes Acquisition of Greektown Casino-Hotel and Lease to Penn National Gaming". investors.viciproperties.com. Retrieved 2019-07-01.
  26. ^ "Penn National Gaming Completes Acquisition of Greektown Casino-Hotel". Penn National Gaming. Retrieved 2019-07-01.

External linksEdit