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Thursday, September 6, 2018

Dan Gilbert Wants to Sell His Casinos, According to Report

Posted By on Thu, Sep 6, 2018 at 9:35 AM

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Big news this morning in Cleveland on the phase II of the Jack Casino front. Just kidding. That shit's never gonna happen.

But there is casino news, as Bloomberg reports, according to sources with knowledge of his plans, that billionaire Dan Gilbert is looking to sell his stake in six casinos, which include the Jack and the Greektown in Detroit.

Though Bloomberg gravely misstates Gilbert's motivation for getting into the business in the first place — "[he] began eyeing gambling as part of a strategy to revive struggling downtowns in older U.S. cities" is a weird way of saying "he began eyeing gambling as a strategy to make boatloads of money for himself" — the nuts and bolts here fit into the modern environment of gaming. Sports betting is now legal, for starters, and there's been an "acquisition wave, thanks in part to the emergence of casino-based real estate investment trusts that allow bidders to pay higher prices for properties."

Caesars, which recently agreed to pay $1 billion for the Hard Rock Rocksino in Northfield Park and which was Gilbert's original partner in the Cleveland and Cincinnati casinos before he bought them out three years ago, was said to be an interested party.

The Cleveland and Cincinnati casinos ranked third and fourth among the four Ohio casinos this year in revenue.

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