Support Local Journalism. Join the Cleveland Scene Press Club.

Monday, January 18, 2021

Dan Gilbert Sold His Jack Entertainment Casino Business Last Year

Posted By on Mon, Jan 18, 2021 at 8:59 AM

click to enlarge ERIK DROST/FLICKRCC
  • Erik Drost/FlickrCC
Dan Gilbert sold JACK Entertainment, his casino business that operated casinos in Cleveland and Detroit, to his now-former management team over the course of 2020.

The Cleveland operations were sold in early 2020 in a move that was quietly announced in a July 2020 press statement from Matt Cullen about his jump from Bedrock to JACK.



“I joined Bedrock last year at Dan’s request to provide needed direction and focus for the organization," Cullen told the Detroit News last summer. "We agreed it would be a short-term role as I was concurrently negotiating the purchase of a controlling interest in the two JACK casinos in northeast Ohio. The transaction closed earlier this year and I am now the Executive Chairman and lead investor of the $1 billion enterprise, which is no longer part of Dan's Family of Companies. Running this company with my partner Mark Dunkeson takes enormous time and attention. We are tremendously excited about the future of our gaming company and see the opportunity for significant growth moving forward."

The remainder of JACK Entertainment was sold in December to Cullen and his team as well, as the Cleveland Jewish News reported over the weekend.

The major development was again, for some reason, not announced publicly. Matthew Cullen, JACK Entertainment board chairman, confirmed the sale when asked for comment by CJN on its scoop.

“As of December 2020, JACK Entertainment’s ownership has changed and no longer has any affiliation with Dan Gilbert’s family of companies,” Cullen said. “The JACK management team, who have been with the company since its inception, remains in place and now owns the controlling interest of the company."

Cullen also said that JACK's main operations have been moved from Detroit to Cleveland.

Gilbert, who suffered a stroke in early 2019, is now one of the 30 richest people in the world after taking Rocket Companies public last summer with some $34 billion to his name. He founded JACK, formerly known as Rock Gaming, in 2009.

The first phase of the Cleveland casino opened in 2012.

JACK sold its Cleveland real estate — the casino and Thistledown racino — to Vici Properties, a spinoff of Caesar's Entertainment, in 2019 for $843 million. It operates them still in a leaseback agreement. It was just one of Gilbert's gaming properties sold in a stretch that netted JACK some $2.6 billion over the course of that year.

Terms of the December sale were not disclosed.

Tags: , ,

We welcome readers to submit letters regarding articles and content in Cleveland Scene. Letters should be a minimum of 150 words, refer to content that has appeared on Cleveland Scene, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at news@clevescene.com.

Support Local Journalism.
Join the Cleveland Scene Press Club


Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.


Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.


Join the Cleveland Scene Press Club for as little as $5 a month.

Read the Digital Print Issue

July 28, 2021

View more issues

Newsletters

Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Calendar

© 2021 Cleveland Scene: 737 Bolivar Rd., Suite 4100, Cleveland, OH 44115, (216) 505-8199
Logos and trademarks on this site are property of their respective owners.


Website powered by Foundation