Caesars, a faltering giant in the gambling industry who filed bankruptcy in January, has sold ownership stakes in all of its casinos located in Ohio, to Rock Gaming. While Caesars will still operate the brands, Horseshoe Cleveland, Horseshoe Cincinnati and Thistledown Racino are now 100% owned by Rock Gaming. The sale was possible because the Horseshoe casino brands in Ohio were not directly under the Caesars Entertainment Operating Co, which is the Caesars arm that filed bankruptcy.
Caesars group states they needed to cut at least $10 billion in debt. In regards to the sale, players will not be effected. Caesars’ subsidiaries will control the management of the casinos and the racino for the time being and all guests will continue to have the ability to use the Total Rewards program with no changes. Normal business hours at the mentioned casinos and racino will remain the same.
Before the sale, Rock Gaming held 80% ownership of the casinos and Caesars held the remaining 20%.
Rock Gaming is controlled by Dan Gilbert (also the founder of Quicken Loans).