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Jack Entertainment’s casinos and racino have brought in $2.78 billion in gaming revenue

CLEVELAND, Ohio – Despite a decline in annual revenue year over year, Jack Cleveland Casino appears to have been a profitable venture for Dan Gilbert.

The casino’s gaming revenue since opening in May 2012 totals $1.26 billion, according to the Ohio Casino Control Commission financial reports.

Its sister casino, Jack Cincinnati Casino, has had a total revenue of $966 million since it opened in March 2013. And Jack Thistledown Racino’s revenue since opening in April 2013 totals $557 million.

Total gaming revenue of all three venues? $2.78 billion.

The casinos are owned and operated by Jack Entertainment, the gaming subsidiary of Gilbert’s Rock Ventures LLC. That company and others controlled by Gilbert, are private. Financial details, including non-gaming revenue from food, drinks and parking do not have to be released.

It is not known how much of the revenue from the casinos and racino went to Caesars Entertainment Corp. during the years when a subsidiary had a 20 percent minority interest in the properties.

In February 2015, Gilbert’s company entered into an agreement to redeem Caesars’ minority interest.

“We don’t comment on the details of our contractual agreements,” Jack Entertainment Communications Director Samantha Chyette said in an email. She said the company also wouldn’t comment on revenue.

There have been some stumbles since Jack Entertainment took over the Cleveland venue. 

Players have groused about the Club Jack rewards program, saying it does not offer enough amenities and is not a partner with Las Vegas properties. The downtown Cleveland location and lack of free parking also has discouraged some gamblers.

It is not known how the Quicken Loans Arena’s $140 million renovation, which will result in it only being open when the Cleveland Cavaliers are playing will affect the casino. (Gilbert has a majority interest in the Cavaliers.)

Jack Cleveland Casino’s annual revenue continues to decline, dropping about 1 percent from $203.6 million

Article source: http://www.cleveland.com/casino/index.ssf/2018/01/jack_entertainments_casinos_and_racino_have_brought_in_278_billion_in_revenue.html

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