Caesars' Moves Impact Turfway, ThistleDown
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Media outlets in Cincinnati and Las Vegas have reported that Caesars Entertainment sold off enough of its interest in Turfway Park to Dan Gilbert's Rock Ohio Ventures Feb. 26 to make Rock Ohio the majority owner of the Northern Kentucky track.
Those outlets also report Caesars Entertainment sold off its 20% interest in ThistleDown Racino to Rock Ohio. The track sales figure to be reviewed by regulators in Ohio and Kentucky.
The publications added that Caesars sold off its 20% interest in two stand-alone Horseshoe casinos in Cincinnati and Cleveland to Rock Ohio.
Matt Cullen, chief executive officer of Rock Ohio Ventures and Rock Gaming, acknowledged in a statement that the transaction would make Rock Ohio Ventures the majority owner of Turfway, reports WCPO.com in Cincinnati.
The Las Vegas Review-Journal reports Caesars is attempting to reduce debt by about $10 billion. It reported a sale price for Thursday's transactions was not disclosed, and noted that Rock Gaming and Caesars Entertainment formed their joint venture to develop and operate casinos in 2010.
Quicken Loans chairman Dan Gilbert is majority owner of Rock Ohio Ventures.
The news outlets reported that Caesars' subsidiaries will continue to manage the Ohio casinos, including the casino at Thistledown.