Rock Gaming Buys Out Caesars Stake In The Horseshoe Casino’s
The global gambling industry has gone through a difficult phase in 2014 as revenues slumped in both brick & mortar and online casino companies. Casinos in Macau and Las Vegas have found it extremely difficult to post consistent profits and a number of casinos have decided to shut down operations, demolished including recently The Clarion Casino Hotel and some are on the verge of selling out.
A number of global casino brands have also suffered from this market slump including Caesars Entertainment Corp who recently announced that it had successfully completed a sale of selling its twenty percent stake in the Horseshoe Casino’s and its varied gambling interests to Rock Gaming which is owned by Dan Gilbert.
The struggling Caesars subsidiary has been in a financial crunch and has already filed for bankruptcy. Caesars sold its twenty percent minority stake in the Horseshoe Casinos in Cincinnati and Cleveland; the Ritz-Carlton in Cleveland; ThistleDown casino in Cleveland and the Higbee Building and a controlling interest in Florence’s Turfway Park. Caesars did not disclose the amount of the sale nor did it disclose any of the terms and conditions attached to the same.
Caesars has confirmed that it will still continue to manage operations at these casinos like before and all of these casinos will remain open for business and function just like before. In a statement, Matt Cullen, CEO of Rock Gaming said
We will continue to provide the same high quality experience and service guests have come to expect and remain committed to our casino investments and the communities where we operate.
Rock Gaming owns the biggest stake in the Cleveland and Cincinnati properties.
The Horseshoe Casino Cincinnati property is considered to be the most popular casino in Cincinnati and its numbers in 2014 confirm these claims. The casino brought in $197.6 million making it the number one gambling venue in Cincinnati. The Horseshoe Casino displaced the Hollywood Casino Lawrenceburg which dominated the Cincinnati market for over a decade. Under normal circumstances Caesars would not have considered selling its stake in the Horseshoe Casino’s but a growing debt forced its hand.
Caesars Entertainment Operating Co owns and manages 50 global properties of its parent company Caesars Entertainment Inc.’s. The subsidiary filed for bankruptcy in Jan 2015 as it massive $25 billion debt was too much for the company to carry which included annual interests payments of 2 billion each year.
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