Gambling operator Caesars Entertainment Corp. announced on Monday that the operations of its Ohio-based racino and two casinos will be transitioned to its local partner – Rock Gaming. The Horseshoe names will be removed from the properties and the two casinos will be separated from Caesars’ customer loyalty program.
Caesars held a 20% stake in Horseshoe Cincinnati, Horseshoe Cleveland, and ThistleDown Racino in North Randall. In February, the gambling operator announced that it would sell its share in the three properties to Rock Gaming. Now, the Detroit-based gaming company owns 100% of the three gambling facilities.
Rock Gaming said that it will gradually assume management of the Ohio racetrack and two casinos in the months to come. The transition of operations is expected to be completed in mid-2016.
Commenting on the latest announcement, Matt Cullen, CEO of Rock Gaming, said that they see the transition as an excellent opportunity to leverage their culture and “vast network” of businesses, thus growing their operations even further and connecting the casinos to the areas there are located in.
John Payne, CEO of Caesars Entertainment Operating Co., said that they are proud of the great impact the two Ohio-based casinos had in the state. Mr. Payne also wished Rock Gaming and its management team continued success in their future operations.
Rock Gaming noted that more details on the upcoming rebranding will be revealed in the months to come. Mr. Cullen said that his company is determined to build its own strong brand in the state. He also pointed out that no jobs at the two casinos and the racino will be affected due to the planned rebrandng. The company will prepare a new customer loyalty program, which, too, will be launched anytime soon.
Caesars Entertainment and Rock Gaming announced their partnership agreement to develop and manage two of Ohio’s four casinos back in 2010. Horseshoe Cleveland opened doors in May 2012. Horseshoe Cincinnati was launched a year later.
Since its opening, the Cincinnati gambling venue turned into the highest profiting casino in the region. Revenue generated at the venue accounts for 25% of the overall proceeds for the area. In 2014, Horseshoe Cincinnati posted revenue of more than $193 million.
