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He claims acquiring full interest in the Horseshoe will simplify and speed up the process of designing and delivering the riverfront casino voters were promised.
He claims acquiring full interest in the Horseshoe will simplify and speed up the process of designing and delivering the Riverfront Casino voters were promised
Cleveland Horseshoe Casino(Photo: WKYC)
CLEVELAND, Ohio -- Tycoon and dealmaker Dan Gilbert was busy Friday leading hundreds of workers from the hundred-plus companies he owns all or part of or does business with in an event encouraging them to think big and be positive.
The sixth Family Reunion of his companies focused on creative ways to do more, stay connected and raise the bar. It's the second reunion held in Cleveland.
"Just trying to inspire people to take their game to another level," he said.
Gilbert just wrapped up a deal to acquire struggling Caesars' 20 percent interest in the Horseshoe casinos in Cleveland and Cincinnati and the Thistledown Racino.
He spoke one-on-one with WKYC's Tom Beres.
"Caesars is obviously going through a whole restructuring," he explained.
He said this will increase his stake here.
"It's just a further commitment to this market, not only gaming but downtown in general," he said.
He claims acquiring full interest in the Horseshoe will simplify and speed up the process of designing and delivering the riverfront casino voters were promised in the ballot issue legalizing gambling in Ohio.
He said the Horseshoe Casino is profitable, but there's no denying it has not delivered on original revenue projections.
He would not be pinned down to a timeline to build and open the riverfront casino.
"I would be shocked and surprised if it would not be up in 10 years. Five years I would think as well. That's not a promise. You just don't know," he said.
Gilbert also spoke about Cleveland and Detroit's effort to re-energize their downtowns. He is playing a massive role in the Detroit makeover.
Asked to compare the cities, he said, "I think they are very close. If you are from Detroit and you go to to downtown Cleveland, you say, 'Man I wish we could be like Cleveland.' If you are from Cleveland and you to to Detroit, it's 'I wish we could be like Detroit.' "
One subject was off the table for the interview. He would not take questions about the Cavaliers' proposed expansion and enhancements at Quicken Loans Arena.
The explanation? The Cavaliers are delaying public discussion of the their plan until a formal proposal is made to Cuyahoga County leaders..
The reported plan has a tentative price tag of $140 million. The proposal calls for the county to pay its share by selling bonds and using money left over from the present sin tax, not the renewal recently passed by voters.
Gilbert's full ownership of the Horseshoe casinos and Thistledown Racino should not be noticed by customers. Caesars will still run operations, and its reward program stays in place.
Gilbert also spoke about the recent success of his basketball team, the Cleveland Cavaliers, since they acquired three new players that have the team playing much better.
"These guys love each other like no other team I've seen," he said.
Gilbert said there are a number of strong teams who will be in the playoffs, but he hoped that quality would set the Cavs apart in their quest for a hoped-for title.
Follow WKYC's Tom Beres on Twitter: @TomBeres
Read or Share this story: http://on.wkyc.com/1AjctNE
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