Filed underDaily J AM
Las Vegas-based Harrah’s Entertainment Inc. has signed an initial agreement with a company headed by Cleveland Cavaliers owner Dan Gilbert to develop and operate casinos in Cincinnati and Cleveland.
The nonbinding agreement between Harrah’s and Detroit-based Rock Gaming LLC was announced Thursday. It would create a joint venture, with Harrah’s managing the casinos and making a minority investment. Rock Gaming would have majority ownership of the partnership.
Rock spokeswoman Jennifer Kulczycki says definitive agreements are expected this fall. The venture expects to invest more than $1 billion total to develop the casinos.
Ohio voters last year approved casinos in four cities. Penn National, based in Wyomissing, Pa., has rights to casinos planned in Toledo and Columbus.
(Copyright 2010 by The Associated Press. All Rights Reserved.)