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.READ MORE: Michigan Matters: Where are the Female CEOs in Michigan?
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.READ MORE: MSU Police: Tip From Private Investigator Led To Discovery Of Body Believed To Be Brendan Santo
Ohio voters last year approved casinos in four cities. Penn National, based in Wyomissing, Pa., has rights to casinos planned in Toledo and Columbus.MORE NEWS: Consumer Alert: How To Avoid Fake N95, KN95 Masks
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