Casino Development
In Cleveland, developer Dan Gilbert has finally reached a deal with Forest City Enterprises to purchase 16 acres downtown, including a nearby parking lot, where the casino will most likely be built. It is unclear when construction will begin, but delays in achieving the land deal will most likely push back the opening of the casino to mid-2013. As a result, Gilbert is exploring a ‘Phase 1’ casino, which would locate a temporary casino in the Higbee Building. This ‘Phase 1’ casino could open as early as 2011.
Last week, Gilbert announced a preliminary agreement with Harrah’s Entertainment to run his casinos.
In Cincinnati, developer Rock Ventures LLC announced they would spend at least $80 million with small and minority-owned businesses to build their downtown Harrah’s casino. Actually, the developers are hoping to top what would be a 20% economic inclusion of the $400 million project.
In the next 60 to 90 days, Rock Ventures will announce a design firm. Matt Cullen, president of Rock Ventures, expects 75% of the design work to go to local firms with a third of that (25%) going to small, minority, or women business enterprises. Ground breaking on the casino is expected this fall with the opening to occur before the end of 2012.
And in Columbus, 37 people have applied for the 7 seats on the Ohio Casino Control Commission, the panel that will regulate casinos in Columbus, Cincinnati, Cleveland and Toledo, as well as slot-machine-like games of chance throughout the state. Governor Strickland expects to name the panel by mid-September. There are some restrictions. All 7 people must be approved by the Ohio Senate. The panel must comprise at least one attorney, one CPA and someone with a background in law enforcement. One member must live in one of the four counties housing a casino. There can be no more than four members from the same political party and none of the members can be affiliated with either of the casino developers.