CLEVELAND-The first Ohio casino is on track to open here in March, when Rock Ohio Caesars LLC debuts the Horseshoe Cleveland in 300,000 square feet at the Higbee Building here. The company, a joint venture of Detroit-based Rock Financial/Quicken Loans and Reno, NV-based Caesars Entertaintment Corp., released a third-quarter report on Monday that indicates all construction is on schedule.
Rock is spending more than $1 billion to build two of the four planned casinos in the state. The company had said it would build a $600 million permanent Cleveland casino along the Cuyahoga River and the $400 million Horseshoe Cincinnati on the 20-acre Broadway Commons site. Penn National is developing the other two casinos in Toledo and Columbus.
The permanent Cleveland casino site, dubbed “Phase II”, was expected to open in 2013 behind Tower City, but Rock is investing heavily in property near the “Phase I” $400 million Higbee casino. Two weeks ago, the firm purchased the Ritz-Carlton Cleveland and the 190,000-square-foot 250 Huron office building - facilities that are both connected to the Higbee. The company has also begun interviews and training for more than 1,300 jobs at the temporary facility.
“With the opening of our Cleveland facility approaching, our outreach to the local community for suppliers and employees has intensified,” said Matt Cullen, president and COO of Rock Gaming, in the third quarter report. Rock Gaming is a subsidiary of the Detroit-based Rock company. It’s not clear when work would begin to ready the Phase II Cuyahoga River site, which it purchased from Forest City Enterprises Inc. for $85 million in February.
Vertical construction also continues on the 354,000-square-foot Horseshoe Cincinnati, which is scheduled to open in the second quarter of 2013. Plans call for a 100,000-square-foot gaming floor, with an additional 33,000 square feet of multi-purpose and special function space, as well as a 2,500-space parking garage.
State voters in November 2009 approved a constitutional amendment authorizing casinos in the four cities. Gross revenues at the properties will be taxed at 33%, one of the highest rates in the nation for a resort casino, to benefit such programs as the state public school districts, law enforcement training and city coffers.
In Monday’s report, Rock Ohio Caesars said it is continuing the licensing process with the Ohio Casino Control Commission. “Progress on the regulatory front to date is in alignment with targeted opening dates,” according to the report.
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