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Plans for two of Ohio’s four casinos voted in by a statewide referendum last November are beginning to make headway.
Dan Gilbert’s, Rock Ventures L.L.C. is the holding company approved to develop casinos in both Cincinnati and Cleveland.
Earlier this month Rock Ventures purchased a 20 acre site in Cincinnati for $35 million, that site will become home to a $300 million to $400 million casino by the end of 2012.
The Cincinnati casino complex will also have a 4,000-car parking garage and include four restaurants and four to six retailers, which may or may not be operated by Rock Ventures.
In Cleveland Gilbert has planned a $600 million gaming facility with amendments like eateries and shops that will be set apart from the casino to blend in with the local area.
Specific plans will not be finalized until a site has been picked.
While Rock Ventures will own and develop the properties, casino operators will need to be selected to operate, manage and assist with funding.
Rock Ventures President Matt Cullen said the field of potential operators and equity partners have been narrowed down to four companies; however a decision is not expected until mid-June.
Other specifics including design and financing construction of the casinos are still being worked out and will become clearer once operators are picked, Cullen said.
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