Report: Cavs owner Dan Gilbert looking to sell casino holdings

Billionaire Dan Gilbert is reportedly looking to divest his JACK Entertainment casino holdings, and Caesars Entertainment is being touted as a likely buyer.

On Wednesday, Bloomberg reported that Gilbert, who founded America’s largest mortgage firm Quicken Loans, is looking to offload his stake in JACK Entertainment, which was formerly known as Rock Gaming until its rebranding in February 2016. Deutsche Bank and Credit Suisse are reportedly steering Gilbert’s hunt for a buyer.

The Detroit-based JACK’s gaming portfolio includes six casinos and racinos, including three JACK-branded venues in Ohio, the Greektown Casino in Detroit, Horseshoe Baltimore in Maryland and the Turfway Park racetrack in Florence, Kentucky. The report claimed the venues could be sold all in one go or on an à la carte basis.

Gilbert (pictured) already has a relationship with Caesars, as Rock Gaming purchased Caesars’ stake in the Ohio venues in 2015. JACK is also partners with Caesars on the Horseshoe Baltimore property, which habitually ranks third in Maryland’s monthly casino revenue charts.