According to a report from Bloomberg, Cleveland Cavaliers owner Dan Gilbert is looking to sell his casino properties, including in Cleveland and North Randall, and exit the business.
Gilbert's JACK Entertainment, based in Detroit, has interests in six casinos and racetracks, including JACK Cleveland Casino, JACK Thistledown Racino in North Randall, and Greektown Casino-Hotel in Detroit, which Gilbert acquired in 2013. The properties may be sold separately.
Caesars Entertainment Corp. is among the possible bidders that have expressed interest in some of the properties, according to the report.
“It is JACK Entertainment’s long-standing policy to not comment on rumors or speculation,” the company said in a statement Wednesday.
Gilbert backed a 2009 ballot measure to legalize casinos in Ohio and opened his first property in the historic Higbee building in downtown Cleveland three years later.
In addition to owning the Cavaliers and serving as the chair of JACK Entertainment, Gilbert is the founder/chairman of Quicken Loans and Rock Ventures. He is worth an estimated $7.8 billion, according to the Bloomberg Billionaires Index.
MORE | Dan Gilbert's Bedrock receives approval to renovate May Company building from landmarks commission
With more on the Cavs angle in all of this, Jim Donovan talked with Jason Lloyd from The Athletic on what this means for the basketball team.
WATCH: Jimmy goes one-on-one with Jason Lloyd
