JACK owner sells company to management team
JACK’s management team have acquired the company’s two casino properties in Ohio; JACK Cleveland Casino and JACK Thistledown Racino.
US.- Founder and owner of JACK Entertainment, Dan Gilbert, has sold the company to its management team.
In the process, the management team has acquired two JACK casino properties in Ohio from the multi-millionaire – JACK Cleveland Casino downtown and JACK Thistledown Racino in North Randall.
JACK Chairman Matthew Cullen recently told the Cleveland Jewish News (CJN): “As of December 2020, JACK Entertainment’s ownership has changed and no longer has any affiliation with Dan Gilbert’s family of companies.
“The JACK management team, who have been with the company since its inception, remains in place and now owns the controlling interest of the company,”
Cullen did not give details on the terms of the sale, but it is estimated that the two casinos generate a combined annual revenue of $400m to $500m.
The company employs 1,400 team members, who work across its 150,000 square feet of gaming space and 16 bars and restaurants.
Revenues in Ohio casinos’ revenues were on the rise since reopening in June, however they currently feeling the wrath of a state-imposed curfew due to the coronavirus pandemic.
