US – Management team takes over ownership of JACK EntertainmentBy Phil - 19 January 2021
There has been a behind the scenes change of ownership at JACK Entertainment with Cleveland Cavaliers owner Dan Gilbert, the Founder and Owner of JACK Entertainment, selling the casino company to its management team in December.
The terms of the deal have not been disclosed, but Board Chairman Matthew P. Cullen did confirm: “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.”
JACK Entertainment has also relocated its headquarters to Cleveland from Detroit. The operator employs 1,400 members of staff and operates two casinos; JACK Cleveland Casino downtown and JACK Thistledown Racino in North Randall in a lease-back with VICI Properties. It also has 16 bars and restaurants and generates between $400m and $500m in annual revenues.
Mr. Gilbert, who suffered a stroke in 2019, is one of the 30 richest people in the world after taking Rocket Companies public last yea with a wealth of around $34bn.