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Billionaire Dan Gilbert To Sell Off Casinos

Billionaire founder of Quicken Loans, Dan Gilbert, is looking to exit the casino business. According to a report on Bloomberg Quint, the loan mogul is selling off properties in Cleveland, Cincinnati and Detroit, owned by his company, Jack Entertainment.

Credit Suisse and Deutsche Bank are representing Gilbert’s casino company in the sale process, while Caesars Entertainment Corp. is believed to be among the possible bidders that have indicated interest in some of the properties up for sale. Representatives for both banks and Caesars declined to comment to Bloomberg.

“It is Jack Entertainment’s long-standing policy to not comment on rumors or speculation,” the company said in a statement Wednesday.

Gilbert, one of America’s richest men, is worth more than $7 billion according to the Bloomberg Billionaires Index. He also owns the Cleveland Cavaliers basketball team. He began eyeing gambling as part of a strategy to revive struggling downtowns in older U.S. cities and in 2009 backed a ballot measure to legalize casinos in Ohio. In 2012, he opened his first property in the historic Higbee’s department store building in downtown Cleveland.

Gilbert is founder and chairman of Quicken Loans, the largest home mortgage lender in the United States. The Detroit-based company closed about $400 billion of home loan volume between 2013 and 2017. He’s invested in downtown Detroit real estate and is the majority owner of the Cleveland Cavaliers, an NBA franchise.