CINCINNATI, OH (FOX19) - Rock Gaming and Harrah's Entertainment have announced a non-binding agreement in principle on key terms to form a joint venture to develop and operate downtown casinos in both Cleveland and Cincinnati.
The proposed terms contemplate Harrah's making a significant minority investment in the projects and serving as the day-to-day casino manager in both cities.
Formation of the joint venture is subject to final definitive agreements which are expected to be completed during the fall of 2010.
Rock Gaming, the gaming entity of Rock Ventures LLC, will retain majority ownership in the proposed partnership.
Casino gaming, including the development of four new casinos statewide, was approved by Ohio voters in a constitutional referendum in November 2009.
The Cincinnati casino will be built on 20 acres of vacant property on the downtown's northeast side known as Broadway Commons. The estimated $400 million new development is expected to drive six million visitors to downtown Cincinnati, while creating nearly 4,900 construction and permanent jobs.