According to papers filed with the Securities and Exchange Commission, Caesars Entertainment Corporation has sold shares in Caesars Interactive Entertainment, an online gaming venture, to Rock Gaming, LLC in exchange for $60.8 million. While the percentage of Rock Gaming’s ownership of Caesars Interactive is unknown, Rock Gaming has already received half of the 12,300-plus shares it purchased and will receive the balance of its stock by July 2, 2012.
Rock Gaming, run by Dan Gilbert, the founder of Quicken Loans and current owner of the Cleveland Cavaliers, retains the right to purchase more than 3,000 additional shares in Caesars Interactive for $19.2 million by mid-November of this year.
Rock Gaming was already working with Caesars on two Ohio-based casinos before it purchased equity in Caesars Interactive. Caesars owns 20 percent of the developments and will oversee the operations of the Horseshoe Cleveland when its doors open this upcoming May. Caesars will also manage the Horseshoe Cincinnati which is scheduled to open next year.
Rock Gaming and Caesars are also working together to establish a slots-only casino in Baltimore, Maryland and have filed a joint application for a gaming license with that state.