JACK Entertainment's owner sells casino company to its management

Cleveland Cavaliers owner Dan Gilbert, founder and owner of JACK Entertainment, sold the casino company to its management team in December.

“As of December 2020, JACK Entertainment’s ownership has changed and no longer has any affiliation with Dan Gilbert’s family of companies,” Board of Directors Chairman Matthew P. Cullen told Cleveland Jewish News. He also said that JACK Entertainment has moved its offices to Cleveland from Detroit.

Cullen did not disclose the terms of the sale of JACK, a developer and owner of casinos with 1,400 team members, according to its website, 16 bars and restaurants, 150,000 square feet of gaming space generating between $400 million and $500 million in annual revenues. The company operates JACK Cleveland Casino downtown and JACK Thistledown Racino in North Randall in a lease-back with real estate investment trust VICI Properties. 

“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 told CJN. “I will continue to serve as chairman of the board and Mark Dunkeson will continue his role as chief executive officer."

"Over the past year, JACK has relocated its home office team to be headquartered in Cleveland, making JACK the only Ohio-based gaming operator across the state’s 11 gaming properties. This hands-on leadership positions the company well for future growth and as always, the JACK team will remain focused on operating our gaming properties at the highest standards to prioritize the health, safety and enjoyment of our guests and team members,” he added. 

Gilbert is founder and chairman of Quicken Loans, the US largest mortgage lender, as well as founder and chairman of the Rock Family of Companies, a portfolio technology businesses and real estate investments. He founded Rock Gaming LLC in 2009, which changed its name to JACK Entertainment in 2016.