Casinos will boost Ohio cities, backers say
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Cincinnati Enquirer: Dan Gilbert - the entrepreneur who would own the downtown Cincinnati casino, if voters authorize them in Ohio - touted Ballot Issue 3 as a strategy for reviving cities in the Buckeye State. Speaking with a group of reporters and editors at The Enquirer Monday, Gilbert recalled growing up in his native Detroit whose urban core declined following the riots of the mid 1960s. Gilbert, whose Rock Ventures, owns national mortgage lender Quicken Loans and the Cleveland Cavaliers, stressed his investment track record in Detroit and Cleveland. Gilbert's company is in the process of moving its headquarters into downtown Detroit and with the 2005 acquisition of the Cavaliers has invested heavily in downtown Cleveland as well.
Rock Ventures has been in Ohio for almost five years and employs 3,250 Ohioans. "We believe in these downtowns and have to invest in the urban core," he said. "While many people are writing off us off as the Rust Belt - we've been putting money into these downtowns." Gilbert and Wyomissing, Pa.-based Penn National Gaming - the owner of Hollywood Casino Lawrenceburg - say their plan will create more than 34,000 jobs in Ohio, including 19,000 jobs during construction and 16,000 permanent positions. If the ballot measure passes, Gilbert has an option to buy 20 acres of Broadway Commons and plan to build a casino projected to rake in $517.3 million a year by 2013. Gilbert said the casino would attract 5 million visitors a year and help Ohio reclaim about $1 billion or the estimated $1.4 billion spent by residents in out-of-state casinos.
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