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| April 16, 2010 The developers of the downtown Cincinnati casino closed Thursday on the 20-acre site, paying $35 million - or more than double the market value of $14 million. Meanwhile, developer Rock Ventures also revealed other planned details for the casino, including: About four restaurants and about four to six retailers will be built along the sidewalks of Reading Road, Broadway and East Court streets. The casino itself will be behind the restaurants and shops. The main entrance to the facility will be near the corner of Reading Road and Broadway. There will be drop-off, valet service at another entrance, on either Reading or Gilbert Avenue. A 4,000-car parking garage will be part of complex on the northern part of the site, facing Interstate 71. "This is the first concrete step in the path forward making the Cincinnati casino a reality," company president Matt Cullen. Cullen, Rock Ventures' No. 2 executive, provided an update on the casino project during a news conference at the Over-the-Rhine Chamber of Commerce. Rock Ventures had an option on the site when it campaigned to legalize gambling last year. The company also closed on the sale of the land Thursday, paying $35 million for the property. Cullen noted Rock Ventures wants to make good on its promise the casino will enhance the surrounding neighborhoods with an open, walkable, entertainment-district design. He said developers would avoid a self-enclosed "arena-like" design. "We're asking people to think differently - not build a casino that you could plop anywhere in the U.S.," Cullen said. Because of the developers' desire for a unique design, Cullen said the hiring of an operator for the gambling venue is taking longer than expected. A casino operator is expected to be named by mid-June. Hiring a casino operator is important to Rock Ventures, which bought the casino site but is not a gambling company. Rock Ventures' main business is Internet mortgage provider Quicken Loans and is owned by Detroit entrepreneur Dan Gilbert. Rock Ventures has fielded bids from several casino companies and narrowed the list to four finalists. Developers plan to break ground on the casino this fall and open the facility in late 2012. Located at the northeastern edge of downtown, developers expect to invest $300 million to $400 million into the project. Including the parking garage, the complex will be 400,000 to 500,000 square feet. Ohio voters last fall authorized the construction of four Ohio casinos - one apiece in Cincinnati, Columbus, Cleveland and Toledo. The Cincinnati casino is expected to draw 6 million visitors a year once completed. Developers estimate the casino will employ more than 2,800 once it opens in late 2012. They estimate the construction of the casino will create more than 2,100 jobs between now and the opening. Legislators are drafting rules to govern the casino industry that must be signed into law by the first week of June. Once the casino gets its license from the state later this year, developers will pay the state a one-time $50 million license fee. |
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