Jack Cleveland & Jack Thistledown Transaction Overview
NEW PARTNERSHIP WITH JACK ENTERTAINMENT
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JACK Entertainment Overview
JACK Entertainment LLC ("JACK") is a Detroit-based urban gaming company currently controlled by Dan Gilbert and affiliates. JACK is part of the Rock
Ventures Family of Companies, which employs nearly 4,500 team members in the greater Cleveland area at Quicken Loans, Bedrock, the Cleveland Cavaliers,
and Rocket Mortgage Field House
Over the past 10 years, the Rock Ventures Family of Companies has increased its investments and commitment to the long-term future of Cleveland with
JACK focused on the development and operation of gaming facilities in the Ohio market
In 2011, JACK and Caesars Entertainment ("Caesars") partnered to develop two full-scale casinos in Ohio (current JACK Cincinnati and JACK Cleveland) as well
as Thistledown Racino. JACK obtained 100% ownership of the Ohio properties in February 2015, fully assuming day-to-day management in June 2016. Since
2012, JACK has invested over $700mm of capital into these assets
Between September 30, 2018 and September 30, 2019, LTM EBITDARM of JACK Cleveland / Thistledown improved 7.5%¹
Other JACK assets include the Higbee building, Huron Road Development Site, the May Company Garage and a ~31% equity stake in Horseshoe Baltimore
In 2013, JACK acquired 100% ownership of Greektown Casino-Hotel (subsequently sold in May 2019), and EBITDARM improved substantially to date with
similar outperformance achieved at JACK Cleveland / Thistledown
JACK Entertainment History
Horseshoe
Cincinnati Opens
(March 2013)
Horseshoe
Cleveland
Opens
(May 2012)
2012
VICI
1.
Thistledown
Racino Opens
(April 2013)
Greektown
Acquisition
(December 2013)
2013
Horseshoe
Baltimore Opens
(August 2014)
2014
Caesars Equity
Buyout &
Settlement
Agreement
(February 2015)
2015
JACK
Thistledown
Expansion
Opens
(April 2016)
Ohio Properties Transition
to JACK Brand /
Management Complete
(June 2016)
2016
See page 10 of this presentation for a reconciliation to the most comparable GAAP financial measure.
2017
Announcement of JACK Cincinnati Sale
(April 2019)
Announcement
of Greektown
Sale ($1B)
(November 2018)
2018
Closing of JACK
Cincinnati Sale
(September 2019)
Closing of
Greektown
Sale
(May 2019)
Closing of
Turfway
Park Sale
(October 2019)
2019
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