When he’s not talking smack and hating on LeBron James, Dan Gilbert is acting as a shrewd businessman looking out for the interests of his super casinos.
As reported by the Cincinnati publication, Ohio Gov. John Kasich has won a total $110 million in additional money over the next 10 years from Cincinnati and Cleveland casino developer Dan Gilbert.
In exchange for the $110 million, the state of Ohio will drop its bid to apply its Commercial Activity Tax (CAT) against total betting which will effectively spare Gilbert’s casinos a combined $25 million annually in additional tax burden.
The deal now clears the way for the construction work to resume on the planned 350,000-square-foot complex at Broadway Commons.
Additionally, after threatening to challenge the state’s methodology in applying the CAT tax and threatening to downsize their casino projects over the CAT tax issue and other potential tax increases, Dan Gilbert’s company Rock Gaming is also building a Horseshoe Casino with its operating partner Caesars Entertainment Corp. in Cleveland.
With the new compromise, the Broadway Commons project which is scheduled to open in early 2013, won’t be scaled back and it’s full speed ahead with all other casino projects.