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Dan Gilbert Gets Nevada Gambling OK

Basketball Franchise Owner Approved To Own Part Of Caesars Interactive


Dan Gilbert, owner of the Cleveland Cavaliers NBA franchise, was given preliminary approval this week for becoming an investor in an offshoot of Caesars Entertainment, the Las Vegas Review-Journal reported.

The Nevada Gaming Control Board approved Gilbert owning 5.45 percent of Caesars Interactive — which owns the World Series of Poker brand and its online poker site — as well as Gilbert’s Rock Gaming owning another 9.9 percent of Caesars Interactive.

In April 2012, Gilbert and Rock Gaming paid Caesars $60.8 million for the stakes.

So far, online gambling is only legal in Nevada, New Jersey and Delaware. Caesars already has an online gambling product running in the Silver State and will also have one in the Garden State. Games in New Jersey will kick off later this month.

Gilbert thinks online gambling will eventually come to more states.

“I believe that over time, most of the states are going to come around to this concept,” Gilbert said of the web games. “They are thirsty for the tax revenues.”

Gilbert will receive final approval for the transaction later this month when the five-member Nevada Gaming Commission has its meeting.

In addition to the online gaming deal, Caesars and Rock Gaming operate casinos together in Cleveland and Cincinnati. They are also partners for a new one in Baltimore.

Tags: Dan Gilbert,   Nevada,   Poker Business,   WSOP,   Caesars