Rock Gaming principal Dan Gilbert, said: About Rock Gaming, LLC Rock Gaming is a Midwest-based gaming partnership formed with an initial focus to develop first-class casinos in two of Ohio's largest cities, Cincinnati and Cleveland, as well as to explore other potential gaming opportunities. Our partnership will positively impact surrounding businesses while stimulating new growth in the urban cores of Cleveland and Cincinnati.
Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we can give no assurance that our plans, intentions or expectations will be achieved. Harrah's is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment.
We do not undertake any obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.
Harrah's shares a common vision with Rock Gaming to develop and manage first-class urban-based casinos that will be a catalyst for economic expansion and job creation in both markets. The formation of the joint venture and the pursuit, development and completion of the contemplated casino projects are subject to various conditions, including, among others, the receipt of regulatory approvals, the parties' agreement on development plans for the projects and the cost and availability of financing for the projects.
Formation of harrah casino cincinnati ohio joint venture is subject to final definitive agreements which are expected to be completed during the fall of The Cincinnati casino will be built on 20 acres of vacant property on the downtown's northeast side known as Broadway Commons. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.
More than 8, construction and permanent jobs are expected to be created by the development and operation of the project. Forward Looking Statement The statements in this release that refer to plans and expectations for future periods are forward-looking statements and are not guarantees of future performance and involve significant risks and uncertainties.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. In the event the Ohio Lottery's efforts to implement video lottery terminals VLTs at Ohio's horse racing tracks are successful, the agreement calls for Harrah's to manage Thistledown.
Should it be concluded that a phase I casino is a viable undertaking, the companies project a opening and the creation of up to 1, jobs in the initial phase. Responding to the encouragement of city and regional leadership, the companies are also exploring opening a phase I casino operation in downtown Cleveland's historic Higbee building, which is in close vicinity to the new construction casino development.
Harrah's Entertainment is the world's largest provider of branded casino entertainment. The actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors, some of which are unknown, including, without limitation: The parties have agreed that Harrah's will contribute its recently acquired Cleveland-area Thistledown Racetrack into the pending joint venture.
Casino gaming, including the development of four new casinos statewide, was approved by Ohio voters in a constitutional referendum in November The proposed terms contemplate Harrah's making a significant minority investment in the projects and serving as the day-to-day casino manager in both cities. The gaming operation is projected to attract eight million visits to downtown Cleveland annually, while adding another high-profile attraction to Cleveland's impressive sports, entertainment, music and cultural destinations.
About Harrah's Entertainment, Inc. Since its beginning in Reno, Nevada, more than 70 years ago, Harrah's has grown through development of new properties, expansions and acquisitions, and now operates casinos on four continents. For more information, please visit http: