Jacobs Entertainment

Jacobs Entertainment, Inc.
IndustryGaming
Entertainment
Hospitality
FounderJeff Jacobs
HeadquartersGolden, Colorado, U.S.
Key people
 Jeff Jacobs, Chairman & CEO
ProductsCasinos
Hotels
Entertainment
Restaurants
Websitejacobsentertainmentinc.com

Jacobs Entertainment, Inc. is a gaming, hospitality, and entertainment company based in Golden, Colorado, with properties in Louisiana, Colorado, Nevada, and Ohio.[1]

History

The company was formed by Cleveland real estate developer and former Ohio state representative Jeff Jacobs.[2][3] In 1995, it announced a joint venture with Black Hawk Gaming & Development to build a casino hotel in Black Hawk, Colorado.[4] Jacobs was also reported to be exploring gaming opportunities in 10 other states, as well as South Africa and Aruba.[2] Later that year, the company purchased 50 percent of Colonial Downs, a horse track under development in New Kent, Virginia, for $5 million, and was negotiating to purchase River Downs, an Ohio horse track.[5][6]

In 1996, the company made a $9 million investment in the Boardwalk Casino on the Las Vegas Strip.[7]

The Lodge Casino, the company's $73-million joint venture with Black Hawk Gaming, opened in 1998, with Jacobs owning a 25 percent share.[8]

The Gilpin Casino in Black Hawk, Colorado.

In 2002, Jacobs and his father, former Cleveland Indians owner Richard E. Jacobs, consolidated their gaming holdings into a reorganized Jacobs Entertainment, Inc., which simultaneously purchased all outstanding shares of Black Hawk Gaming & Development and Colonial Holdings.[9] The combined company at that point owned The Lodge Casino and The Gilpin Casino in Black Hawk; The Gold Dust West Casino in Reno, Nevada; Colonial Downs racetrack; and six truck stop casinos in Louisiana.[9]

The company applied for a license to operate a casino in Orange County, Indiana in 2003, but withdrew its bid in the face of stiff competition.[10][11] It also made plans to develop a casino in D'Iberville, Mississippi, but pulled out of the project in 2004.[12]

Jacobs held discussions about buying New York racetrack Vernon Downs in 2005, and Casino Aztar Caruthersville in Missouri in 2007, but neither acquisition materialized.[13][14]

In 2006, Jacobs spent over $2 million in support of an Ohio ballot measure that would have authorized the company to open a casino at the Nautica Entertainment Complex, owned by Jeffrey Jacobs. The measure would ultimately fail.[15][16] In later years, Jacobs' expanded Cleveland properties would be collectively renamed as the Nautica Waterfront District.

Jacobs purchased the Piñon Plaza casino in Carson City, Nevada in 2006 for $14.5 million, and rebranded it as the Gold Dust West Carson City.[17] The company opened its third casino under the Gold Dust West name in Elko, Nevada in 2007.[18]

In 2008 and 2009, the company bought out the shares of Richard E. Jacobs, leaving his son as the sole owner.[19]

The company acquired the Nautica Entertainment Complex from Jeffrey Jacobs in phases between 2008 and 2012.[20][21][22] It then purchased the Greater Cleveland Aquarium, located in the complex, in 2014.[23]

Jacobs offered itself for sale to MTR Gaming in 2013 for $145 million in stock, but withdrew the offer after MTR agreed to be acquired by Eldorado Resorts.[24][25] The Jacobses had begun purchasing shares in MTR Gaming in 2006, eventually accumulating an 18 percent stake in the company.[24][26] Later in the year, Jacobs made a competing offer to buy MTR, and then withdrew it after Eldorado increased its offer.[25][27]

Since 2008, Jacobs has pursued plans to develop a casino in Diamondhead, Mississippi.[28] The state gaming commission rejected the proposal in March 2017, but the company filed an appeal.[29]

Jacobs purchased the Sands Regency Casino Hotel in Reno, a few blocks away from the Gold Dust West Casino, for $30 million in July 2017.[30][31][32] The company soon began a $500-million plan to redevelop the corridor between the two casinos with mixed-use developments and retail and entertainment venues.[33][34]

In April 2018, Jacobs sold Colonial Downs, which had been closed since 2014. The track was sold to Revolutionary Racing, a Chicago-based group of investors and gaming executives, for a price of more than $20 million.[35]

Properties

A Cash Magic Truck Plaza & Casino in Louisiana.
Jacobs Pavilion in Cleveland, Ohio.
The First Energy Powerhouse Building in Cleveland - home to Windows on the River and the Greater Cleveland Aquarium

Louisiana

  • Cash Magic Truck Plaza & Casino – 23 truck stop casinos located throughout the state.

Black Hawk, Colorado

  • The Gilpin Casino
  • The Lodge Casino

Nevada

Cleveland, Ohio

Nautica Waterfront District - West Bank of The Flats[36]

Former

References

  1. ^ "Contact Us". Jacobs Entertainment. Retrieved September 5, 2017.
  2. ^ a b Diane Solov; Bill Sloat (February 26, 1995). "Ohio developers line up for shot at casinos". The Plain Dealer. Cleveland, OH – via NewsBank.
  3. ^ Executive Team - Jacobs Entertainment Inc.com
  4. ^ Lynn Bronikowski (January 4, 1995). "Black Hawk project to double in size". Rocky Mountain News. Denver, CO – via NewsBank.
  5. ^ "Investor buys half of track". Daily Press. Newport News, VA. Associated Press. November 7, 1995 – via NewsBank.
  6. ^ John Markon (August 17, 1995). "Live racing pledged for '96". Richmond Times-Dispatch – via NewsBank.
  7. ^ Donald Sabath (July 17, 1996). "Jeffrey Jacobs buys stake in Nevada casino". The Plain Dealer. Cleveland, OH – via NewsBank.
  8. ^ Bill Lubinger (August 30, 1998). "Casino operator is good bet". The Plain Dealer. Cleveland, OH – via NewsBank.
  9. ^ a b Form 10-K: Annual Report (Report). Jacobs Entertainment. March 31, 2003. pp. 2–3 – via EDGAR.
  10. ^ Mike Lewis; Roger Moon (November 16, 2003). "Casino process in Orange County on a fast track". The Herald-Times. Bloomington, IN – via NewsBank.
  11. ^ Roger Moon (December 26, 2003). "Casino applicant withdraws request". The Times-Mail. Bedford, IN – via NewsBank.
  12. ^ Tom Wilemon; Anita Lee (October 21, 2004). "D'Iberville sees plans for casino evaporate". The Sun Herald. Biloxi, MS – via NewsBank.
  13. ^ Glenn Coin (April 27, 2005). "Vernon Downs has new suitor". The Post-Standard. Syracuse, NY – via NewsBank.
  14. ^ "Isle of Capri may buy Casino Aztar". Kansas City Star. March 13, 2007 – via NewsBank.
  15. ^ John McCarthy (November 8, 2006). "State voters again reject gambling issue". The Cincinnati Post. Associated Press – via NewsBank.
  16. ^ Tom Breckenridge (November 4, 2006). "Issue 3 could boost downtown Developers putting money on proposal for gambling". The Plain Dealer. Cleveland, OH – via NewsBank.
  17. ^ Becky Bosshart (June 26, 2006). "Piñon Plaza changes hands; to become Gold Dust West". Nevada Appeal. Archived from the original on September 6, 2017.
  18. ^ Marianne Kobak (March 2, 2007). "Gold Dust West ready to open". Elko Daily Free Press – via NewsBank.
  19. ^ Form 10-K: Annual Report (Report). Jacobs Entertainment. March 30, 2010. p. F-23 – via EDGAR.
  20. ^ Form 10-Q: Quarterly Report (Report). Jacobs Entertainment. August 13, 2012. p. 15 – via EDGAR.
  21. ^ Form 10-K: Annual Report (Report). Jacobs Entertainment. March 29, 2011. p. 7 – via EDGAR.
  22. ^ "About Nautica Entertainment Complex". Nautica Entertainment Complex. Retrieved September 8, 2017.
  23. ^ "Jacobs takes over ownership of the Greater Cleveland Aquarium; new exhibits announced". Akron Beacon Journal. June 3, 2014. Retrieved September 8, 2017.
  24. ^ a b "Jacobs Entertainment pitches sale to W.Va. company". The Denver Post. Associated Press. May 14, 2013. Retrieved September 5, 2017.
  25. ^ a b "Jacobs Entertainment offers rival bid for MTR Gaming". Las Vegas Review-Journal. Associated Press. October 3, 2013. Retrieved September 5, 2017.
  26. ^ Stan Bullard (July 14, 2008). "Younger Jacobs seeking bigger stake in owner of Mountaineer resort". Crain's Cleveland Business – via NewsBank.
  27. ^ "Jacobs Entertainment, Inc. supports Eldorado's proposal to MTR Gaming" (Press release). Jacobs Entertainment. November 20, 2013 – via Marketwired.
  28. ^ Stan Bullard (September 19, 2008). "Jacobs Entertainment pursues Miss. casino". Crain's Cleveland Business. Retrieved September 6, 2017.
  29. ^ Mary Perez (April 5, 2017). "Diamondhead casino developer appeals Gaming Commission decision". The Sun Herald. Biloxi, MS. Retrieved September 6, 2017.
  30. ^ Higdon, Mike (April 26, 2017). "Casino co. investing over $40M into Sands purchase and three blocks of downtown Reno". Reno Gazette-Journal. Retrieved April 27, 2017.
  31. ^ Annie Conway (June 26, 2017). "Jacobs Entertainment to acquire Sands". Northern Nevada Business Weekly. Archived from the original on June 26, 2017.
  32. ^ Location Details - Public (Report). Nevada Gaming Control Board. Retrieved September 5, 2017.
  33. ^ Jason Hidalgo (November 10, 2017). "Downtown Reno Courtyard Inn sold to Fountain District developer for $2.1M". Reno Gazette-Journal. Retrieved April 28, 2018.
  34. ^ Mike Higdon (February 23, 2018). "Jacobs Entertainment tearing down 'heroin hotel' and two other downtown Reno motels". Reno Gazette-Journal. Retrieved April 28, 2018.
  35. ^ Moomaw, Graham (April 25, 2018). "Racing group buys Colonial Downs for more than $20 million, promising to revitalize Virginia horse racing". Richmond Times-Dispatch. Retrieved April 28, 2018.
  36. ^ ABOUT US - Nautica Waterfront District.com
  37. ^ Dining cruise ship coming to Cleveland, set to sail later this summer - Cleveland 19.com (WOIO/WUAB)
  38. ^ "WE'RE BRINGING TENNIS TO THE LAND". Tennis in the Land. Tennis In The Land. Retrieved August 18, 2023.