Dan Gilbert, JACK Entertainment Founder and Cleveland Cavaliers Owner, Recovering from Stroke
Posted on: May 28, 2019, 06:48h.
Last updated on: May 28, 2019, 06:48h.
Dan Gilbert, the founder of JACK Entertainment LLC and owner of the Cleveland Cavaliers, remains hospitalized after suffering a stroke on Sunday.
Gilbert, 57, is awake and responsive, said Quicken Loans CEO Jay Farner in a statement to the Associated Press Monday night. Gilbert founded Quicken and currently serves as its chairman. The report indicated Gilbert went to a Detroit hospital for another procedure when medical staff identified stroke symptoms.
Dan and his family are immensely grateful to the doctors and nurses whose early intervention is already paying dividends toward his recovery,” Farner said.
According to Forbes, Gilbert ranks No. 233 on its list of the world’s billionaires with a net worth totaling $7.3 billion.
The medical news comes less than a week after his two highest-profile businesses both made headlines.
Greektown Casino Sale Approved
Last week, the Michigan Gaming Control Board gave its approval the sale of Detroit’s Greektown Casino-Hotel. JACK Entertainment sold the property for $1 billion to Penn National Gaming and VICI Properties. Gilbert’s company had purchased Greektown, a 100,000-square-foot casino with a 400-room hotel, six years ago for $600 million.
Last month, the company also announced it would sell its JACK Cincinnati casino in Ohio and Turfway Park, a horse track in nearby northern Kentucky, for $780 million.
The sales have caused some to wonder whether Gilbert was looking to get out of the gaming business. However, Matt Cullen, JACK’s CEO, told Casino.org last month that the company remains committed to its Cleveland casino and Thistledown Racino, also located in the Cleveland area.
“Our operational and capital plans for the two Cleveland properties remain on track and are not impacted by the sale of JACK Cincinnati and Turfway Park,” he said. “We look forward to continuing to grow the Cleveland businesses and reinvesting in those properties.”
Cavs Hire New Coach
This year, Gilbert’s Cavaliers failed to make the playoffs for the first time in five years, thanks largely to the departure of LeBron James. Cleveland had won the NBA’s Eastern Conference championship the previous four seasons and won its first NBA title in 2016.
The day before the Greektown closing, Gilbert announced John Beilein as the Cavaliers new head coach, hiring him from the University of Michigan. One of the reasons the Cavs hired the career college hoops coach was because of his ability to develop young players.
“He’s one of the best tactical basketball coaches around, college or pro, probably,” Gilbert said at the May 21 press conference introducing Beilein. “He’s an innovator.”
Beilein has his work cut out for him. After James and Kyrie Irving both left in the previous two season, All-star Kevin Love played in just 22 games last season largely due to a toe injury. That helped turn a team that won 50 regular-season games two years ago into one that won just 19 last year.
The Cavaliers will have the fifth pick in this year’s NBA Draft, which takes place next month.
Oddsmakers aren’t expecting Beilein to perform a miracle in getting the Cavaliers competitive next season. Both the Westgate SuperBook and PointsBet list the Cavaliers as 300-1 shots to win the NBA title next season. They’re one of seven teams at each book to have the highest odds on the board.
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