Dan Gilbert makes a name for his ventures of the NBA’s Cleveland Cavaliers. Additionally, it appears he is buying The Major League Baseball’s Detroit Tigers. The highly successful businessman may have some extra cash on hand for a few other business ventures with the reported sale of his Greektown Casino-Hotel located in the city of Detroit. First of all, Dan Gilbert strikes a deal with two casino firms. As a result, he buys the casino and hotel property for $1 billion. Also, he guys Penn National Gaming and VICI Properties.
Greektown Casino Detroit Sells for a Cool $1 Billion
Penn National is a major player in the casino gambling industry with land-based betting venues all across the United States, including casino properties in Toledo and Columbus, Ohio as part of its existing Midwest footprint. VICI Properties is a publicly traded real estate investment trust with special interests in the gaming, hospitality and entertainment industries.
Furthermore, Gilbert confirms the sale with the Free Press. Additionally, he adds that he is only selling the Greektown property in this current deal. Furthermore, he also owns other land-based gambling operations. These properties include casinos in Cleveland and Cincinnati.
It was also reported that the existing dept on Greektown Casino-Hotel was $400 million. This sale will help free up hundreds of millions of dollars that can be diverted towards other business ventures. Gilbert did mention that he is interested in other Detroit investments, but said the Detroit Tigers were not part of his current acquisition plan for the city.
Frees Up Significant Capital
In a direct quote by Gilbert in this post related to the sale, he stated “It frees up significant capital to invest in our large developments that we’ve started and some that are about to start soon. We’re going to focus on business development and technology, start-up scene in Detroit and things like StockX and other exciting businesses that will create jobs and excitement and attract people to the city from all over.”
He went on to add that he expects the casino to transfer ownership before the end of next year. However, he did admit that “These deals have significant regulatory hurdles. We don’t foresee or expect significant issues, if any, but you never know in this world.”
Gilbert Acquires The Greektown Casino Detroit
Along with his business partners, Gilbert acquired the Greektown Casino-Hotel in 2013 following a reorganization through bankruptcy proceedings. Over the past five years, the ownership group has reinvested heavily into the property as part of the entire downtown revitalization plans that have been able to turn things around in Detroit.
When asked about the correlation between selling the casino and buying the Detroit Tigers, Gilbert said that no such deal was in the works. When he was asked about his future intentions for his other casino properties, he declined to comment.
Employs Over 1,800 Workers
The Greektown Casino-Hotel employs over 1,800 workers in the downtown area. The casino floor offers close to 2,800 slots and gaming machines with dozens of table games and a poker room. The hotel has 400 rooms and the entire property houses multiple bars and restaurants.
• Source: Dan Gilbert selling Greektown Casino-Hotel for $1 billion From The Detroit Free Press On November 14, 2018.
Furthermore, it appears that Quicken loans funds the selling the casinos. Ultimately, this includes the Greektown casino hotel. As far as we know, Vici properties are not associated with MGM Grand Detroit or this Detroit casino. If you are interested in playing slot machines or table games, head to Detroit where you downtown adventure starts.
Who owns greektown casino?
First of all, there are two owners. The Greektown Subholdings and The Greektown Newco Sub. On November 10, 2000, Jack Entertainment opens this resort. Originally, there is 400 hotel rooms. Also, this resort features 100,000 square feet of gaming space. Furthermore, we think that Jack Entertainment is the parent company for the Marie Tribe of Chippewa Indians. In 2013, they file for Chapter 11 Bankruptcy protection. However, Shortly after that Dan Gilbert steps in. If you don’t know, Dan Gilbert owns Quicken Loans and Rock Gaming.