Did Dan Gilbert Buys Greektown Casino

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The Dan Gilbert-owned casino will officially be sold to Penn National Gaming Thursdayafter being approved by the Michigan Gaming Control Board Tuesday.

Who owns greektown casino

DETROIT - Cleveland Cavaliers owner Dan Gilbert says he's inked a deal to sell the Greektown Casino and hotel in downtown Detroit for $1 billion, and plans to pour the proceeds into more Detroit development projects.

Under the deal, the casino would be sold to Pennsylvania-based Penn National for about $300 million, and its land and real estate assets would be purchased by New York-based VICI Properties or $700 million, according to the Associated Press and Gilbert's JACK Entertainment.

The deal requires both state and federal regulatory approval.

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Who Owns Greektown Casino

'Our purchase of Greektown Casino-Hotel five and a half years ago, soon after its bankruptcy, allowed us to work with the great team at the property to create a winning culture and a vibrant business,' Gilbert said in a statement. He is chairman of JACK Entertainment and founder and chairman of Rock Ventures. Britain got talent games. 'The sale to Penn National and VICI Properties will allow that strong trajectory to continue and provide additional capital to continue our strategic investments in our Detroit real estate and business initiatives.' Ladbrokes poker free bonus no deposit.

  • Nov 14, 2018  Dan Gilbert, the billionaire owner of the NBA's Cleveland Cavaliers, is selling his Greektown Casino in Detroit to Caesars' REIT and Penn National Gaming.
  • DETROIT, MI — Greektown-Casino Hotel in Detroit is being sold for $1 billion, according to reports. Dan Gilbert, who acquired the casino in 2013, has reportedly reached a sale agreement with Penn National Gaming and VICI Properties Inc. Both are casino and gaming-related companies, WDIV reported.
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The deal is expected to be finalized in 2019.

'We purchased Greektown Casino-Hotel as a part of our overall economic development strategy in Detroit,' said Matt Cullen, CEO of JACK Entertainment. 'After investing hundreds of millions of dollars of capital into redesigning and remodeling the property, as well as working with our outstanding team members and their unions to dramatically improve operations and customer service levels, Greektown Casino-Hotel is positioned for further future success. Real money poker sites for ipad.

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'We are confident that Penn National is the ideal steward to take Greektown to the next level of growth. We chose to sell to Penn National, in large part, due to its strong culture and the quality of its leadership and team. They are a professional operator that Greektown team members will enjoy working with as they continue to deliver excellent service to our guests.'