Businessman Dan Gilbert has reached an agreement to sell his Greektown Casino in Detroit for $1 billion.
The buyers are two casino-related firms: Penn National Gaming, a casino operator that owns and operates dozens of gaming facilities across the United States, including those in Toledo and Columbus, and VICI Properties, a publicly traded real estate investment trust active in gaming, hospitality and entertainment.
In a phone interview Tuesday night with the Free Press, Gilbert said the sale is only for Greektown Casino and not his other gaming properties, including casinos in Cleveland and Cincinnati.
Even with $400 million in debt on Greektown Casino, the sale will allow Gilbert to deploy hundreds of millions of dollars into his many other projects.
Gilbert said he’ll put the money to use in Detroit.
“It frees up significant capital to invest in our large developments that we’ve started and some are about to start soon,” he said. “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.”
Dan Gilbert cofounded what would become Quicken Loans, and is currently worth $6.7 billion.
Read more starting at ‘Gilbert said he expected the sale to close in 2019 after regulatory review at various levels.’ at……
Dan Gilbert selling Greektown Casino-Hotel for $1 billion