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Dan Gilbert selling Greektown Casino-Hotel for $1B

Dan Gilbert selling Greektown Casino-Hotel for $1B

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.

Asked about rumors that he might use proceeds from selling the casinos to buy the Detroit Tigers from the Iltich family, Gilbert said no such deal was in the works.

Among other uses for the cash from the sale, Gilbert could put the money into his Hudson's site development, now in its early construction stage, or in other projects he has in planning, including a major redevelopment of the Monroe Block east of Campus Martius Park or his development on the former Wayne County jail site off Gratiot north of Greektown Casino.

Is Dan Gilbert trying to buy Detroit Tigers?

Source: www.freep.com
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