Sale of Greektown Casino approved
The state regulator approved the sale of the Greektown Casino-Hotel in Detroit.
US.- The Michigan Gaming Control Board approved this week the US$1 billion sale of the Greektown Casino-Hotel located in Detroit. The Dan Gilbert-owned Jack Entertainment will sell the facility to Penn National Gaming and Vivi Properties.
The agreement, announced back in November 2018, establishes that Penn National will acquire the operating assets of the casino for approximately US$300 million, while VICI Properties will be in charge of the land and real estate assets for US$700 million.
The Michigan Gaming Control Board approved Vici Properties as a licensed gaming supplier on Tuesday as part of the Greektown Casino transaction. Spokeswoman Mary Kay Bean told Crain’s that the board approved the sale in a 4-0 vote, while one member was unable to attend the meeting.
While Penn National hasn’t talked about significant changes to the casino once everything is finished, it confirmed to the Detroit Free Press that the company will bring a new general manager to run the property.
