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American business magnate Dan Gilbert has struck a deal with Penn National and VICI Properties to sell his Greektown Casino Hotel property for $1 billion.
The agreement will see Gilbert shedding his Detroit casino, but maintaining his existing casino businesses in Ohio, where he runs the Jack brand. The casino has $400 million in debt, but Gilbert will use the remaining equity to fund other projects within the Motor City. He has said that he wants to focus on technology startups, allowing the city to move away a bit from its heavy automotive history.
Commenting on the sale Gilbert said, "It frees up significant capital to invest in our large developments that we've started and some 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."
The deal will take some time to be completed, as there are multiple regulatory hurdles to clear, but it's expected that the sale will be completed at some point in 2019.
Greektown Casino has nearly 2,000 workers and features a large gaming floor that offers slots, table games, and video poker to patrons. The casino is one of three operating in Detroit, with Motorcity Casino and MGM Grand Detroit also operating in the city.