Detroit's Greektown Casino has officially been sold by Jack Entertainment to Penn National and VICI Properties for a $1 billion price tag.
The sale was completed on Tuesday and will see Penn National partnering with VICI Properties to operate the property. Penn National will pay $300 million for the ability to operate the casino, while VICI will own the real estate by paying $700 million. With the purchase, VICI now has 22 casino properties.
The sale price is being paid out in cash and has already garnered approval from the FTC and city of Detroit, who has a large say in the Motor City's casino operations. Prior to the purchase, Greektown Casino was owned by billionaire Dan Gilbert. He paid $600 million for the casino in 2013, so it appears he'll be making a tidy profit on the property.
Greektown is generally regarded as the third-best casino in Detroit, behind the MGM Grand and MotorCity casinos. The property is located downtown within walking distances of the city's major sporting stadiums and concert venues.