Greektown Casino Sold for $1 Billion to Penn National

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.

About the author

6 replies • Last post

Comments

usbarbadosslim93
Forum Angel
barbadosslim93's picture
Location: Michigan
Joined: 28 Jan 2011
Posts: 11087
Thanks given: 647
Thanks received: 1327
23 May 2019 - 5:59pm
#1

I've been to this casino a bunch. Hopefully they give it some of the upgrades it needs to keep up with the other two casinos that are doing quite well.

sharpe

auCL-Ed
StaffStaff
CL-Ed's picture
Location: Sydney
Joined: 7 Sep 2007
Posts: 8638
Thanks given: 4644
Thanks received: 4092
24 May 2019 - 1:45am
#2

So if he bought for $600m around 6 years ago, a $1b sale is a great gain. I guess it all depends on how much he spent on the property and running it in the mean time. From your comment it doesn't sound like that was a lot.

sharpe

Always play it safe! Consult our list of rogue casinos and warnings before depositing at a new casino.
Post in our forums to earn CLchips which can be used to buy real prizes in our CLchips shop.

bgsharpe
Forum Angel
sharpe's picture
Location: Sofia, Bulgaria
Joined: 4 Nov 2014
Posts: 6663
Thanks given: 3217
Thanks received: 942
24 May 2019 - 2:51pm
#3

Yeah good point Ed, obviously the guy have made a "tiny little" profit there... but I guess he's a billionaire for a reason and not making too huge of an investments in his own properties is another reason for that... 😉 beside the good planed buys and sells of course.

usbarbadosslim93
Forum Angel
barbadosslim93's picture
Location: Michigan
Joined: 28 Jan 2011
Posts: 11087
Thanks given: 647
Thanks received: 1327
28 May 2019 - 1:59pm
#4

Man, a few days after the guy sold this casino, he ended up having a stroke! Talk about going from being thrilled to being scared shi&@ess in a few days!

sharpe

bgsharpe
Forum Angel
sharpe's picture
Location: Sofia, Bulgaria
Joined: 4 Nov 2014
Posts: 6663
Thanks given: 3217
Thanks received: 942
28 May 2019 - 2:12pm
#5

Wow, probably that's not just a coincidence Slim, maybe he's been quite stressed about this deal..!?

usbarbadosslim93
Forum Angel
barbadosslim93's picture
Location: Michigan
Joined: 28 Jan 2011
Posts: 11087
Thanks given: 647
Thanks received: 1327
31 May 2019 - 2:51pm
#6

I'm not sure to be honest. Everything I hear about the guy is that he always has a lot going on. Maybe he just takes on too much work.

sharpe

Post new comment

Have something to say? Agree or disagree? Tell us what you think!

Login using your social network account
Or log in with a Casino Listings account

Login or register to post comments

Registering for an account takes less than a minute and you will be brought right back here to comment afterwards.