This story was published more than 5 years ago.
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.
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Comments
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
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
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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.
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
Wow, probably that's not just a coincidence Slim, maybe he's been quite stressed about this deal..!?
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