Gilbert buys Greektown Casino

**Armin** · January-16-13, 03:52 PM

http://www.freep.com/article/2013011...text|FRONTPAGE

The Juggernaut keeps rolling along.

**Scottathew** · January-16-13, 03:59 PM

Just... WOW!

**raptor56** · January-16-13, 03:59 PM

Cleveland Casino just got an older step-brother.

Press Release:January 16, 2013 [[DETROIT) – Rock Gaming, the Detroit-based gaming partnership announced today that one of its affiliated companies, Athens Acquisition LLC, has entered into an agreement to acquire a majority interest in Greektown Superholdings Inc., owner of the Greektown Casino-Hotel located in downtown Detroit. The acquisition, which is subject to Michigan Gaming Control Board [[MGCB) approval, is expected to provide Athens Acquisition with majority voting control of the casino, hotel and related assets. “A primary focus of our investment strategy over the past few years has been on urban casino development in large Midwest cities, along with significant real estate investment and development in those cities,” said Rock Ventures LLC CEO, Matt Cullen. “With a substantial focus on downtown Detroit, the Greektown opportunity could not be more in the epicenter of our business and civic interests,” Cullen said.Rock Gaming Chairman Dan Gilbert said, “Our plans are in the early phases, however, we envision significant investment in the Greektown Casino-Hotel, as well as the enhancement and growth of the existing entertainment district. We see this unique area extending to Campus Martius and along Woodward Avenue building on the positive momentum already occurring in the heart of downtown Detroit,” Gilbert said.Although Rock Gaming has partnered with Caesars Entertainment on other gaming developments, Caesars will play no role at this property. http://m.prnewswire.com/news-release...187173891.html

**AGinthe313** · January-16-13, 04:17 PM

I did not see this one coming!

**ElbertHanks** · January-16-13, 04:17 PM

Athens Acquisition, LLC - Nice name! lol!

**stasu1213** · January-16-13, 04:17 PM

I wonder if he will use some of the profits to hire police patrol for the entire downtown area

**raptor56** · January-16-13, 10:23 PM

Originally Posted by stasu1213

I wonder if he will use some of the profits to hire police patrol for the entire downtown area

If you're walking around the Campus Martius area, you'll probably see the fairly new Rock Ventures security guards in their blue and black uniforms riding around on bikes and small vehicles. They also have a central security office [[I believe in the basement of the Chase building) that is wired into all of the downtown cameras you see perched atop the various office buildings.

**bailey** · January-16-13, 04:26 PM

I don't care how he's making his money... I know there are tons of QL haters out there... I just hope he can still keep making enough to keep dumping this kind of money into Detroit for another 10 years or so.

**Gistok** · January-16-13, 04:37 PM

Originally Posted by bailey

I don't care how he's making his money... I know there are tons of QL haters out there... I just hope he can still keep making enough to keep dumping this kind of money into Detroit for another 10 years or so.

Agreed.... and he's likely to make the "self contained" casino more open and an active part of an actual entertainment center since he owns so much around it. It was something that the previous owner[[s)... didn't seem too keen on doing...

**cman710** · January-16-13, 04:43 PM

Originally Posted by Gistok

Agreed.... and he's likely to make the "self contained" casino more open and an active part of an actual entertainment center since he owns so much around it. It was something that the previous owner[[s)... didn't seem too keen on doing...

I agree with everyone's sentiment. Gilbert seems to be a person of action, so this is a great thing. I know that some fear that Gilbert is becoming too influential, but I think a first-mover like Gilbert is necessary to begin to build the critical mass needed for larger change downtown.

**Ltdave** · January-16-13, 04:54 PM

i just want a renovation to the hotel to include a pool...

i dont go to the casino that much but we like greektown and its proximity to that neat train thing [[yeah were hicks! lol) but there isnt any ceement pond in the hotel!

OTHER hotels have them...

**southen** · January-16-13, 04:57 PM

the best part of the announcement is Gilbert's vision of connecting it to Woodward. to me that says building on empty lots on Monroe and perhaps the Cadillac square block on campus martius. purely speculative of course but that's what immediately popped into my head.

**Gistok** · January-16-13, 05:01 PM

Originally Posted by southen

the best part of the announcement is Gilbert's vision of connecting it to Woodward. to me that says building on empty lots on Monroe and perhaps the Cadillac square block on campus martius. purely speculative of course but that's what immediately popped into my head.

I agree... I think that Greektown will become less of a fortress... good for the rest of Greektown and good for the areas around it, such as Campus Martius...

**southen** · January-16-13, 05:09 PM

Originally Posted by Gistok

I agree... I think that Greektown will become less of a fortress... good for the rest of Greektown and good for the areas around it, such as Campus Martius...

think that could include some residential in the area? I've always thought it would be a great spot for it if done right.

**detroitbob** · January-17-13, 05:34 AM

Originally Posted by Gistok

I agree... I think that Greektown will become less of a fortress... good for the rest of Greektown and good for the areas around it, such as Campus Martius...

...with the replacement of the "Bates" garage, the potential rehab/restoration of the National Theatre, something to fill in the remainder of the old Monroe Block which is now parking, brings the direct connection with Greektown into perspective. As a youngster I remember walking the north side of Monroe [[the south side was far to seedy---burlesque and bars) from Crowley Milner to Greektown. I even remember the old Sam's Cut Rate at the Opera House and the other Sam's block long store at the SE corner of Randolph and Monroe. I mention these long gone buildings to show that there was activity between the Woodward strip and Greektown when retail was present in the area. So, the potential excites me...wonder what is next...keep it up, Mr. Gilbert.

**Richard** · January-16-13, 04:58 PM

Is Mr. Duggan still on the casino gaming commission?

And now we see why the additional casino prop was shot down,I guess they did not want the P building to become a casino or see the little bank demolished to accommodate the parking.

**Gannon** · January-16-13, 05:11 PM

He is headed towards self-funding a dedicated police force, or at least his own precinct. This is huge news and does bode well for that portion of town.

He must love that there is a new huge jail being built next door, though.

**Genesyxx** · January-16-13, 05:16 PM

I can understand people's enthusiasm for any Dan Gilbert news, but I think this is just another case of "buying it cheap". Greektown hasn't been able to fully recover since its legal battles, and it just seemed like a good opportunity to buy. Don't look for any type of renovations or overhaul here. Maybe if he bought 1300 Beaubien, it'd be some news.

**ElbertHanks** · January-17-13, 12:21 AM

Originally Posted by Genesyxx

I can understand people's enthusiasm for any Dan Gilbert news, but I think this is just another case of "buying it cheap". Greektown hasn't been able to fully recover since its legal battles, and it just seemed like a good opportunity to buy. Don't look for any type of renovations or overhaul here. Maybe if he bought 1300 Beaubien, it'd be some news.

I realize taking someone at their word is risky but the press release says they envision significant investment in the casino. Not to mention Gilbert's track record to date of investing in his properties is pretty solid.

That's why people are excited.

**Gistok** · January-17-13, 02:14 AM

I think the apprehension of worry about having too many proverbial eggs in the "Gilbert" basket may stem from what happened with Bill Davidson. When he was alive his wife and son were not involved in any of his business affairs. So when he died... his empire fragmented.

In the case of the Ilitch clan... there is already a contingency plan for the next generation [[although not without its' ups and downs).

So should anything happen to Gilbert [[hit by a bus... plane crash, illness)... whatever would happen with his empire would have a major impact on Detroit.

However, the fact that he has his business empire spread between sports, gaming, mortgages and real estate... helps him by being diversified.

I am very pleased with his majority takeover of Greektown Casino... because I don't think things were going as well for the area around the casino as had been promised when gaming was first proposed there. If anything, I hope that he takes over the International Marketplace Building [[400 Monroe, former Ferry-Morse seed warehouse) next door. That building, although it has a Fishbones and a soaring atrium waterfall... it has never really lived up to its' potential as an entertainment/retail building.

**Gannon** · January-17-13, 04:26 AM

Thanks, Mikey-in-Brooklyn, at least for using the term ASTOUNDINGLY SPLENDID...and for the refreshing shake and gentle verbal slaps.

In your analogy, is Dan Gilbert the surgeon...or the donor?! Because it would be really cool to discover that he actually has a heart. Ain't seen that yet.

Cheers!

**detroitbob** · January-17-13, 05:43 AM

Originally Posted by Gistok

I hope that he takes over the International Marketplace Building [[400 Monroe, former Ferry-Morse seed warehouse) next door. That building, although it has a Fishbones and a soaring atrium waterfall... it has never really lived up to its' potential as an entertainment/retail building.

Agreed and with the death of Ted Gatzaros that just might happen...

**Gistok** · January-16-13, 05:27 PM

Originally Posted by Gannon

He is headed towards self-funding a dedicated police force, or at least his own precinct. This is huge news and does bode well for that portion of town.

He must love that there is a new huge jail being built next door, though.

Good point about policing John... like WSU for midtown... he may get Ilitch to pony up for some downtown similar force... something that provides the unconventional "quick response time"...

**downtownguy** · January-16-13, 07:46 PM

Originally Posted by Gannon

This is huge news and does bode well for that portion of town.

J, you almost sound accepting of the guy.

**Gannon** · January-17-13, 04:09 AM

Originally Posted by downtownguy

J, you almost sound accepting of the guy.

You know me, ever the eternal optimist.

But karmically, this guy has profited off of one of the oldest scams in the book...to me mortgages are only basically indentured servitude contracts which lock people into a usually postage stamp-sized relatively-useless parcel of land, in a marketplace propped up by the tax code...from 15 to 30 years, or less with good behavior. It was the banker's coup, the ability to skim profits off the majority of the population's accumulation of wealth for a guaranteed l-o-n-g time...insuring that indeed the bankers always 'stayed ahead' in the aggregate of wealth creation.

So yeah, he can only really jump in stature to me if he suddenly becomes the mortgage angel...and finds some way to right the wrongs wrought by his industry over the past five years. IF he is doing that in our downtown, so be it.

I am open to the possibility, and from the way he's been going about it...other than the whole architectural design snafus and fubars...it seems to be the case. I am aware of the startups he's helped fund and found along the corridor.

But I WAS right about one thing. He has been out for a monopoly on parking, and his hedging spaces has brought about a 25% increase in monthly rates in at least one structure not owned by him. So, he is doing his share of FILLING these spaces and increasing demand, while purchasing the buildings which have their own internal parking [[most of the ones he bought do, right?! further I get from Jefferson, less accurate my memory) and decreasing the apparent supply. I say apparent because we DON'T know how many of those parking spaces are being used.

So yeah, I want this fellow to be the real deal...but I've got that damn gut check about him that won't go away. Almost got a twitch seein' his face on the telly news last night...he's GOT to get his PR people to provide Channel 4 a better still image. They make him look like a volunteer at Chernobyl after transferring to Japan to help with their troubles...red and blotchy. And it sounds like Devan is also not quite taken by our new savior.

Cheers!