Gilbert buys Greektown Casino

[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.

[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.

[ElbertHanks]

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]

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]

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]

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]

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]

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

J, you almost sound accepting of the guy.

[Gannon]

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!