Must be nice is all I can think. I did not catch who bought it or any details.
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Must be nice is all I can think. I did not catch who bought it or any details.
Incoming $1 billion dollar bid for the Tigers and all surrounding lots
Apparently he claims there are no such deals in the works. But who knows.
This is the best confirmation yet that he's buying the Detroit Tigers.
Although if I were a betting man I'd bet he makes a bid for them.
Quote:
In an interview with Detroit Free Press business columnist John Gallagher on Tuesday, Gilbert said there is no such deal in the works to try to purchase the baseball organization.
Well this is a non-denial if I've ever seen one. Of course there's no deal in the works since he can't even make an offer for the Tigers until he divests himself of ownership of Greektown... err, "Jack" Casino, which hasn't happened. The deal announced today will take some time to close.
Exactly. It goes on to say that ilitch remains fully devoted to the team and gilbert would have to get rid of the casino, sooo......
Is it good or bad if he buys them? I dont really follow sports.
My goodness I would hope so.Quote:
Originally Posted by JonWylie
If Gilbert acquired the land he would probably start building more mixed use buildings between Woodward and Comerica.
We're at the point now where Gilbert's credibility exists and is growing. He's renovated tons of retail, office, and residential space. He's built a massive parking garage with retail on the first floor. They're literally drilling down to bedrock for the Husdon's site. The One Campus Martius building has steel rising from it's "notch". We just need the economy to stay on track and hope the impending correction won't be severe enough to derail economic progress in the CBD or to effect Gilbert's money-makers too severely.
If true, we live in a seriously messed up society.
Greektown Casino, a craptastic blight that destroyed Greektown and hoovers up cash from the region's poorest, is worth $1 billion.
The Fisher Building, one of the most spectacular highrises on the planet, and a global treasure, sold for $12 million a few years ago.
He still owns casinos in other states. If he the sells those of then maybe we can start wondering about a potential bid for the TigersQuote:
Originally Posted by artds
Nice cash out too. According to Crain's he paid $600 million for it in 2013. Word is his other gambling properties are on the block too.
https://www.crainsdetroit.com/merger...otel-1-billion
The gambling sector is getting saturated so it may be better to move on to sports monopolies like the professional soccer and [??] the Tigers.
https://www.freep.com/story/money/20...no/1994909002/
Exciting stuff, he's also been trying to get rid of his Cleveland casinos as well, he wants out of the business.Quote:
"It frees up significant capital to invest in our large developments that we've started and some are about to start soon," he said. "We're going to focus on business development and technology, start-up scene in Detroit and things like StockX and other exciting businesses that will create jobs and excitement and attract people to the city from all over."
To be clear, this isn't about the Tigers. Per Bill Shea of Crain's:
And Gilbert makes clear in the Crain's article that he'll use some of the proceeds of the sale to bolster his downtown developments, which I'm more excited about than some future purchase of the Tigers. He needs that money now given all the balls he's juggling [[Monroe Blocks, Book Tower, Hudson Tower, One Campus Martius, etc.).Quote:
FYI: This doesn't make Dan Gilbert eligible to buy the Detroit Tigers under MLB's rules that prohibit owners from stakes in gaming properties. Why? Gilbert's Jack Entertainment LLC still owns and operates five casinos and racetracks in Ohio, Maryland and Kentucky.
https://twitter.com/Bill_Shea19/stat...96923898015744
I'd rather have Gilbert investing money back into developments and businesses in Detroit, instead of a sport that is on a downward trend.
Agreed there. I just hope this building hurries up. I am a tradesman and just got laid off Friday. Kind of drying up in the mechanical aspect of construction. At least in my local. Hurry up iron workers and keep it up Dan Gilbert
will the casino be renamed? Can they expand at all?
Hopefully soon. When will the the Hudson site or the Wayne County Criminal Justice Center break ground?Quote:
Originally Posted by abraham
Huh? The Hudson site is already under construction. Ground will break for the Monroe Blocks next month. The expansion of One Campus Martius is under construction. Mutliple threads on this. What are you guys talking about?
^^your right. :o several trades in the family as well. always working but never pay attention as to where.
https://www.freep.com/story/money/20...it/1986685002/
The Fisher Building doesn't have thousands of people giving their money away 24 hours a day to watch pretty wheels spin, see lights flash, and hear some bells ring.Quote:
Originally Posted by Bham1982
Gilbert's 3 main city center projects... the Hudson's, Compuware and Monroe blocks alone could gobble up twice that $1 billion.
Also the $300 million Book Building/Tower restoration and other downtown buildings make his redevelopment costs even higher. Add to that the Fail Jail site redevelopment.
So I think that his $1 billion would easily help out with other downtown projects he's working on. :cool:
I was just saying I hope these buildings hurry up. I know ground has broken but in constructing a building one has to wait for the structure to be built and usually enclosed before the mechanical trades come in [[heating and cooling, plumbing, etc...). I dont need to read the threads, its my livelihood. Personally I was just expressing my wish for it to hurry up. Mechanical work on hudsons building is expected to start in the fall of 2019. With 3 weeks of unemployment left that is not soon enough. Thats why I said hurry up iron workers [[they build the building that I heat and cool and ventilate)Quote:
Originally Posted by Dexlin
No one builds [[or buys) with their own money. It's always OPM.Quote:
Originally Posted by Gistok
If these projects eventually rise [[none are financed, BTW), it will be due to a complex mix of loans/subsidies. Greater liquidity helps with the loans, but that money won't be used directly.
Me thinks the sale of the casino has less to do with development money, and more to do with the following:
https://www.detroitnews.com/story/bu...dict/32981373/
That's 3/4 of a billion dollars. Who has that sitting around in their bank account?
I have a feeling that the Hudson's Tower and Building will be nearly completed before this makes its' way thru the court system with appeals and counter claims. Gilbert's legal team will see to that.Quote:
Originally Posted by detroitsgwenivere
Makes no difference to me who he sells the casino to. If I want to go there to gamble, I’ll go. The dice don’t care who owns Greektown either, they can’t think, they don’t have a brain.
I don't think I'd bet money on that these days.Quote:
Originally Posted by softailrider
A multi-billion dollar company as well as anyone worth $7b+ [[approximately 300 people in the world) easily has that sitting in their bank account.Quote:
Originally Posted by detroitsgwenivere
Wouldn't it be great if instead of the Tigers he used some of the proceeds to buy Ilitch real estate properties?
This is Gilbert's plan all long.
BUY, FIX, SELL, REPEAT.
So He can get the Detroit Tigers. Or better yet BUY DETROIT LIONS!!
So, general question for the board:
While I wish her [[and everyone) the best of health in the years to come, the truth is Marion Illitch is 86 years old. At some point in the not too distant future, she will have to pass her assets onward. [[Trying to state that as delicate as possible).
As I understand it, Chris Ilitich cannot own both the Tigers and Motor City Casino per MLB ownership
requirements. So at some point in the not too distant future, it would appear that he will have to choose one or the other, and give something up. What stays and what gives?
You know they have 5 other kids, right?Quote:
Originally Posted by Atticus
He already sold Greektown Casino so he built his tower that the be the New Ren Cen.
Cant she just give it to another person? The Ilitches are like cockroaches there are so many ugly family members.Quote:
Originally Posted by Atticus
The rules are so silly and easily circumvented. They just need enough shells in the shell game to be able to continue to own whatever they want.Quote:
Originally Posted by Metro25
Just as Trump would have some LLC just to deal with each construction project, so can they. Trump used all his shell corporation to screw over companies and union workers. At least the Ilitches don't seem to do that.
I appreciate the respect that Atticus showed while asking his/her question.
One year and a massive stroke later...........
One post-er mentioned the 'Fail Jail' site. I assume this is the one on Gratiot, quite close to downtown? I've never paid much attention to that particular site. Its construction was probably commenced around the time of municipal bankruptcy being declared. Detroit is probably looking a fair bit brighter now than in those days. Gratiot from downtown all the way up to [[or beyond) the Dequindre Cut is ripe for re-development, too, given its proximity to downtown.
Unless I'm mistaken, they already do this. I believe Marian owns the casino and Chris owns the TigersQuote:
Originally Posted by Metro25