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

**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.

**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.

**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.

**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.

**Hypestyles** · January-16-13, 05:15 PM

at the risk of nitpicking-- I wonder what statutes exist, if any, in the NBA involving team owners and having a stake in a gambling operation?

**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.

Shollin · January-16-13, 05:23 PM

Originally Posted by Hypestyles

at the risk of nitpicking-- I wonder what statutes exist, if any, in the NBA involving team owners and having a stake in a gambling operation?

I'm thinking none since he owns the Cleveland casino and the Cavaliers. I'm sure he could do some maneuvering like Illitch did to own the casino and an NBA team.

**Gistok** · January-16-13, 05:25 PM

Originally Posted by Shollin

I'm thinking none since he owns the Cleveland casino and the Cavaliers. I'm sure he could do some maneuvering like Illitch did to own the casino and an NBA team.

Correct... only baseball has gaming issues in their rules...

**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"...

**401don** · January-16-13, 05:47 PM

Originally Posted by Gistok

Correct... only baseball has gaming issues in their rules...

The NFL as recently as last year still did not permit owners to own casinos. They just started allowing limited casino advertising in their stadiums. I know there was some lobbying to change the rules.

I would love to see Gilbert swap ownership of his Cavs with Gores but it`s not likely for now.

**finster** · January-16-13, 06:08 PM

This dude is like a one man bailout for the city of Detroit.

Not that there's anything wrong with that.

**Bham1982** · January-16-13, 07:26 PM

Originally Posted by finster

This dude is like a one man bailout for the city of Detroit.

What has Gilbert done to "bail out" Detroit?

He bought a bunch of properties on the cheap, and financed with taxpayer dollars.

Now you have to pray that his companies never decline, because he's the only major landowner downtown.