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  1. #1

    Default Gilbert selling casino for a billion dollars

    Must be nice is all I can think. I did not catch who bought it or any details.

  2. #2

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    Incoming $1 billion dollar bid for the Tigers and all surrounding lots

  3. #3

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    Apparently he claims there are no such deals in the works. But who knows.

  4. #4

  5. #5

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    This is the best confirmation yet that he's buying the Detroit Tigers.

  6. #6

  7. #7

    Default

    Although if I were a betting man I'd bet he makes a bid for them.

  8. #8

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    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.

  9. #9

    Default

    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......

  10. #10

    Default

    Is it good or bad if he buys them? I dont really follow sports.

  11. #11

    Default

    Quote Originally Posted by JonWylie View Post
    Incoming $1 billion dollar bid for the Tigers and all surrounding lots
    My goodness I would hope so.

    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.

  12. #12
    Join Date
    Mar 2011
    Posts
    5,067

    Default

    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.

  13. #13

    Default

    Quote Originally Posted by artds View Post
    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. [/FONT][/COLOR]
    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 Tigers

  14. #14

    Default

    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.

  15. #15
    Join Date
    Aug 2018
    Posts
    320

    Default

    https://www.freep.com/story/money/20...no/1994909002/

    "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."
    Exciting stuff, he's also been trying to get rid of his Cleveland casinos as well, he wants out of the business.
    Last edited by Worldsgreatest; November-14-18 at 11:52 AM.

  16. #16

    Default

    To be clear, this isn't about the Tigers. Per Bill Shea of Crain's:

    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
    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.).

  17. #17

    Default

    I'd rather have Gilbert investing money back into developments and businesses in Detroit, instead of a sport that is on a downward trend.

  18. #18

    Default

    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

  19. #19

    Default

    will the casino be renamed? Can they expand at all?

  20. #20

    Default

    Quote Originally Posted by abraham View Post
    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
    Hopefully soon. When will the the Hudson site or the Wayne County Criminal Justice Center break ground?

  21. #21

    Default

    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?

  22. #22

    Default

    ^^your right. 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/

  23. #23

    Default

    Quote Originally Posted by Bham1982 View Post
    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.
    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.

  24. #24

    Default

    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.

  25. #25

    Default

    Quote Originally Posted by Dexlin View Post
    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?
    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)

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