DETROIT (WWJ) – A major hurdle has been cleared in the deal involving Greektown Casino-Hotel and Detroit businessman Dan Gilbert.
The casino has agreed to a term sheet with Gilbert’s Athens Acquisition group that will allow the group to buy the remaining shares in Greektown Casino-Hotel from stockholders at $90 per share.
The deal still needs approval from the Michigan Gaming Control Board, which could come when the board meets early next month. If everything goes as planned, Gilbert’s group could end up with about 90-percent ownership of Greektown Casino.
Talks between Gilbert and the casino began in January.
“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 in a statement.
Gilbert, founder of Quicken Loans and majority owner of the Cleveland Cavaliers, is no stranger to the world of gambling. The billionaire owns two casinos in Ohio, along with a horseracing track in Ohio and Kentucky.