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Board OKs Gilbert Takeover Of Greektown Casino

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(Greektown Casino Facebook Photo)

(Greektown Casino Facebook Photo)

DETROIT (WWJ/AP) – Michigan gambling regulators have approved the sale of Detroit’s Greektown casino to Cleveland Cavaliers and Quicken Loans owner Dan Gilbert.

The Michigan Gaming Control Board voted Tuesday to approve Gilbert as the operator of the Greektown Casino-Hotel. The board regulates Detroit’s three state-chartered casinos.

In a related development, Greektown Superholdings Inc. announced Tuesday that it has agreed to final terms on the sale of the casino to Gilbert’s Athens Acquisition LLC. The agreement completes their March 18 tentative deal.

Greektown Superholdings operates the casino complex on behalf of a number of owners.

Gilbert has been steadily buying up a portfolio of buildings over a large stretch of downtown Detroit.

He said, in a statement out earlier this year, he plans to make a  significant investment in the Greektown, 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.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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