The founder of Quicken Loans, billionaire Dan Gilbert, has recently announced the he plans to purchase the Greektown Casino-Hotel. He is saying that this is the next step in his vision to help to remake the downtown Detroit area into a full-scale live-work-play district.
Rock Gaming, which is owned by Dan Gilbert, announced that it is in the process of making a deal for controlling interest with the corporation that now owns well known Greektown Casino complex. This is one of just three casinos that are located in Detroit.
In a statement, Gilbert said that his plans are in still in the beginning stages but that he sees making a large investment in the Greektown Casino-Hotel. He also plans to help with expanding the local economy in the process. He envisions his actions as helping those all the way to Campus Martius as well as all along Woodward Avenue. The area is already moving in the right direction.
Gilbert sees this as an opportunity to revitalize the downtown area as well as the local gaming business. He has already bought a reported 15 buildings within the downtown Detroit area. He also owns many other buildings that are located on Woodward Avenue as well as properties close to Campus Martius. He wants to blend the two areas into a better community.
However, Rock Gaming has so far declined to bring forth any specific details of Mr. Gilbert’s plans for investment into the Greektown properties. Rock Gaming also did not disclose the asking or selling price of the deal. They also did not reveal the time frame that is expected for the deal’s closing or the actual size of the stake. The deal will have to be approved by the Michigan Gaming Control Board.
Gilbert already owns three gambling sites that are all located in Ohio. These are owned through Rock Gaming. He also owns a horse-racing track located in Kentucky. It has been reported that the company is also planning to open a Baltimore casino sometime next year.
For those who have been following this story, Rock Gaming is known to be one of the leading proponents of the 2009 Ohio constitutional amendment that allowed casino gambling to start within the state. The corporation now owns two (of four) authorized full-service gambling casinos. These are the Horseshoe Casino in Cleveland and the Horseshoe Casino that is scheduled to open its doors in Cincinnati in March. Rock Gaming also owns a horse-racing track that is located in suburban Cleveland. That facility will be adding slot machines sometime this spring.
It was also reported that while famous Caesars Entertainment is normally a working partner in Rock Gaming’s gambling ventures, it will not be involved in this deal or transaction. No details were given as to why that is. But it was made clear that Caesars Entertainment would not participate in this current venture. To date, representatives from the Greektown Casino have not made statements. The same is true for the Michigan Gaming Control Board which must approve the deal before it can be finalized.