VICI Purchases Downtown Detroit Greektown Casino In Michigan
Recently, the gambling rumors and stories in their online casino forums say that “VICI completes their purchase on Greektown Casino In Detroit.” While we heard stories about this earlier in 2019, it appears that this casino deal went through. According to a press release on the Businesswire on May 21, 2019, four Michigan Gaming Control Board members approve the c casino sale for Downtown Detroit’s Greektown Casino-Hotel to Penn National Gaming, Inc.
When Does VICI Complete Their Casino Sale In Detroit’s Greektown Casino?
It appears that the casino sale took place in late May 2019. In 2018, the Gaming Operator Jack Entertainment seemed to announce the sale is taking place. Since then, rumors have spread. However, It appears that this all-cash casino sale went through for one billion dollars. Furthermore, the person and/or company that purchases the Downtown Detroit Greektown casino is Dan Gilbert. If you are not familiar with Dan Gilbert, he is the owner and founder of Quicken Loans. Also, he owns the NBA’s Cleveland Cavaliers.
In a recent article on Crainsdetroit.com on May 24, 2019, called What’s next after $1 billion sales of Greektown Casino-Hotel? it seems like the deal went through. According to CrainsDetroit.com, VICI Properties purchases the real estate as well as the land assets of the Detroit, Michigan for 1 billion dollars. Furthermore, it appears that VICI, the NY based company who is a REIT, puts down three hundred million dollars to start the contract.
A One Billion Dollar Casino Sale
After many months of hard work on both sides, the deal appears to close with VICI putting seven hundred billion dollars to close the deal. Now, VICI (The New York Real Estate Investment Trust) owns the Greektown casino resort. Now, Wyomissing, who is a Pennsylvania-based operator, has no stake in that casino resort.
Is The Downtown Detroit Greektown Casino In Debt?
In late summer or early fall of 2018, The Detroit Free Press website reports that Penn National State Gaming owes four hundred million dollars on the Downtown Detroit Greektown casino. However, Greektown is the third biggest revenue earner in Detroit? So, how is that possible? Well, we don’t know if that is true or false. According to our research, the only other Michigan casinos that come close to doing their revenue is The MGM Grand Detroit and The Motor City Casino. We don’t know the financial situation on any of these companies.
In the recent press release, Wilmott reportedly goes on the record. According to the Detroit website, he allegedly says, “The fact that we’re the smallest casino of the three certainly gives us opportunities for improvement.” Shortly after that, it appears that the Penn National CEO doesn’t have any significant plans to change the property.
This Greektown Casino Gets AAA Rating
It seems that Penn National establishes this Downtown Detroit Greektown casino-hotel in 2000. This casino offers a high-rise hotel with AAA Four Diamond hotel rooms. Ultimately, there is fourteen thousand square feet for business meetings and one hundred thousand square feet for the casino floor. At this Michigan casino, you can play over twenty-seven hundred slot machines, sixty table games and real money poker in their poker room. Additionally, they have a coffee shop, several restaurants, multiplier bars, and some fast food.
• Source: VICI Properties Inc. Completes Acquisition of Margaritaville Resort Casino and Lease to Penn National Gaming, Inc. From Businesswire.com On January 2, 2019.
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