Dan Gilbert company arranging to buy majority interest in Greektown Casino-Hotel

Published On: Jan 30 2013 04:09:45 PM EST
Updated On: Jan 16 2013 11:09:06 PM EST

Greektown Casino could soon become a part of Dan Gilbert's empire...

DETROIT -

Rock Gaming, the Detroit-based gaming partnership announced Wednesday that one of its affiliated companies, Athens Acquisition LLC, has entered into an agreement to acquire a majority interest in Greektown Superholdings Inc., owner of the Greektown Casino-Hotel located in downtown Detroit.

The acquisition, which is subject to Michigan Gaming Control Board (MGCB) approval, is expected to provide Athens Acquisition with majority voting control of the casino, hotel and related assets.

"A primary focus of our investment strategy over the past few years has been on urban casino development in large Midwest cities, along with significant real estate investment and development in those cities," said Rock Ventures LLC CEO, Matt Cullen . "With a substantial focus on downtown Detroit, the Greektown opportunity could not be more in the epicenter of our business and civic interests," Cullen said.

Rock Gaming Chairman Dan Gilbert said, "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.

Although Rock Gaming has partnered with Caesars Entertainment on other gaming developments, Caesars will play no role at this property.

Who is Dan Gilbert?

Gilbert is the founder and chairman of Quicken Loans, a mortgage company that is headquartered in Detroit. Gilbert also has his hand in sports, being the majority owner of the NBA's Cleveland Cavaliers, the American Hockey League's Lake Erie Monsters and Arena Football League's Cleveland Gladiators.

He is the chairman of Rock Gaming, which has the Horseshoe Casino in downtown Cleveland.

He has degrees from Michigan State University and Wayne State University's law school.

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