May 28, 2019 Comments Off on VICI Finalizes $1B Acquisition of Detroit’s Greektown Casino-Hotel Views: 364 Michigan, Midwest, National News

VICI Finalizes $1B Acquisition of Detroit’s Greektown Casino-Hotel

New York-based VICI Properties Inc. completed the previously-disclosed acquisition of the Greektown Casino-Hotel in downtown Detroit from Dan Gilbert’s Jack Entertainment LLC for roughly $1 billion.

VICI will take control of the land and real estate assets for roughly $700 million. Wyomissing, PA-based Penn National Gaming is getting the operating assets for roughly $300 million, and will serve as the casino operator.

Opened in 2000, Greektown Casino-Hotel is the only casino in the heart of downtown Detroit. The property includes a AAA Four Diamond 400-room, luxury high-rise hotel with 14,000 square feet of event and catering space. The casino features 100,000 square feet of casino space, roughly 2,700 gaming machines and 60 table games, a poker room, three restaurants, seven fast casual food outlets, four bars and a coffee shop.

Last week, the Michigan Gaming Control Board approved the sale and VICI Properties as a licensed gaming supplier.

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