Dan Gilbert agrees to sell Detroit's Greektown Casino for $1 billion, nothing yet on Ohio casinos

In the first move of what has been reported as a plan to divest of his casino interests, Dan Gilbert’s Jack Entertainment LLC announced plans to sell its Greektown Casino-Hotel for $1 billion cash.

Under the terms of the agreements, Penn National will acquire the operating assets of Greektown for approximately $300 million, and VICI Properties will acquire the land and real estate assets of Greektown, for approximately $700.0 million.

A release from the company said Dan Gilbert and his family of companies are targeting the capital proceeds from the sale for investment in Detroit real estate and business development.

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