DETROIT (AP) — Businessman and Cleveland Cavaliers owner Dan Gilbert has reached an agreement to sell Greektown Casino-Hotel in downtown Detroit for $1 billion.
Gilbert's Detroit-based JACK Entertainment said Wednesday it planned to sell the casino to Pennsylvania-based Penn National and New York-based VICI Properties. The deal requires state and federal regulatory approval.
Under the agreement, Penn National will acquire the operating assets of Greektown for about $300 million and VICI Properties will acquire the land and real estate assets for about $700 million.
In a statement, Gilbert and his companies say they are targeting the capital proceeds from the sale for investment in Detroit real estate and business development.
Gilbert already has a major real estate presence in Detroit and has been a key player in the revitalization of the city's downtown.
Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.
