Caesars partner Gilbert close to taking control of Greektown Casino in Detroit

February 23, 2013 - 7:03 am

Cleveland Cavaliers owner Dan Gilbert has secured agreements to buy control of the Greektown casino in Detroit, but his quest for all the remaining shares of the company has been blocked by investors.

Gilbert owns Quicken Loans, which is headquartered in Detroit.

The deal for Greektown is through Rock Gaming, a privately-held casino company owned by Gilbert. Rock Gaming is partners with Caesars Entertainment in the Horseshoe Casino Cleveland, which opened in last May, and the Horseshoe Casino Cincinnati, which opens March 4. Rock Gaming and Caesars are jointly developing the Horseshoe Casino Baltimore.

(Here’s a link to my interview with Gilbert in Cleveland from May13, 2012).

Gilbert could take control of the Greektown by mid-March, pending approval by the Michigan Gaming Control Board.

Greektown is one of three casinos in Detroit. The property competes with the MGM Grand Detroit and MotorCity. Greektown also faces completion from the nearby Caesars Windsor in Canada and the new Hollywood Casino Toledo, about 60 miles south in Ohio. Hollywood, which is owned by Penn National Gaming, advertises heavily in Michigan.

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