The deal does not involve jacks casinos in Cleveland and gold coast casino ballroom dancing Cincinnati, nor its jack Thistledown Racino in North Randall, southeast of Cleveland.
According to a release from jack Entertainment, Gilbert and his family of companies are targeting the capital proceeds from the sale for investment in Detroit real estate.
Detroit, MI - In the first move of what has been reported as a plan to divest of his casino interests, Dan Gilberts Jack Entertainment LLC announced plans to sell its Greektown Casino-Hotel for 1 billion cash.
However, the Greektown announcement said Penn National would be the operator in Detroit.We purchased Greektown Casino-Hotel as a part of our overall economic development strategy in Detroit, said Matt Cullen, chief executive officer of jack Entertainment.The deal still needs regulatory tracfone bonus offers approval, both at the federal and state levels.In 2015, Rock Ohio Ventures bought Caesars' 20 percent stake.Bloomberg first reported in September that jack Entertainment had retained Deutsche Bank and Credit Suisee to help navigate a potential sale of its properties.Vici Properties will acquire the land and real estate assets of the casino for approximately 700 million, and Penn National will acquire the operating assets for 300 million.Gilbert and Penn National teamed on the campaign in 2009 to legalizing casino gambling in Ohio, winning approval from voters to open casinos in Cleveland, Cincinnati, Columbus and Toledo.We are proud to expand our partnership with Penn National and add Greektown to our growing portfolio of market-leading gaming, hospitality and entertainment destinations said John Payne, president, and COO of vici Properties.For example: Caesars originally partnered with Gilbert in the opening of the of the Cleveland casino in 2012 and the Cincinnati casino in 2013, both under the Horseshoe brand name.
"As the only casino located in Detroits historic Central Business District, Greektown, and its 30-story hotel tower, are ideally situated.
No plans have been announced regarding Gilberts properties in Cleveland and Cincinnati.
"Well stay away from the Ford family and their long-term ownership as well he said.
In September it was widely reported the Cleveland Cavaliers owner was looking to exit the casino business.
The sale is expected to be finalized sometime in 2019.
December 8, 2017 Play Online (Or Anywhere) With playjack!
In response to questions, the company would say only through email: jack Entertainment is continuing a strategic assessment for its remaining gaming properties.This material may not be published, broadcast, rewritten, or redistributed.At closing, Greektown team members will transition with compensation and benefit packages at least as favorable as they currently enjoy.SEE more Next Page »."Dans on record there are no conversations.".Matt Cullen, CEO of Jack Entertainment tells 7 Action News, the time was right to sell, "We had an opportunity to take advantage of a really good pricing market and were able to achieve a good price.".The transaction requires regulatory approval, both at the federal and state levels.