Created on Thursday, 17 January 2013 Written by THE ASSOCIATED PRESS
DETROIT (AP) — A company led by Cleveland Cavaliers owner Dan Gilbert has agreed to acquire a majority interest in Detroit's Greektown Casino-Hotel.
Gilbert is chairman of Rock Gaming and founded Detroit-based Quicken Loans. Rock Gaming said in a statement Wednesday its Athens Acquisition LLC entity entered into the deal to acquire the interest in the casino's owner, Greektown Superholdings Inc.
Gilbert says "significant investment" is planned in and around Greektown Casino-Hotel. Plans could expand the existing entertainment district.
The acquisition is subject to approval from the Michigan Gaming Control Board.
Rock Gaming was formed in 2010 and partnered to develop Horseshoe Casino Cleveland, which opened in May, and Horseshoe Casino Cincinnati, which is set to open in March.
Gilbert's Rock Ventures LLC also has bought up a number of downtown Detroit buildings.