The Michigan Gaming Control Board has approved Dan Gilbert's sale of Greektown Casino to a Pennsylvania-based gaming company.
Crain's reports Gilbert's purchase of Greektown six years ago was a solid gamble: The all-cash deal will give him $400 million more than what he bought it for.
Under the $1 billion deal first reported in November, Gilbert-owned Jack Entertainment LLC will sell the casino to ... Penn National Gaming Inc., which will serve as the casino operator, and Vici Properties Inc., which will act as the property owner.
Regulators also approved Vici Properties as a licensed gaming supplier Tuesday, spokeswoman Mary Kay Bean told Crain's. The gaming board approved the sale in a 4-0 vote; one board member was unable to attend the meeting.
Penn National is paying $300 million for Greektown's operating assets, while Vici Properties acquired the property for $700 million.
