Dan Gilbert closer to acquiring Greektown Casino, Hotel

Greektown deal could be good news for Gilbert, bad news for Ilitch family

Published On: Jan 21 2013 11:22:53 PM EST   Updated On: Jan 21 2013 11:40:21 PM EST
Greektown Casino
DETROIT -

Dan Gilbert Dan Gilbert may be one step closer to taking over Greektown Casino and Hotel.

Last Wednesday, Rock Gaming, the Detroit-based gaming partnership announced one of its affiliated companies, Athens Acquisition LLC, has entered into an agreement to acquire a majority interest in Greektown Superholdings Inc., owner of the Greektown Casino-Hotel located in downtown Detroit.

The board of directors of Greektown Holdings formed a special committee to review the purchase offer from Gilbert's team.

"We envision significant investment in Greektown Casino-Hotel, as well as the enhancement and growth of the existing entertainment district. We see this unique area extending to Campus Martius and along Woodward Avenue," said Gilbert in a statement.

MORE: Gilbert on the brink of buying a state in Detroit casino.

If this deal moves forward, Gilbert is expected to make a play for Detroit's police headquarters building, which will be empty in July.

This deal could be good news for Gilbert, but possible bad news for the Ilitch family.

The Ilitch's own Motor City Casino and many properties in the Fox Town Entertainment district.

They are also working on plans to build a new arena in the city.

Read: Ilitch proposes $650 million downtown entertainment district.