{"id":1004280356,"date":"2018-11-19T04:51:39","date_gmt":"2018-11-19T12:51:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004280356"},"modified":"2022-12-08T20:39:39","modified_gmt":"2022-12-09T04:39:39","slug":"jv-to-acquire-greektown-casino-hotel-for-1b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-to-acquire-greektown-casino-hotel-for-1b\/","title":{"rendered":"JV to Acquire Detroit Casino-Hotel for $1B"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004280398\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Greektown-Casino-Hotel.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004280398\" data-attachment-id=\"1004280398\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-to-acquire-greektown-casino-hotel-for-1b\/greektown-casino-hotel\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Greektown-Casino-Hotel.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Greektown Casino-Hotel\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Greektown Casino-Hotel&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Greektown-Casino-Hotel.jpg?w=800\" class=\"wp-image-1004280398 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Greektown-Casino-Hotel.jpg\" alt=\"Greektown Casino-Hotel\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Greektown-Casino-Hotel.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Greektown-Casino-Hotel.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Greektown-Casino-Hotel.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004280398\" class=\"wp-caption-text\">Greektown Casino-Hotel<\/p><\/div>\n<p>VICI Properties Inc. and Penn National Gaming Inc. will soon become the new owners of the Greektown Casino-Hotel in Detroit. The partners inked definitive agreements to acquire the real property and operations of the casino-hotel from JACK Entertainment LLC for approximately $1 billion in cash.<\/p>\n<p>Greektown opened its doors to visitors for the first time in 2000, offering 75,000 square feet of casino space. A renovation program completed in 2009 expanded the gaming space to 100,000 square feet and added a 30-story, 400-key hotel with 14,000 square feet of event space.<\/p>\n<p>Today, Greektown holds the distinction of being the only casino located in the heart of Detroit\u2019s downtown, where revitalization is underway. <em>\u201cDetroit is undergoing an exciting renaissance as a result of billions of dollars of new investments in the city\u2019s residential, commercial, entertainment and cultural center, all of which are driving new residents, businesses, tourists and employment to the downtown area,\u201d<\/em> Timothy Wilmott, CEO of Penn National Gaming Inc., said in a prepared statement.<\/p>\n<h2>A new history<\/h2>\n<p>Like the City of Detroit, Greektown has had its financial challenges. After filing for Chapter 11 protection,&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/detroits-beleaguered-greektown-casino-emerges-from-bankruptcy-a-half-billion-dollars-lighter\/\">the casino-hotel emerged from bankruptcy<\/a> in 2010, four years before the city. In 2013, an affiliate of Rock Ventures, the predecessor company of Jack Entertainment, agreed to <a href=\"https:\/\/www.commercialsearch.com\/news\/quicken-loans-affiliate-to-acquire-greektown-casino-hotel-2\/\">acquire a majority interest<\/a> in the asset and proceeded to invest capital in a redesign and remodeling. Today, Greektown is a successful gaming property in a successful gaming town.<\/p>\n<p><em>\u201cThe Detroit market has been steady the past several years, growing 1.1 percent in 2017,\u201d <\/em>Brent Pirosch, director of gaming consulting with commercial real estate services firm CBRE\u2019s Global Gaming Group, told <em>Commercial Property Executive<\/em>. The numbers look even more promising for 2018, as&nbsp;casino revenue has increased year-to-date through October by 2.4 percent.<\/p>\n<h2>Changing of the guard<\/h2>\n<p>Per terms of the agreement with JACK, VICI will acquire Greektown\u2019s land and real estate assets for approximately $700 million and Penn National will purchase the casino-hotel\u2019s operations for $300 million. Penn National will ink a triple net lease agreement with VICI concurrent with the completion of the acquisition transaction. Annual rent will initially total $55.6 million under the 15-year lease, which offers the option for four five-year renewals.<\/p>\n<p>VICI and Penn National must get the green-light from the Michigan Gaming Control Board to proceed with the acquisition. If all goes as planned, the transaction will close in mid-2019.<\/p>\n<p><em>Image courtesy of&nbsp;JACK Entertainment<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>VICI Properties and Penn National Gaming entered into an agreement to purchase the Greektown Casino-Hotel, which includes 100,000 square feet of casino space and a 30-story hotel tower.<\/p>\n","protected":false},"author":969,"featured_media":1004280398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1495,21808,21751,13,21742],"tags":[40778,32789,40772,43055,37922],"class_list":["post-1004280356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-detroit","category-featured","category-hotel","category-midwest","category-latest","tag-brent-pirosch","tag-cbre","tag-penn-national-gaming","tag-timothy-wilmott","tag-vici-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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