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Tuesday, April 30, 2013

Michigan Gaming Control Board Approves Athens Acquisition Transaction


At its April 9 monthly meeting, the Michigan Gaming Control Board (“MGCB”) approved Athens Acquisition LLC’s acquisition of a majority interest in Greektown Superholdings, Inc., the parent company of Greektown Casino, L.L.C. Dan Gilbert, the founder of the Quicken Loans home lending empire and Chief Executive Officer of Athens Acquisition, whose companies include the majority owner of the Cleveland and Cincinnati casinos as well as a casino being developed in Baltimore, made a PowerPoint presentation at the MGCB meeting that emphasized his commitment to development of economic corridors in downtown Detroit.

Gilbert’s companies have been very active in buying commercial buildings in downtown Detroit as part of a comprehensive redevelopment program designed to energize the economic core of Detroit. Gilbert and Matt Cullen, the President and Chief Operating Officer of Rock Gaming LLC, emphasized their commitment to make Greektown Casino a dynamic destination in furtherance of the implementation of Gilbert’s Detroit revitalization efforts. Gilbert emphasized that his plans for downtown Detroit are consistent with his focus on development of urban cores in metropolitan Cleveland, Cincinnati, and Baltimore. Cullen advised the MGCB that Athens Acquisition anticipates completing the acquisition of a majority interest in Greektown Superholdings in the next few weeks.