Greektown Casino-Hotel

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Greektown Casino-Hotel
Greektown logo1.jpg
Greektownnew2.jpg
Casino hotel skyscraper in Greektown
Location 555 East Lafayette Street
Detroit, Michigan
Opening dateNovember 10, 2000
ThemeModern
No. of rooms400
Total gaming space100,000 sq ft (9,300 m2)
Notable restaurantsPrism
Stack’d
Bistro 555
Casino typeLand-Based
OwnerVici Properties
Operating license holderPenn National Gaming
ArchitectRossetti
Renovated in2017–2018
Websitegreektowncasino.com

Greektown Casino-Hotel in Detroit, Michigan is one of three casino resort hotels in the city; a fourth is in Windsor, Ontario, in Canada, at the other end of the tunnel connecting the two cities. When this casino opened in 2000 in the Greektown Historic District, the federally recognized Sault Ste. Marie Tribe of Chippewa Indians held a majority interest. It was the only gaming casino in Detroit to be controlled by a Native American tribe.

In 2008, during the Great Recession, the tribe filed for bankruptcy protection for the casino and sold its interest in the property. Since 2019, the property has been owned by Vici Properties and operated by Penn National Gaming. Detroit is one of the largest American cities and metropolitan regions to offer casino resort hotels.[1][2]

History and development[edit]

In 1996 the Michigan legislature authorized three gaming casinos to be constructed in Detroit; they were intended to aid in generating revenues for the city and the state. The federally recognized Sault Ste. Marie Tribe of Chippewa Indians acquired a majority interest in the Greektown Casino, the third of these to open. Steelman Partners were the architects and interior designers for the original project.

The Sault Chippewa Indians have a base at their reservation lands near Sault Ste. Marie, Michigan, on the Upper Peninsula. The Greektown Casino opened in 2000, following two other privately held casinos that opened the previous year.

In June 2006, site preparation began for a new hotel related to the casino. A city-owned parking garage was demolished to make way for redevelopment. Construction began in October 2006 and finished in 2009.

The hotel tower rises 344 ft. (105 m.) with 30 floors. It opened November 15, 2007, and included a new 13-story, 3,500-space, free parking garage at Monroe and St. Antoine. In November 2008 25,000 square feet (2,300 m2) of additional gaming space was completed and opened over Lafayette. Total gaming space comprised 100,000 square feet (9,300 m2). An expanded and re-designed VIP gaming area opened February 16, 2009. In November 2009, 25,000 square feet (2,300 m2) of convention space opened with a newly designed poker room.

Changes in ownership[edit]

The federally recognized Sault Ste. Marie Tribe of Chippewa Indians had a majority interest in the Greektown Casino when it opened. In 2008, the year of the Great Recession, they filed for Chapter 11 Bankruptcy protection. They were under deadlines from the state to improve their financial position but needed to invest additional money in the complex.[3]

Greektown Superholdings, Inc. and Greektown Newco Sub Inc., two investor groups, acquired the casino hotel after the bankruptcy filing.[3][4]

In January 2013, Rock Gaming, owned by Dan Gilbert, agreed to buy a majority stake in the Greektown Casino. (Gilbert is the founder of Quicken Loans.) This was part of Gilbert's plan of investment to help revitalize downtown Detroit.[5]

In February 2016, Rock Gaming (which had rebranded as Jack Entertainment) announced that it was renaming the casino as "Jack Detroit Casino-Hotel Greektown".[6][7] But plans for the name change were canceled in March 2018, after Gilbert agreed to sell the casino for $1 billion.[8]

In May 2019, Vici Properties and Penn National Gaming jointly bought Greektown from Jack Entertainment. Vici paid $700 million for the real estate assets, while Penn National paid $300 million for the operating business. It leased the property from Vici for $56 million per year.[9][10]

Gallery[edit]

See also[edit]

References[edit]

  1. ^ Mink, Randy, and Karen Mink (July 2001). "Detroit Turns 300 – Detroit 300 Festival". Travel America, World Publishing Co., Gale Group.
  2. ^ "Review of Greektown Casino in Detroit — Review of Greektown Casino in Detroit". Detroit.about.com. 2013-11-13. Retrieved 2013-12-05.
  3. ^ a b "Sault Tribe loses grip on Greektown Casino". Sooeveningnews.com. 2010-06-29. Retrieved 2013-12-05.
  4. ^ Detroit News. (online) "Greektown Casino files for bankruptcy", 31 May 2008.
  5. ^ Dave Davis (January 16, 2013). "Dan Gilbert to buy Detroit's Greektown Casino, a money-making and revitalization effort". The Plain Dealer. Cleveland. Retrieved 2012-01-17.
  6. ^ Martinez, Michael (23 February 2016). "Greektown Casino to be renamed 'Jack'". Detroit News. Retrieved 2016-02-25.
  7. ^ Bill Shea and Kirk Pinho (February 23, 2016). "Greektown Casino-Hotel to be renamed Jack Detroit Casino-Hotel Greektown". Crain's Detroit Business. Retrieved 2016-02-25.
  8. ^ Dustin Walsh; Bill Shea (November 14, 2018). "Gilbert to sell Greektown Casino-Hotel for $1 billion". Crain's Detroit Business. Retrieved 2018-12-29.
  9. ^ Kurt Nagl (May 24, 2019). "What's next after $1 billion sale of Greektown Casino-Hotel?". Crain's Detroit Business. Retrieved 2019-05-26.
  10. ^ "Vici Properties Inc. completes acquisition of Greektown Casino-Hotel and lease to Penn National Gaming" (Press release). Vici Properties. May 23, 2019. Retrieved 2019-05-26 – via BusinessWire.

External links[edit]

Coordinates: 42°20′04″N 83°02′28″W / 42.33447°N 83.04117°W / 42.33447; -83.04117