The Greektown Casino-Hotel in Detroit, Michigan, US, is to be bought by Penn National Gaming for US$300m.
When the acquisition is complete Penn will enter into a trip net lease agreement with VICI Properties for the venue at a rent of $55.6m yearly for initially 15 years.
The purchase was from JACK Entertainment, said Penn CEO Timothy Wilmott. Detroit, he said was undergoing "a renaissance" with billions of dollars of new investment in the city’s residential, commercial, entertainment and cultural centre. Greektown, he said is the only casino in the centre of the city.
Greektown was opened in 2000 and has 100,000sq.ft of casino space, 2,700 slots and 60 table games, a poker room, three restaurants and seven fast food outlets. It also has four bars and a coffee shop, plus 400 rooms in the hotel.
Penn owns or has interests in 40 gaming venues in 18 jurisdictions of the US. It has nearly 50,000 slots, 1,200 tables and around 9,000 hotel rooms.
