Detroit-Based Rock Gaming Affiliate Signs Contract To Acquire Majority Ownership Of Greektown Casino-Hotel
DETROIT, Jan. 16, 2013 /PRNewswire/ -- Rock Gaming, the Detroit-based gaming partnership announced today that 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 acquisition, which is subject to Michigan Gaming Control Board (MGCB) approval, is expected to provide Athens Acquisition with majority voting control of the casino, hotel and related assets.
"A primary focus of our investment strategy over the past few years has been on urban casino development in large Midwest cities, along with significant real estate investment and development in those cities," said Rock Ventures LLC CEO, Matt Cullen. "With a substantial focus on downtown Detroit, the Greektown opportunity could not be more in the epicenter of our business and civic interests," Cullen said.
Rock Gaming Chairman Dan Gilbert said, "Our plans are in the early phases, however, we envision significant investment in the 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 building on the positive momentum already occurring in the heart of downtown Detroit," Gilbert said.
Although Rock Gaming has partnered with Caesars Entertainment on other gaming developments, Caesars will play no role at this property.
About Rock Gaming LLC
Rock Gaming was formed in 2010 with an initial focus to develop full-service casinos in two of Ohio's largest cities, as well as to explore other potential gaming opportunities. The company partnered with Caesars Entertainment, the world's most geographically diversified gaming company, to develop and operate Horseshoe Casino Cleveland, which opened in May 2012, and Horseshoe Casino Cincinnati, which is scheduled to open on March 4, 2013, pending licensure. The private urban casino developments, whose combined investment totals more than $1 billion, were designed to promote tourism while engaging pedestrians and supporting existing cultural, nightlife and sports attractions in both cities. With Caesars, Rock Gaming also owns Turfway Park, a Thoroughbred horseracing track located in northern Kentucky and Cleveland-area thoroughbred racetrack Thistledown, which will open as a racino in spring 2013. The partners are also developing an urban casino in Baltimore, Md. which is expected to open in 2014.
About Rock Ventures LLC
Rock Ventures LLC is an umbrella entity formed to provide operational coordination, guidance, and integration of Dan Gilbert's portfolio of companies, investments and real estate. Rock Ventures' flagship company is Quicken Loans, the nation's largest online home lender and third largest retail lender. Since 2010, Quicken Loans has moved its headquarters and more than 7,000 team members to downtown Detroit, where its family of companies are helping lead a revitalization of the city's urban core.
SOURCE Rock Gaming LLC