More: Dan Gilbert is selling Greektown Casino-Hotel in Detroit for $1 billion cash Who is Penn National? The lease will have an initial annual rent of approximately $55.6 million and an initial term of 15 years, with four 5-year renewal options, according to a news release. for the facility in Detroit's Greektown neighborhood. Penn National will enter into a triple net lease agreement with VICI Properties Inc. It has a focus on slot machine entertainment. Penn National already operates 40 such facilities in 18 different jurisdictions. DETROIT – Greektown-Casino Hotel in Detroit is being sold for $1 billion.ĭan Gilbert, who acquired the casino in 2013, has reached a sale agreement with Penn National Gaming and VICI Properties Inc.īoth are casino and gaming-related companies.
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