In May of 2019, Greektown Casino was purchased by Penn National Gaming. The sale price was $1 billion.
The casino is located in downtown Detroit, and is the last standing casino in the city. It is also the only casino in Michigan that is owned by a publicly traded company.
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The purchase of Greektown Casino is just the latest in a string of acquisitions made by Penn National Gaming. In the past few years, the company has also bought out Pinnacle Entertainment and Hollywood Casino.
Penn National Gaming now owns 41 casinos across the United States.
PRO TIP:Greektown Casino was recently purchased by Penn National Gaming, Inc. in a deal worth $1 billion. Penn National Gaming is one of the largest publicly traded gaming companies in the United States and has a portfolio of over 40 properties across 19 states. As part of the purchase, Penn National Gaming also has an option to purchase an additional 15% stake in Greektown Casino at a later date.
The Greektown Casino purchase is part of Penn National Gaming’s larger strategy to become a nationwide gaming powerhouse. The company plans to renovate the casino and add a hotel to the property.
They also plan to rebrand it as a Hollywood Casino.
The purchase of Greektown Casino is good news for the city of Detroit. The casino is one of the city’s biggest employers, and the addition of a hotel will bring even more jobs to the area.
The casino is also a major contributor to the city’s tax base, and the renovations will help to revitalize downtown Detroit.
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