JACK Entertainment sells Greektown Casino Hotel
JACK Entertainment LLC today announced that the sale of Greektown Casino-Hotel for $1 billion cash to Penn National Gaming and VICI Properties, an experiential real estate investment trust, has been completed. Under the terms of the agreements, VICI acquired the land and real estate assets of Greektown Casino Hotel and simultaneously entered into a favorable triple-net leased fee agreement with Penn National, who will be responsible for the operations at the property.
“We are pleased to welcome Penn National and VICI to Detroit as they add Greektown Casino Hotel to their robust gaming portfolios,” said Matt Cullen, Chief Executive Officer of JACK Entertainment. “We are confident that Penn National, an operator known for its excellent culture and leadership, will be a great addition to this city and further Greektown Casino Hotel’s success, elevating the property to reach new levels of growth.”
JACK Entertainment and Penn National will work closely together to ensure a smooth transition for all guests and team members.
“We would like to express our sincere gratitude to the Greektown Casino Hotel team members and management for their unwavering commitment to delivering exceptional guest service over the last six years," said Cullen. “Greektown Casino Hotel’s success is a true testament to their hard work and dedication, and we know they will continue to thrive under Penn National's leadership."
