01/16/2013 03:56 pm ET Updated Jan 16, 2013

Dan Gilbert Acquires Controlling Interest In Greektown Casino Hotel Through Rock Gaming Affiliate

Detroit developer Dan Gilbert is taking a break -- surely a short one -- from purchasing downtown buildings and has now gambled on the Greektown Casino Hotel.

Rock Gaming, led by Gilbert, announced Wednesday its affiliated company Athens Acquisition had made an agreement to acquire a majority interest in the casino. The agreement still awaits approval by the Michigan Gaming Control Board.

In a statement, Gilbert said plans were still in the early stages.

"However, we envision significant investment in the Greektown Casino-Hotel, as well as the enhancement and growth of the existing entertainment district," he said. "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 has purchased 15 buildings in downtown Detroit and broke ground last year on a Z-shaped mixed-use development.

The billionaire has also made significant investments in Cleveland, where he owns the Cavaliers basketball team and the Horseshoe Casino. Pending licensure, Rock Gaming will open a second casino by the same name in Cincinnati this March.

This is a developing story. Check back for updates.



Dan Gilbert's Detroit Investments In 2012