Quicken Chairman Offers $127M For Detroit Casino

Law360, New York (January 17, 2013, 5:23 PM EST) -- Dan Gilbert, Quicken Loans Inc. chairman and owner of the Cleveland Cavaliers, has made a $127 million offer for the company that owns the Greektown Casino-Hotel in Detroit, Greektown Superholdings Inc. announced Wednesday.

Gilbert, whose Rock Gaming venture owns casinos in Cleveland, Cincinnati, Baltimore, Northeast Ohio and Kentucky, told Greektown in a letter made public Wednesday that he planned to buy a controlling interest in the company through a special purpose vehicle called Athens Acquisition LLC.

Athens Acquisition bought a small piece of Greektown last summer,...
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