Greektown Casino-Hotel acquisition moves closer

Company involving Cavaliers owner moves toward purchase

The Greektown Casino in Detroit

DETROIT  — A company involving Cleveland Cavaliers owner Dan Gilbert is moving closer to acquiring Detroit's Greektown Casino-Hotel.

Greektown Superholdings Inc., the casino's owner, announced Tuesday that an agreement had been reached about the potential deal.

Gilbert has said a “significant investment” is planned in and around Greektown Casino-Hotel.

Rock Gaming's Athens Acquisition LLC entity is involved in the potential deal. Gilbert is chairman of Rock Gaming and founded Detroit-based Quicken Loans. Rock Gaming was formed in 2010 and partnered to develop Horseshoe Casino Cleveland and Horseshoe Casino Cincinnati.

The acquisition would be subject to approval from the Michigan Gaming Control Board.

Gilbert's Rock Ventures LLC has bought up a number of downtown Detroit buildings. On Tuesday, it announced it had acquired the 23-story 1001 Woodward the office tower.