Penn National Gaming to buy Greektown Casino-Hotel for around $300m

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Gaming MarketGaming Market

The Greektown Casino-Hotel in Detroit, Michigan, will be purchased by Penn National Gaming for around $300 million in cash.

A triple net lease contract for the Greektown site will also be signed by Penn National and VICI Properties at the time the purchase is closed.

This lease will have an initial period of 15 years with four five-year renewal options, and an initial yearly rate of about $55.6 million.

"The acquisition of the Greektown Casino-Hotel operations from JACK Entertainment, LLC will further expand Penn National's already diverse operating base with a facility that is extremely well-positioned in one of the nation's largest regional gaming markets," said Timothy J. Wilmott, chief executive officer of Penn National.

The benefits of joining a bigger gambling operator, with access to sites in Las Vegas and across the nation, will also assist Greektown and its patrons. We are happy to work together with VICI Properties once more to organize this deal such that it would be profitable for Penn National's operational results right away after closure.

Comerica Park, Ford Field, Little Caesars Arena, GM's Renaissance Center, and Cobo Conference Center are just a few of the nearby attractions around Greektown.

A combination of cash on hand and loans will be used to pay for the transaction.

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Location: New York, NY, USA

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