Dan Gilbert wants to sell his casinos, according to report

click to enlarge MT FILE PHOTO
MT file photo
Bloomberg reports, according to sources with knowledge of his plans, that billionaire Dan Gilbert is looking to sell his stake in six casinos, which include Greektown Casino in Detroit.

Though Bloomberg gravely misstates Gilbert's motivation for getting into the business in the first place — "[he] began eyeing gambling as part of a strategy to revive struggling downtowns in older U.S. cities" is a weird way of saying "he began eyeing gambling as a strategy to make boatloads of money for himself" — the nuts and bolts here fit into the modern environment of gaming. Sports betting is now legal, for starters, and there's been an "acquisition wave, thanks in part to the emergence of casino-based real estate investment trusts that allow bidders to pay higher prices for properties."

Gilbert and his partners own casinos in Detroit, Cleveland, and Cincinnati.

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