HomePublicationsNewsletter ArchiveVolume 19Issue 10MGCB Approves Transfers of Interest in Greektown Casino; Finds Dan Gilbert, Matt Cullen and Athens Acquisition Suitable for Licensure

At its public meeting on April 9, 2013, the Michigan Gaming Control Board (“MGCB”) unanimously voted to approve the qualification and transfer of interest application for Athens Acquisition, LLC (“Athens”), the company owned by Dan Gilbert that has agreed to purchase a majority interest in Greektown Superholdings, Inc. (“Greektown”), the ultimate parent company of Greektown Casino-Hotel. In addition, the MGCB found Athens, Mr. Gilbert and Matt Cullen eligible and suitable for licensure under the Michigan Gaming Control and Revenue Act.  Athens filed documentation with the Securities and Exchange Commission on February 8, 2013, indicating that the company had acquired 76.8% of the voting securities of Greektown.

The MGCB’s approval clears the way for Athens to close on its purchase of themajority stake in Greektown, something that Mr. Cullen told the MGCB would likely happen within a week.

Mr. Gilbert and Mr. Cullen are also associated with Rock Gaming, LLC, an entity that owns majority stakes in two commercial casinos in Ohio, the Horseshoe Casino Cleveland and Horseshoe Casino Cincinnati, and is also involved in the development of a Horseshoe Casino in Baltimore, Maryland, which is expected to be completed in 2014. 

 

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