DETROIT -- Cleveland Cavaliers and Quicken Loans owner Dan Gilbert has approved a deal to buy Detroit's Greektown Casino-Hotel and has received state approval for the transfer.
Greektown Superholdings Inc. says it has signed an agreement to sell the gambling complex in downtown Detroit to Gilbert's Athens Acquisition LLC.
The seller says the two sides agreed on terms to complete their March 18 tentative deal. It says the deal provides rights for certain minority owners.
In another development, the Michigan Gaming Control Board has given its approval for the sale of the casino to Gilbert.
The board regulates Detroit's three state-chartered casinos.
Gilbert has been steadily buying up a portfolio of buildings over a large stretch of downtown Detroit.
The Associated Press