Penn National Gaming Acquires Greektown Casino

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Penn National Gaming, the Pennsylvania based casino operator, has acquired the Greektown Casino-Hotel in Detroit from Jack Entertainment through a $300m cash deal.

Penn has entered into a lease agreement with Vici Properties for the Greektown facility with an initial annual rent of $55.6m and a term of 15 years with renewal options.

The 100,000sq.ft Greektown Casino-Hotel has 2700 slots, 60 table games, poker room, three restaurants, seven fast food outlets, coffee shop and a 400-room hotel.

Penn has operations in 19 jurisdictions with 51,000 slots, 1300 tables and 9000 hotel rooms.