HOT Stories more

Genting to open Hyatt Regency Jeju Hotel casino

Article

Dan Gilbert says Detroit bankruptcy is 'good news'

June 24, 2013 7:54 PM by Ray Poirier

Cleveland Cavaliers Dan Gilbert Cleveland Cavaliers’ owner Dan Gilbert believes that Detroit declaring bankruptcy will be “good news.” He is a major owner and developer of downtown Detroit real estate, as well as being a major player in the gaming field as the owner of Greektown Casino in Detroit and a pair of casinos in Ohio.

Gilbert, founder and chairman of Quicken Loans, describes Detroit bankruptcy as a “tsunami we all think is going to come” and feels that the “faster we get there, the better.”

Currently, the city is under the control of an emergency manager who is asking Detroit creditors to take about 10 cents on every dollar owed to them. Negotiations could last several weeks, officials say.

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at RayPoirier@GamingToday.com.

Like GamingToday on Facebook GamingToday on Facebook      and        Follow GamingToday on Twitter GamingToday on Twitter

GamingToday Race and Sports Futures

           Westgate Superbook  Stratosphere Sports Book  

                Wynn Sports Book  CG Technology

top stories

The former Revel Casino Hotel is trying to block Atlantic City from collecting $32 million in unpaid property taxes.

Bob Christ’s Thursday NFL Football Breakdown | The Cowboys have their best Turkey Day mark in seven years. The visiting Eagles have the best mark for a visitor to Big D in nine years on this day. 

Swish's Free Smart Play of the Day | Swish Analytics prides itself on a data-driven system, and unlike most handicappers, we try to give a detailed statistical breakdown of why and how picks are formulated. 

Atlantic City’s casino industry saw its operating profits rise in the third quarter of this year, helped by Internet gambling money and the absence of large losses racked up last year by weaker casinos.

Caesars Entertainment Corp. (CZR) has reached an agreement with its most-senior lenders on a restructuring plan that includes turning its largest unit into a real estate firm, according to a report this morning from Bloomberg.

GamingToday subscription ad