Hollywood Casino at Greektown | |
---|---|
Location | 555 East Lafayette Street Detroit, Michigan |
Opening date | November 10, 2000(casino) November 15, 2007(hotel tower) |
No. of rooms | 400 |
Total gaming space | 100,000 sq ft (9,300 m2) |
Notable restaurants | Prism Barstool Sportsbook Rock Bar |
Casino type | Land-based |
Owner | Vici Properties |
Operating license holder | Penn Entertainment |
Architect | Paul Steelman (casino) Rossetti (hotel) |
Previous names | Greektown Casino-Hotel (2000–2022) |
Renovated in | 2017–2018 |
Website | hollywoodgreektown |
Hollywood Casino at Greektown, formerly Greektown Casino-Hotel, is a casino hotel in the Greektown neighborhood in Detroit, Michigan. It is owned by Vici Properties and operated by Penn Entertainment.
The casino opened in 2000, under the majority ownership of the Sault Ste. Marie Tribe of Chippewa Indians. It was the only casino in Detroit controlled by a Native American tribe. In 2008, during the Great Recession, the casino went into bankruptcy and was sold.
Hollywood Casino is one of three casinos in the city; there is also a casino in nearby Windsor, Ontario. Detroit is one of the largest American cities to offer casino hotels. [1] [2]
Shortly after the enactment of the federal Indian Gaming Regulatory Act (IGRA) in 1988, the Sault Tribe of Chippewa Indians began working with local developers Ted Gatzaros and Jim Papas to open a casino in Detroit. [3] In November 1992, they announced their plan publicly. [4] Under the plan, Gatzaros and Papas's company, 400 Monroe Associates, would donate a 0.7-acre (0.28 ha) parcel of land in Greektown to become part of the tribe's reservation, and the tribe would build and operate the casino. [4]
Detroit voters approved an advisory referendum in favor of the casino in August 1994, as well as another casino proposed to be built at Atwater Street. [5] The plan was approved by the Secretary of the Interior later that month. [6] However, it also needed approval from Michigan Governor John Engler, because the IGRA required gubernatorial approval for gaming on lands added to a tribe's reservation after 1988. [7] Engler rejected the casino, citing potential proliferation of off-reservation casinos throughout the state. [8]
The tribe next turned to the ballot initiative process. They partnered with the Atwater group to sponsor the Michigan Gaming Control and Revenue Act. [9] [10] This law would allow up to three private, commercially operated casinos to be opened in Detroit. [9] It included a preference for proposals that had already been approved by Detroit voters, making the Greektown and Atwater projects the "presumptive choices" for two of the casino licenses. [11] The petition drive and election campaign were financed almost entirely by the Sault Tribe and Atwater. [12] Michigan voters approved the law in November 1996. [13]
The Greektown casino was one of eleven applications submitted to Detroit mayor Dennis Archer. [14] The $567-million proposal would include a temporary casino to open in 1998, followed by a permanent casino opening in 2000 with 128,170 square feet (11,907 m2) of gaming space and 1,000 hotel rooms. [14] The temporary casino was designed by architect Paul Steelman. [15] [16] It would be managed by the Las Vegas-based Millennium Management Group. [17] In December 1997, Archer selected the Greektown proposal, along with the Atwater project (ultimately opened as MotorCity Casino Hotel) and the proposed MGM Grand Detroit. [18]
Construction of the casino began in January 1999. [19] It incorporated Trappers Alley, a vacant shopping center owned by Gatzaros and Papas, together with a new building. [14] [20] Costs of the casino, originally estimated at $115 million, increased to $200 million. [19] [21]
Ownership of the casino was to be split with 50 percent owned by the Sault Tribe, 40 percent by Gatzaros and Papas and their wives, and 10 percent by a group of local black investors. [22] [23] However, gaming regulators found problems during Gatzaros and Papas's background checks, and they were effectively forced to sell their shares. [24] Negotiations were held with potential buyers including Millennium Management, Harrah's Entertainment, MGM Grand, and Park Place Entertainment. [25] [26] Advanced talks were held on selling the shares to a group of union pension funds. [27] Ultimately, the tribe bought out the Gatzaroses and Papases' shares for $275 million, to be paid over 10 years. [28] The casino licensing was approved in September 2000, with the tribe owning a 90 percent stake. [21]
The Greektown Casino opened on November 10, 2000, following the two other casinos that opened the previous year. [29]
The tribe ended its management deal with Millennium in 2002 and assumed direct control of the casino. [30]
Development of the city's permanent casinos was delayed for years by protracted negotiations over the casinos' locations, and by a lawsuit over the constitutionality of the casino licensing process. [31] [32] In 2002, Greektown agreed with the city to build its $450-million permanent facility on an 8-acre (3.2 ha) site at Interstate 375 and Gratiot Avenue. [31] [33] In 2005, however, Greektown announced that it would expand at its current location instead of building a new facility. [31] The $200-million expansion would include a 400-room hotel, a parking garage, convention space, and more gaming space. [31]
In June 2006, site preparation began for the hotel. A city-owned parking garage was demolished to make way for redevelopment. Construction began in October 2006. The hotel tower rises 344 ft. (105 m.) with 30 floors. It opened November 15, 2007, and included a new 13-story, 3,500-space, free parking garage. In November 2008, 25,000 square feet (2,300 m2) of additional gaming space was completed and opened over Lafayette. Total gaming space comprised 100,000 square feet (9,300 m2). An expanded and re-designed VIP gaming area opened in February 2009. In November 2009, 25,000 square feet (2,300 m2) of convention space opened with a newly designed poker room.
By late 2007, the casino was in financial trouble, as its debt-to-equity ratio fell below the minimum threshold negotiated with the lenders who financed the expansion. [34] [35] [36] The state threatened to force a sale unless the casino could obtain new financing. [34] In May 2008, Greektown Casino filed for Chapter 11 bankruptcy protection to prevent the forced sale. [35] [37]
In June 2010, a group of Greektown's bondholders, organized as Greektown Superholdings, Inc., bought the casino out of bankruptcy. [38] [39] John Hancock Financial, OppenheimerFunds, Brigade Capital, and Solus Alternative Asset Management together owned 78% of the company. [38] [40] [41]
Rock Gaming, owned by Dan Gilbert, agreed in January 2013 to buy a majority stake in the Greektown Casino. This was part of Gilbert's plan of investment to help revitalize downtown Detroit. [42]
In February 2016, it was announced as part of Rock Gaming's rebranding as Jack Entertainment that the property would be renamed to Jack Detroit Casino–Hotel Greektown. [43] [44] Plans for the name change were canceled in March 2018, as Gilbert was planning to sell the property and exit the casino business. [45]
In May 2019, Vici Properties and Penn National Gaming (now Penn Entertainment) jointly bought Greektown from Jack Entertainment. Vici paid $700 million for the real estate assets, while Penn National paid $300 million for the operating business. It leased the property from Vici for $56 million per year. [46] [47]
In May 2022, the casino was rebranded under Penn National's primary brand, Hollywood Casino. [48]
The Westgate Las Vegas Resort & Casino is a hotel, casino, and timeshare resort in Winchester, Nevada. Located near the northern end of the Las Vegas Strip, it is owned by Westgate Resorts. It opened in 1969 as the International Hotel, and was known for many years as the Las Vegas Hilton, then briefly as the LVH – Las Vegas Hotel and Casino. From 1981 to 1990, it was the largest hotel in the world.
Harrah's Entertainment was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven golf courses under several brands. In 2013, it was the fourth-largest gambling company in the world, with annual revenues of $8.6 billion. It was acquired in 2020 by Eldorado Resorts, which then changed its own name to Caesars Entertainment.
The Sault Ste. Marie Tribe of Chippewa Indians, commonly shortened to Sault Tribe of Chippewa Indians or the more colloquial Soo Tribe, is a federally recognized Native American tribe in what is now known as Michigan's Upper Peninsula. The tribal headquarters is located within Sault Ste. Marie, the major city in the region, which is located on the St. Marys River.
The MGM Grand Detroit is one of three casino resort hotels in Detroit, Michigan, and one of four in the Detroit–Windsor area. It is owned by Vici Properties and operated by MGM Resorts International. The casino opened in its temporary location on July 29, 1999. The permanent, luxury resort hotel opened on October 3, 2007, with a grand event which included models and celebrities including Ashanti, Kid Rock, and fireworks.
Harrah's Lake Tahoe is a hotel and casino in Stateline, Nevada. Harrah's is branded with the name of its former owner and operator, William F. Harrah. It is now owned by Vici Properties and operated by Caesars Entertainment. The 18-story tower and 512 rooms, plus 65,000 sq ft (6,000 m2) casino make it one of the largest resorts at South Lake Tahoe.
Penn Entertainment, Inc., formerly Penn National Gaming, is an American entertainment company and operator of integrated entertainment, sports content, and casino gambling. It operates 43 properties in 20 states, under brands including Hollywood Casino, Ameristar, and Boomtown. It also offers sports betting in 15 jurisdictions and online casino gaming in 5, under brands such as ESPN BET and theScore.
Caesars Atlantic City is a luxury hotel, casino, and spa resort in Atlantic City, New Jersey. Like Caesars Palace in Las Vegas, it has an ancient Roman and ancient Greek theme. Atlantic City's second casino, it opened in 1979 as the Boardwalk Regency. The 124,720 sq ft (11,587 m2). casino has over 3,400 slot machines, and is one of the largest in Atlantic City.
Horseshoe Casino Tunica is a casino resort located in Tunica Resorts, Mississippi, United States. It was developed by Jack Binion, the son of Las Vegas gaming legend Benny Binion, and named after his father's famous Binion's Horseshoe downtown gambling hall. Much like its namesake, the Horseshoe Tunica is known for catering to serious gamblers, particularly table games players, and is known for its liberal, player-favorable rules and its comp policies.
Harrah's Metropolis is a riverboat casino located on the Ohio River in Metropolis, Illinois. It opened in 1993 as Players Island, a joint venture between Players International and show business impresario Merv Griffin as one of the state's first casinos. The property became part of Harrah's Entertainment with its 2000 acquisition of Players International.
Resorts Casino Tunica, formerly Southern Belle Casino and Harrah's Tunica Mardi Gras Casino, was a 201-room hotel and a 35,000-square-foot (3,300 m2) casino located in Tunica Resorts, Mississippi. It was one of three casinos located in the "Casino Strip" area, along with Sam's Town and Hollywood Casino. Resorts was owned by Gaming & Leisure Properties and operated by Penn National Gaming.
Cannery Casino Resorts was a hotel and casino operator based in Spring Valley, Nevada. It was acquired by Boyd Gaming in 2016.
Fitzgeralds Gaming was a gaming and hotel company based in Reno, Nevada, that operated four casinos under the Fitzgeralds brand. It filed for Chapter 11 bankruptcy in December 2000, and subsequently sold all its properties.
Harrah's Joliet is a riverboat casino in Joliet, Illinois, outside Chicago, operated by Caesars Entertainment. It has 1,138 slot machines, 204 hotel rooms, and 4 restaurants.
Century Casinos, Inc. is a gaming company based in Colorado Springs, Colorado.
Jack Cleveland Casino is a casino in the downtown core of Cleveland, Ohio, United States, owned by Vici Properties and operated by Jack Entertainment.
Jack Entertainment is a gaming, hospitality, and entertainment company based in Cleveland, Ohio. The company operates two gaming facilities in Ohio, Jack Cleveland Casino and Jack Thistledown Racino.
The Belle of Baton Rouge is a riverboat casino and hotel in Baton Rouge, Louisiana. It is owned by Gaming and Leisure Properties and operated by CQ Holding.
Ameristar Casino Resort Spa Black Hawk is a casino and hotel in Black Hawk, Colorado, owned by Gaming and Leisure Properties and operated by Penn Entertainment.
Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, 4 golf courses, and 38 bowling alleys around the United States and Canada.
Margaritaville Resort Casino is a casino hotel in Bossier City, Louisiana. It is owned by Vici Properties and operated by Penn Entertainment, and uses its name under license from Jimmy Buffett's Margaritaville.