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State approves Greektown Casino transfer to Penn National

Breana Noble
The Detroit News
The Michigan Gaming Control Board approved the transfer of interest of Greektown Casino-Hotel to Penn National Gaming Inc.

The Michigan Gaming Control Board approved Tuesday the transfer of interest of Greektown Casino-Hotel to its future owner.

By a 4-0 vote, the board approved the transfer of interest to Pennsylvania-based Penn National Gaming Inc. to operate the casino, said Mary Kay Bean, the gaming control board's spokeswoman. One board member was not in attendance. The gaming control board also approved VICI Properties Inc. as a licensed gaming supplier.

Quicken Loans founder and chairman Dan Gilbert's Jack Entertainment LLC said in November it was selling Greektown for $1 billion. Penn National says it will pay $300 million to operate Greektown Casino. VICI will pay $700 million to own the property. The deal is expected to close on Thursday, confirmed Samantha Chyette, Jack senior communications manager.

bnoble@detroitnews.com