Jack Entertainment to Sell Greektown Casino-Hotel for $1 Billion

Paul, Weiss is representing Dan Gilbert-owned Jack Entertainment LLC in the sale of its Greektown Casino-Hotel to Penn National Gaming Inc. and Vici Properties Inc. for $1 billion. Penn National, which operates 39 thoroughbred horse racing tracks and casinos, will pay $300 million for the casino’s operating assets and serve as the casino operator. Vici Properties, a real estate investment trust, will acquire the real estate for $700 million and will serve as the property owner. The deal is expected to close in the next six months.

The Paul, Weiss team includes, among others, corporate partners Jeffrey Marell, Scott Barshay, Gregory Ezring, Brian Janson and Mark Wlazlo and counsel Daniel Layfield, Kyle Seifried and Patricia Vaz de Almeida; real estate partner Peter Fisch and counsel Barry Langman; counsel Daniel Mason; intellectual property partner Chuck Googe; tax partner Jeffrey Samuels; employee benefits partner Lawrence Witdorchic and counsel Jason Ertel; antitrust counsel Marta Kelly; and environmental counsel William O’Brien.