Greektown Casino and Hotel has been sold for $1-billion.
The announcement was made Wednesday that well-known Detroit entrepreneur Dan Gilbert sold the business to two businesses within the gaming industry, Penn National Gaming and VICI Properties.
Penn National currently has several gaming operations nationally including Toledo and Columbus, Ohio.
Gilbert told the Detroit Free Press that he will invest the money from the sale back into projects in Detroit.
The deal is expected to be finalized in 2019.