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Michigan board OKs Gilbert takeover of Greektown

DETROIT (AP) -- Michigan gambling regulators have approved the sale of Detroit's Greektown casino to Cleveland Cavaliers and Quicken Loans owner Dan Gilbert.

The Michigan Gaming Control Board voted Tuesday to approve Gilbert as the operator of the Greektown Casino-Hotel. The board regulates Detroit's three state-chartered casinos.

In a related development, Greektown Superholdings Inc. announced Tuesday that it has agreed to final terms on the sale of the casino to Gilbert's Athens Acquisition LLC. The agreement completes their March 18 tentative deal.

Greektown Superholdings operates the casino complex on behalf of a number of owners.

Gilbert has been steadily buying up a portfolio of buildings over a large stretch of downtown Detroit.