This was a big week for billionaire Dan Gilbert. He sold Greektown Casino for $1 billion.
Rumors swirled that he’s interested in buying the Detroit Tigers from the Ilitch family. And, interestingly, he bought both Dictionary.com and Thesaurus.com.
He’s got a lot of money, but his wealth isn’t endless.
Even a multibillionaire like Gilbert needs to cash out of some things occasionally to give himself some liquidity. And that’s what he seems to be doing by selling his Greektown Casino-Hotel for $1 billion.
Of course he won’t pocket that full billion. Gilbert told me Tuesday that the Greektown Casino has $400 million of debt on it, and he reminded me that the taxman will also take a bite. But even with those subtractions, Gilbert and his partners should still net a few hundred million dollars from the sale.
Does he need the cash? This is all speculative, because Gilbert’s businesses remain privately held and not subject to the same disclosure rules that public companies like Ford or General Motors must follow.
To hear Gallagher discuss Gilbert’s moves this week on Detroit Today, click on the audio player above.