Seems there’s no honor among business partners: While lugging Caesars Entertainment on his back from Cleveland to Cincinnati and thence to Baltimore, mogul Dan Gilbert had a side deal of his own going. He’s buying a majority stake in Greektown Casino (right). This at least portends the rescue of Greektown from bumbling ownership and revolving-door management. But Gilbert’s not bringing Caesars with him … at least for now. There’s a not-so-small gambling salon right across the river called Caesars Windsor, one of several albatrosses around Gary Loveman’s neck. The endgame may well be for Caesars to try and unload their tanking Canadian casino — at fire sale prices, no doubt. I suppose they could just hang onto their respective footholds and slug it out across the river, which would be pretty interesting albeit not very pretty … but this aforementioned scenario would enable Caesars to buy into Gilbert’s Greektown action and theoretically further Loveman’s attempt to crack the Toronto market … although you’d have to be on crack to lend Caesars the billions required for such a venture. The ever-fickle Loveman was ready to drop Windsor like a hot brick the moment Toronto became available, so the chance to get into it and Detroit in close succession would be darn near irresistible.
By David McKee ~ January 17th, 2013 @ 4:53 pm