Dan Gilbert, the billionaire Detroit real-estate investor, has shown he likes a bargain—snapping up downtown office properties for as little as $10 a square foot.
But now he is negotiating to take control of Detroit’s Greektown Casino-Hotel at a price that isn’t deeply discounted.
An affiliate of Mr. Gilbert’s Rock Gaming already owns some shares and has agreements that would give it a 77% stake in Greektown Casino’s voting shares for about $147 million. Meanwhile, Greektown Superholdings Inc., which owns the casino, announced terms Tuesday that could pave the way for Rock Gaming to buy shares from the remaining shareholders.