Dan Gilbert says Detroit bankruptcy is 'good news'

June 24, 2013 7:54 PM

Cleveland Cavaliers Dan Gilbert Cleveland Cavaliers’ owner Dan Gilbert believes that Detroit declaring bankruptcy will be “good news.” He is a major owner and developer of downtown Detroit real estate, as well as being a major player in the gaming field as the owner of Greektown Casino in Detroit and a pair of casinos in Ohio.

Gilbert, founder and chairman of Quicken Loans, describes Detroit bankruptcy as a “tsunami we all think is going to come” and feels that the “faster we get there, the better.”

Currently, the city is under the control of an emergency manager who is asking Detroit creditors to take about 10 cents on every dollar owed to them. Negotiations could last several weeks, officials say.

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at RayPoirier@GamingToday.com.

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