April 09--Quicken Loans founder Dan Gilbert received state regulatory approval today to buy Detroit's No. 3 casino.

In two unanimous votes, the Michigan Gaming Control Board approved the pending sale of Greektown Casino-Hotel and ruled that Gilbert and his top casino lieutenant, Matt Cullen, are "suitable" for casino licenses.

A subsidiary of Gilbert's Rock Gaming casino arm needed Tuesday's approvals to finalize its purchase of Greektown Casino. The deal is now expected to close as early as next week.

"It's always good to get this out of the way," Gilbert said after the vote. The Forbes list billionaire, who already owns 17 downtown Detroit buildings and two large casinos in Ohio, said Greektown Casino will contribute to his overall vision of a revitalized and vibrant downtown Detroit.

Gilbert told reporters Tuesday that he has ideas for "enhancing" the casino and the surrounding Greektown entertainment district, and hopes to reveal those details in coming months.

He said it is too early to tell whether there will be changes to Greektown's workforce and management. But he ruled out layoffs. "We hope to grow the business," he said.

Gilbert put the total value of his Greektown Casino deal, including the substantial casino debt he'll acquire, at between $500 million to $600 million. But that figure does not include any future Gilbert investments at the casino or adjoining entertainment district.

A Rock Gaming subsidiary spent the winter securing agreements with Greektown Casino's shareholders for Gilbert's controlling stake in their business, buying up stock at $90 per share.

Those deals, which currently total 76% of voting shares, were contingent on licensing and other mandatory approvals by the five-member state board. Greektown Casino-Hotel has been owned by a consortium of mostly out-of-state investors and hedge funds since it emerged from bankruptcy in 2010.

It had 26% of the Detroit casino market in March, following MotorCity Casino Hotel with 34% and MGM Grand Detroit with 40%.

The gaming board doesn't always deliver pleasant news to casino investors. It wouldn't grant a license in 2000 to Greektown developers and casino visionaries Ted Gatzaros and Jim Papas, forcing the business partners to sell their stake in the Greektown casino to the Sault Ste. Marie Tribe of Chippewa Indians. The problem, according to news reports, were undisclosed allegations regarding Gatzaros' finances.

The board eventually approved Gatzaros in 2007 for a 1% ownership in Greektown casino, but that was wiped out in the casino's 2008 bankruptcy. Gatzaros died early this year.

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