City Council in Pontiac, Michigan has approved a $20 million sale of the Pontiac Silverdome to the H. Wallace Parker-owned Silver Stallion, which plans to erect an entertainment destination, including a racino.

Parker has told the Oakland Business Review that the cost of improvements will run as high as $175 million. Parker stated that the capital is coming partially from his own pockets, business partner Richard Mazur and institutional investors.

Council voted to approve the sale on a 4-2 vote. Parker and the city have 90 days to close on the sale.

The Oakland Business Review has stated Parker's proposal includes destination-type dining and nightclubs, particularly those which would cater to the over-30 set; a hotel; a conference center; an equine research and development facility; an alternative energy research site; retail; and a thoroughbred horse racetrack.

Though there are currently no permits for slot machine gaming left in the state, Parker states that a racino is part of the plan, and that aspect is key to the whole project.

"Sooner or later, we will find that the only thing that supports an investment of this kind is going to be a casino," Parker said.

Click here to read the Oakland Business Review article in its entirety.

(With files from the Oakland Business Review)