Greektown Casino Funding Approved By State Of Michigan

Greektown Casino has been trying for quite some time to get the necessary funding to compete its permanent casino and hotel. Finally, the state has approved a finance plan that will allow Greektown to complete its project.

Michigan's Gaming Control Board on Friday approved a financing plan that will allow Greektown Casino to complete the planned expansion of its 400 room hotel and 25,000 square foot gambling floor.

The project was on shaky ground after Greektown Casino LLC and their affiliates filed for bankruptcy protection last month. It was not known whether they would receive the funding to complete their expansion project.

The new $150 million in debtor in position financing comes at a time when the casino desperately needed to be finished. The economy has taken a toll on many casinos throughout the country, and Greektown can now rest easy knowing their casino expansion will occur.

The current projections have the casino opening in August. The hotel will not be opened until January at the earliest. The sooner the better for the casino, who will be looking to increase revenue once the project is done.

June 28, 2008
Posted By Susan Torres
Staff Editor, CasinoGamblingWeb.com
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