Greektown Casino In Detroit Weighing Options For Future

The Sault Ste. Marie Tribe of Chippewa Indians have filed for bankruptcy protection for their Greektown Casino in Detroit, Michigan. The tribe is in a good position, however, as they weigh their options coming out of bankruptcy.

The tribe must file a plan of action before February 1st on how Greektown will emerge from bankruptcy. There are several different ways the Chippewa's can go, and all seem promising.

In today's casino market, there is not much room for error when it comes to operating a casino. Revenue is down across the board for casinos in the US, and rarely does a casino owner have the options that the Chippewa Indians have.

The tribe can sell the casino to the highest bidder, which would most likely be a big Las Vegas casino, or they can reap the benefits from a current expansion that is taking place.

Although one of the smaller casinos in Detroit, Greektown could become one of the most profitable. All of the casinos in the city are struggling, but the expansion at Greektown is allowing the casino to go after a higher end clientele.

As the February 1st deadline approaches, the Chippewa's will have to reveal their plan, but whether they decide to sell or keep Greektown, it appears the casino will emerge from bankruptcy as planned.

December 27, 2008
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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