Greektown Casino Plans Move Forward After Gaming Board Approval

The Greektown Casino that is being built in downtown Detroit was relieved after Wednesday afternoon. The casino was seeking financial help, and a judge ruled in their favor on Wednesday.

The Michigan Gaming Control Board approved the interim financial arrangement. The approval means that the group can move forward and continue construction on the new casino.

A U.S. bankruptcy court judge was the first to approve the $51.3 million financing plan. Once the judge approved it, it then moved to the Gaming Board, where it was also approved.

Greektown had been faced with not having the funds of completing the job. Recently, many contractors have stopped working on the project due to lack of getting paid.

Greektown had already defaulted on a loan from their primary financial backer, which made the situation even more difficult. The group could not go back and secure the additional money needed from that lender to complete the project.

The casino currently has about 2,000 employees, over seventy table games, and 2,300 slot machines. The construction being done is 25,000 additional gaming floor space, and a 400 room hotel.

June 6, 2008
Posted By Susan Torres
Staff Editor, CasinoGamblingWeb.com
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