State Gives Casino One Month To Show Reasons Not To Sell

The Greektown Casino in Detroit is now on the clock. They have been granted one month by the Michigan Gaming Control Board to show reasons for why the state should not force the sale of the casino.

Financial goals for the casino that were set by the state have not been met. That has led to the casino trying to sell a share of their investment in order to help financially.

It is not yet known whether a deal that was created last week will go forward. The deal would have the casino sell a forty percent share. In exchange, the casino would gain much needed money to improve the facility.

Entertainment Interests Group LLC of Bloomfield Hills has agreed to purchase the share of the casino for $100 million. That money would give the casino some security, and help make improvements.

If the sale was to be completed, the casino would have no problem convincing the Control Board that a change in revenue could occur. Currently, the Sault Ste. Marie Tribe of Chippewa Indians is in control of Greektown Holdings LLC, which owns the casino.

Regardless of the pending sale of shares, the casino now has to meet a one month deadline to give reasons why the casino should not be forced into sale.

May 14, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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