DETROIT -- Greektown Casino is expected to lose $15.9 million this year as its bottom line absorbs $13.5 million in bankruptcy restructuring costs and $51 million in loan interest payments, a financial adviser for the troubled gambling facility told a state panel Thursday.
"Most of this loss is related to the bankruptcy restructuring costs," Charles Moore of Conway MacKenzie & Dunleavy, a financial consulting firm working on Greektown's reorganization, told members of the Michigan Gaming Control Board. "Significant debt payments are also a factor."
Moore laid out Greektown's financials at a board meeting called specifically to discuss emergency financing for the casino.
The board voted 4-1 to approve a $51.3 million loan package that got the approval of a U.S. Bankruptcy Court judge on Wednesday. Greektown said it needed the money to pay contractors working on its $332 million permanent gaming facility and 400-room resort-style hotel. That project is expected to wrap up by the beginning of next year.
For the complete story, please see Nathan Hurst, Greektown forecasts $15.9M loss in 2008, Detroit News, June 5, 2008.
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