A racetrack owner and bank founder and four local real estate investors have teamed up to buy a 40% stake in the cash-strapped Greektown Casino.
The Bloomfield Hills company Entertainment Interests Group LLC signed a purchase agreement to buy the stake in the Detroit casino for $100 million Friday and announced the deal Tuesday.
The Sault Ste. Marie Tribe remains majority owner of the casino, which is building a 400-room hotel and completing a 25,000-square-foot expansion of the gaming floor.
The transaction will go to the Michigan Gaming Control Board for consideration Tuesday. Entertainment Interests Group will also have to be licensed by the board, which regulates Detroit's casinos.
For the full story, please see Margarita Bauza, Detroit-area investors buy into Greektown Detroit Free Press, May 7, 2008.
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