Citing what it calls years of mismanagement, the city of Detroit is pushing Greektown Casino to find a buyer sooner than required by a bankruptcy court's Feb. 16 deadline, as the troubled casino continues to miss revenue projections under bankruptcy protection.
The downtown gambling hall has amassed about $755 million in debt and will be the last of the city's three casinos to complete a required 400-room resort hotel. Since entering Chapter 11 in May, Greektown has required an infusion of $47 million dollars for operations in September from the Indian tribe that controls it, laid off 89 workers and missed its preliminary income projection last month by $1.54 million.
The city's push for a quick sale of the casino could put it in the hands of Ted Gatzaros, a Detroit businessman and restaurateur who helped push for the law creating the city's casinos, according to two sources working with Greektown and the city. These sources asked not to be named because they weren't authorized to speak on behalf of either Gatzaros or the city. Calls to Gatzaros for comment went unanswered Wednesday afternoon.
For the complete story, please see Nathan Hurst Detroit pushing Greektown to sell, The Detroit News, October 9, 2008.
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